FoundationGlobalFinancialsandPaymentsFintech:AGauntlettoRichesFinancialandpaymentfirmsgloballyfaceagrowingarrayoffintechinnovationsanddisruptors.Whetherdisruptorsorincumbentsultimatelysucceeddependsonseveralfactors,butweexpectfallingVCinvestmentandrisingincumbentinvestmentwillskewreturnstothebiggestandmostentrenched.MorganStanleydoesandseekstodobusinesswithcompaniescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanleyResearch.InvestorsshouldconsiderMorganStanleyResearchasonlyasinglefactorinmakingtheirinvestmentdecision.Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoNASD/NYSErestrictionsoncommunicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.May17,201709:57PMGMTFoundationContributorsMorganStanley&Co.LLCJamesEFaucetteEquityAnalystJames.Faucette@morganstanley.comMorganStanley&Co.LLCBetsyL.Graseck,CFAEquityAnalystBetsy.Graseck@morganstanley.comMorganStanley&Co.LLCVasundharaGovilEquityAnalystVasundhara.Govil@morganstanley.comMorganStanley&Co.LLCDanyalHussain,CFAEquityAnalystDanyal.Hussain@morganstanley.comMorganStanley&Co.LLCKaiPanEquityAnalystKai.Pan@MorganStanley.comMorganStanleyAsiaLimited+AnilAgarwalEquityAnalystAnil.Agarwal@morganstanley.comMorganStanleyAsiaLimited+GraceChenEquityAnalystGrace.H.Chen@morganstanley.comMorganStanleyAsiaLimited+RichardXu,CFAEquityAnalystRichard.Xu@morganstanley.comMorganStanley&Co.Internationalplc+GiuliaAuroraMiottoEquityAnalystGiulia.Aurora.Miotto@morganstanley.comMorganStanley&Co.Internationalplc+MagdalenaLStoklosaEquityAnalystMagdalena.Stoklosa@morganstanley.comMorganStanleyMUFGSecuritiesCo.,Ltd.+MiaNagasakaEquityAnalystMia.Nagasaka@morganstanleymufg.comFoundationContents5ExecutiveSummary:RunningtheFintechGauntlet8The...
