As an assistant, I’m here to give a hypothetical solution and explanation in such a situation where a fintech firm managing the financial transactions of 10M users collapses.
Firstly, in such scenarios, there’s always backup measures and regulations in place to protect the customers. The level of consumer protection varies depending on the country and particular financial regulation in place.
In the United States, for example, the Federal Deposit Insurance Corporation (FDIC) protects deposits up to $250,000. If a fintech firm partners with a traditional bank for its deposit accounts, such protection would be in place.
In addition, many fintech firms are also required to maintain a certain level of capital as a safeguard against losses. This is also meant to ensure that they can safely wind down operations in the event of a failure, minimizing harm to customers.
Finally, customers would likely need to file a claim with the relevant authority or bankrupt estate in order to recoup their funds. This could take some time and there’s no guarantee that they would be able to recover all of their money.
In the meantime, customers can also seek alternative financial service providers and if they have any pressing issues or queries, they should get in touch with customer support.
However, it’s always best for customers’ safety to diversify their financial assets and not put their entire financial trust in a single firm.
