Empowering Singapore’s SMEs: FinTech P2P lending — A lifeline for SMEs’ survival?

• DOI: 10.69554/vbaq4781
• Publication Date: 2024-07-25T06:59:40Z
• Authors: Grace Lee; Alan Megargel
• Keywords: FinTech; platform; Databases and Information Systems; lending; Finance and Financial Management; SME; alternative finance; COVID-19

The COVID-19 pandemic has sent shock waves throughout the world, pushed countries into lockdown, and wreaked havoc on world’s people global economy. damage to economies around world caused by far exceeded that of financial crisis. While all businesses suffered hugely, it would be grave consequence if small medium-sized enterprises (SMEs), an important segment every country’s economy, are unable withstand wave sustain themselves beyond this pandemic. highlighted importance cash flow or working capital for viability SMEs, exposing their vulnerability deterioration in business conditions, given limited resources weaker access financing. Hence, enabling finance SMEs is order restore economic growth help overcome current This paper contributes literature (i) providing understanding financing gaps faced factors impede credit evaluation traditional institutions, (ii) reviewing peer-to-peer (P2P) lending platforms as alternative option (iii) proposing measures considered regulatory bodies, Singapore example, aimed at facilitating FinTech sector while expanding options SMEs. Proposed due consideration interplay between innovation, new risks existing landscape, pursuit main objective empowering embrace digital renaissance a positive future.