In fact, there are essential constituencies, namely SMEs and households that still obtain credit almost exclusively from banks. Accordingly, there can be no sustained recovery without a healthy, competitive and prudent banking system. Cleaning up the banks, as was done at an early stage in the US, is not merely desirable, it is a condition to finally emerge from the crisis and move on.
My challenge therefore to financial institutions and fintechs is to build on this momentum as we emerge from the COVID-19 crisis. As I finish, I would be remiss if I did not point out that there are fundamental barriers and risks associated with digital financing.