Many economies in Asia are considered emerging markets, and these economies are propped up by small and medium enterprises (SMEs). According to the Asian Development Bank, SMEs compose 98% of all businesses and employ 66% of the labour force in the region, and are rightfully called the backbone of the Asian economy.
SMEs, due to their limited financial capacity, are exposed to a huge risk of financial loss in case a buyer is unable to pay its commercial trade debt, usually due to bankruptcy or insolvency. In order to protect itself from catastrophic losses, a business can take out trade credit insurance.
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