cat/documentation-and-compliance
The Federation of Small Businesses (FSB) evidence suggests that, in terms of data protection regulation, the optimal regulatory balance has yet to be achieved for small businesses. Many are struggling with current data protection regulations. And the cumulative burden will only increase as the General Data Protection Regulation (GDPR) comes into force.
The World Business Angels Investment Forum (WBAF), committed to collaborate globally to empower the economic development of the world by fostering innovative financial instruments for SMEs, innovators and startups, has entered into a memorandum of understanding (MOU) with the SME Finance Forum. The agreement means the two organizations will join in global efforts to ease access to finance for SMEs, which will create jobs and contribute to the world economy.
The evidence that women both drive agricultural production and rely on it for their livelihoods means that greater financial and informational service provision to women, especially through digital channels, could increase the efficiency and effectiveness of their labor. While the numerous barriers to women’s access to Digital financial Services (DFS) are clear, clarifying the best methodologies by which to overcome these is both dependent on situational context and still subject to research and testing.
This flagship report by the International Labour Organization, profiles SMEs throughout the world in relation to economic growth, job creation and the opportunities to access finance based on their economy. While large enterprises are the principal source of employment in the formal private sector relative to small and medium-sized enterprises (SMEs), the contribution of SMEs to total employment has grown over the past years.
Some banks have been exploring the use of open APIs (application programming interfaces) over the past couple of years – but upcoming legislative changes mean that financial institutions operating in Europe now have a formal deadline approaching. The EU’s second payment services directive (PSD2) and the UK’s open banking standards come into force in January 2018.
Keri Gohman, the President of Xero Americas spoke to the role of collaborative work in the financial services industry, and why small business banking in the U.S. required stronger ties between the tech and banking community to rewire small-business economy. In Gohman’s current role, she leads team of individuals focused on transforming financial management for small-business owners and accountants across the Americas.
In partnership with BDRC Continental, Ultimate Finance conducted research into the impact of late payments on the SME sector. The figures showed that late payments cause cashflow problems for UK SMEs. The main political parties have said they plan to end the issue with legislation such as late payment reporting.
The People’s Bank of China wants fintech firms to pitch in on a government-controlled monitoring system to watch over financial transactions on the internet. Sun Gouofeng, director of general of the Bank’s research institute says it is unfair for taxpayers’ money to cover the costs arising from heightened regulation on fintech businesses. Making remarks at a conference, Gouofeng wants more of the major players in fintech to take the responsibility of funding its regulation.
The Financial Stability Board (FSB) found that FinTech platforms account for an increasing share of credit provision, hence stating that policymakers must consider the opportunities and risks such activity brings. With ten areas identified, three have been priorities for international collaboration in a report published jointly with the Committee on the Global Financial System (CGFS).
For much of the world, the G20 members are seen as leaders that can usher the rest of the planet into new eras of government and economic matters. The G20 is taking such a role in the process of small business finance reform, encouraging G20 countries to guide developing nations in their development of regulations and policies that make it easier for small businesses to access financing.
