Global fintech company IRIS Business Services Limited has signed a Memorandum of Understanding (MoU) with the Department of Industries, Trade & Commerce, Government of Goa to facilitate the growth of the MSME ecosystem in the state. The agreement aims to provide data-driven technology solutions to tackle key challenges faced by small and medium enterprises.
The MoU signing ceremony was attended by Shri Pramod Sawant, Chief Minister of Goa, and Shri Aleixo Reginaldo Lourenco, Chairman of Goa Industrial Development Corporation, alongside IRIS CEO S. Swaminathan. This collaboration is structured as a Public-Private Partnership (PPP).
Key Focus Areas of the MoU
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Enhancing MSME Credit Flow: Goa’s credit-deposit (CD) ratio stood at 26.5% in 2023, significantly lower than the national average of 75.8%, making access to funding a major issue. IRIS aims to leverage digitization and data analytics to enable better credit access for MSMEs.
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Compliance Management Platform: The company will establish an integrated compliance platform based on a common data standard, reducing the compliance burden for businesses in Goa.
Government’s Role
The Government of Goa will provide:
- Policy and administrative support to ensure the success of the initiative.
- Awareness programs to promote digital solutions among MSMEs.
IRIS CEO S. Swaminathan emphasized that harnessing data from government digitization initiatives can improve financial inclusion and empower MSMEs. The partnership marks a significant step in addressing funding gaps and regulatory hurdles for small businesses in Goa.
