According to a report by Fitch Ratings published on May 14, 2026, non-bank financial institutions (NBFIs) across the Asia-Pacific region face uneven but manageable risks stemming from energy shocks. Emerging-market finance and leasing companies are the most vulnerable, as surging fuel and import costs are expected to erode borrower affordability and drive up funding expenses.
Fitch highlighted Vietnam and Thailand as markets where NBFIs face an elevated risk of rapid asset quality deterioration, driven by the immediate pass-through of rising fuel prices to retail consumers. Vietnamese lenders are exposed due to their riskier unsecured loan portfolios, while Thai NBFIs must navigate these shocks within an already sluggish economy. Meanwhile, NBFIs in India and Indonesia are facing moderately higher funding costs resulting from currency depreciation.
Despite these challenges, Fitch expects the pressure on rated issuers to remain generally manageable. Elsewhere in the region, China’s leasing and asset management firms are projected to hold steady despite a challenging operating landscape. In Taiwan, finance companies continue to face headwinds from lending to vulnerable segments, particularly small and medium enterprises (SMEs) that sit outside the technology supply chain.
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