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Fintech Services Provided for Small and Medium-Sized Enterprises in the U.S. and Europe: Innovative Practices and Enlightenments (No.230, 2021)
2021-10-19
By Chen Daofu & Cao Shengxi, Institute of Finance, DRC; Wang Yanyan, Science and Technology Information Research Institute of Sichuan Province
Research Report, No.230, 2021 (Total 6295) 2021-8-30
Abstract: Complicated procedures of payment on account, complex fiscal and tax management as well as difficulties in getting access to high-quality supply chains financial and banking services have checked the development of small and medium-sized enterprises (SMEs) in the U.S. and Europe. The problems have become even more prominent in the global market. In the digital era, the US and European fintech companies have given full play to respective capacities in making innovations on unifying payment gateways, addressing problems in the small closed loop of issuing invoices, making payment and keeping account, developing B2B trade platforms for medium-sized enterprises, building a comprehensive fiscal and taxation service platform, cultivating a digital and intelligent financial supply chains platform, and supporting banks to shift to platform-based development. The fintech companies have provided intensive and massive services for SMEs and effectively resolved difficulties troubling SMEs. Since China’s fintech companies are inadequate in providing innovative and targeted solutions to problems puzzling domestic SMEs, efforts need to be made to draw on US and European experience to provide differentiated professional services for SMEs and assist financial institutions to develop non-credit businesses to help promote digital production and operation of SMEs.
Keywords: SMEs, financial services, financial supply chains, fintech
