It is common knowledge that small and medium-sized enterprise makes up a majority of the businesses within any country. Their existence is often said to make up the backbone of any given economy. However, with the rise of globalization SMEs are finding it hard to keep up with the latest financial systems. A large part to blame goes to the need for economies of scale to balance out the challenges facing the SMEs.
The advancement in technology could prove to have the ultimate remedy for the challenges facing these small businesses. Most important of all is the rise of blockchain technology, which could make the difference in the presence, funding, and development of SMEs. One blockchain venture is already on course to develop financial solutions for enterprises and improve their global reach.
What Is SME Banking Platform?
SME platform is a blockchain-powered platform that aims to empower small and micro businesses, startups and individuals to access financial services and IT. By rendering the financial services, SME platform will be working with disruptive technology such as blockchain technology to create an ecosystem that will cater for micro-financing, remittances, banking and micropayment services.
The SME platform plans to offer its financial services to entrepreneurs within the Sub Saharan Africa and provide the economies with the small business that can grow and attain success.
How SME Banking Small & Medium Enterprise Blockchain Works
The platform's structure will work along three significant lines:
As A Licensed Entity; the official SME bank will facilitate micro-lending to enterprises that lack the capital to build or expand. Additionally, the bank will fund the businesses through contributions from philanthropic users. In return, the investors get a fixed monthly interest
Digital Bank –
Decentralized remittances business-and as a sign of global reach, SME will offer a remittance service on a decentralized platform for user to send and receive money globally.
Micro-Payments Applications –
Small businesses will also get an online gateway to technology that will assist them in accepting online payments for their services and products and a range of essential accounting capabilities for other functions.
How SME Banking Platform Stand To Gain
With SME's facing similar global problems, the platform stands to benefit the business by solving some of the underlying issues. The potential benefit of SME platform could come in
- Access to unattainable finance at a much lower rate compared to traditional forms of financing
- Entrepreneurs can get the funds in a matter of time, instead of the typical funding where it may need a week or even months. Consequently, it may promote cash conscious SME's
- Blockchain technology also provides for a global marketplace for the SME's
- Access to the financial solutions will help increase the survival rate of the SME's playing a pivotal role in building the economy.
SME Banking Platform SME Token ICO Details
- Total Token Supply: 150,000,000
- Token Symbol: SME
- Token Type: ERC-20
- 67% initial circulation: 1,000,000 SME for Initial Promotional Bounty
- 69% reserved for token sale, partnerships, marketing, onboarding initial users on our digital banking and other services: 103,500,000 SME
- 10% reserved to reward token holders/believers in our project, distributed over time beginning after our core businesses commence: 15,495,000 SME
- 20% reserved for the present and future team members, staff and advisors, released over time: 30,000,000 SME
SME Banking Platform Conclusion
SME's form an essential element of our economy and the SME platform has seen it best to offer a decentralized and independent source of financial services for their transactions. However, the SME venture will face various challenges within its course, with the prominent being the mass adoption and government regulation. Consequently, it may take a while before it is fully flourishing and make an impact on the rest of the economy.