Traditional banks and fintech companies are the ultimate frenemies. The long-established traditional finance firms have carved up southeast Asia like a Risk board, staking their claim to service the affluent classes in developed areas, while the fintech companies reach out to the underbanked. But in between, the borders are blurred.
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The region’s affluent classes are well served by traditional banks. But fintech firms hope to gain a foothold in financial services through customers that have been left behind.