February 23, 2024

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Digital Innovation as a Real Enabler for SME Finance: Building an Effective, Unified and Accessible Financial Ecosystem for MSMEs

A Platform For Collaboration

OpenGov Asia is pleased to invite you to this exclusive and highly timely OpenGovLive! Virtual Breakfast Insight aimed at imparting knowledge on strategies on how to maximise digital technologies to ensure financial inclusion and create a unified ecosystem for MSMEs.

Multi-sectoral insights and best practices on digitalisation, risk assessment, data security and credit culture-building to empower the ‘Unbanked’

Micro, Small, and Medium-sized Enterprises (MSMEs) play a vital role in Southeast Asia’s economy. MSMEs comprise 98% of the region’s enterprises. In Indonesia, MSMEs contribute over 50% to the country’s GDP. With an estimated 64 million in operations, they are regarded as the backbone of the country’s economy.

But financing support and options to allow MSMEs to further flourish are limited. New entrepreneurs have limited knowledge and
access to loans, while established financial institutions are at a loss of how to assess MSME’s creditworthiness.

Lack of access to finance is a critical barrier to growth for SMEs globally. Among the reasons is the higher cost to serve SMEs; information asymmetries, or the absence of traditional data used by banks to assess creditworthiness; lack of collateral; and onerous documentation requirements.

A cycle of challenges therefore arises how to make financial products and services more accessible to wider segments of a population, particularly the ‘unbanked’ and ‘underbanked.’

Leveraging technology to advance the country’s underserved, the ‘unbankable’, be bankable

Digitalisation offers exciting prospects and solutions to bridge the gap between institutions and MSMEs. It provides cost-effective, timely, and efficient platforms that can innovate how credit ratings work.

Recent advances in digital technologies and innovative business models represent a game-changer that can help close the SME finance gap by enabling smaller firms to tap alternative sources of funding, thanks to the data generated by their digital footprint.

The digital transformation of SMEs can reduce their operational costs and increase their productivity, which in turn can lead to more transparency and better access to finance. Digitalisation also enables the introduction of new products and services, and wider incorporation of SMEs into the formal economy leading to further financing opportunities.

The increasing access to markets and new business models offered to SMEs by e-commerce and the sharing economy, together with data-driven business opportunities derived from data sharing in open banking frameworks, represent key enablers for digitalisation.

A foundational component for the use of digital financial products and the digitalisation of SMEs is having reliable access to affordable mobile phone and Internet connectivity.

Using China as an example, digital banking has paved the way for MSMEs and private consumers to obtain alternative credit portfolios. This has given their financial institutions the chance to offer varied products and get access to wider market segments.

Their success can be attributed to an effective, unified, and accessible financial ecosystem that empowers any interested players to avail of financial products and services. They were able to increase operational efficiency in terms of disbursement and repayment as well as reach previously untapped consumers.

Is it possible to replicate the same success in Indonesia?

The answer is, in fact, a resounding ‘yes.’

OpenGov Asia is pleased to invite you to this exclusive and highly timely OpenGovLive! Virtual Breakfast Insight aimed at imparting knowledge on strategies on how to maximise digital technologies to ensure financial inclusion and create a unified ecosystem for MSMEs.

This session would serve as a great peer-to-peer learning platform to gain insights and engage and discuss relevant digitalisation trends, digital solutions, and digital adoption know-hows.

Who Should Attend

Meet Our Distinguished Speakers

Setsiri Settaphakorn
Senior Vice President, Digital Banking and Innovation Division
Bank of Ayudhya

Hendra Tan
Chief Executive Officer
OneConnect Financial Technology Indonesia and Vietnam

Mohit Sagar
Group Managing Director & Editor-in-Chief
OpenGov Asia

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IN COLLABORATION WITH

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BROUGHT TO YOU BY

OpenGov

Networking

Make valuable connections and meet peers and mentors in your industry. Share ideas with others in your field, meet your future business partner, or seek advice from people who’ve done it all before.

Learning

We live in uncertain times for tech and business. We’re welcoming the people who are tackling the big challenges facing industry today. In our current climate, upskilling has never been more important.

Exposure

Get exposed to first-hand knowledge and intelligence from subject matter experts across Asia Pacific to accelerate growth and progress.

Great and innovative event with amazing speakers

Directorate General of Treasury

Very good virtual breakfast meeting

Bank Mandiri

It is a very interesting meeting, fruitful discussion

Statistics Indonesia

Get involved

For sponsorship opportunities

For speaking opportunities

engage@opengovasia.azurewebsites.net

Guilhem Vincens
Head of Change and Innovation
ABN AMRO Bank N.V.

Eric founded Zoom in 2011 to bring teams together in a video environment. Zoom’s video-first unified comms platform continues to transform the way leading global enterprises communicate. Zoom was one of the highest-performing IPOs of 2019.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.