Fintech firms expect business as usual by July, says FACE survey

The second wave of the Covid-19 pandemic may not be as devastating for financial technology (fintech) firms as the first wave, revealed survey of top 20 firms by the Fintech Association for Consumer Empowerment (FACE). 

"It is interesting to note that the Covid-19 impact is different this time, compared to the same situation last year. While most players expected business to normalise by July, some aspects of the business are expected to be impacted for a longer period,” stated the online survey, taken by 100 senior executives of the top 20 fintech firms. 

These 20 firms combined serve 6.5-million-plus customers, of which 46 per cent are ‘new to credit’ customers.