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Vista Equity Partners CEO hints concern over pandemic-hit SMEs

Vista Equity Partners CEO hints concern over pandemic-hit SMEs
Vista Equity Partners CEO hints concern over pandemic-hit SMEs

COVID-19 pandemic has severely impacted countries worldwide, raising concerns for organizations over long-term economic stability. Recently, Head of America’s leading venture capital and private equity firm, Vista Equity Partners, shed light on this matter in a recent press meet where he discussed the necessary steps needed to be taken by the U.S to help minority-owned businesses recuperate from the financial loss caused by the COVID-19 pandemic.

Reportedly, days after investing nearly $1.5 billion into Indian telecommunications company, Reliance Jio, Robert F. Smith, Chairman, Founder and CEO of Vestas Equity Partners, turned his focus towards the U.S. and its mounting economic crisis that is apparently ruining the position of financial institutions and minority businesses amidst the COVID-19 pandemic.

According to Smith, the novel virus is like a pandemic on top of a number of epidemics. As a result, the country’s next round of stimulus should focus on supporting small businesses that remain to be underserved by conventional financial institutions. Therefore, new financial technology services and software could play a huge role in revitalizing these businesses.

The government should come up with some lasting, real, and scalable solutions to help communities that are hit hard by this slowdown, as well as those probably taking a long time to recover, added Smith.

There is a serious need for a new wave of technology systems to strengthen transparency and facilitate operations between these urban-rural communities that do not have the option to avail services from large banking institutions. Besides, an infusion of cash into community development financial institutions could significantly enhance the prospects for these communities.

In other news, Vista Equity Partners made headlines when it joined the social conglomerate Facebook in owning stakes in Reliance Jio Platforms. The investment gave the venture capital firm a 2.32% stake in Jio Platforms, valuing India’s topmost telecom operator at $65 billion.

Source Credit: https://usa-sciencenews.com/2020/05/10/vista-partners-founder-calls-for-a-fintech-revolution-to-help-pandemic-hit-minority-owned-small-businesses/

 

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Sunil Jha

Sunil Jha has been a part of the content industry for close to two years. Having previously worked as a voice over artist and sportswriter, he now focuses on writing articles for newsorigins.com, across a slew of topics, ranging from technology to trade and finance. With a business-oriented educational background, Sunil brings forth the expertise of deep-dive research and a strategic approach in his write ups.