BLOCKCHAIN FOR MSME
Blockchain for MSME was held on FRIDAY, 1st February 2019 at WASME House Film City, Noida organised by World Association for Small and Medium Enterprises (WASME).
The event was inaugurated by Dr Sanjiv Layek, Executive Secretary, WASME.
The chief Guest of the event, Blockchain for MSME was Mr Puneet Gupta Director, kentrus and distinguished guests and esteemed panellists were –
- Mr Vinay Divra Fintech Council, New Delhi
- Mr Kaushik Sen Director, Kilterplus
In his speech, Mr PuneetGuprta told loan applications from small and medium sized enterprises (SMEs) and future of small. medium and micro-enterprises are unable to access the credit they need. Even for those lucky enough to have their loans approved, the outdated practices of traditional banks can mean a mountain of paperwork and onerous requirements leaving business owners with less time to do what they do best run their business. Slow approval times and a conservative attitude to risk are two more reasons why small business owners are turning their backs on conventional banking and opting for the convenience, speed and flexibility of alternative finance (AF) through NBFCs. He also told how Blockchain now has thepotential toprovide SMEs with Access to Borderless
funding while also attracting small and mediumsize companies in need of larger tickets who want to apply directly via the platform.
Mr Vinay Divra talked about investors who are exploring more attractive investment opportunities and also cryptocurrency investors who are exploring options to invest part of their volatile capital in more stable financial instruments such as SME loans, as well as looking receive interest returns on their cryptocurrency assets. He said how data is secured through blockchain.
Meanwhile anticipated borrower groups include institutional borrowers, such as sale and professional associations, who can provide a larger channel of potential. He gave example of Chinese people are using cashless transaction.
In the panel discussion Mr Kaushik Sen discussed about his healthcare startupKilterplus, which is doing good job in the healthcare sector and the future of healthcare sector will be different. He also emphasised how doctors using healthcare data in prescribing and diagnosing diseases like HIV, Cancer and how insurance companies are using data to provide insurance cover to these patients. He also cited one example of South Africa Govt. has introduced this system.
The event was knowledgeable and participants gave positive feedback and demanded such type of event in future