Fitch Ratings said non-bank financial institutions in Asia-Pacific face uneven but broadly manageable risks from an energy shock linked to the US-Iran war, with developed markets expected to show greater resilience than emerging peers.
The agency noted that higher fuel prices, imported inflation, softer demand and tighter funding conditions would weigh on finance and leasing companies, particularly in emerging markets. It added that currency weakness could further raise inflation and constrain monetary easing.
Fitch warned that Vietnam and Thailand are more vulnerable due to faster fuel price transmission, riskier unsecured lending in Vietnam, and Thailand's already weak economic backdrop. India and Indonesia may also see higher funding costs as currency depreciation and inflation expectations push up interest rates, Fitch said.
In contrast, China's leasing and asset management firms are expected to remain relatively stable, supported by controlled risk appetite and policy backing, despite property sector weakness.
Developed Asia finance companies are seen as more resilient due to deeper funding markets and AI-related growth support, although SME exposure remains a key risk in some markets such as Taiwan, the agency said.