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Billing system example for Technology Industry

[Music] so hold on to your seat belts we are in for a phenomenal discussion this morning with with three great uh uh guests we've got uh adalo uh babot with the CEO and chairman of clip we've got Eduardo quo the regional president of Latin America for for visa and uh and the I'm sorry I don't have the third name on my list here Vagner whiz from Ebanks Vagner with e Ebanks so we're glad to have all three of you here uh this is going to be a great discussion today uh we're talking about fintech and and and I think at the core of this is if you think about it fintech impacts our lives every day it's changing our world uh uh it's changing how we do business both personally and professionally and the industry as it exists today just 10 years ago we couldn't have dreamed of the financial services industry being what it is to today uh uh or the fintech industry being what it is today and we all rely on it to do business and to live our lives so we're going to hop right into it uh and uh with with our distinguished guests so so we'll start with with now I have each of them just kind of share you know um we hear a lot about fintech but the question is what is it and what Innovations are you seeing and how is it uh uh uh where's fintech going so we'll start with you yeah so well first of all thank you for the invitation thank you for the panel it's great to see both of you guys here uh so you're correct as 10 years ago we didn't imagine where where we were going to be today uh I think even even five years ago uh and like most things in in in with new technologies we saw uh an early rise 10 years ago with with some financial services companies mainly in the United States uh there was one before which was kind of an outlier which was PayPal at the end of the at the end of the 90s but then we have kind of a dry period and with square in the states I think that's when we start seeing the the emergence of of the new finex right the the coming out from the starter world uh the original Finch isting right here to my left which is Visa but it was founded many many years ago and the what we the first wave that we saw and I'm I'm speaking here about the US is the taking new taking existing processes and services and making them digital okay and this was access to online banking uh some forms of of payments very basic stuff uh as we started moving forward in the 2010s the the companies start becoming more sophisticated and starting offering different kind of services this is when we start getting the companies companies like stripe uh coming out of the uh of of the of the Wheats it seems like out of nowhere but they were there so compan is much more embedded in the Silicon Valley ecosystem and where ftech really starts playing a more uh Central role via embedded Finance okay and I think uh probably uh uh our friends here can talk a lot about more that than I do but embedded Finance is really the second wave of what what uh what has become the fintech world it seemed that it was going to be a third wave with crypto a couple of years ago however we know what happened with with crypto in general uh over the last over the last two or three years so what is coming I think we're going to see a much more um uh prominent role of embedded Finance uh for those of you that are not as familiar with the term embedded Finance means a the access to financial services even without seeing the financial services uh uh being very explicit uh and this is for example being able to sign up for a digital account via an e-commerce website for example that's that's an example of of meta Finance or a payment uh and into the future like I said we're going to see more embedded Finance uh we're going to see what happens with crypto it's if at least in my opinion or for me it's a it's a it's a big big unknown and of course we have ai right what does AI is going to do with fintech and not only with fintech I think fintech is just a small part what AI is going to do with our our entire life I think crypto was to some extent uh a a fat there there is an application but there was a fat uh that was grown by the by cheap money by by basically the the fact that we had very cheap money for a very long time uh I think AI is it is completely different in terms of what are the implications and I think we're going to see a very interesting mix of what I was mentioning earlier traditional Financial Services being augmented the kind of the first weight of inake by AI then embedded Finance also augmented by by Ai and there's going to be some new completely new Services coming out and new companies that are going to be based on uh the mash of financial technology sorry of of Finance of if you want to call it traditional technology and AI so I think the future looks interesting and promising interesting promising lots of lots of changes I mean I think you think about uh you know we we see the emergence of you know AI integration we are seeing you know uh you know while crypto kind of has taken a DI we still see a lot of blockchain and uh implications for the financial services industry uh we see insure Tech we see a lot of things happening Eduardo coming from from Visa which is you know the granddaddy if you will of the F fintech uh Services industry where have you seen the industry uh uh come from and where is it going well uh also thank you for inviting me to this panel and for all of you your attention uh I mean if you see a Visa as adula mentioned maybe the first fintech in the history what we did initially was how can we help financial institutions to distribute consumer lens in at a very efficient way without transferring the risk to the merchant so that's how the credit card started then the debit cards allowed uh financial institutions to be more efficient to allow all of us to have access to our deposits in an efficient way and that is why David has grown a lot in all parts of the world now when we are fa having the opportunity with the technology of being closer to the uh needs of the consumer and the merchant it's when all of these uh proposal from the fintex is arising or has arised since maybe more than 10 15 years ago when you see how the and let me explain a little bit more about Latin America when you see how the financial services have been growing in in the region in the last 10 years you will find that most of the the value proposition comes from either companies that weren't present in the market while I mean by uh introducing better ways to have the connectivity with a consumer and the merchant and that is how some companies or some banks became very large in the region because they actually improved the experience for the consumer it wasn't because of other uh pain points for the consumer other than how can I have a bank account how can I have access to credit immediately how can I have a payment credential right away and since uh the penetration of smartphones became very popular in Latin America then a lot of these companies leveraged uh that capability on the seller side you know on the merchants because he a counterpart of having you know a payment credential companies like a clip that adolo founded opened in the case of Mexico more ways to accept payments in smaller markets you know in in a smaller Merchants where they actually were providing the capabilities for consumers having already a credential to complete a transaction still the opportunity in the region is very large and even with AI all capabilities of Visa providing security uh providing rails that are very efficient about half of the private consumption in Latin America is done in cash so we have still a lot of room to grow uh this is an average in the in the region there are markets like Brazil that has displaced cash at a very rapid Pace in the last 3 four years it was already a very well penetrated Market by uh electronic payments but basically the RTP and uh also the the growth of cards have displaced cash a lot so technology is allowing us to be faster in the hands of the consumer with better experiences knowing who to Target but also to keep the network safe um with AI everybody talks about the the right things about Ai and how visa for instance prevents fraud but also with AI you have people with better tools trying to attack all all allp of of network so that is why also Vis invests A lot of money on on cyber security uh all I mean many years ago nowadays with the latest Technologies that's great that's great Wagner one of the things that we're seeing you know of course Latin America uh you know and it's been hit on slightly by our other guests but we're seeing you know that uh fentech is really bringing new people into the financial markets and the ability to be able to you know participate at different levels can you talk a little bit about how uh uh fintech has revolutionized the financial landscape across the Americas and and how it's breaking down barriers uh from the traditional Finance sure first of all thank you also for receiving me uh just to give an idea because I I will take the first question as well about the 10 years because 10 years ago uh if you here in the US is it different when we are talking about latm Brazil Chile Colombia all these countries 10 years ago we we were not imagining where we would be right now and I will give you one example we started the company in 2012 first first in Brazil nowadays we are in 29 countries uh but in Brazil at the time 45% of the people the adult population was unbanked no bank account 45% more than like I don't know even with Visa there was like uh 50% of the Cash Cash economy nowadays we have 95% of the adult population with bank accounts uh and this was a major change and I will give you another example from from ourselves uh at the time in 2012 or 2013 to the approval rate for a purchase in Brazil was like 22% nowadays is like 99 98.5 uh so every everything that happen in these countries and another funny thing is you have Mexico you have Brazil and then you have Chile Colombia and we we are in different timelines of devolution in the financial system so it's it's funny because you can almost see where we are going for the next three to four years but only in these countries but if you ask me again about 10 years the next 10 years I'm not sure and I would say something about the crypto or blockchain or whatever but man the thing is uh in the countries of Latin America everything has changed and then Financial inclusion was amazing for two reasons we as you know have lots of problems economical political all the problems that you can imagine so we know how to deal with problems and have uh new ideas but something that we saw for the past 10 years was the enforcement or at least the willingness of the regulator All The Regulators now we are talking about AI they are already talking about AI how to move forward so I think the using these two things the the willingness of the the government and the Regulators in every country plus uh something that we have in Latin America which is we need to you can imagine a country with 100% of inflation rate so uh we need to to find a way so we have now money and for the past 10 years these three things cash uh Innovative uh people plus uh regulations even you just said about uh about Visa as a granddaddy of fex and it's true but even Visa companies like Visa I'm not saying other names uh they are changing there they are helping to make the change so this new payment method that we have in Brazil Z picks is something that was almost imposed but was a solution from the Central Bank the regulator everybody's using and companies like ourselves young young finex like ourselves not young anymore but 12 years is a lot but Visa we are everybody involved in this in this scenario so banking uh the largest bank in Brazil today it's not a bank uh it's a new bank it's a payment institution uh and they are the largest in market cap and they have I don't know 100 I'm not sure I don't remember the name but it's like a 100 million accounts it's something crazy only on mobile without any branches something that 10 years ago nobody everybody was willing like we are on the EI on the on the on the on the crypto side but it's something and I think the magic happens when you have that the need uh uh people uh Innovative people and the enforcement or at least the willingness of all the Regulators that you can see in all countries nowadays so it's a different life from 10 years ago I'm not sure exactly where we will go but I bet on blockchain and uh AI as not not saying about crypto because it's Shady I'm not sure exactly but the technology to do things we are using blockchain already on the on on the back end of the transactions so it's amazing I think this is uh and and the life has Chang it for everybody uh and it's very funny even Mexico we are in Mexico as well we had uh when I saw seven years ago when we started right now with new bank new Banks uh alternative payment methods which is uh something that we can see everywhere in all countries different ones but in countries even if you look uh uh India with UPI which is revolutionizing uh the payments as well we have pigs in Brazil we have all the other countries trying to do this is inclusion you know it's interesting I'm Eduardo I'm going to pick on you for a minute because you're kind of the the big uh old old established company that's had to probably you know uh not only lead but also innovate because of the emergence of um partially due to the emergence of all of the other uh uh uh fintech companies I mean here in Miami it feels like every week I have another fintech company from somewhere in Latin America that's coming here to you know run their Latin American operations uh and it seems like the market is evolving at a rate that that I don't know that it's sustainable long term but it's exciting to see the amount of energy young entrepreneurs and fintech companies emerging how does Visa you know think about working with and and and and and and uh and and engaging a lot of the startup and tech companies that may may be in in spaces that are are um related but not exactly what you do well I'm sorry can you ask another question to another person no worries no worries no worries uh so so uh ad Alo I mean you're a a company that's grown at an amazing clip what are you seeing in terms of the startup landscape as it relates to fintech and what are the opportunities for for startup companies to uh engage and grow what are the spaces where where they're the best opportunities now so I think um you have to break it up by country because like you correctly mentioned the the different countries are in different stages Brazil mostly given the role that uh uh cards the the on the on the issu side and and acquires on the merchant side had over the last few years pigs was successfully mounted on top of that so it it Leap Frog not only the region it Leap Frog the United States for example so um Brazil is a great example of where things are going to be I think over the next few years as well as India India is the other Market where there has been a massive amount of innovation uh both on the public side and as as well on the private side so the the areas that we see specifically for example Mexico which is where we operate uh in the case of payments which is mostly what we do uh just to give you an idea there are about $1.4 trillion of uh per year of consumer to business payments done every every year in Mexico today uh the current volume that is being processed is about uh 300 billion okay so if we do like quick you know numbers uh we have about a trillion dollars there out there waiting to be processed a trillion per year this is not like a 10 year a trillion dollars per year credit credit is another one credit in in in Mexico as percentage of GDP I I don't recall the number but it's something like four or five% a market like Brazil I think it's something like 30 or 40% the United States something like 80% okay so we still have a very very long way to go in credit um insurance insurance is a market that is incredibly underdeveloped in the entire region I think insurance is it's a more sophisticated and complicated product at least from my point of view I have a very hard time uh reading insurance policies I don't know if you guys happen the same to you uh I found them kind of cryptical um but the the that that's another area where we're going to see a massive amount of or we should see a massive amount of innovation uh uh blockchain how do we apply blockchain to the backend to different process along with AI that is also one a of opportunity not to the end consumer but for companies that are going to be creating tools and and and and services based on these technologies that provide services to uh to financial services uh to financial services companies so almost if you take a I don't know if you if you any of you have seen uh many years ago there was uh a post that it had the Craigslist uh homepage you remember correct this homepage with all the different areas right uh and how every single startup in the US was focusing on one of the areas that Craiglist um offer what the services that Craiglist offer I think we're seeing the same with with the financial services industry uh if you take a bank and everything that a bank offers uh from payments to wealth management to lending everything there's a startup waiting to to to get there and I think what is very interesting about emerging markets in general is that a company in Emerging Markets uh by definition has a lot more potential than an established player the most evident example is newbank that became larger than the rest and the reason is very simple the vast majority of the population is still not served or is underserved so a startup can really take a disproportionate amount of market share in a very short amount of time and I think we're going to see more and more of these Dynamics as we as we move along I mean I think it's really interesting you're talking about the fact that there are still despite all of the companies that we're seeing despite all the growth of the fintech services there's still huge gaps in terms of service offerings from the fintech huge in Mexico you could have 20 clips and there will still be market for everyone I mean there it's a trillion dollars guys it's it's a it's an insane amount of money it's great Eduardo would you like to build on that yes in in Visa we are very active with a I mean to be close to the fintech community we have an annual event where we invite uh any fintech in the region to come and present our I mean their idea their uh they they pit their company to us we do it in around the world as well and we have a you know final event for Latin America and then the the finalist or the winner for La competes with the winner of the winners of other parts of the world so that is the Visa everywhere initiative and that we have already received in the last 5 years a thousand number of ideas in Latin America and the Caribbean 1,000 ideas so that means that a lot of people are looking into the opportunity finding ways with you know now the technology that is very accessible to have initial hypothesis uh initial prototype and to pit it actually some of the companies who have presented or participated in this event have already been either um invested by VCS acquired by other um technology companies so at the end we are promoting this because as Visa we are the network we want to connect points and if someone can provide a safe way to bring transactions either with a a better consumer experience or a better uh Merchant experience to accept the payments we want to promote that regardless on the technology on how the transaction flows one from one point to the other regardless on what is it your form your your your form payments is uh you know in the past it was the max strive then the chip now the phone in the future is going to be Biometrics or other type of credentials that you will present to the network we will we want to be there because that is the way that we can continue promoting Commerce and bringing efficiencies to the to the economies Wagner uh building on that um two two two ideas one is you know we've talked a little bit about the startup ecosystem and and kind of the the fact that there's the proliferation of all of these companies um Latin America though is a very diverse Market I I would say that there are no two countries that are really the same you've got a lot of Regulation uh regulation differs what are some of the how do uh H how does the industry manage or how should the industry manage kind of the the challenge of regulation in different markets and how should entrepreneurs that are looking at Latin American markets in terms of expanding their fintech businesses think about it I think you are right uh we have this thing in in Latin America because every one from us or or or Europe they think Latin America is more or less the same and for us is funny for us is worse because in Brazil we don't speak Spanish uh so even the language is a problem we speak Portuguese uh but the thing is this was what we did for the past 10 12 years um you need to be there you need to have to understand the local culture uh so even the span Spanish which is something funny if you go to Mexico it's a different Spanish from Uruguay it's a different Spanish from uh uh Argentina and it's also a different way of thinking usually they think differently and if you move that to the regulators and the government is pretty much the same we have one very interesting thing which is Brazil and the success that Brazil had for the past 10 years so now you have all the other Regulators watching and looking what Brazil done and trying to do something similar to that so that's why we are now in different stages but somehow you can say Okay Mexico Mexico is also super Advanced but they are going to this way Colombia is going to this way but to build your company and to build that that's why you don't have too many companies uh startups or whatever in multiple countries it's very hard uh it's very hard even new bank which is a great success case in Brazil they are now starting and in in Mexico not sure how they are doing there but and the guy Davi it's from Colombia so it's funny uh it's very challenging for us in our case we were able to do that because as startups as entrepreneurs I used to spend nine months in in Mexico try talking to The Regulators talking into the the banks so you need to respect culture uh you need to have local knowledge otherwise is a nightmare uh and you need to understand the timing to get things done and and I mean talking about the regulations but now with Brazil uh you can see and one is not related to latan but if you look India is so the impact is so big in what they are doing it's also impacting uh countries in latm and also in in Africa so I think to doal you need to respect culture you need to have local knowledge and you need to be very close to the regulator and I think this is the only way to build and structure in all the countries I want you to build build on that you said India is is changing the game for everybody what does that mean India because of the population the number of trans actions and the cash uh they were a cash uh we have U companies like Vis and master saying let let's try to get cash out of the streets which which is better but there is a different uh Society culture and with the UPI which is the the the instant payment uh is something they are already I I don't remember the numbers but uh it's like crazy they have 50% % of all transactions uh in the world uh known cards uh if you just considerer cards they have 50% of the transactions it just huge and it's a very good technology so even pigs in Brazil which is our instant payment is somehow because they are connected pigs and UPI uh the The Regulators the Central Bank are talking a lot so even our structure is very similar to their structure of course the QR code was something that four years ago everybody was doing but connecting that and with something that you said which in Brazil we are calling the open finance and uh this can change everything so the impact that you see in India the regulations that you have in countries like Brazil Mexico uh you can foresee somehow how and adding the open finance so you'll be able to have a website for sale to sell something I'm not sure a Marketplace place with embed Finance doing the open finance regulations that you can see everywhere including Brazil uh and that's why the network it's also important because it's connecting everything so it's it's I'm very I'm enthusiastic Eduardo and Ado both of you look like you want to build on it so please I just um I mean I fully agree with what Wagner is saying and um we also need to be very close to the regulator but because in in many cases this industry looks very simple from the outside and making some assumptions on how to help are not always the right ones so we we also have a team that is close to The Regulators having very open conversations about how things in this industry work and that that's also a a big effort that all of us do at the same time with the regulators and they are very open also to have this type of conversations so building on what both V and Ando just mention so I think it's important to understand and this is Eduardo hit right on point if you look at from the outside it seems that everything is the same but for example uh UPI and and pigs in Brazil right aside from China uh which is a different complete different animal uh these are the two successful case stories for real-time payments around the world but they come from very different sites in the case of India uh a very cash heavy Society the Indian government invested first on a technology called Adar which is uh every single Indian citizen is registered at biometric level on a central database uh with that they are able to open bank accounts and every type of account on a phone immediately doing the kyc and on top of that they mounted UPI which is the real-time payment system uh and on top of that the Central Bank heavily heavily subsidized the transactions or has been subsidized in the transactions for a very very long time so th those were kind of the building blocks to get UPI to where it is in the case of Brazil it's very different Brazil was already like Eduardo correctly mentioned a very well penetrated Market mostly in the card Network rails visa and and MasterCard and local things but mostly visa and MasterCard and paks was mounted on top of those rails so Brazil was already very very highly penetrated and they made the incentive place the incentives for for for picks very good as far as I know the central bank is not subsidizing anything in in Brazil completely different from India and they have seen massic success so this is to Eduardo's point just because you saw pics in Brazil being successful or UPI in India that doesn't mean that it's going to happen in Mexico or that it's going to happen in Philippines it's a complete different world and a complete different animal every single Market what Vagner was saying they it crisises of every single country are reflected in the financial systems in the regulators and how things are approached so what is going to work for example in Mexico uh I am sure it's not going to be what we have what India has why because there's I highly doubt there's going to be a biometric like here in the US people are very resistant to having that Mexico I doubt that we're going to have the same are we going to go the route of pxs in Brazil well maybe but the financial penetration is not there yet so what is going to happen okay so it's very interesting to see where we are right now the markets where things the markets are a little bit behind how things are going to evolve over the next over the next few years and this is why we have to be very close to The Regulators because sometimes Regulators have a lot on their plate and they cannot see every single detail that Vagner Eduardo and I have the time and and and and and you know and commitment to see because that's the only thing we do Wagner you you want to know I was about to say about Brazilian PS yes the don't know the central bank is not sub subsidizing anything and I'm not sure if it's a complement but in the end of the day what they did was to enforce the acceptance uh the surprise the enforce the acceptance by the side of the financial institutions no choice you need to have that it's not an option uh but the surprise was the system was so good that the people loved and the rest of the people without banking account they now needs to to have bank account because they need to have access to the so it's everything together and I I understand Mexico it's a complete different animal as well for me as a Brazilian specifically uh and you have other alternative payment methods already big uh in Brazil the only way was to having the Central Bank use the power to enforce uh acceptance I I think was otherwise I was a guy in Brazil saying this 5 years ago if you ask at me I would say the banks will never allow that but speaking of how different it is in Mexico the Central Bank of Mexico released I think called Codi before picks and they enforce it on the banks also same as in Brazil and it didn't work so something that it in theory should have worked it didn't work at all so it's it's it's every single Market is very different so we have time for I think one more question uh and uh and we haven't hit on the question of adoption uh and cyber security I mean I think there's there's a few things so one is I every day I feel like there's a new Financial fch Solution that's out there and I I'm probably the guy that's more apt to jump and say what this is but but what are you seeing in terms of adoption rates uh by both consumers as well as you know and B2B platforms as well as um what are the the what are the cyber security realities in terms of of how you all are navigating that CU I imagine that that each day there's there's more threats so in terms of adoption I think what when I started a company many people many funds especially were telling me I started in 2012 so it was basically no VC money in Latin America yet uh they were telling me this is never going to work in Mexico because people don't like to pay taxes right and I think it's a very simplistic bankish argument uh because what I told them uh and I thought it turns out that I was right that the if you provide people with a good service that actually solves them a problem not causes more problems and that helps them in our case sell more they are going to use it okay and here we are 12 years later and I I think that is the case so in terms of adoption as long as you provide a service to the consumer to the merchant or in the case of B2B to other you know other companies that is useful that actually works uh people are going to adopt it what you were mentioning about uh blockchain you're using blockchain because for some things it actually works so uh I think the the the issue we had a few years ago is we had too many companies chasing problems that didn't actually exist okay or problems or problems that were not big enough uh like V correctly mentioned unfortunately or fortunately we have a lot of problems in Latin America so there's a lot of things that we could get to to work and solve so as long as you solve something you are going to see huge massive adoption and that adoption is going to become cheaper than in the US or other developed markets because simply there's not as much competition and the people most of people are still under sered or unserved okay now in terms of cyber security I think we all see it every single day I mean I don't know how many thousands of a tax Visa reips every day same as you guys same as us uh the point here uh this is going only going to get worse uh why because you have now ai that is being applied of course to cyber when you have things like embedded Finance you have more open points you have more vulnerabilities out there that actually can can get into your code and the the what you have to do here is as a startup at least is it's It's tricky to manage the the balance between growth and and and security uh because you can go all the way down to security but you're going to become such a monolith that actually cannot move uh and you won't get any issues if you go to the other side completely the other side you will get in in in in in less than a day so the the the the trick is finding that balance something that is healthy uh from a financial point of view from a risk management uh point of view and making sure that uh at least me as a CEO of a company that are you're very very close to the your technology team and the team that actually is overseeing uh cyber security and that they understand the teams inside the company understand the business needs and the business objectives and the strategy of a company that is extremely important because once they actually you share that and they they they actually understand it the mindset is very very different uh on on on on on their end I mean I will say that the adoption is growing very very fast because us as consumers if it is on the in our phone we think that it is there that it is secured and if it is convenient and easy to use we adopted it very very fast and especially the younger Generations if it is in the internet it is the whole truth so obviously people are adopting things very fast the big responsibility for a network like Visa is how do we keep all of that safe and how can we Leverage The Investments that we are doing as a company with other companies because in in the cyber security challenge the more we collaborate the better the more we share information the more we uh Leverage The the platforms that we all have we will be better position on that regard uh what we see in the region and that is why the you know the the examples that we have been explaining here in Latin America we have adopted many many digital Solutions not only in payments because people have the access people trust that if it is there it is good actually if you see the number the numbers in Latin America on how much time people get engaged on social media in in Latin America and the Caribbean is actually higher than in the US people like to be social and sharing things and understanding what the life of the others are so if I recommend something that is why also these influencers are becoming a very very you know aspirational uh career for young uh Latin Americans so adoption is fast cyber security is a responsibility and that we invest a lot of money and resources to do that oh I agree I think the acceptance the the the the the thing is you if you have a problem uh if you solve a problem you have the u meaning you have the ux you have the acceptance uh people will use is in the phone everybody's using so the the the use of new technologies and solutions is not a problem I think anymore and talks a little bit with something that we said a few minutes ago it's not simple like that just an app doing everything so you have lots of things on the back end uh but if you solve a problem if has the ux the acceptance they will use and on the cyber security side it's funny because I see two two two angles you have the technology of course is changing uh you need to improve they will hack they will try to hack but if you look into the in the into the financial system and payments because we are in payments uh then I will say about companies like Visa because they have so uh high standards since the 60s and they are improving that as well that when we do something we use like this standard so uh I remember funny story when we start to accept uh cards in your company you need to do the PCI Compliant certification with something that they are uh demanding to process with them so uh this is something that I believe from the old Financial system and with companies like Visa yeah uh we are improving on daily basis but we have the the rails but on the technology side you always uh will have uh hackers and new technologies and you need to to improve you will be attacked is it's not is it's not a question uh if we will be or not but when and how uh you need to be prepared so so in wrapping up I I'd love to share just some of the highlights from from our conversation today uh so the first one I I think is you know 10 years ago no one could have envisioned that we'd be where we are today uh and you know in this process we've seen you know numerous waves so the first wave was really taking traditional processes uh banking processes Etc and bringing them to Tech the second wave was really you know around more embedded finance and then of course now we're in in another wave which we'll see what it actually comes but it's you know crypto blockchain a Ai and and and and and where that goes from here and there seems to be Limitless opportunities whether it's reg Tech whether it's fentech whether it's insure tech for this industry to continue to grow and we' like to believe I'd be remiss if I didn't say as the CEO of the beacon Council that we we believe that Miami should be the Hub of of fentech for the world and we want continue to work on that um what we're seeing is a high level of adoption rates by uh consumers because consumers want things more efficiently and if you're solving for problems that people actually have that you're going to see a high level of adoption that said we understand that the Latin American landscape as the US landscape and others each country is different so in order to to have a high level of success in these countries it's very important that there's a recognition that these countries are different that governments are different and the markets are different and so have to enter these new markets respecting the culture uh uh getting the local knowledge uh uh being close to the regulators and having a good understanding of the timing that it's going to take to get things done and to understand that things happen in one way one market that it's going to be the same in the other is highly not likely uh and then and then and then India is changing the landscape for for financial services be for fintech because of their pure mass as it relates and their focus in terms of how they're regulating in it and putting their finger on the scale for this for the sector uh and then last but not least companies are going to be attacked especially when you're dealing with money you know everybody wants to find that that magic code um but companies have to balance this idea of growth uh versus that idea of security um thank our panelists again for our wonderful discussion [Music] he [Music]