Martin Morrin, managing director of Royal Bank of Scotland Invoice Finance, has been appointed chairman of the UK Asset Based Finance Association (ABFA).

Morrin was previously the ABFA’s vice chair and takes over the new role from John Onslow, Centric Commercial Finance.

He is one of the most respected figures in the asset based finance world, having first joined the RBS Group back in 1986 and been a founding member of Royal Bank of Scotland Invoice Finance.

He has held a variety of management positions at RBS Invoice Finance and twice been its managing director (from 1997-2000 / 2007 – current). He has also previously been the director of asset based lending at Barclays Bank plc and managing director of First Capital Cashflow, a business he set up.

Commenting on his election as chairman of the ABFA, Morrin said: “With the wider economy finally growing and the industry as a whole continuing to perform strongly, now is an exciting time to become the ABFA’s chairman. It is also vitally important we continue to support the industry around the ABFA’s new regulatory framework and that we further promote the availability of funding businesses in the SME and corporate sectors.

“It’s an honour to become the chairman of the ABFA; I look forward to representing it and the wider industry and hopefully continuing to see strong growth in the sector.”

Kate Sharp, chief executive officer of the ABFA, said: “Martin has long been an influential figure in the industry, not only by being head of a large provider but also through his previous work with the ABFA as chair of the educational committee. We are very pleased to have him as the new chair of the ABFA.”