European Banking Sector to Get Severely Impacted After the COVID Breakout

To address the global emergency, the World Health Organization (WHO) in March 2020 has encouraged people to use cashless transactions. This has increased the adoption of digital transaction services, forcing traditional financial institutions to increase their digital innovation efforts. Additionally, several banks are assisting fintech firms to improve digital transaction services. Also, weakening economies are presumed to force government organizations to enhance the expansion of fintech solutions. For instance, the South Korea Ministry of Economy and Finance plans to temporarily impose easy regulations on fintech firms to jumpstart its economy in the middle of the COVID-19 outbreak.