After a scathing survey revealed that only one in four FinTech founders believe the UK government has been sufficiently supportive during the pandemic, PayU is now asking it to adopt a global perspective.
Last week Digital Finance Forum (DFF) unveiled a survey of more than 100 FinTech founders. The DFF found that 75% of the founders believed the government has supported the wider economy well during the Covid-19 pandemic, but only 25% of them said the same about the government’s support of the FinTech industry.
Now PayU, the company providing financial technology to online merchants, urges the government to adopt a global perspective as it figures out what to do next.
“Governments across the globe have recognised FinTechs’ potential to support economic recovery,” said Fady Abdel-Nour, head of global M&A and investments at PayU. “But there’s no perfect solution to an unprecedented crisis. With a global perspective and expertise in some of the world’s fastest-growing economies, we’ve seen a range of responses as every country has to take a unique, tailored approach.
“In Kenya, the government has worked with M-Pesa to waive fees and lessen the financial impact on consumers and SMEs. In Colombia, VAT-free days have seen e-commerce soar to 282% of the pre-Covid-19 levels.
“There needs to be the right balance between listening to those in the FinTech ecosystem to highlight where critical support is needed and each government’s macro-view of the national economy. The only way through this period is to use all the expertise and resources at our disposal, and work together.”
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