Building a FinTech Ecosystem for the Recovery of the MSME Sector
APECSmall and Medium Enterprises Working Group September2024 Building a FinTechEcosystem for the Recoveryof the MSME Sector APECSmall and Medium Enterprises Working Group September2024 APEC Project:SME 08 2022A Produced byWashington CORE, L.L.C.4500 East-West Highway, Suite 730,Bethesda, Maryland 20814 United StatesJames Tetlow, Megumi Aikawa and Riku KawakamiTel: (1) 301 654 2915 ext. 111Fax: (1) 301 654 4054Email:james@wcore.comWebsite:www.wcore.com Submitted byJavier Armando Chappell QuintanaMinistry of Production60 Uno Oeste StreetCorpac Urbanization, Lima 15036 Peru ForAsia-Pacific Economic Cooperation Secretariat35 Heng Mui Keng TerraceSingapore 119616Tel: (65) 68919 600Fax: (65) 68919 690Email:info@apec.orgWebsite:www.apec.org ©2024APEC Secretariat APEC#224-SM-01.3 AcknowledgmentThe views expressed and the conclusions reached are those of the authorand not necessarily the consensus view of APEC member economies or ofthe individual economies addressed. Table of Contents 1Executive Summary..................................................................................................................42Introduction...............................................................................................................................43MSMEs’ Access to Credit in the APEC Region........................................................................53.1Overview..........................................................................................................................53.2Barriers to access............................................................................................................63.3Role of FinTech...............................................................................................................64Regulatory Framework of FinTech Services in the APEC Region...........................................74.1Coordination Mechanisms for FinTech Oversight...........................................................74.1.1Domestic FinTech strategies....................................................................................74.1.2Coordination of Government FinTech Responses...................................................74.2Regulatory Approaches...................................................................................................74.2.1Establishment of FinTech Legislation.......................................................................84.2.2Retrofitting existing regulatory frameworks and policies..........................................84.2.3Regulating specific FinTech segments.....................................................................84.2.4Experimental (‘Test and Learn’) Policies..................................................................95Case Studies...........................................................................................................................115.1Australia.........................................................................................................................115.1.1Environment for MSMEs’ Access to Credit.............................................................115.1.2Environment for Credit FinTech Services...............................................................115.1.3Policies and Regulations for the FinTech Industry.................................................125.1.4Success Cases of FinTech Companies..................................................................135.2Hong Kong, China.........................................................................................................155.2.1Environment for MSMEs’ Access to Credit.............................................................155.2.2Environment for Credit FinTech Services...............................................................155.2.3Policies and Regulations for the FinTech Industry.................................................155.2.4Success Cases of FinTech Companies..................................................................175.3Mexico...........................................................................................................................195.3.1Environment for MSMEs’ Access to Credit.............................................................195.3.2Environment for Credit FinTech Services...............................................................195.3.3Policies and Regulations for the FinTech Industry.................................................195.3.4Success Cases of FinTech Companies..................................................................225.4Peru...............................................................................................................................245.4.1Environment for MSMEs’ Access to Credit.............................................................245.4.2Environment for Credit FinTech Services...............................................................245.4.3Policies and Regulations for the FinTech Ind
