1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities(USA)Inc.View HSBC Global Research at:https:/ Listen to our insightsFind out moreHSBCGlobal I

2、nvestmentResearchPodcasts We showcased 12 Fintech companies at our Digital Finance Forum,from listed champions like MA,PYPL,MELI,Nu to thriving unlisted competitors like PicPay,Clip,Uala,Klar,Plata,etc,along with the Brazilian financial regulator We make no changes to our estimates,TPs or ratings At

3、 HSBCs Digital Finance Forum,held during 23-27 June,we hosted 12 companies as well as the Brazilian Central Bank.We highlight the key takeaways on the listed companies below.We include detailed management comments from all participants inside the note.Mastercard(pg5):Management noted continued resil

4、iency in consumer spend,the virtuous circle that exists across consumer,commercial/new flows,and services,and the expectation that the attractive financial algorithm driving mid-teen EPS growth persists.MercadoLibre(pg6):In the long term,MELI sees itself as a pan-LatAm banking platform and aims for

5、customer principality.A significant portion of commerce GMV is already running through MELIs own financial products,demonstrating the ecosystem flywheel.Comfortable with asset quality in Brazil;excited about payroll market opportunity.In Mexico,seeing strong uptake in the payment acquiring business

6、and in credit,its marketplace should offer a significant advantage versus peers.Excited about the lending opportunity in Argentina given Pagos penetration in QR payments.PayPal(pg8):PayPal noted that management changes have contributed to improved financial and business outcomes;current volume and r