Tagged: covid-19

UK’s Federation of Small Businesses Says Next Budget Must be “Most Pro-Business Ever” to Combat Negative Effects of First Recession in 11 Years

The next or upcoming UK Budget will have to be the “most pro-business ever” so that it can counter the negative impact of the recession, according to the Federation of Small Businesses (FSB), a member-led, non-profit and non-party organization that represents SMBs. The United Kingdom… Read More

BitGo CEO Recommends Allocating 3% of Portfolios to Bitcoin, as Nasdaq Listed Firm Acquires $250 Million in BTC as its “Primary Reserve Asset”

Mike Belshe, the CEO at BitGo, a Palo Alto, California-based digital asset trust and security firm offering a multi-signature Bitcoin (BTC) wallet service, recently noted that many companies are now going out of business due to challenges related to COVID-19. Belshe points out that there… Read More

Remote Working Fintech Deel Is Launching Operations Across Europe, will Help with Compliance, Payroll, Taxes

Many individuals and businesses across the globe have been forced to make major lifestyle changes, including working from home, due to the contagious COVID-19 outbreak. San Francisco-based Fintech firm Deel, which plans to improve the work from home process by offering an easy-to-use online platform,… Read More

BBVA owned Finnish Fintech Holvi to Exit UK Market Only 6 Months After Launch due to Brexit, COVID-19 Challenges

BBVA-backed Fintech firm Holvi, which provides bank accounts to sole traders and SMBs, is reportedly preparing to exit the UK market only six months after establishing operations inthe country. Holvi’s management noted that Brexit and the COVID-19 outbreak has made it challenging to maintain its… Read More

COVID-19 Speeds Up Digital Transformation: TSB Bank Phasing Out Cashier Roles, Valencia in Spain to Stop Taking Cash, will Support Digital Payments, Tickets

The COVID-19 outbreak has led to major changes in how businesses are now operating, globally. UK-based TSB Bank is reportedly planning to phase out 929 cashier roles which are supporting its physical branch network. The bank said it’s making the changes due to COVID, which… Read More

Indonesia’s Vice President Says Digital Technology and Online Payments have become “Absolutely Necessary” due to COVID-19

Bank Indonesia (BI), the nation’s central bank, introduced the seventh Indonesia Sharia Economic Festival (ISEF) this past Friday. The event took place virtually or online, which was notably the first of its kind in the country. Established in 2014, ISEF is an international event that… Read More

Omnipresent, a Company Offering Assistance with Payroll, Compliance, Taxes, to Remote Workers, Secures $2 Million in Seed Funding

The Omnipresent Group, which focuses on offering assistance to remote workers, has secured $2 million in seed funding. The company claims that it acquired the funds “within six weeks” of the COVID-19 outbreak, so that it can offer a viable solution to support what it… Read More

Seedrs Founder Jeff Lynn: We are experiencing meaningfully higher levels of fundraising and investment activity than the same time last year

Seedrs is a top UK based investment crowdfunding platform that is active in both the UK and continental Europe. Launched in 2012, Seedrs is a trailblazer in online capital formation for early-stage ventures. Since inception, Seedrs has booked over 1100 funded deals recording about £950… Read More

Fintech Adoption in India will Lead to More Contactless and Digital Payments, but Cybersecurity Risks Must be Addressed, Industry Exec Says

China and India had the highest Fintech adoption rate (at 87%) out of all emerging markets, as of March 2020, according to a Research and Markets report. The Fintech sector has been expanding during COVID-19 because more consumers and businesses are conducting transactions online. Many… Read More

SoFi Launches Program to Offer $200 Towards Emergency Savings To Those Who Open An Account With SoFi Money

SoFi, one of the most successful Fintechs in the US, recently announced it has launched a program to offer $200 towards emergency savings to all who open an account with SoFi Money. According to SoFi, the program headlines a COVID-19 pandemic-relief package that also includes… Read More

British Business Bank: Coronavirus Loans Working

The British Business Bank says the Coronavirus loan schemes are benefiting businesses in all corners of the UK. According to a note distributed by the Bank, loans are tracking the business population of each region. The loans are being provided by both traditional financial services… Read More

UK’s Federation of Small Businesses Cautions that £1.5 Billion in Unclaimed COVID-19 Related Funding Might Go Back to Treasury if not Claimed Soon

Emergency COVID-19 funding or financial relief for companies in the UK will reportedly go back to the Treasury at the end of this month if it’s not claimed, the BBC reports. About four months after £12 billion in Coronavirus related funding was approved to help… Read More

Australian Neobanks Continue to Slash Interest Rates on Savings Accounts due to Economic Challenges Created by COVID-19

Even though interest rates offered by challenger banks or neobanks in Australia (and globally) are generally higher than those offered by incumbents, Mozo reports that these all-digital banking platforms have been lowering their rates. Analysis performed by Mozo reveals that three neobanks were forced to… Read More

Global Fintech Funding Surpasses $9 Billion in Q2 2020, More Merchants Accepting Payments from Digital Wallets Following COVID-19: Report

The Fintech sector managed to secure more funding, globally, during Q2 2020 than it did during the first quarter of the year, according to a recent report from CB Insights. The report noted that the Fintech industry in all major world regions, except for Asia,… Read More

US Federal Reserve Is Focused on Launching FedNow for Real-Time Digital Payments and Settlements

The US Federal Reserve, which is the central banking system of the country, has reportedly been working on a new real-time payment and settlement system, called FedNow. Governor Lael Brainard claims that the Fed plans to have FedNow fully operational as soon as possible. Brainard… Read More

New Zealand’s Fintech Sector is Well Placed to Support Consumers with Managing their Finances, Industry Professional Claims

James Fuller, CEO and co-founder at Hnry, a New Zealand based online freelance accountancy company, claims that his firm has seen a significant increase in the number of new customers following the COVID-19 outbreak. In an interview with Channel Life, Fuller notes that since the… Read More

Indian Fintech Sector Receives $1.47 Billion in Investments during H1 2020, 2,147 Fintechs Operating in Country as of June 2020

Approximately $1.47 billion was invested into businesses operating in the Fintech sector in India between January to June 2020, according to the latest MEDICI Report covering Indian financial technology markets. The amount invested into India’s Fintech industry during H1 2020 was 60% greater than the… Read More

Biz2Credit Analysis of COVID-19 Effects on Small Businesses Reveals: Revenues Dropped 52% and Payrolls Declined 54%

Small business funding platform Biz2Credit announced on Tuesday its new Small Business Financial Health Survey, a study of primary data from 300 small business owners who received funding through the U.S. government’s Paycheck Protection Program (PPP), revealed year-over-year second quarter revenues of small business owners… Read More

UK Fintech iwoca, which focuses on Lending to SMEs, Is Asking for Closer Collaboration between Banks and Alternative Lenders for Supporting CBILS during COVID-19

UK-based Fintech iwoca, a company focused on lending to SMEs, is calling for closer collaboration between the country’s largest financial institutions, after securing £100 million to support the operations of small businesses looking for financing via the Coronavirus Business Interruption Loan Scheme (CBILS). The COVID-19… Read More

Fintech Become, an Online Lending Platform for SMEs, Is Offering Business Loans for E-Commerce Sellers

Fintech firm Become, an online lending platform for SMEs, notes that digital or e-commerce has been accelerated by about 4-6 years due to COVID-19 which has led to permanent changes in consumer behavior. Individuals and business owners are increasingly using all-digital services, instead of visiting… Read More

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