Digital money transfers are enabling governments and individuals to provide immediate support to people. Concern about physical transmission of the virus on banknotes is accelerating the shift to digital payments, which risks excluding the unbanked.
Digital financing support to SMEs includes emergency collateral-free digital loans and digital processing of trade financing such as by DBSandStandard Chartered. In China, Ant Group partnered with over 100 banks to launch the Contactless Loans initiative to support SMEs to recover from Covid-19. It is using blockchain-powered supply chain finance to enable SMEs to apply for loans from banks based on their receivables from large enterprises.
Crowdfunding platforms are raising funds for medical supplies and emergency relief. Yelp, a business directory with crowdsourced reviews, and Intuit QuickBooks partnered with GoFundMe to allow businesses affected by the Covid-19 to launch fundraisers and accept donations. Ecommerce platforms. have been developed that sell goods locally for immediate or future consumption.
Innovative digital insurance productsare being launched to provide coverage for those affected by coronavirus. WeSure, the insurance arm of Tencent developed insurance products including free Covid-19 insurance for Chinese citizens under 65. Riskcovry, a Mumbai-based start-up, introduced coronavirus insurance in-a-box solution for businesses that want to offer hospitalization and lost wages coverage.
Fiscal transparencywill play an important role in ensuring government accountability for spending on crisis response and recovery. Portals like Recovery.gov and Fuerza Mexico that tracked relief and reconstruction activities following 2017 earthquake in Mexico can serve as models and provide lessons.
Digital money transfers are enabling governments and individuals to provide immediate support to people. Concern about physical transmission of the virus on banknotes is accelerating the shift to digital payments, which risks excluding the unbanked.
Digital financing support to SMEs includes emergency collateral-free digital loans and digital processing of trade financing such as by DBSandStandard Chartered. In China, Ant Group partnered with over 100 banks to launch the Contactless Loans initiative to support SMEs to recover from Covid-19. It is using blockchain-powered supply chain finance to enable SMEs to apply for loans from banks based on their receivables from large enterprises.
Crowdfunding platforms are raising funds for medical supplies and emergency relief. Yelp, a business directory with crowdsourced reviews, and Intuit QuickBooks partnered with GoFundMe to allow businesses affected by the Covid-19 to launch fundraisers and accept donations. Ecommerce platforms. have been developed that sell goods locally for immediate or future consumption.
Innovative digital insurance productsare being launched to provide coverage for those affected by coronavirus. WeSure, the insurance arm of Tencent developed insurance products including free Covid-19 insurance for Chinese citizens under 65. Riskcovry, a Mumbai-based start-up, introduced coronavirus insurance in-a-box solution for businesses that want to offer hospitalization and lost wages coverage.
Fiscal transparencywill play an important role in ensuring government accountability for spending on crisis response and recovery. Portals like Recovery.gov and Fuerza Mexico that tracked relief and reconstruction activities following 2017 earthquake in Mexico can serve as models and provide lessons.
