'There Are 5 And A Half Crore Micro Enterprises Off Funding'
MSME's in India have been going through a change in the ecosystem due to rise of Fintech startups. The panel at BW Businessworld Fintech Summit 2017 discussed about banking at scale
Photo Credit : Subhabrata Das,
Sanjay Sharma, Co-founder & MD, Aye Finance opened the panel for discussion on the 'MSME's and the Aam aadmi - Fintech to The Fore' at BW Businessworld Fintech Summit 2017.
"There are 5 and a half crore micro enterprises in India alone and are left off from funding," said Sanjay Sharma, Co-founder & MD, Aye Finance at BW Businessworld Fintech Summit 2017 held on Friday (8 September).
He was speaking during a panel discussion on 'MSME's and the Aam aadmi - Fintech to The Fore'.
"Credit is a challenge which we need to overcome and if we rely on old methods we aren't going anywhere ahead. We have put psychometric assessment out there since 6 months and that has started easing the workflow. Using these technologies in small and micro companies is a good trade for fintech companies," said Sharma when discussing the challenges for MSME's in India.
"We help micro entrepreneurs to come online to make and receive payments along with processing online transactions. We have reached out to 900 cities and towns to tap this kind of segment," says Sampad Swain, CEO & Co founder, Instamojo.
Rahul Chandra, Co-founder & Managing Director, Helion Venture Partners spoke about the opportunities in discovering the vast category that is not aware of fintech.
"Since 2008 we have been working towards the unbanked segment of the country. We are a large country with geographically diversified land mass and companies that fall under the micro segment create less friction which is essential for us."
At the panel discussion, Siddharth Mahanot, COO & Co founder Indifi Technologies spoke about the importance of data and the ways in which data can be accessible.
He said, "For credit assessment we rely a lot on data and somewhere in a supply chain the data is also accessible. We believe in using data try to avoid any judgmental views on meeting customers."
The panel further discussed the scope to create visibility and Abhishek Kothari, Co-founder, Flexiloans opined, "We always need capital weather it comes from any recognized source. We have very low data and as a community we need to build principles beyond data security."
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