It’s a fact. The factoring industry here in Singapore is seeing fewer and larger players as the market for financing services becomes more integrated.
The key competitors say that compared with three years ago, the landscape has changed considerably, with most stand-alone factoring companies having been absorbed into larger entities.
“Nowadays a company can't say it will only do factoring, because it wouldn't be able to grow. Either you get acquired by somebody or you sell yourself to someone else,” says Anil Chawla, chief executive of GE Commercial Finance for India and rest of Asia.
“If you look at the banks or anybody in the factoring market, people who provide combined services are the ones growing. You can't offer one single product, you have to reach new customers with a basket of products.”
