Digitalization is rapidly transforming the way people consider finance to be, empowering monetary sectors with more flexibility, tenacity and executive ability. Moreover, the unpredictable pandemic COVID-19 has emphasized the capability of digital finance when responding to crisis effectively. This paper introduces the role digital finance played overcoming the shortfalls in present financing system, especially in the period of COVID-19 spread and the exposed capability barriers that would restrict the potential development of digital finance.

Wenchen Miao. Barriers of Digital Finance in COVID-19. International Journal of Frontiers in Sociology (2020), Vol. 2, Issue 9: 21-29. https://doi.org/10.25236/IJFS.2020.020904.

[1] International Monetary Fund (2019). World Economic Outlook Report.
[2] Maria Ramos, Achim Steiner, et al. UN secretary-General’s (2020). People's Money Harnessing digitalization to finance a sustainable future.
[3] Kristalina Georgieva (2020). International Monetary Fund.
[4] UN Secretary-General’s High-Level Panel (2020). Digital Cooperation 1
[5] Global System for Mobile Communications Alliance (2019). Mobile Industry Impact Report: Sustainable Development Goals
[6] Bech, M, Hancock J, Rice T and A Wadsworth (2020). On the future of securities settlement. BIS Quarterly Review.
[7] Yoram Wuemser. Global Mobile Payment Users (2019). eMarketer
[8] World Bank (2019). Financial Inclusion on the Rise, But Gaps Remain (Global Findex) Database Shows
[9] World Economic Forum(2020). Impact of COVID-19 on the Global Financial System
[10] Auer, R, Cornelli, G. and Frost, J (2020). COVID-19, cash, and the future of payments. Bank for International Settlement
[11] Fact Sheet - DBS Initiatives for SMEs & Corporates - COVID-19 (2020). DBS Bank.
[12] Mobile Internet Connectivity 2019: Global Factsheet (2019). Global System for Mobile Communications Alliance
[13] Martha Garcia-Murillo (2005). International Broadband deployment: The impact of unbundling
[14] Analysis and Suggestions on the impact of COVID-19 on China's computer industry (2020). Credit Evaluation Center of China Export Credit Insurance Corporation, China Trade Remedies Information
[15] Financial providers successfully foil criminals seeking to take advantage of pandemic disruption (2020). Experian
[16] Study on trends in Cyber fraud during the COVID-19 epidemic (2020). 360 Internet Security Center
[17] coronavirus outbreak sparks a new trend in counterfeit medical items (2020). Interpol