Corona virus outbreak has the entire world brought to a ‘passing standstill’ and FinTech is no exception to the pandemic. Employees as well as employers are self-quarantining, some organizations lay off their employees and companies are facing severe fiscal loss!
US FinTech market in particular face risks because of the fact that money is being loaning for the average American people who are amidst health and financial crisis, which is only getting worse as days pass… It is a complete fad out there in the world, let alone the US!
The fear is only sensible as the FinTech companies are concerned if the customers would pay back their loans, for one reason. If we take in to the psychological scale in which the customers would be setting preferences with reference to their financial affairs, personal loan would be the last one they choose to pay!
FinTech companies can halt the lenders out of their business for the time being, but for a vivid reason they are uncertain how these default payments will hold things up at least till the mid of this year. FinTech has exceedingly close association with other industries like banking, insurance, E-commerce, Payment services, Blockchain, crypto currency etc. to name a few.
Ultimately, FinTech industries have to put everything at equivalence in the balance sheet, at the cost of a number of risks taken with respect to these consorting sectors. We only can hope to overcome this catastrophic situation we all are going through and get everything back on track as soon as possible!