Maib and the Future Technologies (FTA) project funded by USAID, Sweden and the UK are joining forces to advance e-commerce and innovative finance solutions for SMEs.
The corresponding agreement on cooperation was signed by the parties on March 16. It involves the implementation of a number of actions to support the business environment when introducing technologies, connecting e-commerce, using online payments, integrating on market platforms and developing a cashless economy. According to the director of the Future Technologies (FTA) project, Doina Nistor, about 150 small and medium-sized enterprises that will develop e-commerce in Moldova and in the region will receive support in the near future. At the same time, several partners will join forces in this direction, including the Alliance of Small and Medium Enterprises of Moldova (AMME) and the American Chamber of Commerce in Moldova (AmCham Moldova). Thus, e-commerce will become a practice and part of the regional business. The conducted market research showed that in Moldova the share of e-commerce is only 4% of the total volume of domestic trade with an annual volume of about 155 euros per capita. For comparison, in Romania this figure is 4 times higher. Head of USAID Mission to Moldova Scott Hocklander noted that domestic and foreign e-commerce markets have huge potential for growth and can contribute to the reduction of the shadow economy and the development of a sustainable economy in Moldova. “With a $3.5 trillion global e-commerce market, the possibilities for e-commerce are truly endless. USAID has a long history of supporting Moldova's e-commerce ecosystem. That is why the partnership with maib is so interesting: it creates incentives and opportunities for SMEs in Moldova to introduce e-commerce with specialized financing, information and advertising programs, a consolidated business environment,” he stressed. In turn, Andrei Glevatchi, Vice Chairman of maib, who oversees the Business Banking (SME) direction, noted that maib supports customers, both with the help of products designed for e-commerce, and with the help of advice and support throughout the process of integrating payment technologies. He stressed that recently there has been a growing interest of entrepreneurs in joining e-commerce and implementing technologies offered by maib for online payments. This trend has been driven by the pandemic, which has shown how important it is for businesses to be tech-savvy and customer-centric, with one-click payment solutions and customer payment preferences increasingly opting for online shopping. As a reminder, the Future Technologies (FTA) project, funded by USAID, Sweden and the UK, supports the development of a digital, creative and environmentally friendly economy in Moldova. The project budget is $52.8 million and will be implemented within 5 years (2021-2026). Together with key partners, the project promotes innovation and new technologies in the strategic sectors of Moldova in order to increase their competitiveness and integration into the global market: information and communication technologies (ICT), mechanical engineering, light industry, creative industries and digital media. Maib is the largest bank in Moldova, which has a systemic significance and serves almost a third of the country's population. Since 2018, maib's largest shareholder has been a consortium that includes the EBRD, Invalda INVL, a leading Baltic asset management group, and Horizon Capital, a private equity fund focused on emerging markets in Europe. // 17.03.2023 — InfoMarket
