50% of MSME credit gap in low, middle-income nations can be closed by digital public infra- Report
时间:2024-06-26 16:20:18 阅读(143)
Global wealth and asset management company Lighthouse Canton in its report on Wednesday said that digital public infrastructure (DPI) to develop digital products and services in a country has the potential to close nearly half of the credit gap faced by MSMEs in low and middle-income nations. The report, showcasing the outcomes and prospects following the 2023 G20 summit under India’s presidency, noted that the use of DPI can also ease credit access for an additional 16-19 million MSMEs in such countries.
“Effective deployment of DPI can address existing digital divides and enable inclusive and sustainable development. As a continually evolving concept and a suite of shared digital systems, DPI can be nurtured and utilized by both the public and private sectors,” said Sumegh Bhatia, Managing Director and CEO, Lighthouse Canton India.
The paper made recommendations broadly around how digital payment systems, data exchange DPIs, alternative data sources, use of data exchange and digital payments together, etc., can ease credit access for MSMEs, FE Aspire reported.
DPI refers to interoperable, open, and inclusive systems supported by technology to provide essential public and private services. Some examples of DPIs are digital ID systems such as India’s Aadhaar, Singapore’s Singpass, and the United Arab Emirates’ UAE-Pass; digital payment systems, especially fast payment systems, such as Brazil’s Pix, India’s UPI, etc.; and (iii) data-exchange platforms such as India’s Digilocker and Account Aggregator, Singapore’s MyInfo, Australia’s Customer Data Right, etc.
Around 41 per cent of formal MSMEs have unmetfinancingneeds in emerging markets. The finance gap for them is estimated at $5 trillion while women-owned businesses comprise 23 per cent of MSMEs and account for 32 per cent of theMSMEfinance gap.
Meanwhile, the report by Lighthouse Canton maintained that investing strategically in sectors like open credit, digital retail payments including UPI, and broadening Government-to-Person (G2P) systems, could enhance the GDPs of low and middle-income countries by 1-2 per cent. Additionally, it emphasized that digital IDs, such as AADHAR, have the potential to unlock economic value equivalent to 3-13 per cent of the GDP in these countries, averaging a 6 per cent improvement.
Subscribe to Financial Express SME (FE Aspire) newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises
上一篇:70% of Nifty 500 stocks trading above 200 DMA
下一篇:Year-Ender 2023- AI applications to look out for, now and beyond
猜你喜欢
- Gold Price Today, 11 July- Gold edges lower on pullback in dollar, treasury yields; traders eye US CPI data
- Adani Group readies Ambuja, ACC open offers after SEBI nod
- 15 states, 66 days, 6,700 km- Congress lays down roadmap for ‘Bharat Jodo Nyay Yatra’
- Buy these two stocks for near-term gains while Nifty navigates choppy waters
- Gold outlook for Akshaya Tritiya- Geopolitical risks, inflation key drivers; gold may hit Rs 54000 in 3 months
- 52-week high, 52-week low- Reliance shares among 155 BSE stocks to hit fresh highs; Hariom Pipe at new low
- Gold Price Today, 17 August- MCX gold falls 0
- Buy these two stocks for near-term gains as Nifty charts its way towards 16,500
- Aatmanirbhar Skies- Flexible airspace utilisation could unlock Rs 1,000 cr annual savings for airlines, here’s how