ING recognised as Taiwan's International Trade Finance Bank of the Year

Taipei, Taiwan, 5 July 2024 – ING Taiwan has been awarded International Trade Finance Bank of the Year – Taiwan at the 2024 Asian Banking & Finance Wholesale Banking Awards, in recognition of ING’s deep sector expertise and tailor-made solutions that help connect Taiwanese businesses with the rest of the world.

Sophia Chang, country manager for ING in Taiwan, said: “At ING, we are dedicated to connecting businesses not only across borders but also towards a sustainable future. We are honoured to receive the award in recognition of our excellence in trade finance, and it is especially rewarding to witness our solutions empowering Taiwanese businesses to excel in the global market. This recognition underscores our team's commitment to supporting local enterprises with innovative and efficient solutions, reaffirming ING’s dedication to propel our clients' growth ambitions.”

The Asian Banking & Finance Wholesale Banking Awards recognises excellence in Asia’s banking sector, showcasing the industry’s most outstanding players that drive positive change through leadership and innovation. During the ceremony, ING Bank N.V., Seoul Branch ("ING South Korea") was also named South Korea's International Trade Finance Bank of the Year for the second consecutive year.

ING in Taiwan: Expertise meets innovation

Established in Taiwan since 1991, ING Taiwan combines global reach with local expertise to provide seamless experiences for clients, connecting Taiwanese businesses with international partners. This strategic approach enables ING Taiwan to offer tailored working capital solutions that capitalise on global trade flows, supported by a proven track record in the region.

As a global leader in sustainable finance, ING has pioneered landmark sustainability deals in Taiwan, particularly in trade financing, leveraging Taiwan’s position as one of the world's leading Electronic Manufacturing Services (EMS) providers.

In 2023, ING Taiwan saw significant growth in its Trade Finance portfolio, notably through its Receivables Finance programme. ING Taiwan's leadership in arranging and managing large Taiwanese multibank transactions was instrumental in reaching this milestone.

To solidify its position as a sustainable financial institution, ING Taiwan focuses on enhancing capital efficiency through initiatives such as credit risk management and improving balance sheet flexibility. The Trade Finance portfolio expanded by 63% in 2023, marking a 10% year-on-year increase. This growth was facilitated by leveraging credit protection through insurance policies and collaborating with funded risk participation banking partners. These initiatives not only enable ING Taiwan to provide enhanced financial support for client expansions but also strengthen its foothold in Taiwan's financial market.

One notable achievement was the conversion of a USD 1.5 billion Receivables Finance multi-bank programme into a multi-currency facility for a Taiwanese electronics manufacturer in September 2023. This multi-currency capability allowed the client to utilise currencies such as US dollars or NT dollars, thereby reducing overall funding costs. Additionally, a three-year green tranche was incorporated to support the client's global renewable energy initiative and promote employee well-being, aligning with ING's commitment to sustainability and diversity.

These innovation solutions illustrate ING's steadfast support for client growth and sustainability endeavours, reinforcing its pivotal role in the development of Taiwan's financial services landscape.

Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate.