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10x1000 Tech for Inclusion's Global Challenger Video Contest 2025 is now accepting submissions until June 1, 2025.

 

This is an opportunity for potential game-changers and innovators to gain global exposure, receive mentorship, and fast-track their innovations. Together, let's make your voices heard and make a difference on a global stage.

 

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10x1000 Tech for Inclusion is an affiliate of the SME Finance Forum

 

Washington D.C, Nov 1, 2024 – 10x1000 Tech for Inclusion, an open and global learning platform has joined the SME Finance Forum as the global membership network’s latest affiliate. The 300+ members/affiliates of the Forum are SME financing experts operating in 190 countries who share the common goal of expanding access to finance to small businesses worldwide through knowledge exchange and innovation.

 

“SME Finance Forum proudly welcomes the global learning platform. It is with great pleasure I welcome 10x1000 Tech for Inclusion to SME Finance Forum which is in line with our strategy of to help emerging markets develop more digital talent for impact,” said Qamar Saleem, Head of SME Finance Forum.

 

10x1000 Tech for Inclusion is an open and global learning platform that enables learners to become drivers of digital economic growth. Our mission is to nurture and inspire 1,000 emerging talents and tech leaders each year for the next ten years. 10x1000 is a philanthropic initiative launched jointly by the International Finance Corporation (IFC), a member of the World Bank Group, and Ant Group in 2018.

 

“10x1000 Tech for Inclusion is thrilled to announce our partnership with the SME Finance Forum. We are committed to empowering small and medium enterprises through technological innovation, paving the way for an inclusive digital economy.,” said Ms. Jennifer Tan, Program Head at 10x1000 Tech for Inclusion.

 

SME Finance Forum: Innovation & Partnership for MSMEs Growth  

 

The SME Finance Forum, backed by G20 and IFC/World Bank, is the leading global network of 300+ members/affiliates operating in 190 countries. Network comprises of SME focused institutions providing and enabling finance and services- banks, non-banks financial institutions, fintech, payment platforms, development institutions, credit guarantee companies, insurers, investment funds, supply chain linked players, banking and SME associations, policy advocates, regulators, academia, consulting houses, knowledge aggregators.

  

Our member, affiliates, and associated stakeholders benefit from learning/replicating best practices from across the world, innovating new products for business growth, acquiring risk mitigation tools, establishing partnerships, attracting investors, and being recognized amongst a peer group of global innovators. Our products consist of “members only” solutions (like innovation hubs, solutions clinics, peer group networks, study tours, specialized tools and trainings, member portal repository, partnered initiatives) as well as public good services (200+ publications library, 500+ videos, webinars, newsletters, trainings, annual awards, annual event etc.)

 

Discover the SME Finance Forum members/affiliates: 

https://www.smefinanceforum.org/members/member-list

https://smefinanceforum.org/about/partners

 

 

About 10x1000 Tech for Inclusion

 

10x1000 Tech for Inclusion is an open and global learning platform that enables learners to become drivers of digital economic growth. Our mission is to nurture and inspire 1,000 emerging talents and tech leaders each year for the next ten years. 10x1000 is a philanthropic initiative launched jointly by the International Finance Corporation (IFC), a member of the World Bank Group, and Ant Group in 2018.

 

Learn more: 

Website: https://www.10x1000.org/index

 

Learn from Carrie Suen, Senior Advisor for ANT Group, as she talks about tourism sector growth and digitalization after the COVID-19 pandemic in Singapore. 

“With tourism coming back, how do we tap into this momentum? A lot of SMEs suffered from the pandemic disruption…we are working with a lot of micro-SMEs like mom-and-pop shops to incentivize them with tourism consumption.” 

The SME Finance Forum’s Leader Dialogues is a series of one-on-one interviews with CEOs, senior executives of financial institutions and technology companies as well as financial sector regulators.

 

Learn from Xiaodong Sun, Chief Risk Officer of MYbank in China about the innovative risk management system developed by the bank that allowed them to minimize the default rate during the pandemic.

 

 

The SME Finance Forum’s Leader Dialogues, is a new series of one-on-one interviews with CEOs, senior executives of financial institutions and technology companies as well as financial sector regulators.

 

 

 

 

*This article is an excerpt with key highlights from WeBank’s recent presentation at the 2021 Knowledge Annual Conference of the IFC.

 

The pandemic has shoved the global economy into a state of chaos, affecting both large corporations and SMEs across nearly all sectors. However, the global outbreak has also brought opportunities to innovate financial services, propelling the rise of digital banking. 

 

WeBank was China’s first digital-only bank established in late 2014, and has grown into China’s largest digital bank. 

 

In reviewing the last five years of digital banking, WeBank’s growth and experience servicing the mass market in China can be summarized in the following points:

These four critical factors make a successful digital bank.

When we look at digital banking in China and around the region, four key factors can enable these banks' success: infrastructure, technology, ecosystem, and policy.

 

Suitable common infrastructures, such as a national ID biometric usable for electronic Know-Your-Customer (eKYC), modern credit bureaus and real-time payment systems that offer twenty-four-seven services, are vital not only for enabling digital financial services but also ensuring that these products and services are offered at a manageable cost for a more sustainable, competitive environment.

 

Technology can further lower costs and simplify certain processes, which collectively offer a smoother and more easily understood user experience. To name just two examples: automation is streamlining traditionally disjointed manual processes in the loan application and review process; and modern technical architecture that afford scability and flexibility can help new digital banks easily, and cost-effectively launch new products to stay relevant.

 

Third, it is important that digital finance accompany a growing usage and development of other digital businesses. The digital footprints created by users in transportation, e-commerce, entertainment and communication ensure a rich pool of alternative data sources, as well as more channels for engagement and a higher overall rate of digital literacy.

 

Lastly, an enabling policy environment that supports remote forms of digital finance is needed. Clear guidance on API or open banking guidelines and effective channels for innovative projects with appropriate oversight (e.g., regulatory sandboxes) have fostered the development of many new, successful technologies and business models.

 

Regulatory support and public infrastructure are key.

Currently, one of the biggest challenges facing new entrants is that the cost of running a bank versus the revenue of serving underserved customers is essentially a low-margin business. For virtual banks to succeed, it is imperative that their cost structure and digital business model be enabled by suitable infrastructure and technologies. Regulators and policymakers can organize or support the development of more shared resources, such as a robust eID/eKYC infrastructure and lower-cost operating models, such as allowing for core systems to be put into the cloud.

 

Chinese digital banks have lower revenue per customer but reach profitability faster.

WeBank and peer digital banks operating in countries of relatively large population have an average revenue per customer figure lower than digital bank counterparts in Europe but have been able to reach profitability sooner by controlling costs. Based on our calculations using publically disclosed figures of other digital banks, the average annual cost per account for WeBank to maintain is somewhere between 5-20% of many challenger banks in Europe and one-tenth that of incumbent banks in China.

 

In addition to account maintenance, costs across all business operations are similarly reduced using the latest technologies. Our chatbot handles 98% of inbound questions from customers, for example. 

 

Another major consideration is in the process of acquiring customers. Each product is designed to be deployable in multiple channels. This allows us to easily work with third-party partner platforms which embed our products and services into their channel for greater customer reach and accessibility. We have this in combination with our direct banking strategy. Both approaches employ precision marketing and don't rely on cash-based incentives to attract customers, but rather our shorter application or process times.

 

Simple and intuitive design works well across multiple segments and for financial inclusion.

Financial inclusion efforts in China cover a wide spectrum products that target different underserved segments. However, given WeBank's core competency as a technically sophisticated bank with no branch network, our primary product offering has targeted the mass market rather than specific niche areas. In this way, a single product might serve a combination of rural clients, urban migrant workers, and young employees with less credit history. Of course, these products strive to offer all customers a better experience and a more flexible service than what might have already been offered previously.

 

Given that a significant proportion of China's population has a smartphone, a nationally-issued ID, a digital wallet, and a basic bank account, the barriers to reaching a significant portion of these underserved segments are greatly reduced. While we may not yet offer any specific products for the rural market, those mass-market products are designed with including these segments in mind.

 

By lowering the overall cost structure, leveraging a wider range of available data sources, and designing products to be simple to understand and use by the entire population, we've been able to serve over 1.7 million SMEs and hundreds of millions of individuals. For about 60% of these SMEs who have received a credit line from us, it has been the first such product they have received from a bank.

 

Learn from Henry Ma, Chief Information Officer, WeBank, about his early career in the Silicon Valley, the unique 'ABCD' capabilities of WeBank as a fully digital bank, and the cost and quality of financial services, while serving 1.3 million SME clients in China.

 

The SME Finance Forum’s Fireside Chat, now "Leader Dialogues", is a new series of one-on-one interviews with CEOs, senior executives of financial institutions and technology companies as well as financial sector regulators.

 

 

Washington D.C., September 17th, 2020- We welcome Rong360 Jianpu Technology (NYSE:JT) to the SME Finance Forum global membership network. Our network consists of SME financing leaders from around the world who come together to share knowledge, spur innovation, and promote the growth of small and underserved businesses.

 

“At SME Finance Forum we are committed to helping small businesses get access to capital needed to grow and sustain their enterprise. Our membership network forms a close-knit community of industry experts who share a common purpose of helping SMEs. We are delighted to have Rong360 Jianpu Technology as the newest member of the Forum. We truly value their contributions.” said Matthew Gamser, CEO of the SME Finance Forum.  

 

Jianpu Technology went public on November 16th 2017 on NYSE. Its mission is to become everyone’s financial partner, empowering consumers/SMEs (users) and enabling financial services providers to better serve users. “With the help of the SME Finance Forum and their large global network we can stay on top of our changing customer needs and use our cutting-edge technology like  5G and cloud computing to provide better financial services.” said David Ye, the Co-founder, Chairman and Chief Executive Officer of Rong360 Jianpu Technology. 

 

About SME Finance Forum  

The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.

 

About Rong360 Jianpu Technology

Jianpu Technology Inc. is a leading independent open platform for discovery and recommendation of financial products. By leveraging its deep data insights and proprietary technology, Jianpu provides users with personalized search results and recommendations that are tailored to each user's particular financial needs and credit profile. The Company also enables financial service providers with sales and marketing solutions to reach and serve their target customers more effectively through online and mobile channels and enhance their competitiveness by providing them with tailored data, risk management and end-to-end solutions. The Company is committed to maintaining an independent open platform, which allows it to serve the needs of users and financial service providers impartially. 

 

 

Media Contact  

Carina Carrasco  

ccarrasco@worldbank.org

 

Washington D.C., September 14th- We’re excited to share that MIB Network Limited, a subsidiary of Mobvista, joined the SME Finance Forum global membership network. The Forum brings together development financial institutions, banks, and fintechs from around the world to support SMEs through knowledge exchange, policy change, and impactful partnerships.  

 

“When we started in 2012, we were in an exploratory phase for the first few years. Since 2016, we’ve been implementing our mission to build a global membership to support better SME financing, and since then, we’ve established a network with over 190 active members, who operate in over 190 countries sharing the common purpose of helping under-served enterprises. We are delighted to welcome MIB Network Limited to further grow our mission.” said Matthew Gamser, CEO of the SME Finance Forum.   

 

MIB Network Limited, a subsidiary of Mobvista, leverages new-age technology to provide a one-stop advertising, game analysis, and technology platform. They’ve serviced over 2000 app developers in 60 countries, meeting their various needs from user acquisition to monetization. Additionally, their mobile analytics SaaS platform has tracked behavioral data throughout the life cycle of gamers in over 49,000 games. 

 

“We pride ourselves on bringing value to clients through innovative products and services with a global reach. The SME Finance Forum will provide us an international platform to continue to evolve and deliver value to customers worldwide with best-in-class technologies,” said Duan Wei, Founder and Director of MIB Network Limited, a subsidiary of Mobvista.

 

About SME Finance Forum  

The SME Finance Forum was established by the G20 Global Partnership for Financial Inclusion (GPFI) in 2012 as a knowledge center for data, research, and best practice in promoting SME finance. As an implementing partner for the GPFI, the International Finance Corporation (IFC) was tasked with managing the initiative.

 

To see all SME Finance Forum members, please visit: 

https://www.smefinanceforum.org/members/member-list

 

About MIB 

MIB Network Limited is a subsidiary of Mobvista, a leading technology platform dedicated to driving global business growth in the digital age. They help customers utilize advanced technologies such as big data, artificial intelligence, and elastic cloud computing cluster management to connect China and the rest of the world, helping customers build forward-looking business models and guaranteeing effective market access for all.

 

Media Contact  

Carina Carrasco  

ccarrasco@worldbank.org