By Andrei Skvarsky.
Debex, a Moscow-based multinational company running online auctions for delinquent debts, sold a debt portfolio of about $70m in the Philippines in September in a prelude to the formal launch of the firm’s pan-Asia subsidiary, Debex.Asia, on November 24.
Debex.Asia, which is headquartered in Manila, Philippines, and has an offfice in Ho Chi Minh City, Vietnam, will work with professional market participants from the Philippines, Vietnam, India, Indonesia, Malaysia and Singapore, countries with a combined population of about two billion, Debex said in a statement.
The company plans a minimum of five auction sessions for the rest of 2021 and about 30 for 2022.
“In September this year we opened a representative office in the Philippines and immediately sold what, by local standards, was a record debt portfolio of about $70m,” said Debex chief executive Sasha Danilov.
Debex says its customers, who are normally debt collectors, may examine debt portfolios before they go on sale while trade itself takes about one hour.
Besides its business in Russia and newly established presence in Asia, Debex has operations in Spain, the United States, Mexico and Kazakhstan.
The Debex statement cited management consulting firm McKinsey as saying that “more than 40 of the world’s 100 largest banks by assets are Asian and account for approximately 50 percent of the market capitalization of the top 100 banks globally”.
“We estimate that … personal financial assets in the region will total $69 trillion by 2025, representing approximately three-quarters of the global total,” McKinsey says as cited by Debex.
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