Research on Business Models and Risk Governance Frameworks for Fintech-Enabled Financing of Micro and Small Enterprises

Abstract

This study focuses on the core proposition of "financial technology empowering the financing of micro and small enterprises," systematically exploring its business model innovation and risk governance framework construction. The paper first analyzes the theoretical logic and practical motivations for financial technology to solve the financing difficulties of micro and small enterprises, pointing out that it effectively alleviates the two core obstacles of information asymmetry and excessively high transaction costs by reconstructing risk pricing models and service processes. The study further deconstructs the value creation mechanisms and operational characteristics of typical business models such as digital lending, supply chain finance, and big data risk control, finding that while these models improve the accessibility and efficiency of financial services, they also generate complex challenges such as technological risks, new business risks, compliance risks, and systemic risks. Based on an in-depth analysis of risk characteristics, this paper innovatively proposes a multi-layered, dynamic risk governance framework. This framework emphasizes the organic unity of internal governance, external supervision, and ecosystem collaboration: at the micro level, it requires fintech companies to establish a full-process risk control system and compliant technology applications; at the meso level, it advocates adaptive regulatory models such as regulatory sandboxes and penetrating supervision; and at the macro level, it requires improving infrastructure such as credit information sharing and multi-party co-governance mechanisms. The case study of MYbank validated the practical value of this governance framework. The study ultimately concluded that the sustainable development of fintech must be built upon the simultaneous improvement of business model innovation and risk governance capabilities, requiring the construction of a dynamic governance ecosystem that balances innovation incentives and risk control.