cat/credit-and-financial-information
NAV a key fintech investments of SME Finance Forum member CreditEase has entered into a multi-year partnership with Clover, to provide free business credit scores, custom-tailored business financing and credit card options to U.S. based Clover users.
According to the article, this partnership will provide 75,000 Clover customers to:
Source Media, publishers of various financial services industry publications, present Block FS on November 29 at the Crown Plaza Time Square in New York City.
With more than $30 million invested in blockchain technology, this event will provide about the technology and how financial institutions are exploring and scaling blockchain solutions.
Top banks, payment companies, asset managers and blockchain infrastructure companies will be in attendance.
Key topics discussed will include:
SME Finance Forum member African Development Bank (AfDB) provided a $50 million credit to Fidelity Bank Plc. to support SMEs, with a minimum of 30 percent of the credit going towards women-owned enterprises in Nigeria.
According to the article, the credit will benefit SMEs in manufacturing, health and education sectors.
SME Finance Forum member, Mastercard collaborated with cloud solution provider Zoho, to provide ‘SME in a Box.’ The solution provides easier payments, manage GST compliance and back-office operations. According to the article, the new solution will allow 73 million SMEs in the country to receive or make payments through all digital forms including: Bharat QR, Mastercard business credit and debit cards while staying GST compliant using Zoho’s ERP software.
The offer is available to Mastercard business, debit and credit card users.
Euromoney says SMEs account for nine out of every 10 businesses in Mexico, however only a third have access to finance.
“Despite numerous financial institutions operating in the market, financial services penetration remains low,” said Norbert Schneider, principal investment officer for Mexico at the IFC.
SMEs in the country are lacking credit history, accounting, information or assets needed to receive a bank loan, according to the article.
Trust is also an issue for SMEs, coupled with fear of risk and growth.
Research conducted by the World Economic Forum and Bain and Company revealed the global trade and finance industry could produce an additional $1 trillion by implementing blockchain.
According to calculations by the Asian Development Bank, the global trade finance deficit gap is currently at $1.5 trillion USD and is expected to rise to $2.4 trillion USD in 2025. Reasoning behind the gap is due to limited access to credit and loan service for SMEs, according to the article.
The IFC in partnership with the Department of Finance, the Land Registration Authority, Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, the Department of Trade and Industry, various MSMEs and banking associations to construct a new bill to support MSMEs in the Philippines.
The Personal Property Security Act (Republic Act No 11057) will allow MSMEs to utilize movable assets to obtain credit. This will benefit MSME farmers in particular, allowing them increased access to finance and participation in the global market.
Global SME Finance Forum 2018 on November 5 to access study visits to financial institutions and fintechs that have best in class, innovative ways of serving SMEs clients.
Experian: Credit-Reporting Agency – Provides data analysis for credit services and decision analytic assistance - Financial institutions and SMEs
Networks such as the SME Finance Forum exist so that direct practitioners can learn from one other and offer effective models to strengthen the industry. Study tours are one of the most effective ways to provide hands-on learning experiences for professionals. This November, the SME Finance Forum will kick off its Global SME Finance Forum 2018 with a day full of study visits to 12 financial institutions and fintechs.
In this report, a range of responsible digital credit provider’s categories and models are examined, consumer risks they involve, and standards being developed to address these risk. With SMEs around the world accessing loans made through digital credit, it’s important to understand the financial consumer protection challenges involved. The report uses the Smart Campaign Client Protection Principles to address security and fraud concern. The principles include:
