遠東新世紀股份有限公司〈原遠東紡織〉,乃台灣規模最宏大、最多元化的紡織及相關產品製造者。本公司共分化纖、紡織、石化、土地開發與轉投資五大事業。

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Sharing with you projects and milestones marking FENC's sustainable accomplishments in governance, environment and society.

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Twelve Years of Zero Bad Debt amid Intensifying Credit Risks under COVID-19

Twelve Years of Zero Bad Debt amid Intensifying Credit Risks under COVID-19
SDG 16 PEACE, JUSTICE AND STRONG INSTITUTIONSSDG 17 PARTNERSHIPS FOR THE GOALS

The surge of COVID-19 in 2020 gravely impaired global economy and supply chain stability. As a result, factory shutdown and corporate bankruptcy increased at an alarming rate, driving up credit risks. FENC responded promptly in February 2020, therefore reducing the risk of bad debt, upholding the 12-year zero-bad-debt streak. Actions taken include:

  1. Compile weekly report on the latest credit risk exposure and customer operational status.
  2. Suspend the review of credit insurance, improving underwriting rate to 90% and expanding other channels for insurance.
  3. Shorten the grace period for accounts receivable, enhance overdue follow-ups and increase reporting frequency.
  4. Implement credit crunch in countries in countries with high COVID-19 infection rate and elevate the threshold for unsecured credit.
  5. Lower the credit limit for customers with low demand for unsecured credit to reduce risk exposure.
  6. Compile list of customers with long past dues to be monitored, and tighten or postpone credit transaction.

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