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Speeding up the digitization of trade to support the financing of small and medium sized enterprises From WTO

The following is the Speeding up the digitization of trade to support the financing of small and medium sized enterprises From WTO recommended by recordtrend.com. And this article belongs to the classification: Digital economy, research report.

At the recent blockchain forum, the WTO launched its latest publication “accelerating trade digitization to support SME financing”, which aims to identify some of the most pressing challenges related to trade financing for micro -, small – and medium-sized enterprises (MSMEs) and explore the potential application of digital technology in meeting these challenges. The publication is based on interviews and surveys of experts in the field of SME financing (including trade financing), and explores ways to use technology to improve financing channels.

The technologies discussed include cloud computing, optical character recognition, Internet of things, big data analysis, artificial intelligence, quantum computing, distributed ledger technology and application programming interface.

Although digital technology has great potential in promoting the financing of small, medium and micro enterprises, the publication shows that coordinated action is needed on issues ranging from standards to how to use data, digital identity, regulation and how to narrow the digital divide. Policymakers, technologists, practitioners, bankers and all other stakeholders must work together to develop, agree on and implement a road map that can facilitate action.

This paper discusses the impact of vicod-19 on SME financing. The publication examines key digital technologies and their potential benefits for SME financing, and presents case studies of companies that use these technologies, the challenges they face, and recommendations to overcome them.

The publication highlights the need for a multi pronged approach to unleash the potential of digital technology to promote SME financing. This includes the need to develop globally accepted standards and a common framework for using data to better assess financing risks. There is also a need for an enabling regulatory framework that identifies electronic signatures and documents and is consistent with the UNCITRAL Model Law on electronic transferable records. There is also a need to build a credible global digital identity system for companies.

In addition, the publication highlights the importance of bridging the digital divide and raising awareness of SMEs through education.

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