As the subprime crisis rocked the foundations of the West's financial system, treasurers and bankers sitting in Asia sought comfort in the knowledge that they had already been through the worst. The 1997 Asian crisis is still fresh in the minds of those who survived it, and as the West embarks on a clean-up of corporate balance sheets, Asia has already done most of the hard work. Asian export-led economies are starting to feel the pinch of declining US consumer demand. While some global cash management banks may be reappraising their international focus, Standard Chartered is rolling out new capabilities, including a portfolio factoring capability that will provide financing for 70% to 80% of a receivables portfolio. The latter is aimed at strengthening corporate supply chains by providing financing to suppliers. But while this recession is touted as the worst since the Great Depression, in Asia, where companies have had their fair share of economic crises, it is just another blip.