After the boom, the fintech sector shaken by the Wirecard scandal

Posted Jul 1, 2020, 9:49 a.m.Updated Jul 1, 2020 at 3:30 p.m.

The Wirecard scandal casts a chill on the fintech sector, which has been booming in recent years. What consequences can the revelation of this fraud have on this market? The German nugget works with many neobanks and start-ups in financial services. ” Wirecard is systemic fintech: its fall can cause malfunctions for many companies “, Considers a good connoisseur of the medium. Companies such as the British supplier of prepaid cards Curve have already had bitter experience of this.

The accounting scandal could nevertheless have positive consequences with the implementation of more robust control systems. ” We must encourage more transparency, particularly in terms of the publication of financial figures, pleads Mikaël Ptachek, president of the Fintech Observatory. It is important for market confidence ». « With such an accident, there will be even more vigilance externally on the part of supervisors and auditors, but also internally, in start-ups “, Believes Julien Maldonato, innovation consulting partner at Deloitte.

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