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1、MARCH 2021ACCELERATING TRADE DIGITALIZATION TO SUPPORT MSME FINANCINGDEEPESH PATEL (TFG)EMMANUELLE GANNE (WTO)This is a jointly produced white paper between Deepesh Patel,Editorial Director, Trade Finance Global (TFG), and EmmanuelleGanne, Senior Analyst at the World Trade Organization (WTO).This wh
2、ite paper is endorsed by the International Chamber ofCommerce (ICC).DISCLAIMERThe opinions expressed in this study are those of the authors. They are not intended to represent the positions or opinions of the ICC, TFG, WTO or its members and are without prejudice to members rights and obligations un
3、der the respective parties. Any errors are attributable to the authors. The information in this paper is correct as at 1 March 2021.THANKS TOThe authors would like to take the time to thank all of the respondents and contributors who had a hand in shaping the content, ideas and recommendations conta
4、ined within these pages. A special thanks to Carter Hoffman, TFG and Oswald Kuyler, ICC Digital Standards Initiative (DSI). This publication could not have been completed without their insights. A full list of contributors can be found in Appendix B.AUTHORED BYDeepesh Patel (TFG)Emmanuelle Ganne (WT
5、O)LEAD RESEARCHER AND EDITORCarter Hoffman (TFG)SPECIAL THANKS TOOswald Kuyler, Managing Director, ICC DSIADDRESSADDRESSTrade Finance GlobalWorld Trade Organization2nd FloorCentre William Rappard201 Haverstock Hill154 rue de LausanneBelsize Park1211 Geneva 2LondonSwitzerlandNW3 4QGTELEPHONE+44 (0) 2
6、0 3865 3705TELEPHONE+41 (0)22 739 51 11 Trade Finance Global and World Trade Organization2021. All rights reserved. No part of this publication may bereproduced in whole or part without permission from TradeFinance Global. The views expressed in this publication arethe sole responsibility of the aut
7、hors and are not necessarilyshared by Trade Finance Global nor by the World TradeOrganization. This publication does not necessarily reflectthe opinions or views of members of the WTO.Although Trade Finance Global and the WTO have madeevery effort to ensure the accuracy of this publication,neither i
8、t nor any contributor can accept any legalresponsibility whatsoever for the consequences that mayarise from any opinions or advice given. This publication isnot a substitute for any professional advice.Thanks to TFGs partners:CONTENTSForeword41 Introduction6Table of abbreviations72 Trade digitalizat
9、ion and financing: new hope for MSMEs?82.1 An unmet need82.1.1 Assessing MSME risk profiles: a complex task92.1.2 Complexities for financing cross-border activities102.1.3 Lack of awareness among MSMEs102.1.4 High costs of service from a lack of digitalization112.1.5 Cost of capital and Basel requir
10、ements: an additionalchallenge?122.2 COVID-19: A catalyst for digitalization?143 The role of technology153.1 Technological interplay: stronger together153.2 The technologies transforming MSME financing183.3 Digital technologies in trade213.3.1 Infrastructure technologies22Cloud computing243.3.2 Data
11、 input technologies27Optical character recognition (OCR)29Internet of Things (IoT)313.3.3 Connectivity technologies33Application programming interface (API)34Distributed ledger technology (DLT)363.3.4 Analytical technologies43Big data analytics45Artificial intelligence (AI)48Quantum computing514 Con
12、clusion52Appendix A: Methodology54Appendix B: Thanks to contributors55About the International Chamber of Commerce (ICC)56About Trade Finance Global (TFG)56About the World Trade Organization (WTO)56About the authors57FOREWORDMicro, small and medium-sized enterprises (MSMEs) are the backbone of the ec
13、onomy, representing 95 per cent of all companies worldwide and accounting for 60 per cent of employment. They are fundamental to the day-to-day provision of goods and services around the world. Yet many struggle to grow and trade. Among the many challenges that MSMEs face, a lack of access to financ
14、e, including trade finance, is frequently identified as a critical barrier to growth. The MSME financing gap is a reality that cannot be ignored and that should be tackled with determination if we wish to ensure that small players are given a chance to thrive.Digital technologies, from cloud computi
15、ng to application programming interfaces, to the Internet of Things, artificial intelligence and distributed ledger technologies, open up a range of new opportunities for MSMEs. New business models and new approaches to MSME financing are emerging. The technology is there, making interesting promise
16、s. Yet MSMEs continue to struggle to access financing, including trade finance, with ripple effects on their ability to grow and trade. How can we unleash the potential of these technologies?The current pandemic, which has had a devastating impact on small businesses, has shown that going digital is
17、 no longer optional. It is necessary. But digitalization requires more than simply technology. It requires an enabling regulatory environment.This publication explores how digital technologies can be leveraged to facilitate MSME financing. It provides examples of relevant use cases and discusses4For
18、ewordchallenges faced by practitioners. While the potential of digital technologies to facilitate MSME financing is significant, this publication shows that a more holistic approach is needed to unleash the potential of these technologies to facilitate the access of MSMEs to finance, including trade
19、 finance. Coordinated action on issues ranging from standards, to how to leverage data, what type of data, digital identity, regulation, and how to close the digital divide, is needed. Policymakers, technologists, practitioners, bankers and all other stakeholders must work together to devise, agree
20、upon and then execute a roadmap that will catalyse action.We need to act big to help small businesses!XIAOZHUN YIJOHN W.H. DENTON AODeputy Director-GeneralSecretary GeneralWorld Trade Organization (WTO)International Chamber ofCommerce (ICC)Accelerating trade digitalization to support MSME financing5
21、1INTRODUCTIONImagine how different the world might look today if, in 1976, Apple Computers had not obtained the US$ 15,000 in financing they needed to buy the parts to fulfil their first order. How many entrepreneurial visions with the potential to change the world have fizzled out of existence due
22、to a lack of funds?For many micro, small and medium-sized enterprises (MSMEs) around the world today, access to financing can mean the difference between prosperity and bankruptcy. Working to identify, understand, and ultimately overcome the challenges that MSMEs face in their quest for acquiring fi
23、nancing will help to ensure that the next Apple Computers does not cease to exist before it has a chance to change the world.This publication seeks to identify some of the most pressing of these challenges, understand them, and explore the potential application of digital technologies to mitigating
24、their impact. To that end, the authors conducted interviews and surveys with experts in the field of MSME financing, including in some cases trade financing, to shed light on these issues and explore the ways that technology can be used. A more detailed description of the research conducted can be f
25、ound in Appendix A.This publication will begin by examining some of the challenges that have been identified as impacting MSME financing, as well as the role that the COVID-19 pandemic has had in moulding the landscape. Next, it will move on to examine key digital technologies, their potential benef
26、it to the industry in particular to MSME financing a selection of case studies and companies utilizing these technologies,1 the adoption challenges they face, and recommendations for overcoming these challenges. The technologies in question include cloud computing, optical character recognition (OCR
27、), the Internet of Things (IoT), big data analytics, artificial intelligence (AI), quantum computing, distributed ledger technology (DLT)2 and application programming interfaces (APIs).EMMANUELLE GANNEDEEPESH PATELSenior Analyst,Editorial Director,Economic Research and Statistics Division,Trade Fina
28、nce Global (TFG)World Trade Organization (WTO)1The authors note that the case studies used throughout this white paper are not exhaustive; rather, they are a selection of use cases/case studies which are intended to illustrate the way technologies are used within MSME financing. Inclusion of case st
29、udies, companies, products or services does not imply their endorsement by TFG, ICC or WTO.2From a technical standpoint, the terms “DLT” and “blockchain” are not interchangeable. However, it is currently very common to use them interchangeably in the vast majority of the non-technical literature, pr
30、oject descriptions and the business community. To avoid unnecessary discrepancies, this paper will follow the convention of using the terms DLT and blockchain interchangeably.6IntroductionTABLE OF ABBREVIATIONSADBAsian Development BankAIartificial intelligenceAMLanti-money launderingAPIapplication p
31、rogramming interfaceB2Bbusiness-to-businessDIDdecentralized identifierDLTdistributed ledger technologyERPenterprise resource planningfintechfinancial technologyGVCglobal value chainICCInternational Chamber of CommerceIFCInternational Finance CorporationIoTInternet of ThingsITCInternational Trade Cen
32、treITFAInternational Trade and Forfaiting AssociationKYCknow your customerLEIlegal entity identifierMLmachine learningMLETRUNCITRAL Model Law of Electronic Transferable RecordsMSMEmicro, small and medium-sized enterpriseOCRoptical character recognitionSMEsmall and medium-sized enterpriseSSIself-sove
33、reign identityTFGTrade Finance GlobalUNCITRALUnited Nations Commission On International Trade LawWCOWorld Customs OrganizationWTOWorld Trade OrganizationAccelerating trade digitalization to support MSME financing72 TRADE DIGITALIZATION AND FINANCING: NEW HOPE FOR MSMES?2.1AN UNMET NEEDThe Internatio
34、nal Finance Corporation (IFC), the SME Finance Forum and the World Bank Group estimate the entire MSME finance gap to be close to US$ 5 trillion,3 hindering the ability of MSMEs to grow. This gap, however, is not due to a lack of available funds. A 2019 report by the International Trade Centre (ITC)
35、4 indicated that “in 2018 global funds held US$ 1 trillion of cash-in-hand equity capital that was seeking investment opportunities”. Of particular concern is the trade finance gap, which disproportionately affects MSMEs. Despite the low-risk nature of short-term trade finance, the trade finance gap
36、 alone is estimated at upwards of US$ 1.5 trillion.5 The rejection rate of MSME proposals for trade finance is 45 per cent. According to the Asian Development Bank (ADB),6 “among MSMEs initially rejected that sought alternative financing, 47 per cent were unable to find anything appropriate”; this d
37、oes not include those firms that do not even apply for financing in the first place.Several key reasons are commonly put forward to explain why MSMEs, particularly those in developing nations, struggle to obtain financing.7 These reasons include a greater risk profile combined with MSMEs lack of add
38、itional collateral and of the formal documentation required for financing, as well as more complexities for MSMEs when financing cross-border activities, a lack of awareness of financing opportunities among MSMEs, and proportionally high costs of services, due, in part, to a lack of digitalization.
39、When it comes to trade finance, some issues are related to working capital issues and others to trade finance products, with each creating different challenges.3https:/www.smefinanceforum.org/sites/default/files/Data%20Sites%20downloads/MSME%20Report.pdf.4https:/www.intracen.org/uploadedFiles/intrac
40、enorg/Content/Publications/SMECO2019.pdf.5https:/www.adb.org/publications/2019-trade-finance-gaps-jobs-survey.6https:/www.adb.org/publications/2019-trade-finance-gaps-jobs-survey.7See in particular https:/www.intracen.org/uploadedFiles/intracenorg/Content/Publications/SMECO2019.pdf, https:/www.wto.o
41、rg/english/res_e/booksp_e/ tradefinsme_e.pdf and https:/www.adb.org/publications/2019-trade-finance-gaps-jobs-survey.8Trade digitalization and financing: new hope for MSMEs?2.1.1 ASSESSING MSME RISK PROFILES: A COMPLEX TASKMany of the challenges facing MSMEs in their quest for financing stem from th
42、eir general position in the market.As per one of the interviews quoted hereafter (see Appendix A for a description of methodology), “There is a lack of appetite among banks to provide funding and support MSMEs businesses” *3 Bank.8 This is due in part to the perception held by banks that “the rate o
43、f default in loans awarded to MSMEs is much higher than large scale businesses” *3 Bank and that MSMEs are often not known to banks and lack a credit history.Lack of collateral may be a problem as well. Banks often require additional collateral to mitigate risks against MSME borrowers with whom they
44、 do not have strong existing relations, but this requirement is difficult for many MSMEs to fulfil, leading to increased rejections. As per one financial technology (fintech) company interviewed, “MSMEs often lack the extensive documentation that helps funders understand the risk profile of their bu
45、siness. This means that the little money banks are willing to provide often goes to larger businesses whose risk is easier to calculate” *22 Fintech. Assessment of MSMEs creditworthiness, i.e. risk assessment, is clearly a central issue for MSME financing. It is important to note, however, the diffe
46、rence between good and bad risks. “Some of the US$ 1.5 trillion trade finance gap is good risk, but some of it is bad risk. We need to focus on the good risk. What we need is to improve our understanding of the good risk within that gap” *30 Bank. This is also relevant in the context of domestic financing.In addition to this, “most MSMEs do not have an effective marketing strategy and so have not been able to successfully sell their ideas to funders” *3 Bank. Ultimately, this suggests that, because