Asian corporates have been increasing their receivable financing engagement, opening up opportunities for banks to exploit the region's growing trade finance needs, according to a new report.

The bi-annual Asian institutional trade finance report by market research firm E&P Asia reveals engagement with supply chain financing is increasing, with strong traction for receivables in particular.

The number of corporates utilizing receivables financing has more than doubled over the last 18 months, from 5.3% in January 2014 to 11.1% in June.

Over the same period, the percentage using inventory financing has also increased from 11.9% to 12.4%.

The focus on supply chain financing comes in the context of higher forecast churn intentions, with better than three in ten corporates saying that a change in trade financier is either "very likely" or "possible."

Lachlan Colquhoun, chief executive of East & Partners Asia, says supply chain presents a growing business opportunity for trade financiers.

"Many banks have traditionally only financed small parts of the supply chain," adds Colquhoun. Colquhoun says that corporates have become more involved with their supply chain partners at the financial level and they would want their banks to follow them.

"Intra-Asian trade is in growth mode and supply chain connectivity is increasingly important. Banks which deliver in this area can expect to grow the traction of their trade finance business," he adds.

For now, respondents of the East & Partners report are expressing dissatisfaction about offerings in the supply chain finance space even as they rate these offerings 'highly important'.

Although some "best of breed" banks record good satisfaction ratings for supply chain finance, a large number of highly-rated banks with significant market share as trade financiers are punished with low satisfaction ratings, the report notes. Average satisfaction ratings have declined in every round of report since January last year, it says

The bi-annual trade finance report are based from interviews from the region's top 1000 corporations by revenue across 10 markets, excluding Japan.