WEBVTT 00:00:00.083 --> 00:00:04.087 Shivani, how big of a problem is the exclusion of people from the 00:00:04.087 --> 00:00:05.130 financial system? 00:00:05.922 --> 00:00:07.299 It's a massive problem. 00:00:07.507 --> 00:00:11.177 So, there are about 4 billion people today that represent the 00:00:11.177 --> 00:00:14.347 global majority that are excluded from our financial 00:00:14.347 --> 00:00:14.764 system. 00:00:15.223 --> 00:00:18.351 And I think, again, when we think about the size of that 00:00:18.351 --> 00:00:21.188 population, we already know it's a massive problem. 00:00:21.479 --> 00:00:25.692 But I think it's also the missed opportunity that all of us are 00:00:25.692 --> 00:00:29.613 actually being affected by as well by continuing to exclude 00:00:29.613 --> 00:00:33.617 this population. It represents, again, about $10 trillion of 00:00:33.617 --> 00:00:36.203 economic potential that is unmet today. 00:00:36.411 --> 00:00:40.248 And, so, that's a true loss in GDP, a true loss of consumers 00:00:40.248 --> 00:00:43.669 that, again, all of us would benefit from in terms of 00:00:43.669 --> 00:00:47.005 innovation and purchasing power in our marketplaces. 00:00:47.339 --> 00:00:50.425 And, so, when we at Tala really think about this problem and 00:00:50.425 --> 00:00:53.512 opportunity, that's where we leverage technology and some of 00:00:53.512 --> 00:00:56.265 the best tools that are now coming out around GenAI, 00:00:56.265 --> 00:01:00.310 crypto, data, to really bring this consumer, the global 00:01:00.310 --> 00:01:02.563 majority, into our marketplace. 00:01:03.188 --> 00:01:06.525 And so what we've developed is a global financial platform that's 00:01:06.525 --> 00:01:08.735 uniquely designed for the global majority. 00:01:09.069 --> 00:01:12.739 We have a global money app that gives them access to instant 00:01:12.739 --> 00:01:15.993 credit, payments, transactions, transfers, all in one 00:01:15.993 --> 00:01:16.744 application. 00:01:17.286 --> 00:01:19.288 And we've proven that this can work at scale. 00:01:19.830 --> 00:01:22.583 We work across four countries—Kenya, Philippines, 00:01:22.583 --> 00:01:23.584 Mexico, and India. 00:01:24.168 --> 00:01:28.255 We've now worked with about 10 million customers around these markets. 00:01:28.339 --> 00:01:32.134 And so it's really proving again that we can leverage technology 00:01:32.134 --> 00:01:35.638 to be able to split risk at scale and to be able to provide 00:01:35.638 --> 00:01:39.099 real financial services and access to the global majority. 00:01:39.808 --> 00:01:41.101 How does it affect us? 00:01:41.101 --> 00:01:44.855 How does it affect, I suppose, the individuals as well. 00:01:45.064 --> 00:01:47.816 Completely. I mean, one, it's the fact that, you know, 4 00:01:47.816 --> 00:01:51.195 billion people around the world are not able to meet their potential. 00:01:51.403 --> 00:01:55.199 But what that means for the rest of us is also that they're not, 00:01:55.199 --> 00:01:57.910 you know, participants in our global economy. 00:01:58.160 --> 00:02:01.247 And so again, not having 4 billion consumers that could be 00:02:01.247 --> 00:02:04.208 participating, that could be, again, going after bigger 00:02:04.208 --> 00:02:07.586 opportunities, It represents a loss of economic opportunity, of 00:02:07.586 --> 00:02:09.880 GDP, and I think of innovation, ultimately. 00:02:10.464 --> 00:02:16.846 What are the challenges of reaching 4 billion people? 00:02:17.680 --> 00:02:21.726 Well, I think, it is that the majority of the world is still 00:02:21.726 --> 00:02:22.476 cash based. 00:02:22.768 --> 00:02:25.104 And so when we think about that, what does that mean? 00:02:25.104 --> 00:02:28.482 It means that they are still, in a sense, unidentified. 00:02:29.192 --> 00:02:32.945 The majority of emerging markets, which is about 52% of 00:02:32.945 --> 00:02:36.407 the global majority, are still transacting in cash. 00:02:37.200 --> 00:02:40.745 There is no national ID systems in most of these markets. 00:02:40.995 --> 00:02:44.582 So again, being able to reach this customer, identify them at 00:02:44.582 --> 00:02:48.211 scale to prevent fraud, to be able to credit score them then, 00:02:48.211 --> 00:02:51.589 to be able to give them that purchasing power. And then, 00:02:51.589 --> 00:02:54.842 ultimately, to be able to personalize and transact with 00:02:54.842 --> 00:02:58.346 this customer is still very cumbersome and very fragmented. 00:02:59.013 --> 00:03:03.017 And so what we at Tala have done is to really think about how can 00:03:03.017 --> 00:03:06.771 we leverage technology and the best kind of technology that's 00:03:06.771 --> 00:03:09.607 out there, you know, machine learning, GenAI, 00:03:09.649 --> 00:03:13.278 as well as kind of these key infrastructure pieces of 00:03:13.278 --> 00:03:17.407 blockchain and these things to be able to leapfrog the global 00:03:17.407 --> 00:03:20.118 majority into now the financial system. 00:03:20.368 --> 00:03:23.955 What roles do the private and public sectors have to play in 00:03:23.955 --> 00:03:27.876 this, and how do they assume join together, collaborate better? 00:03:28.585 --> 00:03:31.921 Oh, I think it's a really exciting time because I think 00:03:31.921 --> 00:03:33.506 that both public and private partners in this can actually do 00:03:33.506 --> 00:03:35.008 that both public and private partners in this can actually do 00:03:35.008 --> 00:03:38.219 what they're doing best or can do best in some sense. 00:03:38.803 --> 00:03:41.765 It's that from the policy side of things we actually want 00:03:41.765 --> 00:03:42.307 regulation. 00:03:42.849 --> 00:03:46.061 It's better for private companies to come into regulated 00:03:46.061 --> 00:03:49.397 markets knowing how to operate, play by the rules, so that 00:03:49.397 --> 00:03:51.441 things don't shift on us over time. 00:03:51.733 --> 00:03:54.986 I think it's also incumbent on the government's to and 00:03:54.986 --> 00:03:58.156 policymakers to protect consumers, right, and to put 00:03:58.156 --> 00:04:01.326 those rules in place around consumer protection, fair 00:04:01.326 --> 00:04:04.871 lending, data privacy, data security. Those are all really, 00:04:04.871 --> 00:04:08.542 really good things and create safe ecosystems for innovation. 00:04:08.792 --> 00:04:12.212 I think from a private sector side, I think all of us need to 00:04:12.212 --> 00:04:15.465 really start to think about again that idea of profit and 00:04:15.465 --> 00:04:18.760 purpose going together and that if we can actually leverage 00:04:18.760 --> 00:04:21.930 infrastructure and this new technology, there is, again, 00:04:21.930 --> 00:04:23.432 that win-win for all of us. 00:04:23.932 --> 00:04:24.933 Shivani, thank you so much. 00:04:25.183 --> 00:04:26.059 Thank you so much.