Page 17 - The South China Business Journal
P. 17
World Bank has access to a vast amount of and fintech innovation. At the G20 level, these
data from emerging and mature markets and issues have been brought up in the context of
decades of experience to interpret it. Importantly, financial digital inclusion. The debates have
its practical involvement in projects in emerging revealed their complexity and a diversity of
markets should add to the credibility of its findings. experiences. Ultimately, it is businesses who
We are encouraged by the scope of the Bank’s are the key stakeholders and beneficiaries of
ambition and the resources it intends to commit the report, so it is critical that businesses are
to making their assessments useful in policy meaningfully consulted to create the most
development and execution of reforms. useful tool.
In March 2022, the Bank finalized its online Together with our colleagues around the world, we
consultation on the methodology of the Report. stand ready to engage in a substantive exchange
Many governments, companies and NGOs filed of views with the World Bank with an emphasis
voluminous comments reflecting, among other on the dynamic disruption in the ways of doing
things, the extraordinary acceleration of the digital business that we are experiencing in many
adaptation forced by the pandemic. Companies markets. We offer to work on a robust feedback
that contemplated a slow transition to online loop to make sure the Bank taps into the wealth
environment found themselves forced to make do- of lived experiences of businesses big and small
or-die decisions. Millions of businesses have not in countries across the spectrum of development.
survived the lock-down, millions are starting anew. As an example of our commitment to sharing
Value chains have been disrupted, reimagined, business insights and networks, the Chamber was
and stress tested. With all of this in mind, it will be one of the first business partners to join the SME
important for the new global survey to incorporate Finance Forum of the World Bank.
a deep understanding of the very fluid enabling
environment. However, the Bank has chosen to Dialogue with business innovators is the best
move up its Board discussion on the project to May way to make sure that the Report is based on
or June 2022. If approved, a pilot questionnaire will indicators and criteria that will lead to genuinely
be sent to businesses early this summer. enabling regulatory choices that are reflective
of local context, while at the same time creating
While we look forward to the report, we urge the a safe space for regulatory consultation at the
Bank to exercise great care in designing the survey country level where the proverbial rubber meets
and vetting its methodology with practitioners - the road towards. Done well, this tool could truly
especially along the bleeding edge of technological enable a better business environment.
SOUTH CHINA BUSINESS JOURNAL 14
data from emerging and mature markets and issues have been brought up in the context of
decades of experience to interpret it. Importantly, financial digital inclusion. The debates have
its practical involvement in projects in emerging revealed their complexity and a diversity of
markets should add to the credibility of its findings. experiences. Ultimately, it is businesses who
We are encouraged by the scope of the Bank’s are the key stakeholders and beneficiaries of
ambition and the resources it intends to commit the report, so it is critical that businesses are
to making their assessments useful in policy meaningfully consulted to create the most
development and execution of reforms. useful tool.
In March 2022, the Bank finalized its online Together with our colleagues around the world, we
consultation on the methodology of the Report. stand ready to engage in a substantive exchange
Many governments, companies and NGOs filed of views with the World Bank with an emphasis
voluminous comments reflecting, among other on the dynamic disruption in the ways of doing
things, the extraordinary acceleration of the digital business that we are experiencing in many
adaptation forced by the pandemic. Companies markets. We offer to work on a robust feedback
that contemplated a slow transition to online loop to make sure the Bank taps into the wealth
environment found themselves forced to make do- of lived experiences of businesses big and small
or-die decisions. Millions of businesses have not in countries across the spectrum of development.
survived the lock-down, millions are starting anew. As an example of our commitment to sharing
Value chains have been disrupted, reimagined, business insights and networks, the Chamber was
and stress tested. With all of this in mind, it will be one of the first business partners to join the SME
important for the new global survey to incorporate Finance Forum of the World Bank.
a deep understanding of the very fluid enabling
environment. However, the Bank has chosen to Dialogue with business innovators is the best
move up its Board discussion on the project to May way to make sure that the Report is based on
or June 2022. If approved, a pilot questionnaire will indicators and criteria that will lead to genuinely
be sent to businesses early this summer. enabling regulatory choices that are reflective
of local context, while at the same time creating
While we look forward to the report, we urge the a safe space for regulatory consultation at the
Bank to exercise great care in designing the survey country level where the proverbial rubber meets
and vetting its methodology with practitioners - the road towards. Done well, this tool could truly
especially along the bleeding edge of technological enable a better business environment.
SOUTH CHINA BUSINESS JOURNAL 14
