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Shigehiro Shinozaki
Financial Sector Specialist (SME Finance)
Sustainable Development and Climate Change Department
Asian Development Bank
This presentation was prepared under the authors responsibility. The views expressed here do not necessarily reflect
the views or policies of ADB, its Board of Directors, or the governments they represent. ADB does not guarantee the
accuracy of the data included in this presentation and accepts no responsibility for any consequences of their use.
Agenda
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
100
SRI
75
MON
VIE
50
IND
LAO
25
KOR
BAN
PRC
KYR
THA
PHI
INO
KAZ
MAL
50
KOR
40
THA
30
SOL
20
BAN
INO
SRI MON
KAZ
IND
FIJ
PHI
10
PRC
MAL
PNG
0
0
10
20
30
40
50
100
90
80
70
60
TAJ
50
40
LAO, IND,
and MAL
30
20
10
MON
0
0
SOL
FIJ
BAN
PRC 2
KYR
CAM
INO
4
10
12
% of GDP
Number
1,000
KOSDAQ/KOR
10.0
KOSDAQ/KOR
8.0
800
SME Board/PRC
SME Board/PRC
GEM/HKG
6.0
600
ChiNext/PRC
400
4.0
CATALIST/SIN
2.0
ChiNext/PRC
mai/THA
ACE/MAL
0.0
GEM/HKG
200
CATALIST/SIN
ACE/MAL
mai/THA
2014*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
GDP = gross domestic product; SME = small and medium-sized enterprise. *Data as of 31 Oct for KOSDAQ, 28 Nov for ACE, and end-2014 for others.
Note: Emerging Asia comprises the Peoples Republic of China; Hong Kong, China; the Republic of Korea; Malaysia, Singapore, and Thailand.
Source: Authors calculation based on data from respective stock exchange websites and the ADB Asia SME Finance Monitor 2014.
TAJ
BAN
CAM
MYA
Lower-middle- KYR
income
MON
economies
IND
SRI
INO
(pawn business)
(TReDS)**
PHI
VIE
PNG
SOL
Upper-middle- PRC
income
KAZ
economies
MAL
THA
***
LAO
FIJ
High-income
KOR
economies
(credit unions)
(draft)
* Funded by private and public sectors. ** TReDS in India: Trade Receivables Discounting System for facilitating trade receivable finance for MSMEs,
proposed by the central bank. *** Mandatory creation of microfinance units in banks.
Source: ADB Asia SME Finance Monitor 2014.
100%
80%
Lending
policy of FI
60%
40%
No demand
on SMEs
Complicated
procedures
20%
0%
Exclusive
lending
attitude of FI
SMEs' lack of
knowledge
Short loan
term
PHI
PRC
High lending
rate
KAZ
MAL
PNG
KOR
SRI
IND
Notes: Percentage as the share of SMEs that answered yes plus somewhat yes from five scale scores (yes, somewhat yes, neutral, somewhat no, and no)
about barriers to access finance. Valid samples: the Philippines (PHI): 63; Kazakhstan (KAZ): 98; Papua New Guinea (PNG): 19; Sri Lanka (SRI): 15;
Peoples Republic of China (PRC): 303; Malaysia (MAL): 60; Republic of Korea (KOR): 28; India (IND):40.
Source: Authors compilation.
Funding Needs
SMEs seek to access formal finance & diversified long-term funding instruments
for stable growth of business, diminishing informal finance dependency.
Funding Instruments
Present
Future
Bank loan
Bank loan
80%
80%
Own fund
Nonbank loan
Own fund
60%
60%
Venture
capital
40%
Equity finance
20%
0%
MFIs
Family,
relatives &
friends
Credit among
corporations
Informal loan
Public loan
program
PHI
PRC
KAZ
MAL
Venture
capital
40%
Equity finance
20%
Corporate
bond/
debenture
Nonbank loan
PNG
KOR
SRI
IND
0%
Corporate
bond/
debenture
MFIs
Family,
relatives &
friends
Credit among
corporations
Informal loan
Public loan
program
PHI
PRC
KAZ
MAL
PNG
KOR
SRI
IND
9
Notes: Present refers to funding instruments accessed while Future refers to funding instruments desired in the future. Percentage as the share of funding
instruments utilized and desired by SMEs to total number of surveyed SMEs by country. Valid samples: the Philippines (PHI): 63; Kazakhstan (KAZ): 98; Papua
New Guinea (PNG): 19; Sri Lanka (SRI): 15; Peoples Republic of China (PRC): 303; Malaysia (MAL): 60; Republic of Korea (KOR): 28; India (IND):40.
Source: Authors compilation.
(%)
6
(US$ million)
700,000
600,000
500,000
4
400,000
3
300,000
2
200,000
100,000
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
World
Asia
South Asia
10
1,700
1,600
2012
1,400
2020
1,200
1,000
900
800
670
600
450
400
200
380
170
100
200
150
60
0
IND
Note: ASEAN includes Indonesia, Malaysia, Singapore, the Philippines, and Viet Nam.
Source: McKinsey&Company. 2014. Digital Banking in Asia.
Asia
11
Source: Lee and Park. 2014. Use of National Currencies for Trade Settlement in East Asia: A Proposal. ADBI Working Paper Series.
No.474. April.
12
SMEs in GVCs
Material suppliers, parts and components suppliers, export-oriented
manufacturers, subcontractors with multinational large firms, distributors,
service sectors entering overseas markets, etc.
Benefits: increased competitiveness, product quality enhanced by
technology transfer, business expansion, and job creation.
Barriers: labor market rigidity & regulations across the country; non-tariff
barriers; poor infra for trade; SMEs inability to meet quality, standards,
specifications for products; managerial constraints; and insufficient
financial recourses.
13
Large Firms
1st-tier
supplier
Parts and components
suppliers: electronics, tires,
seats, windows, etc.
Inputs
Raw
materials
Lead firm
(MNC)
Final assembly
Production
Half-finished
goods
Marketing
Sales
windows
Domestic
customers
Logistics
Exporters/
importers
Foreign
customers
Distribution
Finished
goods
Customers
Final product
(value added)
Branding
1st-tier
supplier
Lead firm
(SME)
Packaging
/storage
Wholesaler/
retailer
Domestic
customers
Farmer
/producer
Processor
Artisan
Marketing
agents
Exporters/
importers
Foreign
customers
14
20%
40%
60%
yes
somewhat yes
Business environment
Notes: Percentage as the share of SMEs that answered yes or somewhat yes from five scale scores (yes, somewhat
yes, neutral, somewhat no, and no) about their business improvements by participation in global value chains.
Valid samples: 45 SMEs involved in global value chains.
Source: Authors compilation.
15
Trade Finance
56.4% of the SME respondents did not use trade financing instruments.
30.3% of SMEs utilized prepayment financing and 19.5% used account
receivables-backed financing for trade.
Trade Finance
0%
20%
40%
60%
16
Policy Implications
Policy Intervention for SME Participation in GVCs
A. Demand Side
0%
20%
40%
B. Supply Side
60%
80%
0%
100%
Development of e-commerce
Development of e-commerce
Labor regulations
yes
somewhat yes
Labor regulations
20%
40%
60%
80%
100%
yes
somewhat yes
Notes: Percentage as the share of SMEs that answered yes or somewhat yes from five scale scores (yes, somewhat yes, neutral, somewhat no, and no) about
critical elements of policy measures to promote SME participation in global value chains.
Valid samples: (Demand side) 195 comprising the Philippines: 63; Kazakhstan: 98; Papua New Guinea: 19; and Sri Lanka: 15. (Supply side) 44 mainly
comprising government authorities responsible for SME development and financial institutions.
Source: Authors compilation.
17
Banks
I
Venture capital
Regional
incubation
center/BDS
II
III
II
Promising SME pool
Selected/Prioritized
Businesses (seed/startup/early-stage firms)
III
I
Crowdfunding platform
management company
III
Exchange market
SRO-operated OTC
Exercise Market
Agri-business
Financial
return
Woman-led SME
Social enterprise
SME cluster
Financial
return
Financial
return
Financial
return
Fund 1
Invest
Fund 2
Invest
Fund 3
Invest
Fund 4
A. Crowdfunding segment
Investors (mainly
individuals/supporters
for the business)
18
PBOC
BOK
KRW
KRW / CNY
Currency Swap
CNY
PBOC A/C
BOK A/C
CNY
Korean
Bank
CNY
Chinese Bank
Payment Instruction
Repayment
CNY Loan
CNY
Commodity Import
Korean Importer
Chinese Exporter
Source: Extracted from the ADB presentation material LCY Trade Settlement in ASEAN+3 prepared by D. Park and I. Shin in the ABMI
Task Force Meeting, Myanmar, 27 February 2014.
19
References
Asia SME Finance Monitor 2014
[http://www.adb.org/publications/asia-sme-financemonitor-2014]
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