The Philippine economy in particular has been consistently growing by 5.3% per year, driven by favourable economic conditions and strong macroeconomic fundamentals. However, this promising growth can only be achieved sustainably and inclusively if roadblocks currently faced by the lifeblood of the country’s economy - its small and medium-sized enterprises (SMEs) - are addressed.
Originally posted on WEF website.
There are many challenges involved in offering financial services, especially when payment interoperability is involved.
For almost all of these challenges, the problems are well-known beforehand. The costs involved in mitigating a problem are easily determined, and a logical decision can be made as to when it’s time to address that particular problem.
The difference with payment fraud is that by the time it happens, it’s already too late.
Supporting SMEs is a mantra of governments and banks alike, writes Brian Caplen from The Banker. But any new policies will need to take account of changes in the international economy.
The MSME sector is the backbone of Nigeria’s economy. Studies by the International Finance Corporation (IFC) show that approximately 96% of Nigerian businesses are Micro, Small and Medium Enterprises (MSMEs). Thanks to digital technology, it is worth noting that ecommerce platforms have so far played a key role in boosting and accelerating MSMEs in the last seven years.
Do open APIs make sense for your company? Which ones? This blog outlines a structured approach, taken by a CGAP partner, which allowed the team to develop a deeper understanding of the API product’s value and requirements and to ultimately get the buy-in it needs to develop and release a successful product.
Banque du Caire has embarked on a five-year transformation strategy that includes regional expansion, strengthening its digital platform and boosting SME financing and financial inclusion. This interview with the CEO Tarek Fayed, shares how the bank is expanding its SME loan and microfinance portfolios.
“We are planning to offer our clients a well-diversified suite of products that will enrich their banking experience, rolling out innovative solutions in addition to state-of-the-art technologies and digital platforms,” says Fayed.
IFC invested $75 million in a Gender Bond issued by Turkey’s Garanti Bank (a SME Finance Forum member). IFC details the story of how and why the investment with Garanti was a bold one. The bank, which is known in the market for its commitment to access to finance for women, is the first private sector bank in the world to launch a gender bond dedicated to financing women-owned small business in emerging markets. The bond has a six-year term maturity and was issued in line with IFC’s environmental and social guidelines and inspired by the ICMA Social Bond Principles.
Jay Singer is Senior Vice President, Global Small Business Segment at Mastercard. In this role, he leads the global development and commercialization of the Mastercard innovative commercial products and solutions that serve small businesses.
SME Finance Forum CEO, Matthew Gamser, recently explained why the G20 cares about financial inclusion (and has since its inception), and why SME access to finance always has been included in its work on inclusion. Gamser offered these insights at a plenary talk at the World Business Angels Investment Forum (WBAF) Ministerial Roundtable this week.
