Indonesian banks turn to rising affluent

Indonesian banks must target the country’s growing middle class if they are to build a sustainable onshore wealth management industry. In addition, the country’s regulators should loosen restrictions on how much domestic mutual funds can invest offshore – doing so may eventually entice some of the country’s high-net-worth (HNW) and ultra-high-net-worth individuals to invest locally. Most wealthy Indonesians prefer to park their money with foreign banks, with Singapore the most c…