What is WOA?
WOA is the online professional community for key stakeholders in the global open account business. It is open and accessible for everyone, collaboration-based and digitally driven, with a focus on innovation and knowledge. In WOA you can network with trusted professionals in a safe and structured environment, exchange information, discuss business opportunities and create cooperation. WOA gives access to a unique knowledge hub on receivables finance, developed by the community for the community. Discover technology and discuss the latest trends at WOA events and on WOA Forum, our unique community initiative.
What are the key WOA updates this year?
WOA continues to grow in stature and reputation; we now have almost 1000 active participants in the community and we are being approached as subject matter experts by third party organisations. WOA has given input to the EU’s recent review of SCF and has been one of the first organisations approached to participate in the upcoming UNIDROIT Model Factoring Law deliberations.
Our innovative online digital approach with a series of highly topical and relevant webinars has created a trend in the Industry with other organisations now emulating our approach; we are delighted by this; as the saying goes imitation is the sincerest form of flattery.
During 2020 WOA is also launching a new initiative: “WOA Advice & Support”. This new breakthrough service will assist financiers in their development and transformation and assists corporates in finding and implementing the best-fit working capital solution.
What are the key COVID related initiatives you’ve worked on and how can we effectively ‘turn trade on’ as we head into recovery?
Our survey on the effects and attitudes of the COVID pandemic on the global RF community has just been published in June and readers can see a presentation on the outcomes on our website. We asked questions on the impact of the pandemic: How is business affected? What are the implications for Demand, Process, Staff, Sentiment and Expectations?
Some key take-aways include:
- A major impact for 66% of businesses – only 13% feel relatively unscathed.
- For most it has meant a real increase in focus on operational activities. Most companies have maintained their staffing levels but there has been a massive shift in the way that those staff work.
- Confidence about the future of their business is mixed; for a majority there is a real sense that the impact is going to be unprecedented. 40% think recovery will be within a year, 60% believe it will take a year or more.
- And the overwhelming majority believe the changes in their businesses will be permanent.
Key Dates and Projects for 2020
- June: Webinar – The COVID crisis and RF: Impact and Future
- 1-3 July UNIDROIT discussions
- July: launch of new service WOA Advice & Support
- 7 July: Webinar – A tour in the world of Funding Platforms
- August to December: A regular stream of webinars with topics and speakers to be announced
- 5-6 October. Annual Conference Vienna Austria. Having been the pioneers of online meetings, we hope to be the first major organisation to return to physical meeting with our planned conference. We will of course make a final decision based on the prevailing conditions closer to the time, but it is our hope to show that the RF community is open for business!
Find out all of the latest updates in trade and credit insurance in our latest edition of Trade Finance Talks, here.
Now launched! Summer Edition 2020
Trade Finance Global’s latest edition of Trade Finance Talks is now out!
This summer 2020 edition, entitled ‘Coronavirus & The Fourth Industrial Revolution’, is available for free online, covering the latest in trade, export credit insurance, receivables and supply chain, with special features on fintech and digitisation.