Welcome to the January 2022 issue of Credit Management News Digest. This issue is sponsored by Atradius.

Index
UK Late Payment, Business Distress & Insolvencies
440,000 UK businesses could be forced to close this year due to late payment alone. A new study by the Federation of Small Businesses (FSB) warns that a worsening of the UK's late payment crisis, high inflation and mounting admin for firms that trade internationally will cause the business community to further shrink in size if left unaddressed. The  study of more than 1,200 UK business owners, finds that 30% have seen late payment of invoices increase over the last three months, with a further 8% experiencing other forms of poor payment practice. Only 6% say that a change in payment terms has been agreed over that period. As a result, 8% say that late payment is now threatening the viability of their business. This equates to around 440,000 UK businesses that could be forced to close again this year due to late payment alone. To read the FSB's news release go to https://www.fsb.org.uk/resources-page/400-000-small-firms-threatened-by-late-payment-as-costs-surge-new-study-finds.html.
UK businesses report losing £8 for every £100 billed in the last year due to the non-payment of invoices. The Atradius Payment Practices Barometer reveals that 44% of the total value of UK B2B sales were reported overdue this year, and a further 8% was written off entirely as uncollectable. This means just 48% of the total value of UK B2B sales was paid on time. Looking ahead, 39% of UK businesses expect it to take longer to collect payment next year, with 39% anticipating an increase in the average DSO. Atradius finds that to manage liquidity issues due to late payments, half of UK businesses have increased the time, cost and resources to chase overdue invoices, and 41% have strengthened their credit control procedures. The Barometer report also found that businesses are relying increasingly on trade credit insurance, used by 55% of businesses this year to manage risk compared to 39% last year. Click here to read Atradius' news release.
UK insolvencies were 22% higher in December 2021 than in November. The latest analysis by Creditsafe has found that 2,469 UK companies became insolvent in December, an increase of 22% compared to November and a 39% increase compared to December 2020. For 2021 as a whole, the total number of UK company insolvencies rose to 19,827, a 1% increase compared to 2020. Overall, the construction sector remains the most significant contributor to the insolvency numbers, accounting for 16% of all company insolvencies in 2021. Creditsafe notes that many distressed businesses have managed to keep afloat by making use of the high level of government support available, and many may well have opted to file for an extension with Companies House. However, as government schemes have now come to an end and cash reserves become scarce, "we may continue to see the overall number of business failures increase through 2022." To read Creditsafe's news release go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.
UK corporate debt after COVID-19: what might the impact be? The House of Lords Library has published a report that examines the extent to which levels of debt owed by UK companies have risen during the pandemic. The report notes that the number of UK SMEs with any debt has more than doubled, and around 757,000 companies (out of the approximately 2 million that have UK bank accounts) now have some debt compared to 305,000 before COVID. Furthermore, 33% of SMEs have debt levels more than ten times their cash balance or their cash balance is negative, compared to 14% before COVID, and 18% of SMEs have monthly debt repayments that are more than 15% of their income, compared to 3% before COVID. This report discusses the significance of this increase for the vulnerability of firms and the overall health of the economy. To read the report go to https://lordslibrary.parliament.uk/uk-corporate-debt-after-covid-19-what-might-the-impact-be/.
UK company insolvencies in November 2021 were 88% higher than the same month in the previous year. The latest data from the Insolvency Service has indicated that for the first time since the start of the COVID-19 pandemic, the monthly number of UK registered company insolvencies was higher than pre-pandemic levels. This was driven by the higher number of creditors' voluntary liquidations, which in November 2021 were 43% higher (1521) than in November 2019. Other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic. Overall, the number of registered company insolvencies in November 2021 was 1,674 — 88% higher than the number registered in the same month in the previous year. To read the Insolvency Services' news release go to https://www.gov.uk/government/statistics/monthly-insolvency-statistics-november-2021/commentary-monthly-insolvency-statistics-november-2021.
UK Economy & Trade Sectors
Annual UK GDP in 2020 is estimated to have fallen by 9.4%. Latest data from the Office for National Statistics (ONS) estimates that UK GDP increased by 1.1% in Q3 2021, revised from the first estimate of a 1.3% increase. As a result, the level of GDP is now 1.5% below where it was pre-COVID-19 in Q4 2019. Annual UK GDP in 2020 is now estimated to have fallen by 9.4%, revised from a first quarterly estimate of negative 9.7%. In output terms, the largest contributors to the increase in Q3 2021 were hospitality, arts, entertainment and recreation following the further easing of restrictions and reopening of the economy during this period; production and construction both fell. International comparisons indicate that Spain, France, Japan, Germany, Canada, Italy, together with the UK, have still not recovered to their pre-COVID levels. To read the ONS' latest news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/julytoseptember2021.
The UK economy is expected to catch up to its pre-crisis level in 2022. According to the latest annual World Economic League Table by the Centre for Economics and Business Research (Cebr), the UK economy saw a sharp GDP contraction of 9.8% in 2020 and is set to have achieved only 6.7% growth in 2021, with a catch-up to pre-crisis levels expected in 2022. Cebr expects the UK to see a trend rate of growth of 2.4% annually from 2022-26, with a slowdown to 1.8% annually from 2027-36. Although the UK lost its ranking of fifth-place in the Cebr's World Economic League Table in 2019, it regained this position throughout 2020 and 2021, amid a weakening of the rupee during the COVID-19 pandemic. However, the UK is set to be overtaken by India again in 2023, before settling as the world's sixth-largest economy until at least 2036. To read Cebr's news report go to https://cebr.com/wp-content/uploads/2021/12/WELT-2022.pdf.
UK's economic recovery slowed in the final quarter of 2021. The BCC's Quarterly Economic Survey has shown the recovery stalled in Q4, with firms facing unprecedented inflationary pressures. The survey of almost 5,500 firms showed that some indicators also revealed a continued stagnation in the proportion of firms reporting improved cashflow and increased investment. Inflation is the top issue for firms, while a rise in the interest rate was also a cause for concern for many. 45% of respondents overall reported increased domestic sales in Q4, down from 47% in Q3. 16% reported a decrease, unchanged from Q3. In the services sector, the balance of firms reporting increased domestic sales dropped to +26% in Q4, from +31% in Q3. In the manufacturing sector, the balance of firms reporting increased domestic sales was +22% in Q4, down from +28 in Q3. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/01/quarterly-economic-survey-q4-2021-recovery-weakening-as-inflation-worries-soar.
Mid-sized UK businesses grow revenues despite difficult economic conditions. Despite experiencing a decline in the last year due to ongoing Brexit and COVID-19 uncertainty, the UK's mid-market has grown over the last five years, according to new research from BDO. Medium-sized, PE-owned and AIM listed businesses, what BDO calls the economic engine, grew revenues by nearly a quarter over the last five years, to more than £1.3 trillion. This compares to a growth of 4% for FTSE 350 businesses. The survey also found that Asia was the largest region for international growth for 28% of UK mid-sized businesses in the next year (this rose to 34% for manufacturers). Asia was closely followed by the US as the largest international growth region for 23% of businesses. 11% of companies surveyed plan to focus on international growth in Europe. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2021/mid-sized-businesses-grow-revenues-despite-difficult-economic-conditions.
390,000 more businesses closed than opened during 2020 — the largest fall in business population since records began in 2000. The latest UK business statistics publication from the House of Commons Library indicates that, as of 1 January 2021, there were 5.6 million private sector businesses in the UK, compared to 5.9 million in 2020, a fall of 6.5% (largely made up of businesses with no employees). This is only the second year-on-year fall in the number of private sector businesses in the UK since comparable records began in 2000. Overall, 75% of UK businesses had no employees in 2021, while over 99% of businesses are small or medium-sized businesses (employing 0-249 people). The publication also noted that the service industries accounted for 76% of businesses, 79% of employment and 72% of turnover. The retail sector accounted for 35% of turnover, but only 10% of businesses. The manufacturing industry accounted for 5% of businesses, 10% of employment and 14% of turnover. To see the latest business statistics go to https://researchbriefings.files.parliament.uk/documents/SN06152/SN06152.pdf.
UK footfall and eating out statistics continue to be significantly below pre-pandemic levels. The Office for National Statistics (ONS) has reported that the latest UK retail footfall figures indicated that in the week to 18 December, overall retail footfall was below "normal" expectations for this time of year: at 81% of the level seen in the equivalent week of 2019. Similarly, shopping centre retail footfall was at 73% of the level seen in the equivalent week of 2019. This is the lowest relative level since the week beginning 25 July 2021. The ONS also noted that the seven-day average estimate of UK seated diners fell by 14% in the week to 20 December 2021, to 88% of the level in the equivalent week of 2019; this is the lowest this figure has been since the week ending 17 May 2021. To read the ONS' news release go to https://www.ons.gov.uk/economy/economicoutputandproductivity/output/bulletins/economicactivityandsocialchangeintheukrealtimeindicators/23december2021.
UK shoppers shrug off Omicron concerns as retailers record strong December sales growth. According to BDO's UK High Street Sales Tracker, total like-for-like sales, combined in-store and online, increased by +21.4% in December from a base of -1.6% for the equivalent month in 2020. Although total non-store like-for-like sales increased by just 7.6%, compared to an increase of 62% in December 2020, BDO notes that this lower level of growth compared to last year reflects a reallocation of consumer spending from online channels back to the high street. In-store like-for-like sales saw substantial increases across all categories compared to December 2020. Despite slightly slower growth in the second and third weeks of the month, when concerns around the Omicron variant started to increase, BDO's data suggests that the sector finished the month with an exceptionally strong week, with like-for-like sales up +60.9%. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2022/shoppers-shrug-off-omicron-concerns-as-retailers-record-strong-december-sales-growth.
Total UK footfall in 2021 was 33.2% below pre-pandemic levels. According to the latest British Retail Consortium (BRC) Sensormatic IQ data, total UK footfall decreased by 18.6% in December compared with pre-pandemic figures in 2019 (Yo2Y). This was ahead of France (-23.5%), Spain (-25.2%), Italy (-37.0%) and Germany (-51.5%) in December (Yo2Y). For the whole of 2021, Total UK footfall was -33.2% (Yo2Y) below pre-pandemic levels, but up by 19.3% (YoY) on 2020. Helen Dickinson OBE, Chief-Executive of BRC, said: "Much of the progress made over the last four months was wiped out in December as surging Omicron cases and new work-from-home advice deterred many from shopping in-store, particularly in towns and city centres. . . Nevertheless, while UK footfall saw a moderate decline compared to previous months, it remained above levels of other major European economies, as the country avoided some of the more severe restrictions implemented elsewhere." To read BRC's news release go to https://brc.org.uk/news/corporate-affairs/footfall-slips-back-from-omicron-impact/.
Omicron concerns weigh on UK retail sales as growth eases in December. According to the latest CBI monthly Distributive Trades Survey, UK retail sales growth slowed sharply in the year to December (balance of +8% from +39% in November), disappointing last month's expectations for a further acceleration. The survey saw a general deterioration in reported and expected sales growth across the distribution sector following the announcement of Plan B measures on December 8th. Over half of firms that responded before the announcement reported that sales were 'up' compared to last year. However, this figure fell to one third for those that responded on or after December 8th. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/omicron-concerns-weigh-on-retail-sales-as-growth-eases-in-december-cbi-monthly-distributive-trades-survey/.
UK exports will take until 2023 to reach pre-pandemic levels. According to Euler Hermes' latest Global Trade Report, following a forecasted £18 billion increase in 2021, UK exports will increase by £55 billion in 2022 but won't return to pre-pandemic levels until 2023. Euler Hermes expects those firms in the UK's services (£30 billion) and automotive manufacturing (£3.4 billion) sectors to be among the biggest winners, with exports to the US, Germany and Ireland registering the strongest growth. Euler Hermes research also suggests that, although global supply chain disruptions could remain high until H2 2022, trade growth is expected to remain strong globally through 2022 (+5.4%) and 2023 (+4%). To read Euler Hermes' news release go to https://www.eulerhermes.com/en_global/news-insights/news/global-trade-to-grow-by--5-4--in-2022-despite-supply-chain-disru.html.
The health of the UK retail sector is expected to be strongest for two years. According to the latest retail health assessment by KPMG/Ipsos Retail Think Tank (RTT) members, the final three months of 2021 could see the health of the retail sector end the year in the strongest shape it has been since before the pandemic. At the time of KPMG's analysis (mid-December 2021), the RTT believes that consumers will continue to spend their way to Christmas, and, consequently, the Retail Health Index (RHI) will grow by 1 point in Q4 21 to 75 points, a score last recorded before the pandemic in 2019. However, KPMG also warns that the reintroduction of social distancing restrictions in retail and hospitality venues (with no closure of retail or lockdowns triggered and schools remaining open) could see the economy contract by around 2% in the first quarter of 2022. To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2021/12/health-of-the-retail-sector-expected-to-be-strong.html.
The UK's financial services trade surplus in 2020 was almost as much as the next two leading net exporters. According to TheCityUK's annual report, 'Key facts about the UK as an international financial centre 2021', the total value of UK financial services exports remained stable in 2020 at £82.4 billion. Although financial services exports to the EU were down 6.6% to £24.7 billion year-on-year, exports to non-EU countries rose by 4.1% to £57.7 billion in the same period (with exports to the US rising by 5.3%). The report also noted that the UK overwhelmingly remains the clear global leader when looking at financial services trade surpluses. For example, the UK's financial services trade surplus in 2020 was $80.6 billion, almost as much as the next two leading net exporters, the US ($66.9) and Singapore ($24.8), combined. To read the full report go to https://www.thecityuk.com/assets/2021/Reports/faf7c14e57/Key-facts-about-the-UK-as-an-international-financial-centre-2021-v2.pdf.
European & Global Economy 
Global growth is set to slow with a widening divergence in growth rates. According to the World Bank's latest Global Economic Prospects report, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants. Global growth is expected to decelerate markedly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 and coincide with a widening divergence in growth rates between advanced economies and emerging and developing economies. Growth in advanced economies is expected to decline from 5% in 2021 to 3.8% in 2022 and 2.3% in 2023 —a pace that will be sufficient to restore output and investment to their pre-pandemic trend. In emerging and developing economies, however, growth is expected to drop from 6.3% in 2021 to 4.6% in 2022 and 4.4% in 2023, and by 2023, emerging and developing economies will remain 4% below their pre-pandemic trend. To see the World Bank's news release go to https://www.worldbank.org/en/news/press-release/2022/01/11/global-recovery-economics-debt-commodity-inequality.
Global growth of 4.6% in 2022 — despite inflation. Morgan Stanley economists have forecast that price surges will subside, making way for an above-consensus outlook of 4.7% GDP growth for 2022. In the US, a strong CAPEX cycle, increased inventory-building and deferred demand should drive GDP growth of 4.6% for 2022. In Europe, Morgan Stanley economists see inflation dropping from 4.1% at the end of 2021 to 3.1% by the first quarter of 2022, eventually dipping below the European Central Bank's target inflation rate of 2%. They advise that the European economy is now on track to recover to pre-pandemic levels by the end of 2021 and is poised for 4.6% GDP growth in 2022.. To read Morgan Stanley's news release go to https://www.morganstanley.com/ideas/global-macro-economy-outlook-2022.
Fitch Ratings trims its world growth forecast for 2022 to 4.2% from 4.4%. Fitch Ratings has reported that, although it has cut its 2021 growth forecasts for the US, Germany and Japan, and has lowered its global GDP growth prediction for 2021 by 0.3 percentage points to 5.7%, this still represents the fastest growth rate since 1973 — "far from stagflation." Fitch Ratings has also trimmed its world growth forecast for 2022 to 4.2% from 4.4% but notes that this primarily reflects a more intense slowdown in China, with China's growth now forecast to fall below 5% in 2022. Looking ahead, Fitch Ratings expects the US Fed to raise interest rates in September 2022 and accurately predicted the Bank of England's actions in December 2021. To read Fitch Ratings' news release with a link to the full report go to https://www.fitchratings.com/research/sovereigns/inflation-is-prompting-global-monetary-policy-normalisation-08-12-2021.
The economic hit from the pandemic seems to have been a little less severe than assumed. According to the latest annual World Economic League Table by the Centre for Economics and Business Research (Cebr), the scale of the economic hit from the pandemic in 2020 now appears to have been a little less severe than assumed. World GDP now seems to have fallen by 3.2% in that year compared with the 4.4% fall that Cebr calculated a year ago. And the recovery is also much stronger. Although world economic growth in 2021 is likely to be at 5.5%, only slightly above the 5.3% predicted a year ago, there is substantially more momentum going into 2022 than previously envisaged, and Cebr now expects world growth of 4.2% in 2022 next year compared with the 3.4% predicted a year ago. Cebr also predicts that China will overtake the US in 2030 as the world's largest economy — two years later than forecast a year ago. To read Cebr's news report go to https://cebr.com/wp-content/uploads/2021/12/WELT-2022.pdf.
Credit Management News & Tools
HMRC gives UK self-assessment taxpayers more time to ease COVID-19 pressures. HM Revenue and Customs (HMRC) has announced that it is waiving late filing and late payment penalties for self-assessment taxpayers for one month — giving them extra time, if they need it, to complete their 2020 to 2021 tax return and pay any tax due. The deadline to file and pay remains 31 January 2022. However, the penalty waivers will mean that:
  • Anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.
  • Anyone who cannot pay their Self Assessment tax by the 31 January deadline will not receive a late payment penalty if they pay their tax in full, or set up a Time to Pay arrangement, by 1 April.
  • Interest will be payable from 1 February, as usual, so it is still better to pay on time if possible.
UK supply chain managers warn that shortages are set to last for six more months. According to new research by the Chartered Institute of Procurement & Supply (CIPS), 85% of the UK companies surveyed experienced supply chain disruption in 2021. Most expect the disruption to continue well into the new year, with 71% expecting their supply chain interruptions to last for 6 months or more. Over a third (36%) expect shortages to exceed 12 months. The research also reveals the scale of the damage to UK businesses, with risk-laden supply chains setting off a chain reaction of shortages and interruptions. Of those who experienced disruption, 48% increased the cost of their products and 14% were forced to stop selling some products altogether. 91% of those experiencing disruption stated that the shortages had put financial pressure on their organisation in the last year. To read CIPS' news release go to https://www.cips.org/who-we-are/news/shortages-to-last-for-six-more-months-warn-supply-chain-managers/.
The Handbook of Credit Risk Management: Originating, Assessing, and Managing Credit Exposures. The second edition of The Handbook of Credit Risk Management: Originating, Assessing, and Managing Credit Exposures, is now available. Divided into four sections — Origination, Credit Assessment, Portfolio Management, and Mitigation and Transfer — the book explains why CRM is critical to the success of large institutions and why organizational structure matters. The authors are Sylvain Bouteillé, Head of Trade Credit for the Americas at AIG, and Diane Coogan, Executive Advisor, Risk Management and Investment Strategy at G58 Capital. Available from Wiley, the e-book costs £43.99 and a printed copy is £57.50. For more information or to buy a copy go to https://www.wiley.com/en-gb/The+Handbook+of+Credit+Risk+Management%3A+Originating%2C+Assessing%2C+and+Managing+Credit+Exposures%2C+2nd+Edition-p-9781119835646.
Additional support for UK businesses impacted by the Omicron variant. Recognising that the rise of the Omicron variant means some businesses are likely to struggle over the coming weeks, the UK government has announced that it will provide one-off grants of up to £6,000 per premises for businesses in the hospitality and leisure sectors in England. This will mean that around 200,000 businesses will be eligible for business grants in the coming weeks. The government notes that, despite businesses still being able to trade, these grants are equivalent to the monthly cash grants provided to hospitality businesses when they were fully closed earlier this year. The UK government also noted that as the result of its support to date, many UK businesses have more cash in the bank than they did at the start of the pandemic, and net cash deposits for all hospitality businesses have risen by £7 billion (40%), while small and medium-sized businesses in the hospitality sector have seen their cash deposits rise by £2 billion (79%). For more information go to https://www.gov.uk/government/news/1-billion-in-support-for-businesses-most-impacted-by-omicron-across-the-uk.
Events & Professional Development
TXF Americas 2022: Structured Trade & Export Finance 
 HYBRID EVENT: MIAMI & ONLINE (Conducted in English), 8-9 March 2022.   It's been away for far too long TXF Americas 2022: Structured Trade & Export Finance is back in-person and returns in all it's glory to sunny Miami for the first time in over 2 years on 8-9 March, and this time with a hybrid element.
We will continue to innovate in the virtual space, using the wonderful world of hybrid events to offer guests unlimited access to online content and networking. Deal makers from across the globe are already lining up to save their spot. 

Topics up for debate include:
  • ESGs and Energy transition - moving forward 
  • Evolution of ECA products in the region - increasing flexibility and innovation 
  • Identifying who's filling the finance gap (DFIs, ECAs, Alternative Financiers) - availability of new financing products 
  • Updates on recovery focused programmes in key LatAm Countries. 
Whilst we are so excited to return in person, the safety of our guests remains paramount. Please rest assured that we will monitor the global situation as it changes and respond with appropriate measures.

Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
  • Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
  • Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them 
  • Networking concierge service – allow us to do the leg work and introduce you to new potential clients 
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person. 
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com.

Annual Receivables Finance International Convention, 9-10 March. London/Hybrid 
Join BCR Publishing for their 22nd Annual Receivables Finance International Convention. 
RFIx’22 will be held in London at the offices of Clifford Chance and will bring together in person, senior receivables finance executives from around the world, with live streaming also available.
BCR will be also holding its 4th Annual Receivables Finance International Awards on 9 March 2022, on the evening of the first day of RFIx’22.
Book your place for RFIx’22 and help define the future of working capital finance: https://bcrpub.com/events/rfix-receivables-finance-international-convention-2022. Use the Early Bird rate before 4 February to receive £200 off the full price.
To apply for free to receive RFIx22 Award, download your info pack today: https://bcrpub.com/awards/rfix22-awards-and-gala-dinner.
World Trade Symposium, 31 March. London.
The past 18 months have seen the rules on global trade rewritten. The profound digital transformation that was already underway has accelerated, slashing costs and reforging supply chains - with innovative shippers, banks, trading blocs, and fintechs leading the way.
As a result, all governments, businesses, and trade practitioners now face the urgent task of understanding the technology trends and practical and policy challenges involved in grasping the opportunity of digital trade.
Alongside this, policymakers and non-governmental organisations forecast that digital technologies and standards will open trade to millions more small and micro-enterprises across the world, cementing a new path to global prosperity.
Digital tracking and provenance solutions could also boost sustainability and help reduce carbon emissions.
These "tech-tonic" shifts are a significant opportunity for all stakeholders in trade, but many obstacles still need to be overcome.
The World Trade Symposium 2022 will bring together top executives and leading global policymakers for a day of rigorous discussion and debate on these critical issues.
The event will reassess the new "trade lines" created by the pandemic, explore the scope and impact of digital trade technologies and evaluate the opportunities and challenges ahead.
For more information and to book tickets go to https://www.tradefinanceglobal.com/conferences/world-trade-symposium-03-2022/.
TXF Global 2022: Export, Agency & Project Finance
HYBRID EVENT: LISBON & ONLINE, 7-8 June 2022. Lisbon, Portugal.
TXF Global Export is back for 2022 and this time, *drumroll*... we're taking the global export roadshow to Lisbon!
Join us on the 7th & 8th June 2022 for another unmissable hybrid event. Deal makers from across the globe are already lining up to save their spot. Topics up for debate include:
  • Financing the goals of COP 26
  • Mega borrowers of the future
  • Mega borrowers of the future
  • Guardians of Export Credit - The Government perspective
  • The Green ECA CEO panel
Two types of participation are available for TXF hybrid events:
Two types of participation are available for TXF hybrid events:
1. Physical Event Ticket
  • Get your feet on the ground to come together with key clients, colleagues and industry experts. Your ticket will also include:
  • Additional networking features such as the poolside cocktail reception Access to the virtual event platform – reach out to virtual-only attendees and watch all sessions on-demand if you miss them 
  • Networking concierge service – allow us to do the leg work and introduce you to new potential clients 
2. Virtual Ticket/ On-Demand (Available TXF events 365 Members Only)
From the comfort of your desk watch all sessions live or on-demand as well as use our ‘Search the Guest List’ feature to reach out to other virtual attendees and those joining the physical event in-person. 
To find out more about joining virtually as part of a TXF Membership, please email membership@txfmedia.com. email membership@txfmedia.com.
Stecis is getting back on track with Webinars, Classroom courses and Masterclasses.
As we all hope that the Covid-19 pandemic is under control after the summer, STECIS has planned again a number of classroom courses in November 2021. For Trade Credit Insurance and Surety Bonds, at each Foundation and Advanced courses will be offered in the vicinity of Amsterdam Schiphol. In case still necessary, all applicable Covid-19 restrictions will be in place during the classroom training courses. During the classroom trainings real, practical cases will be discussed. Additionally, various webinars on both Trade Credit Insurance and Surety Bonds have been already scheduled throughout the year. These webinars are interesting to all individuals who are starting their career in the TCI and/or Surety Bonds industry, but also for all other interested parties like brokers, re-insurers´ employees, lawyers, credit managers etc.
To expand our offering STECIS is currently developing three masterclasses on Trade Credit Insurance that will address the following topics: TCI and Digitalisation, Non-traditional TCI products and TCI and Finance. These masterclasses will be hold by top experts from the TCI industry presenting the recent developments and trends in the field of TCI. Joining these masterclass will be not only be an excellent way to keep up to date with important developments in the TCI world. The courses are also an excellent means to increase your professional network as you will meet other participants and top experts from the industry.
When the outlines of the three masterclasses are available, they will be shared via Credit Insurance News and the website of Stecis.
More information can be found on the Stecis’ website: www.stecis.org.
All courses will run at the Steigenberger Hotel at Amsterdam-Schiphol.
Further information can be obtained by sending an email to: info@stecis.org.

About the Sponsor: Atradius
With first-class service and unrivalled expertise, we help customers build robust trade strategies and become an intrinsic part of their businesses. 
We offer cutting-edge tools, real-time insights, worldwide business intelligence and decades of experience to steer customers away from risk and seize new opportunities. 
Let us help you. 
For more information and to access a suite of free downloadable economic, country, sector and payment practices reports and export guides, visit www.atradius.co.uk or follow AtradiusUK on LinkedIn.
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