Bibby Financial Services (BFS) is expanding its presence in Asia Pacific with the opening of its first operation in Singapore.
The move follows the launch of the invoice finance provider’s Hong Kong and New Zealand operations in 2011 to complement existing operations in India and Australia and the appointment of Ian Watson as CEO for the Asia Pacific region in 2010.
Bibby now operates in 15 countries across Asia Pacific, Europe and the Americas, advancing funding of around £6 billion to SME businesses across the world.
“Our opening in Singapore reaffirms our commitment to building a strong presence in the heartland of Asia,” said Simon Featherstone, BFS’s global chief executive. “As the fastest growing economic region in the world, we are ensuring the delivery of local expertise in key markets to enable our clients to take advantage of existing and emerging trade flows.
“Our overarching goal is to support the funding requirements of a greater number of small and medium-sized businesses across the globe and this latest venture will ensure we continue to develop our flexible trade finance packages.
“The levels of exports coming out of Asia into European and North American markets, where we already have a strong presence, make this an important step in maximising our network across these three continents.
“Britain’s overseas trading is beginning to pick up again, as we saw in the third quarter this year, according to the latest figures from the Office for National Statistics.
“The on-going uncertainty and instability in the eurozone has undeniably prompted many SMEs to revise their international trading strategies, with many looking further afield. Indeed, the Office for National Statistics has revealed that the EU is, for the first time, no longer Britain’s main export market.
“There are plenty of opportunities for SMEs to penetrate overseas markets and increase their order books and Bibby Financial Services is expanding to ensure businesses, wherever they are based or trade, have access to the best funding products available.”
Ian Watson, regional chief executive for Asia Pacific, said: “We can offer clients a superb level of support to ensure they capitalize on international opportunities.
“A personalised local service, combined with deep market knowledge and proven trade expertise mean our offering is unique in the Singapore market.”