The APEC dialogue "On Advancing Financial Inclusion for MSMEs: Understanding the Important Role of Digital Financial Literacy" was held in Bali on Tuesday and discussed MSME development in member countries, according to a statement received from the ministry.
The event was attended by 150 participants comprising APEC cross-sector policymakers, academicians, financial digital service providers, and representatives of international organizations.
The Cooperatives and SMEs Ministry's expert staff, Herbert Siagian, underscored that the business resilience of MSMEs is an important issue considering that they account for 97 percent of all businesses and employ more than half of the workforce in all APEC countries.
For this reason, he said, the ministry held the forum to share policy experiences and lessons in MSME development.
The forum aimed to increase MSME capacity for utilizing digital devices to access financial services, Siagian added.
The forum was expected to help determine ways to tackle problems related to financing access by pushing MSMEs to take part in the digital transformation.
He said that this can improve financial inclusion as MSMEs are the drivers of economic growth acceleration.
Access to financing is an important aspect in the development, growth, and success of MSMEs, he noted.
MSMEs still find it difficult to find useful information about financing, according to him.
On the same occasion, chairperson of the APEC Small and Medium Enterprises Working Group (SMEWG), Aaron Sydor, noted four important elements for increasing digital literacy among MSMEs.
"The first is the provision of access to financing, the second is access to financial services, the third is access to digital financial literacy, and the fourth is access to financial inclusion," he said.
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Translator: Shofi A, Kenzu
Editor: Tia Mutiasari
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