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Digital Technology

Webinar Advocates Harnessing SME Finance through Digital Technology

By Siddhi --
Tuesday, 08 Dec, 2020

According to speakers at an Asian Development Bank-organized webinar, a universal financial inclusion has been maded by Digital technology for small and medium-sized enterprises (SMEs) achievable for the first time.

The webinar was held on Enabling and Expanding SME Financing through Digital Transformation (The Experience of the People’s Republic of China (PRC)); participants discussed how the rise of the big tech platforms, big data, artificial intelligence, cloud computing, and other digital technologies offer new incomes of financing for SMEs, which have been particularly hard hit during the coronavirus disease (COVID-19) pandemic.

But these changes has brought new challenges such as the issues of the monopoly power of big tech companies and the more transmittable financial risk. To ensure a healthy outreach of digital financial inclusion for SMEs, effective responses are required from both the government and regulatorsthese challenges, participants heard.

Yiping Huang the Sinar Mas Chair Professor of Finance and Deputy Dean of the National School of Development and Director of the Institute of Digital Finance (IDF), Peking University,was the guest speaker. Other guest speakers in the webinar were ADB Board Director for the PRC Zhijun Cheng; ADB Chief Economist Yasuyuki Sawada; Director of ADB’s Public Management, Financial Sector, and Regional Cooperation Division in the East Asia Department Emma Fan; ADB’s Chief Finance Sector Group Junkyu Lee; and IMF Senior Economist Longmei Zhang.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members— 49 from the region.

Webinar Advocates Harnessing SME Finance through Digital Technology. According to speakers at an Asian Development Bank-organized webinar, a universal financial inclusion has been maded by Digital technology for small and medium-sized enterprises (SMEs) achievable for the first time.

The webinar was held on Enabling and Expanding SME Financing through Digital Transformation (The Experience of the People’s Republic of China (PRC)); participants discussed how the rise of the big tech platforms, big data, artificial intelligence, cloud computing, and other digital technologies offer new incomes of financing for SMEs, which have been particularly hard hit during the coronavirus disease (COVID-19) pandemic.

But these changes has brought new challenges such as the issues of the monopoly power of big tech companies and the more transmittable financial risk. To ensure a healthy outreach of digital financial inclusion for SMEs, effective responses are required from both the government and regulatorsthese challenges, participants heard.

Yiping Huang the Sinar Mas Chair Professor of Finance and Deputy Dean of the National School of Development and Director of the Institute of Digital Finance (IDF), Peking University,was the guest speaker. Other guest speakers in the webinar were ADB Board Director for the PRC Zhijun Cheng; ADB Chief Economist Yasuyuki Sawada; Director of ADB’s Public Management, Financial Sector, and Regional Cooperation Division in the East Asia Department Emma Fan; ADB’s Chief Finance Sector Group Junkyu Lee; and IMF Senior Economist Longmei Zhang.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members— 49 from the region.