Restrictions on credit markets will still limit innovation, with the effect of tilting the playing field to local players’ advantage. In similar fashion, tight regulations on bank licensing and branch network expansion will constrain global players’ competitiveness in corporate lending and transaction banking. Finally, recent anti-inflationary measures such as price caps on lending and increases in reserve requirements—will deepen the advantages that large, domestic incumbents currently enjoy, particularly those that are current or former state-owned enterprises (SOEs).