The Role of Financial Technology in the Inclusive Growth of Asian Economies

Time of event

09:00–18:00

Background

Small and medium-sized enterprises (SMEs), including micro enterprises, contribute significantly to domestic output in Asia, thereby playing a pivotal role in the region’s economic development. SMEs accounted for 98% of all enterprises, 38% of gross domestic product on average, and employed 66% of the national labor force in Asia during 2007–2012 according to ADB’s Asia SME Finance Monitor 2013. While their contributions vary across countries, SMEs have become an important engine for stimulating economic activity. Unfortunately, the economic potential of SMEs is often undermined by their low productivity and lack of competitiveness.

Digitalization and financial technology (fintech) can offer many opportunities to address these constraints by allowing SMEs to have better access to finance by, for example, using branchless banking technologies such as internet banking, as well as peer to peer (P2P) lending or crowd funding, which in turn can enhance SME competitiveness. However, digitalization’s ability to unlock productivity and growth for SMEs in developing Asia is far from being fully exploited. To tackle this, policy makers need to create a conducive environment where fintech could thrive by redesigning regulatory policies to induce further innovation. Exchanging country experiences and challenges on financial technology and SME development among policy makers in Asia will be extremely useful.

This two-day intensive workshop, comprising interactive lectures and group discussions, brings together government officials from ADB developing member countries involved in designing policies for the adoption of financial technology on a wide range of business sectors especially SMEs in their respective countries. The objective is to build the capacity of officials for designing and implementing innovative approaches to facilitate adoption of financial technology for the benefit of SMEs and to enhance their competitiveness.

Objectives

• Build the capacity of officials for designing and implementing innovative approaches to make the most of financial technology to benefit SMEs in developing Asia and enhance their competitiveness
• Promote knowledge sharing and discussions to advance financial technology to benefit SMEs in developing Asia

Participants

• 12 mid- and senior- level government officials from the central banks, ministries of finance, industry, economic planning, and development of Cambodia, Lao PDR, Malaysia, Philippines, Thailand, and Viet Nam
• Experts from ADBI, private sector professionals, as well as researchers from global think tanks or universities

Output

• Enhanced awareness of the role of financial technology in SME development in developing Asia
• Good case examples of effective use of financial technologies for SME development in Asia
• Presentation materials to be uploaded to the ADBI website

How to register

By invitation only

Partners

Graduate School of Public Policy of University of Tokyo, Penyelidikan Ekonomi dan Masyarakat (LPEM) Faculty of Economics and Business University of Indonesia, and Toshiba International Foundation (TIFO)