Could fintech firms have the solutions governments need to tackle Covid-19?

THE Covid-19 crisis currently sweeping the globe has turned our world upside down. Where we left for the office in the morning, we now work at home; we hardly travel on public transport, let alone go on business trips abroad; and something as simple as meeting a client for a coffee is now done via Zoom from the dining room table.

The biggest upset is being felt in the economy, as businesses small and large lose vital cashflow, affecting their working capital and their ability to stay afloat. Instead of steadily declining, economies have been brought to an abrupt halt overnight. The consequences of this are clear: an increase in unemployment as companies lay off redundant staff in order to save costs, or worse still the complete failure of businesses which were perfectly viable before the crisis hit.

The immediate effects are already being felt, as illustrated by the quarterly contraction in Singapore's gross domestic product (GDP) in the first three months of the year, or the record 3.3 million unemployment claims in just one week in the US.