April 7, 2020
With the exception of Antarctica (for now), the novel coronavirus pandemic has spread to most parts of the world. Believed to have emerged in November 2019 in the Chinese city of Wuhan, the novel coronavirus disease, also known as the COVID-19, has been spreading at a rapid pace. As of now, over 1,347,000 confirmed novel coronavirus cases have been recorded globally; the US now has the highest number of confirmed cases (367,000) with over 10,000 fatalities. If Charles Darwin were to be alive today, he would have called this scenario “survival of the fittest.” This seems to hold true in terms of the economy as well.
Almost everyone, rich or poor; every government, strong or weak; every corporation, big or small, is trying to come to grips with the new and frightening norm brought on by the COVID-19 pandemic.
Social-distancing, work from home protocols, remote collaboration, and touch-free/contactless transactions are the new norms. The deadly human toll, the high fatality rate among the elderly & immunocompromised people, self/government-imposed isolation, lockdowns & restricted movements, loss of jobs, loss of businesses, loss of wealth, increased cyberthreats, economic slowdown, and a looming and inevitable recession are just a few of the frightening things that we are witnessing today.
The current crisis is indeed concerning as the pandemic is spreading like a raging wildfire. With the black swan event unleashed by the COVID-19 pandemic in the financial services industry, many companies are finding it challenging to either stick to their earlier revenue projections or make any new one. However, there is a silver lining, at least in the FinTech space, across the globe as several FinTech companies are coming forward to do their bit during these difficult times. From develop ...