How Digital Innovation Can Increase Small Business Access To Finance In Asia
Small- and medium-sized enterprises (SMEs) are a key contributor to economic activity around the world as an important source of jobs, growth, and innovation. Despite their essential role, SMEs receive a disproportionately small share of credit from the financial system, a trend that persists across developed and developing countries, including in Asia. This paper by Sean Creehan summarizes the SME credit gap in Asia and assesses ways emerging technologies and innovative business models—commonly known as “fintech” 3—can improve SME access to financial services in Asia and boost long-term economic growth in the process.
Published by Federal Reserve Bank of San Francisco