World Trade Symposium Report – Finastra and The FT
How can we sharpen the tools of information and insight to manage the distribution of risk and finance better to support those that need it most?
SMEs are recognised globally as major contributors to the creation of economic value in markets around the world. However, the sector faces numerous challenges around technical competency, adherence to international standards, risk adjudication and access to timely and affordable financing (e.g. trade finance and supply chain finance). Therefore, SMEs worldwide represent an opportunity for clear and substantive value-addition by the World Trade Symposium.
Daniel Cotti, Chairman, Bolero International Ltd, remarked, “57% of SME trade finance requests are rejected, creating a $1.6 trillion funding gap”. According to UK Government figures, half of our 5.5 million SMEs are being paid late, and at the end of 2016, £26bn was owed in overdue debt.