There are several factors contributing to MSMEs' lack of access to finance. One is the inadequate legal and institutional infrastructure to support risk-based lending against a broader range of collateral and using non-traditional data. Another is the evolution of capital, liquidity, customer due diligence and similar rules that create disincentives for lenders to cater to MSMEs. Others include the lack of enabling environments for equity-based financing of small innovative enterprises and the lack of access of vulnerable micro- and small enterprises to risk management tools including insurance. There are great potentials for technological and financial innovations to upgrade MSMEs' access to funding, but inadequate understanding of their implications on the stability, integrity and fairness of financial systems constrain many policy makers from harnessing them.