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Impacts of Covid 19 pandemic on financial technology, entrepreneurship, and the economy

Mountakis Dionysios

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Summary

This dissertation aims to outline the situation on the world economic map, which is changing before our eyes at a pace of "optical fiber". Faced with the global COVID-19 pandemic, entrepreneurs face a new reality: it is not only a huge health crisis affecting an increasing number of people around the world, but it has also caused an unprecedented recession in the global economy. There are different scenarios and realities, depending on the market of activity of the factors of production, affecting the growth and the profitability. The numbers are overwhelming. At the time of writing, France had recorded its biggest drop in GDP - 5.8% - since 1949 in the first quarter of this year. In the US, meanwhile, the number of unemployed or underemployed has now exceeded 40 million, which reveals the fragility of modern economies.But not everything is so negative, considering that financial technology (fintech) will play a key role in the global economic recovery, as it is projected to remain profitable, and will offer new opportunities for small and medium-sized enterprises and acquisitions and mergers. The word Fintech is a combination of the words financial technology. Fintech is defined as the new technology that seeks to improve and automate the provision and use of financial services, helping companies, business owners and consumers in the most rational and profitable management of their financial activities and processes, through sophisticated implementation of specialized software and algorithms, used in computers and, increasingly, in mobile phones. Fintech also includes the development and use of cryptocurrencies such as bitcoin. Although this field is gaining more and more research interest and ground in the market, large funds are still in the traditional global banking industry and in the market capitalization of many trillions of dollarsRegarding the adverse economic behavior of the current banking system, it turns out that simply COVID 19 is the catalyst for a situation due to unsafe and high-risk investments. Within the framework of this diploma, an analysis of the effects of COVID 19, both negative and positive, in the fields of financial technology, entrepreneurship and the global economy in general will be carried out. As we go through the technology revolution. Classical financial structures will either evolve or be replaced by innovative models and new players, capitalizing on billions.

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