Promotion of banking interconnection with commercial management of MSMEs in Costa Rica
The initiative denominated, “Cathay Market Place,” involves the startup of a structure for linking business management and financial education in young and innovative MSMEs.
San José, April, 04, 2017-. In order to promote access to financing for micro, small and medium-sized enterprises (MSMEs), the Central American Bank for Economic Integration (CABEI), which is the executing entity of the Initiative for the Development of Business Ideas and Acceleration of Central American MSMEs (DINAMICA), signed a non-reimbursable technical cooperation agreement for up to US$60,000.00 with the Costa Rican Banco Cathay.
The agreement was signed by CABEI Country Manager for Costa Rica, Mr. Mauricio Chacón, and the representative from Banco Cathay, Mr. Hairo Rodríguez.
The funds will be used to implement a structure to link business management and financial education in young and innovative MSMEs through the interconnection between Banco Cathay and the MSMEs attended; this will enable an exchange of business information and promote early and specialized banking attention within the "Cathay Market Place Platform" in order to provide support to entrepreneurs and young and innovative MSMEs.
While presiding over the Agreement Formalization Act, CABEI Country Manager for Costa Rica, Mr. Mauricio Chacón, stated that, “The digitization process seeks to streamline the modernization of financial institutions in each operation, starting with the parameterization of the MSME client’s commercial experience until the effective implementation of the credit resource in order to successfully foster the technical, economic and social development of each banking intervention.”
The startup of this technological platform also involves a marketing strategy based on the online access to statistical information that will empower Banco Cathay and innovative MSMEs to determine the commercial viability of their operations, registering improvements in financial indicators and promoting access to credit for working capital or other financial products offered by the Bank.
