'We urge firms to take this opportunity to future-proof their business, build up new capabilities'
Four in five fintech organisations in Singapore have implemented business continuity plans, based on a survey by Singapore FinTech Association (SFA), a non-profit organisation.
About half of employers surveyed said that COVID-19 has had a significant impact on their business.
The study also found that larger firms are coping better with the crisis as compared to smaller firms with less than 20 employees.
READ MORE: Coronavirus: HR's role in business continuity plans
In response to the survey findings, SFA will be working closely with the Monetary Authority of Singapore (MAS) and key ecosystem players like NTUC and e2i to address the main issues:
- Saving jobs
To bolster the government’s initiatives like the Jobs Support Scheme, SFA will be working with NTUC & e2i, to come up with targeted schemes to help companies better manage manpower as well as assist them to expand their capabilities through job redesign and upskilling of workers.
- Lowering business cost
SFA is currently in discussion with industry players like cloud service providers to further provide financial assistance during this challenging period.
- Improving sales
To help B2B firms ease their compliance burden and raise standards across the industry, SFA will be working with an external auditor to come up with a new self-assessment framework based on available guidelines, like the one by MAS. SFA will also help through virtual workshops and facilitate collaboration opportunities.
- Stimulate funding
SFA will work closely with MAS to help companies get funded through co-organising online events. SFA is also working with a few potential partners on a FinTech Relief Fund to address some of the short-term funding gaps. More will be announced on a later date.
“The COVID-19 pandemic has affected businesses across all sectors, FinTechs included,” said Chia Hock Lai, President of SFA. “We urge FinTechs to take this opportunity to future-proof their business, build up new capabilities and seize new opportunities during this period.”
