Fitch Ratings cites the recent acquisition of Indonesia’s Bank Kesejahteraan Ekonomi (BKE) by Singapore tech startup Sea Ltd as well as Indonesian ride-hailing and food delivery company Gojek increasing its stake in Indonesian Bank Jago last month, as strategies of tech firms which want a slice of the Asean financial services market.
A TREND is fast gaining traction in the Asean banking space where small banks are being snapped up by technology companies for entry into an otherwise highly regulated market.
This week, Fitch Ratings wrote and posted an article on its website stating that recent acquisitions of small banks in Indonesia by tech firms have highlighted the potential for fintech entrants to shake up the competitive landscape for banking in Asean in time to come.
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