DBS Bank to expand business in India

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SINGAPORE, April 22 (PTI): Singapore's DBS Bank has set up a factoring office in India as parts of its plan to expand its global transaction services business regionally, The Straits Times reported today. DBS obtained its membership of the Factors Chain International (FCI) in January, allowing it to widen factoring solutions it can offer in India. It has also introduced export factoring in its Indonesian operation since last month. Export factoring was likely to increase alongside with the strong Asian trade growth, projected to account for 60 per cent of the global trade flow by 2020, said head of DBS, global transaction services, Tom McCabe. Factoring volume in Asia rose 219 per cent from 2004 to 2010, valued at SD 637 billion, according to FCI, the world's largest factoring network. Likewise, factoring volume in Singapore grew by 123 per cent to SD 10.4 billion over the same period.