Рахимов А.М. Финансовые технологии для малых и средних предприятий // Экономика и бизнес: теория и практика – 2017. – №5. – С. 202-204



A.M. Rahimov, lecturer

Tashkent financial institute

(Uzbekistan, Tashkent)


Abstract. Potential of financial technology (FinTech) for small business and thus for the economy as a whole seems tremendous. Opportunities exist for national governments, development finance institutions, entrepreneurs and investors to support and, at the same time, benefit from this trend. Incumbents have the option to cooperate with new players, innovate from within or strategically acquire companies.

Keywords: small and medium sized enterprise (SME), financial technology (FinTech), business, economic growth, finance.





Small and medium sized enterprises (SMEs) are a major, yet often overlooked driver of the world economy. They account for more than half of the world’s gross domestic product (GDP) and employ almost two-thirds of the global work force.

However, around the globe, SMEs often have one major pain point – dealing with their finances and ensuring appropriate funding. As reported by the International Financial Corporation (IFC), a “funding gap” of more than $2 trillion exists for small businesses in emerging markets alone.[1]

The finances of SMEs are characterized by high complexity, yet are low scale. For traditional lenders such as banks, extending credit to small businesses is often too costly, given the small loan size. Driven further by regulation, banks have reduced their exposure to smaller businesses in recent years. Internally, small businesses often lack the skills and resources to handle finance in a sophisticated manner and to conduct systematic fundraising.

In recent years, FinTech – a contraction of “finance” and “technology”, and defined as the use of technology and innovative business models in financial services – has become a powerful trend. From 2013 to 2014, equity investment into FinTech companies has quadrupled from $4 billion to more than $12 billion.[2]

This trend has the potential to become a game changer for small businesses. Because FinTech solutions are efficient and effective at lower scale, small businesses will be one of the main beneficiaries of FinTech’s disruptive power.

FinTech embodies a new set of products tailored to the needs of small businesses. These include marketplace (“peer-to-peer”) lending, merchant and e-commerce finance, invoice finance, online supply chain finance and online trade finance.

A global phenomenon for small businesses, FinTech has rapidly emerging new players across developed and growth markets. Some innovative business models are seen in emerging markets first and may spread to the rest of the world over subsequent years.

Several enabling factors are critical to ensure rapid growth, with the availability of data, a supportive regulatory environment, the provision of sufficient investor capital and financial education among the most relevant.

While FinTech’s impact is expected to be powerful, several risk factors need to be taken into account, on the micro and macro levels. Risks include limited protection of retail investors, the potential extension of funding to unworthy borrowers, but also systemic risk following from a partly unregulated and opaque sector.

The overall potential of FinTech for small business and thus for the economy as a whole seems tremendous. Opportunities exist for national governments, development finance institutions, entrepreneurs and investors to support and, at the same time, benefit from this trend. Incumbents have the option to cooperate with new players, innovate from within or strategically acquire companies.

While the pace of change is still unclear, the potential magnitude of FinTech as a catalyst for growth is hard to deny. The current momentum is not expected to vanish any time soon.

Small and medium sized enterprises (SMEs) are a major driver of economic activity in most developing and developed economies. Precise numbers are hard to establish as the global database is fragmented and definitions of SMEs vary. The global number of SMEs is hard to estimate. The best approximation was established jointly by McKinsey & Company and the IFC. In emerging markets alone, 365 million to 445 million micro, small and medium-sized enterprises exist, out of which 25 million to 30 million are formal SMEs and 55 million to 70 million are formal micro-enterprises, while the rest (285 million to 345 million) are informal enterprises and non-employer firms.[3] In developed markets, approximately 100 million formal SMEs exist.

Appropriate access to funding remains one of the most critical ingredients for the success of SMEs. Over the past few years, a number of products and business models have emerged, catering to the needs of small businesses.

In that time, financial technology has provided core innovations with the potential to significantly increase small businesses’ access to finance. While the boundaries are sometimes fluid, five key products for funding small businesses are highlighted in this report:

1. Marketplace (peer-to-peer) lending

2. Merchant and e-commerce finance

3. Invoice finance

4. Supply chain finance

5. Trade finance

Taken together, employing these solutions can have enormous positive effects on an SME’s balance sheet situation, leaving small businesses with more cash, improved working capital management, and more stable and secure funding (see Figure 4).





Figure 1. Stylized SME balance sheet and the impact of FinTech solutions[4]





FinTech has recently captured a lot of public attention – for a good reason. If given the right environment, FinTech could become one of the most powerful tools to support small businesses and thus stimulate sustainable economic growth.

Marketplace lending solutions along several products offer enormous potential to improve the funding of small businesses, as institutional capital is readily available. Marketplace lenders connect risk-taking institutional investors with small businesses in need of funding. Online platforms, payment processors and telecom companies can build upon existing business relationships and make use of their customer knowledge.

Invoice finance platforms can provide an effective tool to overcome liquidity shortages and improve the working capital situation of small businesses. Online supply chain finance will integrate existing supply chains more deeply and may lead to positive outcomes for all parties involved. FinTech in trade finance is still at an early stage but promises great potential to unlock a global customer base for small businesses as never before.

With their integration into the entire FinTech ecosystem, small businesses can participate in many solutions that were previously only available to larger companies.

For FinTech to realize its full potential, the coherent action of several parties is required. FinTech providers should aim to become collaborative partners, comply with regulation, act transparently and become even more coordinated in the medium term.

Governments can set the right incentives and provide direct support to help their national FinTech industries to blossom.

Regulating bodies can create a positive and cooperative environment that promotes innovative solutions. At the same time, they should ensure the protection of individuals and systemic viability by installing appropriate regulatory frameworks. DFIs could choose to play a catalytic role in driving the adoption of marketplace lending, especially in emerging markets.

Time will tell if FinTech will live up to the tremendous hope – and investment money – it offers. The importance of small businesses and the potential that FinTech could bring to them allow us to believe it will.





1. Accenture (2015): The future of Fintech and banking: digitally disrupted or reimagined? http://www. fintechinnovationlablondon.net/

2. AltFi News (2015): ratesetter strikes deal with eMoov. http://www.altfi.com/

3. Association of Chartered Certified Accountants ACCA (2012): Getting paid: lessons for and from SMEs. http://www.accaglobal.com/

4. The future of FinTech a paradigm shift in small business finance. http://www3.weforum.org





А.М. Рахимов, преподаватель

Ташкентский финансовый институт

(Узбекистан, г. Ташкент)


Аннотация. Потенциал финансовых технологий для малого бизнеса и экономики в целом кажется огромным. Для национальных правительств, учреждений по финансированию развития, предпринимателей и инвесторов существуют возможности для поддержки и, в то же время, выгоды от этой тенденции. У должностных лиц есть возможность сотрудничать с новыми игроками, внедрять инновации изнутри или стратегически приобретать компании.

Ключевые слова: малое и среднее предприятие, финансовые технологии, бизнес, экономический рост, финансы.