DIGITAL ADVANCEMENT FOR WENZHOU SMES: EXPLORING A FINANCIAL DATA PLATFORM STRATEGY

Abstract

In response to the dynamic shifts in the global business landscape, Chinese authorities have actively supported the growth and development of small and medium-sized enterprises (SMEs). This support is evident through various directives and initiatives aimed at fostering the digital transformation and informationization of SMEs. The province of Zhejiang, notably, has initiated the "Number One Project" for digital economy 2.0, while the city of Wenzhou has introduced the Wenzhou Software and Information Service Industry Innovation and Development Action Plan (2021-2023). Given that over 90% of enterprises in Wenzhou are small and micro-sized, enhancing their digital capabilities is crucial for bolstering competitiveness. A key aspect of digital transformation lies in the provision of personalized services, particularly in the financial department, which serves various stakeholders within and outside the enterprise. Financial digital transformation plays a pivotal role in driving overall enterprise digitalization. This paper explores the development of a financial data platform tailored to the unique characteristics of SMEs in Wenzhou. This platform aims to seamlessly connect, integrate, and leverage financial and business data, addressing critical challenges faced during the financial digital transformation of local SMEs. The establishment of such a platform is poised to accelerate the transformation of SMEs in Wenzhou and lay a robust foundation for their broader digital journey.