Beltone’s subsidiary unveils FCI membership to expand regional footprint

Updated 12/16/2024 9:18:00 AM

Arab Finance: Beltone Leasing and Factoring, a subsidiary of Beltone Holding, announced its membership with FCI to boost its position as a key player in the local and regional markets, according to a press release.

FCI, a global representative body for factoring and financing, facilitates a network for cross-border cooperation and accounts for around 60% of international correspondent factoring volume.

As an active member, Beltone Leasing will have access to advanced technological platforms, such as FCI’s Edifactoring 2.0 and FCIreverse, bolstering its role in global trade and international supply chains.

Amir Ghannam, Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance at Beltone Holding, highlighted: “Our membership with (FCI) opens new opportunities for collaboration with over 400 companies across 90 countries.”

“It also strengthens our international expansion strategy by leveraging global expertise and the extensive network provided by the organization,” Ghannam noted.

Neal Harm, FCI Secretary General, said: “Their membership [Beltone Leasing] marks an important step in fostering collaboration within the region and beyond.”

It is worth noting that Beltone Leasing received its factoring license from the Financial Regulatory Authority (FRA) in September 2023.

The company recently raised its paid-up capital to EGP 1 billion. Since its inception, the Cairo-based firm has facilitated factoring transactions totaling nearly EGP 5.8 billion as of November 2024.