back Back

EPA launches Project Recovery to help UK FinTechs in post-pandemic era

By 8

July 16, 2020

Share

EPAThe Emerging Payments Association (EPA) has announced the launch of Project Recovery in a bid to help the UK FinTech industry to make more informed decisions and enable them to adapt to the post-COVID-19 world. The Project Recovery Hub has rolled out a Covid-19  Recovery Toolkit that signposts cyber-security services, articles from industry professionals, payments training courses and includes advice on furloughing and returning to the office.

Tony Craddock, Director General of the Emerging Payments Association, said, “The FinTech sector has a key role to play in the UK’s economic recovery, and so the aim of Project Recovery is to make sure it is not only the big players that survive but all FinTechs across the ecosystem. Our COVID-19 Recovery toolkit, free training and events, means businesses of all sizes will have access to resources that can guide them through the pandemic to a prosperous 2021.”

According to EPA, the current scenario has given rise to digital and contactless payments but at the same time has left many organisations exposed to the existential threats presented by the pandemic. The organisation believes that this is the most critical time for UK FinTechs to develop a steady ecosystem.

EPA also pointed out the funding gap that occurred due to the $2 billion decrease in FinTech funding from Q4 2019 to Q1 2020, stating that failure to address these risk might lead to the loss of many companies in the UK economy.

Mike Chambers, Director, Northey Point Limited and EPA Ambassador, said, “Whilst online payment providers and FinTechs supporting contactless payments and digital identity providers have weathered the storm well, there has been a distinct lack of funding for many organisations across the sector. Project Recovery has a voice, and we plan to use it to help equip companies with the right knowledge and resources to lead them out of the pandemic.”

Alan King, Group President, Europe & Australasia, FLEETCOR and EPA Advisory Board Member, said, “As an association and an industry, we have stood tall and pulled together this year. We think it is imperative to continue to foster growth and momentum throughout the fintech industry to ensure it remains one of the strongest and most promising industries in the UK heading into 2021.”

Previous Article

July 15, 2020

Onfido partners with Bondora, Voima Gold, EstateGuru

Read More
Next Article

July 16, 2020

Digital Reasoning forms global partnership with Google Cloud

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

October 29, 2024

Afin Bank and Thought Machine launch digital bank for Africans in the UK

Read More

October 22, 2024

Tuum partners with Google Cloud to deliver core banking in EMEA

Read More

October 17, 2024

Stress and Mortgages: Are UK Banks Failing Homebuyers?

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q3 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More