Six Park co-CEO Nuvan Aranwela spoke to FINSIA about threats and opportunities for fintechs during the COVID-19 pandemic.
He says that, although the current climate will produce opportunities for fintechs, it’s still a situation that requires careful management.
“Any business in an early-stage growth mode – fintech or otherwise – is going to find an economic downturn difficult. Prudent governance, an agile strategy and financial strength will separate winners from losers,” Aranwela says .
Aranwela also wants to see the federal government clear ambiguities and hurdles to make it easier for fintech solutions to be adopted. For instance, he says advisers have reported the Financial Adviser Standards and Ethics Authority’s (FASEA’s) recently-released code of ethics is inconsistent with other regulations, which is causing confusion and concern among advisers.
“They feel uncertain about adopting new solutions that have the capacity to address clients’ needs and transform their businesses in a time of great demand.”
This story also featured commentary from Gobbill, GoCardless and ThoughtWorks.