Task Force 9: SME Policy faced with Development of Financial Technology
Background and Challenges
Small and medium-sized enterprises (SMEs) account for more than half of formal employment globally and are crucial for stimulating improvements in productivity. However, many SMEs face challenges related to their sizes, limited resources, market access and relationship with larger enterprises. The SME Task Force will discuss possible policy recommendations to address those challenges. Policies to raise entrepreneurship awareness, supporting diversified entrepreneurs, and smoothing processes for business start-up as well as business transfer will build an eco-system that allows easy entry and exit of start-ups to promote future economic growth and employment. Also, sustainable growth of start-ups calls for policies that address their internal constraints of resources, such as policies to build network among universities, research institutes, and companies to foster R&D and innovation, especially for strongly motivated SMEs; to utilize new technologies and innovative business models to improve SMEs’ access to financial services/resources; to improve labor mobility and promote investment in human capital; to reduce trade and investment barrier for SMEs to integrate into global markets.
T20 on Enabling Innovative SMEs Via Fintech
Lead Co-Chair of the T20 Japan task force on small and medium-sized enterprises Hiroyuki Okamuro explains how G20 countries can promote SME innovation by enhancing financial technology use.
Hiroyuki Okamuro, Hitotsubashi University
- Massimo Colombo, Politecnico di Milano
- Yuji Honjo, Chuo University
- Dongsoo Kang, Korea Development Institute
- Miriam Koreen, OECD
- Naoko Nemoto, Asian Development Bank Institute (ADBI)
- Erik Stam, Utrecht University
For further information and inquiries, please contact Research Institute of Economy, Trade and Industry.