ORCID

Abstract

The increasing globalisation of Small and Medium Enterprises (SMEs) has necessitated the development of robust Supply Chain Finance (SCF) solutions to enhance financial resilience and operational efficiency. Despite the growing necessity of technology-based SCF solutions, such as blockchain and Bank Payment Obligation (BPO), SMEs face substantial barriers to adoption due to limited financial resources, risk aversion, and lack of awareness. While these solutions offer significant benefits—improving cash flow, reducing transaction risks, and enhancing financial resilience—overcoming these challenges remains critical for widespread adoption. This study explores the adoption factors of technology-based SCF solutions within the context of SME globalisation, traditional SCF adoption, and technology adoption, while also examining the interrelationships among these factors. This study employs a mixed-methods approach. Firstly, a literature review and semi-structured interviews were conducted to identify key adoption factors. These factors were subsequently prioritised using the Analytic Hierarchy Process (AHP), followed by an Interpretive Structural Modelling (ISM)-MICMAC approach to determine their interdependencies. Data were collected from Korean SMEs and academic experts to ensure the validity and reliability of insights. Key findings indicate that technological trust, innovation, financial cost, supplier pressure, and prior experience and knowledge for globalisation are critical determinants influencing SMEs’ adoption decisions. Furthermore, the study identifies SME resistance factors and proposes that open innovation strategies, such as knowledge-sharing networks and collaborative innovation ecosystems, can mitigate adoption barriers. By integrating external expertise and financial technologies, SMEs can strengthen their SCF capabilities and competitiveness in international markets.Theoretically, the study contributes by integrating behavioural, relational and institutional lenses, demonstrating how resistance factors and network-based enablers jointly shape adoption behaviour. By combining Resistance Theory with Network Theory, the research offers a more comprehensive explanation of SME decision-making in technology-based SCF environments than existing models. This integrated framework strengthens the conceptual foundations for understanding digital SCF adoption in global supply chains. By integrating external expertise and financial technologies, SMEs can strengthen their SCF capabilities and competitiveness in international markets The findings contribute to both academia and practice by providing empirical evidence on SCF adoption, offering insights for policy formulation, and recommending strategies for technology providers and financial institutions. Future research should explore open innovation frameworks to address SME resistance and enhance technology-driven SCF solutions in global supply chains.

Awarding Institution(s)

University of Plymouth

Supervisor

Saeyeon Roh, Lise Hunter, Peijie Wang

Keywords

Supply chain finance, Bank Payment Obligation, Blockchain, Letter of credit, International trade settlement, Supply chain management, Bank Payment Obligation, Blockchain, International trade settlement, Supply chain management, Letter of credit

Document Type

Thesis

Publication Date

2025

Embargo Period

2025-12-18

Deposit Date

December 2025

Creative Commons License

Creative Commons Attribution-NonCommercial 4.0 International License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License

Download

Share

COinS