Small Enterprise FINNOVATE

The speed at which innovation and technology are changing is at an all-time high. There’s never been more solutions and programs to help small business owners succeed and stay ahead of the competition.

But how can these tools help you address the challenges in the post-pandemic world and support you with your business growth?

Join the Small Enterprise FINNOVATE – FinTech for SMEs event on 10 February 2023 at FKCCI, Bengaluru for an interactive conference, shining a spotlight on financial technology solutions and providing insights to help you realise the potential of the latest developments.

The pandemic has disrupted traditional lending dynamics between banks and SMEs. Banks are not as willing to take risks on them. However, this has caused an opportunity for a burgeoning relationship between SMEs and Fintech to develop. This new relationship will play a vital role in the future of SMEs and investors in general, so it is crucial for anyone involved in these sectors to learn about this relationship.

The financial technology (FinTech) field grew and developed rapidly as a response to the financial problems we face, from making financial information more accessible to addressing the lack of financial inclusion in various countries. Small and medium-sized enterprises (SMEs), in particular, can benefit from the digital solutions offered by FinTech. For instance, FinTech offers e-payment and bookkeeping services that SMEs can take advantage of.

But most of all, FinTech can provide business financing solutions for SMEs. The growth of any small and medium-sized enterprises (SMEs) is dependent on the health of their finances, especially on having the appropriate funding. Certain business models within FinTech, such as peer-to-peer (P2P) lending, can be an alternative source for SME working capital loans.

What is Fintech?

Fintech is a term that comes from a combination of financial and technology, and that improves and automates the delivery and use of financial services. It uses algorithms and software to improve companies’ financial services. Fintech provides fast and modern financial services for companies, allowing them to manage their finances and providing them with better access to loans and financial solutions. These services can include – but are not limited to – raising money for business startups, sending electronic money transfers, and helping people manage their investments.

Fintechs provide a new method for SMEs to avoid traditional banking and financial management by creating easy-to-use technologies. Fintech can facilitate SME lending, making it easier for SMEs to receive capital investments. More than half of SME credit applications are currently abandoned, either because they are rejected or because they are too complicated. By providing simple business lending for SMEs, fintech can help SMEs with the capital investment they need for expansion or to keep their operation afloat. The problems related to traditional business lending for SMEs have only gotten worse during the coronavirus pandemic, but thankfully fintech has stepped up to fill the void.

Benefits of attending SMEs

Going forward, fintech is going to be a great resource for SMEs. Fintech’s flexibility and dynamism match the needs of the modern economy. Small and medium enterprises’ loan applications are often either rejected or not completed, and fintech can help fill this gap.

40% of SMEs look to funding to meet operating expenses, with this number expected to grow considerably during times of economic uncertainty. 60% of SMEs seek funds to expand business operations or to pursue new market opportunities. But waiting months or even weeks for credit approval and funding can mean the difference between innovation and business closure. Traditional financial services organizations may find lending to SMEs difficult, but fintech is rising to the challenge. Simplified application processes, rapid approvals, and access to funds quickly make working with digital lenders an attractive choice.

The event will provide a unique platform to connect and engage with FinTech Solution providers and other small businesses, helping you rebound and flourish in 2023 and beyond.

AGENDA

WELCOME ADDRESS

KEYNOTE ADDRESS

FINPOINT – FINANCING YOUR BUSINESS USING TECHNOLOGY

How to get the right business finance to grow your business using technology. Get a better deal for finance, insurance, and other services.

HOW FINTECH IS DISRUPTING THE SMALL BUSINESS LENDING MARKET

Fintech is quickly emerging as one of the most important and disruptive industries in the world today. As a technology-driven industry, fintech lenders provide huge benefits to small business owners and investors who may find it harder to get financing from traditional lenders.

PAYFIT – FINTECH & PAYROLL & HR

Save time and simplify your payroll. Spending too much time on payroll each month? Fed up with endless manual processes? It may be time for a change!

USING TECHNOLOGY TO IMPROVE SMALL BUSINESS ACCESS TO CREDIT

Industry leaders share their experience on how technology has been employed to better meet the needs of small businesses, including minority- and women-owned businesses.

FUTURE OPPORTUNITIES FOR TECHNOLOGY TO SUPPORT ECONOMIC INCLUSION

A big-picture conversation about how changes in technology and its use may shape opportunities within banking and financial services to expand access for consumers and small businesses.

PANEL DISCUSSION: WHY FINTECH IS HERE TO STAY

There are 200 million small and medium-sized enterprises (SMEs) worldwide that have no access to formal financial services. This represents a $2 billion gap in funds for capital investments and working capital to increase their growth prospects. From 2013 to 2014, equity investment into fintech companies has quadrupled from $4 billion to more than $12 billion, fueling innovation in the sector. Fintech companies have made a small dent in the SME lending space with an estimated $60 billion to $70 billion outstanding volume in marketplace lending compared to $14 trillion to $18 trillion of total bank lending to SMEs. (Courtesy: World Economic Forum).

The products and solutions developed by fintech startups have made almost all financial services available on one-stop-shop super apps. Fintechs are providing a much-needed boost to businesses, especially medium and small-sized enterprises (MSMEs), to flourish in the digital era. They are helping entrepreneurs with a wide range of services – from seeking loans within minutes to conducting KYC online, to availing 24X7 customer service. As a result, there has been a significant increase in the adoption of fintech solutions by entrepreneurs running small and medium-sized businesses in India.

THANK YOU NOTEFollowed by Networking Dinner.

REGISTER NOW – FREE FOR SMEs

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