In recent years, emerging technologies coupled with innovation in business models have resulted in the development of new financial instruments, channels and systems. FinTech, or technology-enabled financial innovation, has begun to reshape the provision of financial services around the world, from digital payments and digital lending to InsurTech.
Since the onset of the COVID-19 pandemic, there has been speculation about how the still-nascent FinTech industry would fare in a sharp economic downturn.
Conversely, there has been anecdotal evidence suggesting that FinTech is playing an important role during COVID-19; providing finance to micro, small and medium enterprises (MSMEs), facilitating mobile payments and expanding digital financial services to reach unbanked and underbanked populations. However, empirical data to support this is still scarce. Read more…..
Chart of the Day
Finance Minister Chrystia Freeland gives a long-awaited update on the state of the Canadian economy in 2020.