Rahul Shah

Tellimer Research

Head of Financials Equity Research @ Tellimer Research

Rahul covers global financials names. He has covered the financials sector as a sell-side analyst for over two decades, first in London and then Dubai. He was previously at Credit Suisse as head of MENA equity research, and has also worked at Deutsche Bank, Bank of America and JP Morgan. He is a CFA charterholder and a UK-qualified chartered accountant. 

Rahul Shah
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Latest from Rahul Shah

Brazil fintech: Growth opportunities, targeted KPIs and the value proposition

Considering how fintechs run their own operations, our detailed survey of 215 firms provides some interesting insights. Brazilian fintechs are focused on growing their user base and transaction value, and on product/ service innovation. As for the cu...
Tellimer Research Rabail
Rabail Adwani @ Tellimer Research 29 June 2022
Brazil fintech: Growth opportunities, targeted KPIs and the value proposition
Brazil fintech: Growth opportunities, targeted KPIs and the value proposition

Inflation, interest rates and the margin-cost trade-off for EM banks

Margins are likely to widen as interest rates rise (positive). Loan quality will likely deteriorate due to weaker debt servicing capacity and lower collateral values (negative). Items 3-5 will take effect later in the cycle and we will return to thes...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 29 June 2022
Inflation, interest rates and the margin-cost trade-off for EM banks
Inflation, interest rates and the margin-cost trade-off for EM banks

BNPL is now on the regulatory radar, good for its long-term sustainability

Since aggressive BNPL growth is putting both consumers and companies at risk, regulators in different markets are increasingly hatching plans to regulate the sector. Recently, regulators in some leading BNPL markets have shown intentions to bring the...
Tellimer Research Rohit
Rohit Kumar @ Tellimer Research 27 June 2022
BNPL is now on the regulatory radar, good for its long-term sustainability
BNPL is now on the regulatory radar, good for its long-term sustainability
Weekend Reading / Global

The newly minted EM fintech unicorns, and what sets them apart

There have been around 45 net additions to the fintech unicorns list this year (as of end-May); most of these companies are based in developed markets, but there are a handful from emerging markets too. Most of these new fintech unicorns are already ...
Tellimer Research Rohit
Rohit Kumar @ Tellimer Research 25 June 2022
The newly minted EM fintech unicorns, and what sets them apart
The newly minted EM fintech unicorns, and what sets them apart

Pakistan digital payments are picking up, but structural issues remain

There were around 80mn mobile wallets in Pakistan at the end of 2021, which is c25% more than the 63mn bank accounts in the country. We discuss this issue in more detail later in this note. This is because operators have thin margins on P2P transfers...
Tellimer Research Rohit
Rohit Kumar @ Tellimer Research 23 June 2022
Pakistan digital payments are picking up, but structural issues remain
Pakistan digital payments are picking up, but structural issues remain

Five Brazilian fintechs to watch

Nubank is a digital bank providing services in Latin America, principally Brazil. Nubank went on to IPO in December 2021, with its shares rising 15% on their first day of trading, giving the digital bank a market capitalisation of cUS$50bn. It is a p...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 23 June 2022
Five Brazilian fintechs to watch
Five Brazilian fintechs to watch

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