Exploring the Usefulness of FinTech in the Dark Era of COVID-19

  • Christian P. PINSHI Economics Department, Faculty of Economics and Business University of Kinshasa, Congo


This article explores the potential opportunity of FinTech on the financial system in the dark and wicked era of COVID-19. We first provide a seven-figure overview of the unpleasant impact of COVID-19 on the financial system. FinTech sees itself on the one hand as a hope to rebalance the global financial system in this time of financial turmoil, and on the other hand becomes an ultimate weapon to strengthen the resilience of the financial system and respond to the crisis by ensuring the functioning system while respecting containment measures and preventing the spread of the virus.


[1] Adrian, T., and Natalucci, F. 2020. COVID-19 Crisis Poses Threat to Financial Stability. IMF Blog, April. Available at: https://blogs.imf.org/2020/04/14/covid-19-crisis-poses-threat-to-financial-stability/
[2] Ahir, H., Bloom, N., and Furceri, D. 2021. What the Continued Global Uncertainty Means for You. IMF Blog, January. Available at: https://blogs.imf.org/2021/01/19/what-the-continued-global-uncertainty-means-for-you/
[3] Ahmad, S.M., and Al Mamun, A. 2020. Opportunities of Islamic FinTech: The Case of Bangladesh and Turkey. CenRaPS Journal of Social Sciences, 2: 412-426, DOI: https://doi.org/10.46291/cenraps.v2i3.39
[4] Auer, R., Cornelli, G., and Frost, J. 2020. Covid-19, Cash, and the Future of Payments. BIS Bulletin, No 3, April.
[5] Bluedorn, J., Gopinath, G., and Sandri, D. 2020. An Early View of the Economic Impact of the Pandemic in 5 Charts. IMF Blog, April. Available at: https://blogs.imf.org/2020/04/06/an-early-view-of-the-economic-impact-of-the-pandemic-in-5-charts/
[6] Boot, A., Carletti, E., Haselmann, R., Kotz, H., Krahnen,J., Pelizzon, L., Schaefer, S., and Marti Subrahmanyam, M. 2020. The Coronavirus and Financial Stability. Leibniz Institute for Financial Research, SAFE Policy Letter, no. 78, March.
[7] Carrera, J., and Lanteri, L.N. 2017. Macroeconomic shocks and financial vulnerability. Central Bank of Argentina Working Paper, January. Available at: https://www.researchgate.net/publication/237445227 _Macroeconomic_Shocks_and_Financial_Vulnerability
[8] Dabla-Norris, E., and Bal Gündüz, Y. 2012. Exogenous Shocks and Growth Crises in Low-Income Countries: A Vulnerability Index. IMF Working Paper, November. Available at: https://www.imf.org/external/ pubs/ft/wp/2012/wp12264.pdf
[9] De Bock, R., Drakopoulos, D., Goel, R., Gornicka, L., Papageorgiou, E., Schneider, P., and Sever, C. 2020. Managing Volatile Capital Flows in Emerging and Frontier Markets. Vox Cepr Policy, August. Available at: https://voxeu.org/article/managing-volatile-capital-flows-emerging-and-frontier-markets
[10] De Girancourt, F.J., Kuyoro, M., Ofosu-Amaah, N.A., Seshie, E., and Twum, F. 2020. How the COVID-19 Crisis may Affect Electronic Payments in Africa. McKinsey and Company. June. Available at: https://www.mc kinsey.com/industries/financial-services/our-insights/how-the-covid-19-crisis-may-affect-electronic-payments-in-africa
[11] Dullien, S., Kotte, D.J., Márquez, A., and Priewe, J. 2010. The Financial and Economic Crisis of 2008-2009 and Developing Countries. United Nations Publication, December. Available at: https://unctad.org/webflyer/ financial-and-economic-crisis-2008-2009-and-developing-countries
[12] Ernst and Young. 2020. COVID-19: Impact on the Financial Services Sector. Report. April. Available at: https://home.kpmg/xx/en/home/insights/2020/04/covid-19-impact-and-implications-to-financial-services.html
[13] Essers, D. 2013. Developing Country Vulnerability in Light of the Global Financial Crisis: Shock Therapy? Review of Development Finance, 3: 61–83.
[14] Frost, J. 2020. The Economic Forces Driving FinTech Adoption Across Countries. BIS Working Papers, no. 838, February.
[15] Galicia, G., Garcia, J.A., and Natarahan, H. 2020. Payment and Settlement Systems – COVID Response Note. March. Available at: https://pubdocs.worldbank.org/en/569471592328283668/Payment-and-Settlement-Systems-COVID-Response-Note-March-27-2020-FINAL-TCV2.pdf
[16] Gopinath, G. 2020. The Great Lockdown: Worst Economic Downturn Since the Great Depression. IMF Blog, April. Available at: https://blogs.imf.org/2020/04/14/the-great-lockdown-worst-economic-downturn-since-the-great-depression/
[17] Herlin, P. 2015. Apple, Bitcoin, Paypal, Google: La Fin des Banques? Comment la Technologie va Changer Votre Argent. Groupe Eyrolles, Paris, in French. ISBN: 978-2-212-56114-2
[18] Jagtiani, J., and Lemieux, C. 2017. FinTech Lending: Financial Inclusion, Risk Pricing, and Alternative Information (2017-07-18). FRB of Philadelphia Working Paper, no. 17.
[19] Kalemli-Ozcan, S. 2020. Emerging Market Capital Flows under COVID: What to Expect Given What We Know. IMF Research, September. Available at: file:///C:/Users/ASERS1/Downloads/en-special-series-on-covid-19-emerging-market-capital-flows-under-covid.pdf
[20] Li, Y., Spigt, R., and Swinkels, L. 2017. The Impact of FinTech Start-Ups on Incumbent Retail Banks’ share Prices. Financial Innovation, November. DOI 10.1186/s40854-017-0076-7
[21] Lu, H., Wang, B., Wu, Q., and Jing Ye, J. 2020. FinTech and the Future of Financial Service: A Literature Review and Research Agenda. China Accounting and Finance Review, 22(3).
[22] Ogege, S., and Boloupremo, T. 2020. The Influence of the Evolvement of Financial Technology (FinTech) Firms on the Delivery of Financial Services. Forum Scientiae Oeconomia, 8(4).
[23] Ozili, P. K. 2018. Impact of Digital Finance on Financial Inclusion and Stability. Borsa Instanbul Review, 18-4: 329-340, December, DOI: https://doi.org/10.1016/j.bir.2017.12.003
[24] Parameshwar, H.S., Sruthie, A., Cisse, M., Kumar, M.A., and Misra, S. 2019. Fintech and Disruptions: An Impact Assessment. Journal of Critical Reviews, 6.
[25] Philippon, T. 2017. The FinTech Opportunity. BIS Working Papers, no 655, August.
[26] Sahay, R., Von Allmen, U.E., Lahreche, A. ,Khera, P., Ogawa, S., Bazarbash, M., and Beaton, K. 2020. The Promise of Fintech: Financial Inclusion in the Post COVID-19 Era. IMF PFFIEA no. 20/09, July.
[27] Sandri, D. 2020. Dampening the Impact of Global Financial Shocks on Emerging Market Economies. IMF Blog, May. Available at: https://blogs.imf.org/2020/05/19/dampening-the-impact-of-global-financial-shocks-on-emerging-market-economies/
[28] Sangwan, V.H., Prakash, P., and Singh, S. 2019. Financial Technology: A Review of Extant Literature. Studies in Economics and Finance, 37(1): 71-88. DOI: https://doi.org/10.1108/SEF-07-2019-0270
[29] Spulbar, C., Birau, R., Calugaru, T., and Mehdiabadi, A. 2020. Considerations Regarding FinTech and its Multidimensional Implications on Financial Systems. Revue des Sciences Politiques, 68: 77 – 86.
[30] Suprun, A, Petrishina, T., and Vasylchuk, I. 2020. Competition and Cooperation Between FinTech Companies and Traditional Financial Institutions. E3S Web of Conferences 166. DOI: https://doi.org/10.1051/e3sconf/202016613028
[31] Teigland, R., Siri, S., Larsson, A., Puertas, A.M., and Bogusz, C.I. 2018. The Rise and Development of FinTech: Accounts of Disruption from Sweden and Beyond. Routledge, New York. Available at www.taylorfrancis.com
[32] Thakor, A.V. 2019. Fintech and Banking: What do we Know? Journal of Financial Intermediation, July, DOI: https://doi.org/10.1016/j.jfi.2019.100833
[33] Von Allmen, U.E., Khera, P., Ogawa, S., and Sahay, R. 2020. Digital Financial Inclusion in the Times of COVID-19. IMF Blog, July. Available at: https://blogs.imf.org/2020/07/01/digital-financial-inclusion-in-the-times-of-covid-19/#:~:text=The%20COVID%2D19%20pandemic%20could,fintech%20services%2C%20and%20online %20banking
[34] Zveryakov, M., Kovalenko, V., Sheludko, S., and Sharah, E. 2019. FinTech Sector and Banking Business: Competition or Symbiosis? Money, Finance and Credit. DOI: https://doi.org/10.21003/ea.V175-09
*** International Monetary Fund. 2020. Global Financial Stability Report: Markets in the Time of COVID-19. April.
*** World Bank Group and International Monetary Fund. 2018. THE BALI FINTECH AGENDA. Annual Meetings. October.
*** World Economic Forum. 2020. Impact of COVID -19 on the Global Financial System: Recommendations for Policy-Makers Based on Industry Practitioner Perspectives. April.
How to Cite
PINSHI, Christian P.. Exploring the Usefulness of FinTech in the Dark Era of COVID-19. Journal of Advanced Studies in Finance, [S.l.], v. 12, n. 1, p. 40-50, june 2021. ISSN 2068-8393. Available at: <https://journals.aserspublishing.eu/jasf/article/view/6381>. Date accessed: 19 oct. 2021. doi: https://doi.org/10.14505//jasf.v12.1 (23).04.
Journal of Advanced Studies in Finance