Secondly, we are seeing a regulatory environment that is struggling to accommodate for, support and govern a range of rapidly emerging payment and financial services companies. As the FinTech startups hit true scale they are entering a phase where the incumbents are able to play to their own strengths. So the transition from a high-growth, even-scaled FinTech to a company that has served the test of time is a tricky one. The giant financial services corporates have mainly been able to weather the storm of economic downturn, and create a true legacy across generations. And that leads us to
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