FINANCIAL TECHNOLOGIES FOR GROWTH OF BUSINESS INNOVATION

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On Tuesday, June 4, 2019, the USAID Economic Cooperation Development Project organized  FinTech For Business Forumdedicated to financial technologies and the way different solutions can be applied to increase access to funding sources for small and medium companies in Serbia.

“In order for Serbia to grow as fast as it can (and how much it needs), it must provide greater access to funding sources for entrepreneurs who” pull “the economy forward. According to some estimates, the difference between the necessary and available funds for small and medium-sized enterprises amounts to 1 billion euros per year. This is a huge missed opportunity to strengthen the company for Serbia, “said US Ambassador to Serbia Kyle Scott. This problem is also highlighted in the program of economic reforms of the Government of Serbia for the period from 2019 to 2021.

In Serbia, almost three-quarters of entrepreneurs use their own savings when starting a business. Also, money is borrowed from families and friends, as most small businesses do not meet the credit conditions of banks. Small and medium-sized enterprises are the backbone of the global economy in Serbia, accounting for more than 99% of all registered companies. Small and medium-sized enterprises are the source of new jobs and play a key role in increasing revenues while the country’s economic base has passed.

The participants of the conferences discussed the possibility of introducing a legal framework that would encourage the development of new types of financial institutions and time and increase the prospects for private sector growth.

“I must express my satisfaction with the fact that public finances are stable and that we are now able to turn more and more structural reforms that will lead to further development,” said Serbian Prime Minister Ana Brnabic. “The best tool for strong economic growth is the digitization of all segments of the economy and society, as discussed by today’s first FinTek Business Forum. In the 21st century, the competitiveness of a male economy like ours must be based primarily on fast and courageous companies investing in science, innovation and development.

 

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