Fintech and COVID-19: Impacts, Challenges, and Policy Priorities for Asia

The COVID-19 pandemic has accelerated digital technology adoption in the financial sector and the role of financial technology (fintech) firms in supporting households and businesses during the crisis and beyond. 

Amid the pandemic, Asia further embraced digitalization, leading to the continued development of fintech firms. The region benefited from “leapfrogging technology” using mobile and internet- based solutions, with businesses and consumers alike being very accustomed to operating in a digital world.

This book examines the role of the COVID-19 pandemic as a catalyst for the accelerated adoption, use, and trust of digital technology in the financial sector, and the impact of fintech firms in supporting households and businesses during the pandemic. The book also highlights critical structural changes needed from a policy and regulatory perspective to ensure that the post-pandemic fintech environment is efficient and safe, and can minimize risks related to consumer protection, financial stability and cybersecurity.

Contents

1. Overview 

Part I: Fintech, Firms, and the Macroeconomy

2. COVID-19, Digital Transactions and Economic Activities: The Puzzling Nexus of Wealth Enhancement, Trade, and Financial Technology
3. The COVID-19 Pandemic and Indonesia’s Fintech Markets 
4. COVID-19, Fintech, and the Recovery of Micro, Small, and Medium-Sized Enterprises: Evidence from Bangladesh  
5. Digital Doorstep Banking: Female Banking Agents Lead Digital Financial Inclusion through the Pandemic and Beyond 

PART II: Implications for the Post-Pandemic Era

6. The Promise of Fintech: Financial Inclusion in the Post-COVID-19 Era 
7. Digital Finance, Financial Inclusion, and Sustainable Development: Building Better Financial Systems
8. Toward a Data-Driven Financial System: The Impact of COVID-19 
9. Sharing Credit Data While Respecting Privacy: A Digital Platform for Fairer Financing of Micro, Small, and Medium-Sized Enterprises 

Published July 2022.