The past 10 – 15 years have been marked by a rise in new Financial Technology (Fintech) companies in the financial services industry. The provision of financial services has actually been evolving since the installation of the first permanent telegraphic transatlantic cable in 1866, the introduction of the credit card in the 1950s to more recently, digital currencies and crypto assets in the wake of the 2008 - 2009 global financial crisis. This evolution has resulted in the expansion of the sector. Moreover, the potential role that digital payments have in curtailing the spread of COVID-19, intensified the importance of fintech in 2020. As such, the coronavirus pandemic could be a springboard that would accelerate and strengthen trends that were already in motion, with the long-term effect of facilitating fintech and digitalisation.
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