Forum Replies Created
-
AuthorPosts
-
May 3, 2023 at 12:43 pm in reply to: As a first-time exporter running a small business, I’m looking for ways to expand my e-commerce sales globally. I’ve heard that fintech can play a role in facilitating cross-border transactions for MSME exports, but I’m not sure how this works. Can someone please explain how fintech can help me overcome the challenges of cross-border transactions and what options are available for small businesses like mine to use fintech for exporting goods through e-commerce? #1283Krista HilesParticipant
Sure, let me break it down for you. As a first-time exporter running a small business, you may face challenges in accessing credit, which is crucial for expanding your e-commerce sales globally. But don’t worry, fintech can be a game-changer for MSME exports, and there are various options available for small businesses like yours to leverage these technologies.
Fintech companies use advanced technology-driven processes to identify credit-worthy borrowers, which means they are less insistent on borrowers providing collateral. Due to their faster and more accurate due diligence processes, fintech lenders are usually quicker to approve loans compared to traditional lending institutions.
Moreover, fintech lenders are also attractive to MSME exporters because they make the financing process smooth and quick, which is essential for businesses looking to expand their e-commerce sales globally. With fintech, you can access trade finance and other export solutions at a lower cost.
The government is also taking initiatives to promote e-commerce exports and integrate MSMEs into global value chains. This is crucial for small businesses like yours as it ensures you have an assured market to focus on improving your quality to compete with global players.
- This reply was modified 1 year ago by OnPage.
January 18, 2023 at 6:16 pm in reply to: What are the primary eligibility requirements for SME government initiatives and programs? #1169Krista HilesParticipantListed below are the eligibility requirements for the several MSME government programs in Singapore:
(EDG) Enterprise Development Grant
- The business must be officially registered and operational in Singapore.
- The firm must possess 30% of the stock.
- Financial stability is required to initiate and complete the project.
(MRA) Market Readiness Support
- The company is registered and established in Singapore.
- A new approach to the market that is a global target location for which the applicant’s overseas sales in the preceding three years are at most S $ 100,000.
- The business must possess 30% of the stock.
- Group Sales Revenues must not surpass $100 million annually.
- The firm’s workforce size cannot exceed 200 employees.
(PSG) Productivity Solutions Grant
- The company must be incorporated and registered in Singapore.
- Singaporean nationals and permanent residents have at least 30 percent of local stock ownership.
- Hired a PMET within the last three months, prior to program enrollment, at a gross monthly compensation of $2,500.
(SFEC) SkillsFuture Enterprise Credit
- Have contributed at least S$750 in Skills Training charge during the course.
- Have hired at least three Singaporean nationals or permanent residents.
- All of the following applications have to satisfy the requirements.
(BIF) Business Improvement Fund
- The Business Improvement Fund is available to all Singapore-registered businesses and corporations launching tourism-focused projects.
January 10, 2023 at 4:44 am in reply to: How can technology be used to improve the financial operations of MSMEs? #1113Krista HilesParticipantWe appreciate your insightful response.
January 3, 2023 at 12:44 pm in reply to: When the economy takes a downturn, how might fintech aid small and medium-sized enterprises? #1069Krista HilesParticipantThe research shows that most SMEs are using digital financial solutions to help them organize their finances and make their businesses more stable as the global recession and market downturn are coming closer.Quick, responsive financial services facilitate the global growth goals of small and medium-sized enterprises.
-The move to fintech is helping many small and medium-sized businesses (SMEs) reach their goals of expanding overseas.
-Reducing wasteful spending while increasing output
– Dispute credit reports using a dispute tool powered by artificial intelligence.
– Make an investment in consumer finance.
– Look at grant opportunities -
AuthorPosts
Search Forums
Join our forum
Topic Views List
Forum Statistics
- Registered Users
- 32
- Forums
- 5
- Topics
- 59
- Replies
- 120
- Topic Tags
- 2