Publication Type
Conference Paper
Version
submittedVersion
Publication Date
10-2019
Abstract
As new digital technologies emerge that make the provision of financial services more efficient, they hold the potential to address barriers that SMEs face in accessing credit. This paper found empirical evidence that crowdfunding improved SMEs’ timeliness to pay debt. Anecdotal evidence from SMEs suggests that getting crowdfunding loans also induced financing from banks. In just four years, Singapore’s crowdfunding volumes have grown rapidly to make it the top crowdfunding hub in Southeast Asia. The rapid development of Singapore’s crowdfunding industry can be attributed to its higher GDP per capita, higher level of financial sector development and greater availability of venture capital. Our results suggest that policies do matter to the development of the crowdfunding industry. The paper concludes with a discussion on the implications of crowdfunding on the future of banks and Singapore’s approach to regulating crowdfunders.
Discipline
International Economics
Research Areas
International Economics
Publication
12th Singapore Economic Policy Forum 2019, Singapore, 2019 October 24
Publisher
Institute of Electrical and Electronics Engineers (IEEE)
City or Country
Singapore
Citation
TAN, Swee Liang; TOK, Yoke Wang; and CHANSRINIYOM, Thitipat.
Financing Singapore’s SMEs and the crowdfunding industry in Singapore. (2019). 12th Singapore Economic Policy Forum 2019, Singapore, 2019 October 24.
Available at: https://ink.library.smu.edu.sg/soe_research/2318
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.