As of 21 February 2020, there are a total of 85 cases of COVID-19. Many companies are practicing safety measures and protocols to ensure that their staffs are well protected and that their business can continue smoothly.

But how is it affecting the fintech industry?

We had a chance to interview Mr. Nikhilesh Goel, Co-Founder of Validus Capital Pte Ltd, and ask him about his views about the Business Continuity Plans (BCP).

Working Closely with Overseas Offices

In addition to adopting safety measures recommended by the government, such as requiring visitors to complete health declaration forms and for employees to conduct regular temperature checks, as well as appointing a BCP manager to disseminate information and keep track of the status, Validus ensures that there is a sufficient supply of masks and hand sanitizers for their employees.

But we all know it is not as easy to find masks and sanitizers at the moment. How did Validus manage to secure the supply?

“Our colleagues from the Indonesian office have been very helpful and has procured us sufficient supplies,” said Mr. Goel. Currently, Validus has three offices globally: Singapore, Vietnam, and Indonesia.

FinTech Is a Solution

The COVID-19 outbreak has impacted many businesses in Singapore. A lot of small-medium enterprises (SMEs) have had to find alternative options to run their businesses especially when their contractors are based in the affected countries. Many companies are short-staffed as well due to the self-isolation of their employees and for others. The banking and finance sector is no exception.

This inevitably caused cash flow issues, and fintech companies can provide solutions.

“Fintech companies are able to help address increased financing needs caused by the COVID-19 and help SMEs that are struggling during this outbreak,” said Mr. Goel.

“For example, we provide cash flow assistance to SMEs in a more efficient manner. SMEs can seek easier and quicker financing at affordable rates, which is important especially during this time period.”

Become a Number One

Operationally Validus is going strong and believes their 2020 plans are still on track even in the face of the outbreak.

“Currently we have three global offices. We have plans to expand to Thailand as well.

“We have also just partnered with more corporates in Vietnam to extend financing to their SME ecosystems. Our plan is to become the number one SME financing platform in Vietnam.