Partnerships with Fintechs Boost Competitiveness in Lending
Fintechs understand the importance of access to finance for SMEs and so do companies.
With about 95 percent of SMEs contributing as much as 30 percent of the country’s gross domestic product and are employing about 60 percent of the country’s workforce, companies like First Circle are rising to the occasion. The company, which provides business financing for SMEs in the Philippines will soon be launching a credit facility worth up to $30 million, according to the article.
Other individual company initiatives include, SME Finance Forum BBVA. They launched a matchmaking platform centered around fintech startups. The platform connects smaller firms with BBVA units and offer technologies.
“You might say it works along the lines of a ‘dating app’. Both startups and the bank’s experts need to sign up and create a profile explaining on the one hand the needs of business units and on the other what solutions they can provide startups,” BBVA said in a statement.