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2 Disclaimer The information contained in this publication is provided for general purposes only and published in good faith for the benefit of the ASEAN Community, its policy makers, organizations and business practitioners. While every effort has been made to ensure that the information is accurate and up to date at the time of going to the press, its contents are for general guidance only and does not aim to be comprehensive or exhaustive. ASEAN CSR Network and their partners accepts no responsibility for any loss which may arise from information contained in this publication. The material in this publication may be quoted, used or reprinted provided there is proper attribution to this report and pulisher. A copy of the publication containing the quotation or reprint should be sent to the ASEAN CSR Network at infoasean-csr-network. ASEAN CSR Network Ltd. The analysis and recommendations of this report do not necessarily reflect the views of ASEAN CSR Network, ASEAN Business Advisory Council, Oxfam and AVPN, its Board, management or members. 3 About the ASEAN Advisory Business Council (ASEAN-BAC) Launched in April 2003, ASEAN-BAC was set up with the mandate to provide private sector feedback and guidance to boost ASEANs efforts towards economic integration. Aside from providing private sector feedback on the implementation of ASEAN economic cooperation, the Council also identifies priority areas for consideration of the ASEAN Leaders. Accordingly, ASEAN-BACs activities are primarily focused on reviewing and identifying issues to facilitate and promote economic cooperation and integration. The Council also submits recommendations for the consideration of the Leaders and the ASEAN Economic Ministers (AEM). Since 2013, ASEAN-BAC also pursues additional Dialogue at the Senior Economic Officials Meeting (SEOM). This year, ASEAN-BAC had a formal engagement with ASEAN Finance and Central Bank Deputies during the annual ASEAN Finance Ministers Meeting, where a proposal was made for ASEAN-BAC to be accorded regular consultation with ASEAN Finance Ministers in the future. In addition to these activities, ASEAN-BAC also extensively engages the private sector on matters relating to the AEC, both within and beyond ASEAN. For more information, please visit asean-bac About Oxfam Oxfam is an international confederation of 20 organizations working together with partners and local communities in more than 90 countries. One person in three in the world lives in poverty. Oxfam is determined to change that world by mobilizing the power of people against poverty. Around the globe, Oxfam works to find practical, innovative ways for people to lift themselves out of poverty and thrive. We save lives and help rebuild livelihoods when crisis strikes. And we campaign so that the voices of the poor influence the local and global decisions that affect them. In all we do, Oxfam works with partner organizations and alongside vulnerable women and men to end the injustices that cause poverty. For more information, please visit oxfam About the ASEAN CSR Network (ACN) ACN is an ASEAN Entity acting as the regional network of CSR networks in ASEAN Member States. It was formed in Dec 2010 with the vision to have “a responsible business community that makes ASEAN a better place to live for all”. Its mandate is to have corporate social responsibility (CSR) incorporated in the corporate agenda and contribute towards sustainable socio-economic development in ASEAN Member States. The ACN provides a platform for networking and cooperation, supports capacity-building and training activities, helps catalyse collective action on key issues, and provides a link with regional and international bodies in supporting the advancement of CSR in the region. It is accredited as an ASEAN entity under Annex 2 of the ASEAN Charter. For more information, please visit asean-csr-network About the Asian Venture Philanthropy Network (AVPN) AVPN is a unique funders network based in Singapore committed to building a vibrant and high impact philanthropy and social investment community across Asia. As an advocate, capacity builder, and platform that cuts across private, public and social sectors, AVPN embraces all types of engagement to improve the effectiveness of members across the Asia Pacific region. The core mission of AVPN is to increase the flow of financial, human and intellectual capital to the social sector by connecting and empowering key stakeholders from funders to the social purpose organizations they support. With over 350 members across 29 countries, AVPN is catalysing the movement towards a more strategic, collaborative and outcome focused approach to philanthropy and social investing, ensuring that resources are deployed as effectively as possible to address key social challenges facing Asia today and in the future. A Member Directory and listing of Events can be found at avpn.asia 4 Preface With 622 million people, ASEAN is currently the third largest market in the world. As the economic powerhouse surges ahead, it is vital to ensure that inclusivity remains at the core of its development. Micro, Small and Medium Enterprises (MSMEs) currently make up 88.8-99.9% of total establishments and 51.7-97.2% of total employment in ASEAN. Thus, the successful establishment of the ASEAN Economic Community (AEC) as set out in the ASEAN 2025 Blueprint necessitates growth and prosperity for all especially the MSME sector. To this end, the study is a joint project by the ASEAN Business Advisory Council (ASEAN-BAC), ASEAN CSR Network (ACN), Oxfam and the Asian Venture Philanthropy Network (AVPN), funded by the Rockefeller Foundation and the Government of Sweden. Its objectives are (1) to comprehensively assess the opportunities and challenges faced by micro, small and medium-sized enterprises (MSMEs) in ASEAN, particularly those with inclusive and responsible business practices, with regards to access to finance, technical support and an enabling environment for their sustainability and growth, and (2) to propose recommendations to enable their growth in order to foster inclusive and sustainable growth in ASEAN. This report was the result of a 12-month study including primary and secondary research. Phase I started from September 2016 with comprehensive secondary research undertaken through reviews of academic literature, practitioner reports, news providers and organisational websites. This was followed by Phase II which consisted of in-person interviews and stakeholder consultations. From April to June 2017, three stakeholder consultations were held in Manila, Jakarta and Bangkok to engage a total of 40 individuals from 34 organisations, including investors, foundations, farmer groups, business associations, women entrepreneur networks, ASEAN bodies and other groups. In-person interviews were also conducted with social investors, incubators, accelerators and government agencies. One of the key findings is that MSMEs continue to face barriers in accessing finance. Their uptake of available financing options has generally been low due to the lack of technical capacity. Women entrepreneurs, in particular, face more formidable financial hurdles than their male counterparts. Finally, larger companies are also in a position to influence and support MSMEs in their supply chain, for example by offering supply chain financing. The key recommendations of the report are as follows: 1. Strengthen responsible and inclusive conduct 2. Deepen technical support for MSMEs to improve access to finance 3. Promote alternative finance with an emphasis on inclusive financing options 4. Provide targeted support to improve womens access to finance 5. Promote responsible finance The next phase of the project will focus on disseminating the above recommendations among key stakeholders in ASEAN . This will include face-to-face meetings and technical consultations both at a national and regional level with stakeholders such as ASEAN bodies, national governments, businesses, business associations, chambers of commerce, stock exchanges and civil society organisations. 5 Contents Executive Summary . 7 Key Findings . 7 Policy and Initiative Proposals . 8 1. Introduction . 11 1.1. Background . 11 1.2. Research Objectives and Methodology . 12 2. SME Macro Enabling Landscape . 14 2.1. Definitions of SMEs . 14 2.2. Sources of Support for SMEs . 22 2.3. Social Enterprise Legislation . 32 3. Level of Uptake of Responsible and Inclusive Business Practices among SMEs . 42 4. SME Financing and Technical Support Landscape . 56 4.1. SME Financing Policies . 59 4.2. Available Financing Mechanisms . 65 4.3. Technical Support . 85 5. The Missing Middle in SME Financing . 93 5.1. Overall SME Financing Gap . 94 5.2. Responsible and Inclusive Financing Gap . 100 5.3. Bridging the Responsible and Inclusive Financing Gap: Case Studies. 105 6. Policy and Initiative Proposals. 108 References . 116 Acknowledgements . 123 Annex: Directory of SME Financing and Technical Support Options . 125 Multiple Countries . 125 Brunei . 136 Cambodia . 144 Indonesia . 150 Laos . 164 Malaysia . 173 Myanmar. 198 Philippines . 206 Singapore . 226 Thailand . 254 Vietnam . 268 6 LIST OF FIGURES Figure 1: Funding Life Cycle of MSMEs . 56 Figure 2: Financing Mechanisms and Their Availability to MSMEs . 93 Figure 3: The Missing Middle in SME Financing . 95 Figure 4: The Social Investing Spectrum . 103 LIST OF TABLES Table 1: Definitions of (M)SMEs in 10 ASEAN Member States . 14 Table 2: SME Credit Gap in ASEAN-8 . 94 Table 3: Responsible and Impact Investors Active in ASEAN. 101 7 EXECUTIVE SUMMARY The study aims to comprehensively assess the opportunities and challenges that SMEs, particularly those with inclusive and responsible business practices in ASEAN face with regards to access to finance, technical support, and an enabling environment for their sustainability and growth. To this end, the report provides a comprehensive overview of the SME financing and technical support landscape in 10 ASEAN Member States (AMS). It takes stock of the financing and technical support options currently available to SMEs in the region along the spectrum ranging from traditional finance, such as bank loans, to alternative finance such as crowdfunding and social investing. An in-depth analysis is conducted on the missing middle phenomenon in SME financing as well as respons
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