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Open Sesame! Give Me Some Credit
In the story of Ali Baba and the 40 Thieves, the magical word “sesame” was used to open the seal of a cave where Ali Baba found hidden treasure. In China today, the same word is connected to another kind of magic, one that reveals hidden identities of the socially and economically disadvantaged. Sesame Credit (“芝麻信用” in Mandarin) is a product...
PayU and iwoca combine to simplify SME lending decisions
Iwoca, the international lending firm, and PayU, a leading payment service provider, have today launched an innovative collaboration aimed at making it easier for small and medium-sized (SME) entrepreneurs, particularly those in the eCommerce and eService industries, to obtain financing for growth. The collaboration marks the first venture of this...
Digital ways to pay - why should SMEs bother?
Is going digital for your payments really worth the hassle of changing over? IntegraPay CEO Chris Urry explains some of the benefits that digital payment services offer busy business owners. If someone had told you 10 years ago that we would be producing invoices on our phones, you would have laughed, especially when we were all working on...
IFC and Monetary Authority of Singapore Collaborate to Advance FinTech Innovation in Asia
IFC, a member of the World Bank Group and the Monetary Authority of Singapore (MAS) signed a memorandum of cooperation today, agreeing to work together to establish and develop the ASEAN Financial Innovation Network (AFIN). The network aims to facilitate broader adoption of financial technology (FinTech) innovation and development, and enhance...
ikOOba Technologies launches software to bridge funding gap between SMEs and finance providers
According to Wall Street Journal, 3 in every 4 small businesses fail. In 2013, the Micro Small Medium Enterprises (MSMEs) sector employed 84 per cent of the total labour force in Nigeria, according to the National Bureau of Statistics. However, 75 per cent of all Micro Small Medium Enterprises (MSMEs) fail in the first two years due to a lack of...
Fintech Tools That Can Change The World Of Finance
Fintech, or financial technology, is rapidly gaining ground with consumers as a more accessible alternative to traditional payment and banking systems offered by financial firms. As new fintech tools and software emerge to disrupt the established model, financial services are improving, offering enhanced efficiency, speed and accountability...
Member News: IFC to invest $50m in Dhaka-based BRAC Bank
International Finance Corporation (IFC) will provide $50 million to Dhaka-headquartered BRAC Bank Ltd to initiate the Banking on Women (BOW) program in Bangladesh. In a disclosure, IFC said the first-of-its-kind program will respond to the large unmet demand for financial services for women in Bangladesh, particularly women-owned small and medium...
Fintech from the Frontlines: The Opportunity for Technology to Improve Financial Services for All
The term ‘fintech’ has now become a part of the modern lexicon. The term is often used to describe tech startups that are presumably going to upend traditional financial institutions ( ie. banks ) through the use of new technology. Such a characterization, however, misses a large amount of what is truly transforming the financial services...
A new role for development banks?
Earlier this month, development banks from around the world took stock of where they stand and where they see their efforts having the greatest impact at a meeting organized by the World Bank and Brazil’s development bank, BNDES. As the world struggles to find funds to meet the Sustainable Development Goals, development banks can be instrumental...
Small, Medium, Strong. Trends in SME Performance and Business Conditions
SMEs and entrepreneurs play a key role in national economies around the world, generating employment and income, contributing to innovation and knowledge diffusion, responding to new or niched demands and social needs, and enhancing social inclusion. However, SMEs are often more affected by business environment conditions and structural policies...