PayPay

The fintech sector is really getting hammered: PayPal with a big bearish candle almost -9%, PayPay also directly down -7% in one go, Interactive Brokers couldn't hold on and followed down, Goldman Sachs is holding up slightly better, and American Express is relatively stable.

Now holding PayPal, my conviction is wavering again, I really don't know if anyone still believes in a spring for these US stock fintech leaders 😥

$PayPay(PAYP.US) just IPO’d in the U.S. around a ~$10–13B valuation with ~72M users in Japan and ~$100B payment volume, basically a super-app style wallet (payments + credit + finance) dominating a still-cash-heavy market.

Compared with $Paypal(PYPL.US), the opportunity is different:

• PayPay = domestic network effects + consumer wallet growth

• PayPal = global merchant rails + higher-margin software/payments stack

Ironically PYPL might have the turnaround alpha: lower valuation, operating leverage if payment margins stabilize.

@Bridge Buzz SG