According to a KPMG study of 2020, global fintech investment reached 1,221 deals or a total of $26.5 billion in the first half of 2020. Another 2020 report by PwC predicts that up to 28% of banking and payment services are at risk of disruption due to advances in business models brought about by fintech. Fintech services or platforms were already experiencing increasing use and increasing global investment before the coronavirus outbreak. The pandemic has, further, contributed immensely to the acceleration of cloud services and similar solutions for the industry.