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1. Introduction
In both developed and developing economies, small- and medium-sized enterprises (SMEs) play a distinctive role in the expansion of the global economy and are a substantial source of employment (Rao et al., 2021). Supply chain finance (SCF) is presented as a solution to SMEs’ financing constraints (De Goeij et al., 2020). SCF refers to the intercompany optimization of financing and the integration of financing process with customers, suppliers and service providers to increase the value of all participating companies (Pfohl and Gomm, 2009). It aims to optimize liquidity between organizations and improve cash flow management (Martin and Hofmann, 2019; Bi et al., 2021) through specific solutions (e.g. factoring, reverse factoring, trade credit, dynamic discounting) (Gelsomino et al., 2016).
With regard to the complexity of today’s supply chains, the participants in SCF have increasingly diversified (Moretto et al., 2019). The sources, varieties and volumes of SCF-related information have multiplied, becoming increasingly sophisticated. However, the proliferation and ubiquity of information have posed new challenges. Aside from information asymmetry caused by information scarcity, information overload can also lead to information asymmetry between SMEs (borrowers) and financial institutions (FIs, lenders) (Song et al., 2021). That is, when the amount of information increases and its nature becomes hazy, lenders (receivers of information) are unable to identify and filter relevant information from borrowers (senders of information), thereby exposing both sides to data smog and reducing the efficiency of SCF decisions (Shenk, 1997).
In digital transformation promoted by the implementation of digital technologies (Favoretto et al., 2021), there is a new participant – financial technology (FinTech) company – that empowers SCF (Moretto and Caniato, 2021). As a combination of financial services provider and information technology provider (Lee and Shin, 2018), FinTech refers to: “business models, technology applications, operating processes, and innovative products that promote financial innovation through technical means and have a significant impact on financial markets, institutions, and financial services” (FSB, 2017). FinTech companies refer to technology firms that offer financial products based on existing technology solutions (Tanda and Schena, 2019). Through the adoption of digital technology, FinTech companies often operate as platforms (Thakor, 2020) that offer innovative SCF solutions with faster procedures and lower costs to more industrial enterprises and FIs...