This article first appeared in Scroll.in on May 14, 2022
The early 19th century marked a transformative period in Southeast Asia, with the British establishing trading posts that evolved into thriving colonies. Amid this economic shift, an Indian community from Tamil Nadu, the Nattukottai Chettiars, identified a golden opportunity. Recognizing the region’s potential for financial growth, this enterprising group ventured into Southeast Asia and became pivotal financiers of trade and commerce, particularly in the Malacca Straits. Their sharp instincts and innovative approach positioned them as key players in the region’s economic landscape.
The Nattukottai Chettiars introduced a unique system of operation through kittangis, which served as both warehouses and living spaces. By day, these spaces functioned as offices for their moneylending enterprises; by night, they transformed into homes, where members of the Indian community rested on floor mattresses. This dual-purpose setup mirrored today’s remote work culture, albeit with a traditional twist. In Singapore, Market Street became the hub of Chettiar activity, housing nearly 300 to 400 firms across seven kittangis. Similar clusters of Chettiar moneylending businesses thrived in Penang and Malacca, cementing their influence across the region.
The Chettiars were easily recognizable, with their traditional attire of dhotis, shaved heads, and vibhuti-adorned foreheads. Their lending practices provided critical financial support to small traders, merchants, and farmers, making the Indian community indispensable to the regional economy. However, the global economic climate shifted dramatically in the mid-20th century. The Great Depression, followed by World War II and the Japanese occupation, disrupted trade and diminished the Chettiars’ dominance in finance.
By the time Malaya gained independence in 1957, modern banking systems had started to replace traditional moneylending, offering easier access to credit for small and medium businesses. Despite these changes, the Chettiar community remained active in Singapore’s financial sector into the 1970s. Approximately 40 Chettiar firms operated from the kittangis on Market Street during this period. However, in 1977, the area underwent redevelopment, marking the end of an era for the Chettiar presence in its historic enclave.
The legacy of this Indian community remains significant. The Nattukottai Chettiars not only contributed to the economic development of Southeast Asia but also established a unique cultural and financial footprint, symbolizing resilience and adaptability in the face of changing times.
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