Leandro Cuccioli

I mean, in terms, but of course, you know, growth over time needs to converge.

But in the short term, what we see as it is that you see penetration of e-commerce in Latin America in the mean teens, right?

I mean, compared to

you know, probably third in the US and Europe, 40, 50% of e-commerce penetration in China.

So the market can be two, three times larger.

We are taking of that market on a marginal basis in LATAM, probably, you know, two-thirds of that market, of that growth, right?

So, you know, when you see that, on average, a customer in MercadoLibre shops nine times a year, and in developed markets, you know, similar platforms are around 50.

you see this kind of huge gap still.

I mean, I know we're big, right?

And people say, well, how much bigger you can be?

But we're still probably 5% of the retail market in Latin America, right?

Mercado Libre.

Imagine a retailer that has 5% of market share.

So there is huge potential on that side.

And I would say on...

the side of FinTech, if you look at any market share of what we hold, but not only us, take the other FinTechs as well, we're still a fraction of the big banks in LATAM.

One thing that Latin America still has is that very concentrated deposit and credit on a handful of banks, right?

So if you take

Brazil, probably 10 years ago, it was 80% of the credit and the loans and the deposits in five banks.

Now it's 60%.