This AIIFL working paper discussed the role of digital finance in addressing the financial, economic, and health challenges presented by the COVID-19 pandemic. It explored the use of digital finance at both macro and micro levels, focusing on systemic risk and financial stability, as well as the use of digital financial tools for recovery. The paper also highlighted the challenges posed by digitization, particularly in terms of TechRisk arising from data control and use by state and non-state actors.