MBA Consult took part at the 22ndAnnual Conference of Receivables Management Association International (RMAi) that was held in Las Vegas on 5-7 February 2019. This was the premier event for the receivables management industry.
Kamil Knap, Chief Financial Officer — Asia at MBA Consult Group, was a speaker of the panel discussion «International Debt Purchase and Collection», and shared the knowledge, presented the opportunities on Asian market.
In recent years, the Asian region has been developing rapidly, demonstrating high economic performance. In terms of GDP, the countries of the region are among the world leaders, although per capita they are still far behind the developed countries. The rapid development of the region contributes to the formation of a modern financial system, the development of monetary relations and banking products.
Mr. Knap said that along with the previously existing credit products (traditional: loan sharks, banks products — collateralized, uncollateralized), new ones appear: consumer lending, FinTech lending, FinTech pawnshops. According to the Bank for International Settlements, the amount of issued loans is growing every year, and this trend will only increase. With the growth of lending, the number of household’s debts increases proportionally, which stimulates the development of the collection business.
Furthermore, during the conference were discussed such important topics as regulatory system, compliance, debt purchasing, NPL-management and other current trends of the market. Debt buyers, creditors, collection agencies, law firms and brokers had an opportunity to exchange knowledge, discuss legislative initiatives and regulatory systems, communicate in an informal atmosphere and establish business contacts within a few days.