How technology is reshaping the future of money

The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s) whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the covering analyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) or issuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and any other views or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: Kailesh Mistry, CFA, Madhvendra Singh, CFA, Antonin Baudry, Abhishek Murarka, Rahil Shah, Neha Agarwala, CFA, Carlos Gomez-Lopez, CFA, Jitendra Singh, Carson Lo, CFA, Andrzej Nowaczek, CFA, Davey Jose, Vikash Bardolia, Allen Chen, Robin Down, Weldon Sng, CFA, Joanna Chan, CFA and Saul Martinez

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1. This report is dated as at 05 July 2023.
2. All market data included in this report are dated as at close 30 June 2023, unless a different date and/or a specific time of day is indicated in the report.
3. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
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1. This report was produced and signed off by the author on 04 Jul 2023 16:44 GMT.
2. In order to see when this report was first disseminated please see the disclosure page available at https://www.research.hsbc.com/R/34/lrHmfLR