A senior executive from one of China’s top economic think tanks has hailed the role of fintech in driving financial inclusion and energising credit access for small businesses in the country.
Yang Tao (杨涛), deputy-chair of the National Institution for Finance and Development (NIFD), said to the Chinese central bank’s official news outlet that fintech is playing a critical role in resolving the financing challenges of small businesses in China.
“Fintech is using increases in the overall efficiency of financial services, and optimisation of new financial products and the financial ecosystem, to strengthen services for micro, small and medium-sized enterprises, said Yang.
“It is providing more targeted solutions for specific problems. On the financial supply side it is creating an entirely new ecosystem, and on the demand side it is driving digitisation of micro, small and medium-sized businesses themselves.”