Synergy Consulting: Digital lending becoming key tool for SME financing

Digital lending is becoming one of the most important tools for supporting small and medium-sized enterprises (SMEs), Rufat Gambarov, Azerbaijan Director of Synergy Consulting, during a panel discussion held within the framework of WUF13 in Baku, according to Report.

"Traditional bank lending is losing its accessibility as a financial instrument for small and medium-sized businesses. The high cost of borrowed capital and increasingly complicated client verification procedures are pushing entrepreneurs toward alternative solutions. Such solutions are fintech platforms that use artificial intelligence and machine learning technologies: they significantly reduce costs and make it possible to obtain financial resources more quickly and on more favorable terms compared to large banks," Gambarov noted.