Small and Medium Enterprises (SMEs) are one of the key areas of focus in Singapore’s FinTech agenda for a more inclusive society, says the Monetary Authority of Singapore’s (MAS) managing director Ravi Menon. In a speech at SFF x Switch 2020, he noted that plugging SMEs into common digital platforms is an effective way to enhance the digital inclusion of such businesses.
According to Menon, the inclusion of SMEs into such networks will allow them to enhance efficiency and expand their business opportunities. He highlights that digital platforms have helped Singapore SMEs enjoy seamless cross-border trade, enhanced access to global opportunities, as well as allowing for efficient multi-currency payments and settlements.
“In a small market like Singapore, to achieve scale, SMEs will have to sell their goods or services overseas,” remarks Menon, a former Permanent Secretary at the Ministry of Trade and Industry. He is painfully aware, however, that cross-border trade is often a “painfully complicated process”, involving multiple parties and countless documents with often duplicative data.