Fintechs' moves to acquire Indonesian banks will rev up competition: Fitch

Singapore

RECENT moves by tech firms to acquire small Indonesian banks will add more colour to Asean's financing landscape, but are unlikely to pose a material challenge to the biggest incumbent lenders in the near term, said Fitch Ratings.

This comes as fintechs are likely to first target underserved segments of the market which traditional banks tend to neglect, it added in the report.