cat/factoring
During the Global SME Finance Forum 2018, INVYO's Co-Founder and COO, Xavier Gomez, demoed the company's services at the TechPitch on November 6.
INVYO provides financial institutions with predictive analytics, sourcing, competitive and business intelligence tools, on Fintech companies.
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.
The Global SME Finance Forum 2018 will explore how innovation in technology, regulation and partnerships can help overcome various informality problems, and open up a far larger market for profitable, sustainable, responsible financial services.
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.
GIGAS: Cloud Computing – Provides an innovative and powerful cloud solution with superior local technical support - Spain and Spanish-speaking markets
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.
Tyro is able to offer flexible, same-day settlement and payroll integration to benefit Australian SMEs, due to SME Finance Forum member Xero’s accounting software.
Tyro has deleted an extra step of separately processing payroll, instead merchants can submit their information directly through Xero, which is linked to a Tyro Smart Account, according to the article.
Medici examines the potential blockchain can have on the insurance industry. According to the article, blockchain is the answer to various stress-points throughout the insurance value chain. Areas where blockchain applications are being developed include: claims management and verification, new product and platform development, and record keeping, according to the article.
The key benefits towards value chain for insurance include:
SMEs have continued to face hardships, despite being a vital source to economic growth. One issue regarding SMEs, is their ability to “outpace” banks.
In the report by Medici, solutions for this problem included: cognitive accounting platforms, invoice discounting, e-invoicing, SME credit scoring & lending, API-based bulk payouts, expense management and cash flow solutions.
One solution that stood out according to the report, was the end-to-end banking services on the mobile /online channels provided by the digital-only challenger banks.
Thinking of starting your own business? An interactive game allows for new business owners to test the waters by creating their own business in a virtual world.
Funding is a huge problem for SMEs. The Access To Finance Report surveyed 11,000 entreprenuers to understand why SMEs cannot access funding. The report includes options for financing from 300 funders. The findings discovered that SMEs have difficulty knowing where to start when looking for financing. Typically, they start and stop at a bank, which is where they need collateral. SMEs need guidance on they type of institutions to look for, depending on where they are in the start-up stage - starting, invoice-factoring or growing - and also if it is industry-specific.
