Fintech, Blockchain game changers for SMEs

Fintech technologies have many advantages and opportunities for economic development of Small and Medium Enterprises (SMEs). Fintech and Blockchain are game changers for SMEs said an expert as digitalized process offer great potential for reducing costs and complexity of processes and is cost-efficient.

The Ministry of Transport & Communications (MoTC) and Hamad Bin Khalifa University (HBKU) organized a virtual forum entitled ‘Digitization of SMEs: An Alternative To Survive’ which focused on SMEs in Qatar and the opportunities to expand their knowledge and to use emerging and latest technology into their digital transformation journey. Dr. Roberto Di Pietro, Professor, CSE, HBKU said, “Fintech and Blockchain are game changers for SMEs as they offer many benefits for SMEs like trust, speed, security, protection against identity fraud. Blockchain solves the cash flow problem, the paperwork issue as digital work is much easier. It also helps to go global as blockchain knows no boundaries and the companies can deliver services in time knowing that funds will always be available, also the international payments become easier and cheaper. Being a digitalized process, it is more cost-efficient as Blockchain applications will streamline business processes and offer great potential for reducing costs and complexity of processes.”