The tech world is bracing for change amid the Coronavirus pandemic

Some updates during the week of March 8th to 14th, including work-at-home efforts, contactless payments, and regulations

Published in

Elevate Ventures

3 min readMar 15, 2020

COVID-19 has been classified as a pandemic by the World Health Organization. Even before this announcement, the Coronavirus has already started to make an impact across the global economy. Here are some of the news and trends this week relevant to the technology space.

World Health Organization encourages use of contactless payments

Central banks have reportedly started quarantining physical bills as part of countermeasures against COVID-19. This means digital payments — especially contactless payment platforms — need to step up their game in providing a safe and secure alternative to cash.

A representative from the WHO has said that, “people should use contactless [payment] technology where possible.” Some observers opine that this could be a tipping point that could lead toward wider adoption of digital currency in daily transactions.

Work-from-home initiatives give enterprise apps a boost

Technology has always been an enabler of remote working arrangements, and the “gig economy” is supposedly one of the major social phenomena brought about by internet connectivity. In fact, the Coronavirus might contribute a big push toward remote work being the de facto future of how we do business.

There are recommendations for social distancing to contain the spread of COVID-19, and some places outside of China have already instituted a lockdown (e.g., Italy and Metro Manila in the Philippines).

Businesses are implementing their own work-from-home measures, such as Google and many other technology companies. Enterprise app providers are offering their own promotions — such as free access — and might ultimately benefit from an uptick in utilization in both enterprise and small-business markets.

Governments recognizing the need for decentralized tech regulations

Recently, Japan has made a push for a global blockchain governance council. The Financial Services Agency (FSA) announced the launch of the Blockchain Governance Initiative Network (BGIN), which aims to enable collaboration and dialogue between stakeholders.

Meanwhile in China, President Xi Jinping has stressed the potential of blockchain technology particularly in improving social governance, especially in light of the fight against the novel Coronavirus. There is the need for an effective, efficient, and prominent governance model, which decentralized tech could help achieve.

In the United States, the “Crypto-Currency Act of 2020” was introduced into Congress, with the aim of having clearer definitions of responsibilities and oversight among regulatory agencies in the country. The bill intends to “provide not only clarity but legitimacy to crypto assets.”

Earlier versions of such legislation have circulated, although this particular one is said to have a more comprehensive scope.

FinTech is on an upward trend — in the future, practically any business can be a FinTech

On to better news, there is an upward trend in the FinTech jobs market. The pandemic can also contribute toward the growth of certain industries relevant to FinTech, such as insurance, especially life insurance and business coverage. Digital retail can also benefit from this.

Earlier this year, Andressen Horowitz actually proffered an interesting idea: that financial services will be offered on an as-a-service model, and that any business can practically be a FinTech because of this.

About this article

The Elevate Ventures Team curates a weekly roundup of news and developments relevant to technology, innovation, and business. Get in touch with us to contribute, engage our experts, or become part of our network.

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