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

By Megha Bhattacharya

The 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.”