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Message from the Factoring
Sector Representatives Board
We come before you at this time with a new management team
whose members were voted in at our fourth annual general
meeting that was held in 2016. First of all we thank all of the
former members of the Board of Directors and our General
Secretariat for having so fully shouldered the burden of setting
up our Association in its first three years of life.
2016 is the tenth year that Turkish factoring industry has
been subject to Banking Regulation and Supervision Agency
oversight and we continue to reap the benefits which that
entails. The law underlying our industry was passed by
Parliament in 2012 and our regulations were published on
4 February 2015. In 2015 our Central Invoice Recording
System became operational. As our industry’s practices
become increasingly more standardized, we will all be reaping
the benefits as people’s perceptions of our business change
positively.
While the worldwide factoring industry was witness to an
average annual growth rate on the order of 16% during the last
ten years, here in Turkey the rate of growth was 16% a year. In
2016 the Turkish factoring industry wrote TL 122.8 billion worth
of business. Although the economic uncertainties of 2016 and
a failed military coup frustrated our industry’s steady growth
somewhat, we believe that growth will resume and continue in
2017.
The Central Invoice Recording System, which was mandated
by our industry’s governing law (Law numbered 6361), became
operational on 2 January 2015. Every factoring company in
Turkey has joined this system and has also eighteen banks as
members.. For many years our industry had to contend with
the serious risks inherent in such under-handed practices as
duplicate invoicing and financing. That problem has at last been
Average annual growth 16% in the last ten years
While the worldwide factoring industry was witness to an average annual growth rate on the order of 16%
during the last ten years, here in Turkey the rate of growth was 16% a year. In 2016 the Turkish factoring
industry wrote TL 122.8 billion worth of business.
M. ÇAĞATAY BAYDAR
Deputy Chairman
(on behalf of Factoring Sector Representatives Board)
Annual Report 2016
The Association of Financial Institutions
8