Despite the dreaded virus (1), fintech has enjoyed an optimistic amount of interest, with several companies successfully completing rounds of fundraising (2). Digital banks (3), financial service firms (4) and trading platforms (5) may thank the lockdowns for reinforcing the attraction of online “distance” banking and investment. Digital finance is expanding further into Asia (6), albeit with some bumps (7) and bruises (8) along the way. Requests for loan restructuring have been on the rise (9) due to the pandemic, leaving some confusion by P2P lenders as to how to proceed (10). The government has stepped in to develop policies (11) in hopes of minimising the impact of COVID-19.
Digital finance has also seen some global standardisation (12), and a creation of “fairness metrics” (13) for credit risk scoring, both aimed at ensuring seamless delivery on its ever-growing popularity. Fintech has been lending a hand with governments’ financial distribution programs (14), going as far as picking up the slack when the government process was too slow (15). Despite some skepticism (16), digital finance continues to expand internationally (17), changing the landscape of future banking — or put as a compelling visual: it is “rewiring the financial world’s nervous system” (18).