Non Financial Services

Washington D.C, September 30th, 2024 – KoreFusion Consulting, a boutique strategy consulting and investment bank focused on SME payments and financing in North America and Western Europe has joined the SME Finance Forum as the global membership network’s latest member. 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 leading SME payments and financing Non-Bank Financial Institution in North America and Western Europe to our network. It is with great pleasure I welcome KoreFusion Consulting to SME Finance Forum which is in line with our strategy of onboarding leading SME payments and financing Non-Bank Financial Institution in emerging markets for impact,” said Qamar Saleem, Head of SME Finance Forum. 

KoreFusion Consulting is a boutique strategy consulting and investment bank exclusively focused on payments and fintechs. Our clients are leading fintechs and international blue-chip payments companies. Over three fourths of the projects we complete are related to commercial and SME payments and financing. We are incorporated in the USA, Dubai, and Singapore and have team members in nine countries. We have completed nearly 500 projects and deals since 2013 across 77 countries. Historically we focused on developing countries and are recently growing in North America and Western Europe. 

“As we embark on this journey with the SME Finance Forum, we seek and highly value data and thinkers who can help us improve our SME related work and deliverables. Despite the importance of SMEs as employers, engines of economic growth and catalysts of financial inclusion, reliable platforms of information and networks of specialists in the SME space have been hard to find. This absence is magnified when needing to work across multiple geographies, topics, and stakeholders. The SME Finance Forum fills this void and has earned the distinction of being regarded as a compass of information and deep thinking. The community and resources harnessed by the SME Finance Forum are essential to our being effective strategists and purveyors of investment advice in commercial payments. We also appreciate the opportunity to share our data and thinking with similar minded peers. Being able to both learn and share fosters a virtuous cycle of innovation, thought leadership, and analysis that improves the financial solutions offered to SMEs, and in turn further empowers their effectiveness as engines of social and economic development,” said Mr. Jan Alejandro Smith Ramos, Co-Founder & Group CEO at KoreFusion Consulting. 

 
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 KoreFusion Consulting 

KoreFusion Consulting is a boutique strategy consulting and investment bank exclusively focused on payments and fintechs. Our clients are leading fintechs and international blue-chip payments companies. Over three fourths of the projects we complete are related to commercial and SME payments and financing. We are incorporated in the USA, Dubai, and Singapore and have team members in nine countries. We have completed nearly 500 projects and deals since 2013 across 77 countries. Historically we focused on developing countries and are recently growing in North America and Western Europe. 

Learn more:  
Website: http://www.korefusion.com and http://www.korefusioncapital.com

Learn from PVSLN, Murty, Chairman and Managing Director, North Eastern Development Finance Corporation (NEDFi), about their mission to champion the entrepreneurial spirit of the North Eastern Region of India, financing commercially viable industries and providing consultancy services. 

The interview is led by Hans Koning, Global Chief Industry Specialist, Digital Finance at IFC.

''In the North Eastern Region of India, we have 4000 MSMEs registered but only 14% are active. The remaining need financing support. Among the small businesses we are targeting and investing in are some start-ups, in particular those working in cloud-computing such as quantum." 

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 more about NEDFi 
Financial institution catalyzing economic development of the North Eastern Region of India by identifying and financing commercially viable industries, providing valued advisory & consultancy services, promoting entrepreneurship through effective mentoring, skill development and capacity building of the micro, small and medium enterprises and generating sustainable livelihoods through Micro Finance and CSR activities. 

Day 3 of the Global SME Finance Forum 2023 saw panel discussions and keynote addresses by thought leaders like Shri Chanchal Chand Sarkar, Economic Adviser, DEA, Ministry of Finance, India, Shri T. Rabi Sankar, Deputy Governor, RBI, Shri Ajay Seth, Secretary, DEA, Ministry of Finance, India, Ashwini Kumar Tewari, Managing Director, SBI, Ms. Nisha Nambiyar, Chief General Manager, RBI ,Mohamed Gouled, VP Global Industries, IFC, Magda Bianco, GPFI Co-Chair, Michael Jongeneel, CEO, FMO and Jane Prokop, SME EVP, MasterCard 

Mumbai, 13 September 2023 - The Global SME Finance Forum 2023 continued to ignite insightful discussions and foster collaboration among key stakeholders on its third day. This last day was an official side event of the G20 Indian Presidency.  

The event started with the welcome remarks by Shri Chanchal Chand Sarkar, Economic Adviser, DEA, Ministry of Finance, India who said, “In collaboration with esteemed leaders from the DEA and the Reserve Bank of India, we embark on a journey towards extraordinary outcomes. Our focus on critical global financial issues like financial inclusion, climate finance, and crypto assets underscores the need to empower small and medium enterprises. As we implement the G20 Financial Inclusion Action Plan, we are committed to accelerating the growth of SMEs and fostering a more inclusive, resilient, and sustainable financial system.” 

In his keynote, Shri T. Rabi Sankar, Deputy Governor, RBI, said "A robust MSME sector is the bedrock of sustained economic growth and job creation. Digital Public Infrastructure (DPI) empowers MSMEs, bridging the digital divide and unlocking boundless potential. The hurdles faced by MSMEs, such as limited access to credit, and delayed payments, can be efficiently overcome through digitization. With innovative credit solutions and digital ecosystems, we're poised to transform challenges into opportunities.”
He added, "The RBI Innovation Hub's pioneering effort to establish a frictionless credit public tech platform holds tremendous potential. This platform will usher in seamless access to credit by enabling the smooth flow of vital data for credit evaluations among diverse stakeholders." 

Addressing the Forum, Shri Ajay Seth, Secretary, DEA, Ministry of Finance, India, said, “The G20 leaders recognize the pivotal role of startups and MSMEs in driving sustainable and inclusive growth. Bridging the digital divide, including women's participation in MSMEs, is a key priority. The G20's commitment to advancing financial inclusion and productivity through DPIs is a testament to their dedication to fostering a thriving MSME sector. India, along with the SME Finance Forum and GPFI, is poised to collaborate and seize these opportunities for growth beyond G20 countries too." 

One of the pivotal topics addressed during the Global SME Finance Forum's third day was the need for an enabling environment for SMEs to access green finance. One panel in particular delved into the vital role that banks, development finance institutions (DFIs), and regulators play in crafting a framework that clearly defines "green" financing for SMEs. The conversation revolved around collaborative efforts to build an ecosystem that encourages and supports SMEs in adopting sustainable practices, showcasing real-world examples of successful initiatives that have aligned SMEs with environmentally responsible practices.

The day culminated in a thought-provoking discussion on gender equity in SME financing within the digital landscape. Panelists ardently explored how digital financial ecosystems can serve as a powerful tool for reducing biases against women entrepreneurs. The conversation emphasized the importance of addressing the specific needs of women in terms of capacity building, networking, and access to financial services. 

Commenting during the closing of the Global SME Finance Forum 2023, Mr. Shalabh Tandon, Regional Head of Operations & climate and Interim South Asia Director, IFC, extended thanks to everyone for transformative discussions over the past three days and said,” Digital ecosystems are change-makers, India's initiatives like UPI, Jan Dhan and Aadhaar, set a remarkable example. IFC, alongside partners, is dedicated to financial inclusion. We look forward to future Forums that build upon the momentum of this event. Together, through innovation and learning, we can shape a more inclusive and digitally empowered financial landscape for MSMEs so they can create more jobs and contribute fully to economic growth.” 

About International Finance Corporation (IFC)
IFC - a member of the World Bank Group - is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. 

For more information, visit www.ifc.org

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. The Forum operates a global membership network of +240 members that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. 

Discover the SME Finance Forum members: www.smefinanceforum.org/members/member-list  

About Small Industries Development Bank of India (SIDBI)
SIDBI, set up on 2nd April 1990 under an Act of Indian Parliament, is the Principal Financial Institution for Promotion, Financing and Development of the MSME sector. SIDBI has been playing a significant role in developing the financial services for MSME sector through various interventions including Refinance to Banks, Credit Guarantee programs, Development of the MFI sector, Contribution to Venture capital/AIF funds, MSME ratings, promoting digital lending ecosystem, etc. The Bank has proactively been working towards Energy Efficiency (EE) in MSMEs since 2005-06 using support of multilateral institutions like World Bank, ADB, GiZ, FCDO, JICA, AFD, KfW etc. for energy efficient projects. Furthermore, SIDBI has been touching the lives of citizens across various strata of society through its integrated, innovative, and inclusive approach. Be it traditional, domestic small entrepreneurs, bottom-of-the-pyramid entrepreneurs, to high-end knowledge-based entrepreneurs, SIDBI has directly or indirectly impacted the lives of Micro and Small Enterprises (MSEs) through various credit and developmental measures.  

To know more, check out www.sidbi.in

About State Bank of India (SBI)
State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations. SBI, the largest Indian Bank with 1/4th market share, serves over 48 crore customers through its vast network of over 22,405 branches, 65,627 ATMs/ADWMs, 76,089 BC outlets, with an undeterred focus on innovation, and customer centricity, which stems from the core values of the Bank - Service, Transparency, Ethics, Politeness and Sustainability. The Bank has successfully diversified businesses through its various subsidiaries i.e., SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 235 offices in 29 foreign countries. Growing with times, SBI continues to redefine banking in India, as it aims to offer responsible and sustainable Banking solutions. 

To know more, check out sbi.co.in

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Mumbai, India, September 14, 2023 - The 2023 Global SME Finance Award winners were announced during the Global SME Finance Forum 2023 in Mumbai, India. Across all categories, a record 165 applications were submitted from 120 different institutions. 30 applications were identified by an independent, expert panel of 85 judges as winners. The award ceremony was sponsored by the State Bank of India. 

To learn who the winners are, please visit https://www.smefinanceforum.org/awards-2023

The Global SME Finance Awards 2023 recognize financial institutions and fintech companies for their outstanding achievements in delivering exceptional products and services to their SME clients. Organized by the SME Finance Forum and endorsed by the G20’s Global Partnership for Financial Inclusion (GPFI), the Global SME Finance Awards provide an opportunity for institutions to showcase and share their good practices and knowledge. 

Launched in 2018 and now in its sixth year, the Global SME Finance Awards capture the effective and successful practices of financiers, honoring the innovative products and services for SME clients that have achieved impressive results in expanding finance and services to SMEs and the institutions that undertake those efforts. This year, there were four award categories: 1) SME Financier of the Year, which was broken down by region, 2) Product Innovation of the Year, 3) Best Financier for Women Entrepreneurs and 4) Sustainable Bond of the Year, which was broken down into Green, Social and Sustainability Bonds of the year.  

This year’s competition was the second in partnership with the IFC’s Green Bond Technical Assistance Program (GB-TAP), awarding meritorious institutions with the distinction of Sustainable Bond of the Year.  The winning entries represent the growing number of financial institutions that recognize that Green, Social and Sustainability Bonds have a crucial role to play in tackling the ongoing climate crisis, helping financial institutions achieve their Sustainable Development Goals. 

For the third year in a row, entries from IDA and fragile and conflict affected situations were given additional consideration for working in some of the most difficult operating environments, both highlighting the needs and challenges of serving SMEs in these areas and illustrating what is possible despite the complexities faced. 

Matthew Gamser, CEO of the SME Finance Forum said, “Every year sees more applications from more countries, and this year was our biggest increase ever. The competition also gets tougher every year. All who've been recognized in any way should be very, very proud. This competition makes me very positive that we are on the right track to greatly narrow the SME finance gap.” 

Qamar Saleem, the Incoming CEO of the SME Finance Forum said, “I am delighted to see such great SME finance initiatives highlighted through the awards. While all applicants are winners in their own rights, I want to give a special congratulations to awards recipients for leading the way in the industry. By supporting SMEs, we are not just providing access to financial services, we are also changing lives!” 

Magda Bianco, GPFI co-chair said, "I continue to be amazed and impressed by the number and the quality of the applications that come in each year. This year has seen an increase in both the total number and diversity of applications, and I can’t wait to learn of the winners. I want to congratulate all the institutions that took part in this year's competition, and I encourage all contestants, winners or not, to share your experiences in the G20 Database of Innovative Digital Finance cases. The SME Finance Forum team would be happy to assist in this." 

For a full list of the winners in each category and Honorable Mentions, please go to the Global SME Finance Awards 2023 website. 

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About the SME Finance Forum 
The SME Finance Forum works to expand access to finance for small and medium businesses. The Forum operates a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs. Established in 2012 by the G20 Global Partnership for Financial Inclusion, the SME Finance Forum is managed by IFC. For more information, visit http://www.smefinanceforum.org