【Morgan Stanley】 FinTech.pdf
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Foundation
Global Financials and Payments
Fintech: A Gauntlet to Riches
Financial and payment firms globally face a growing array of fintech innovations and
disruptors. Whether disruptors or incumbents ultimately succeed depends on several
factors, but we expect falling VC investment and rising incumbent investment will skew
returns to the biggest and most entrenched.
Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.
For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.
+ = Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subject to NASD/NYSE restrictions on communications with a
subject company, public appearances and trading securities held by a research analyst account.
May 17, 2017 09:57 PM GMT
Foundation
Contributors
James E Faucette
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Betsy L. Graseck, CFA
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Vasundhara Govil
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Danyal Hussain, CFA
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Kai Pan
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Anil Agarwal
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Grace Chen
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Richard Xu, CFA
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Giulia Aurora Miotto
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Magdalena L Stoklosa
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Mia Nagasaka
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