Mandates and payments roundup, May 3

DBS strengthens its factoring network in Asia, while BoA Merrill obtains Bank Readiness Certification from Swift.

DBS expands Asia-Pacific factoring network

DBS Bank has launched its export factoring services in Indonesia for the first time, increasing its factoring network to six markets in Asia-Pacific. The bank now provides factoring services in China, Hong Kong, India, Indonesia, Singapore and Taiwan.

“By 2020, Asia will account for 60% of global trade volumes with trade flows in Asia-Pacific estimated to grow by an average of 7% per year,” said Tom McCabe, group head of global transaction services at DBS, in a statement. “The demand for factoring services in Asia will rise in tandem.”

In January this year, DBS India obtained...

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