Morgan Stanley says fintech selloff on Bloomberg report overdone

Morgan Stanley says the selloff Friday in shares of Affirm (AFRM), PayPal (PYPL), Chime (CHYM) Block (XYZ) after Bloomberg reported that JPMorgan (JPM) is planning to impose fees on fintech companies for access to its customer bank account data is overdone. If implemented by JPMorgan, the impact is likely to be negligible and would likely depend on changes to the Open Banking Rules, the analyst tells investors in a research note. In addition, if the fees were much higher than a few basis points, the fintech companies would likely just move those transactions to debit rails, contends Morgan Stanley.