Fintech firms in Southeast Asia, which once lured investors with the promise of profitable, low-cost financial services, are now facing the first major test of that thesis amid COVID-19.
The pandemic’s economic disruption has resulted in a spike in loan delinquencies for both new-age lenders and traditional banks. However, fintechs, which do not have the deep pockets of banks and microfinance institutions, are facing the brunt of the crisis.
