 So, hi everyone. I'm Ed Cable and I'm going to take you on a quick journey through the evolution of financial services to the poor and how open-source banking is playing a key role in helping to end global poverty. So, 3 billion. That's a pretty massive number and that represents nearly half the world's population that is currently underbanked. They don't have appropriate access to financial services. 3 billion Marie's. We want to transform these 3 billion underbanked into 3 billion Marie's. This is our end game and this is our shared vision. So, who is Marie, you might ask? This is Marie Claire Ayurwanda from Settoir of Rwanda. Her story of triumph over tragedy through a microfinance loan is what inspires our global community. She lost her first husband to the Rwanda genocide and then she also contracted HIV which claimed her second husband. Faced with having to take care of her four children alone, she took out a small loan to start a village phone business. She excelled with this loan and in five months was able to repay it and earn enough money to send her children to school, begin construction of a home and also take out a second loan to start another village phone business. She became one of the top five village phone operators in all of Rwanda and in one year she was able to make $620 which is three times more the national income. So a single microfinance loan transformed her life. And all around the world there are Marie's like her. There's Leila who's a customer of Enda in Tunisia. There's Shamim who's a borrower at Grameen Kutun, Bangalore, India. There's Vinolia, a borrower at Lumana and Ghana. And lastly, Margaret who's an agricultural cooperative member for Nuru Kenya. All of these women's lives have been transformed through getting access to critical financial services through financial inclusion. So I want to do a brief poll of the audience. So who here has ever taken out a loan to perhaps save for college, to buy a home, or maybe start a business? So everybody raise their hand if they've done that. So who here has ever saved for retirement or perhaps the college fund for your children? And then last off, how many of you paid in cash for your flight to come here to Edinburgh for the conference? So not many of you. So these basic financial services that you and I take for granted, they're even more critical for these Marie's. So put yourself in the shoes of one of these Marie's and imagine that you're living on less than $2 a day and you don't know where your next dollar might come from. You have no safe place to save your money. You might bury it under your mattress and then rats come and eat it. Or imagine that your entire livelihood is locked up in the crop, corn of crops that you just planted and a storm comes through and destroys everything and you have no insurance and your entire income is lost for the year. Or imagine that you need to pay a utility bill and you have to go wait in line for two hours. That's two hours of precious time that you're not going to be able to sell your goods and make income. So any small economic shock can push you deeper into poverty and access to financial services is so critical to escape that. So financial inclusion alone isn't going to end poverty but it is a critical enablement tool and it also helps provide that lifeline to help the poor escape these economic shocks. So I want to take you on a brief journey of how financial inclusion has evolved from microfinance to digital financial services. So microfinance started out with a simple group loan to provide access to credit and then recognizing that credit alone wasn't enough, it evolved to financial inclusion providing a full range of financial services such as credit, savings, insurance, as well as payments. And now with the ubiquity of mobile phones and computing in the cloud the era of financial inclusion to Dotto is upon us where every financial service can become digital and a phone is a bank in the palm of each borrower's hands. All the global metrics and indicators right now are showing great progress, but that is not enough. Right now the World Bank just released its latest report that showed the rates of extreme poverty have reached their lowest ever at 10% and even though 1 billion people have moved out of extreme poverty over the past 25 years we're still not going to hit our targets for ending extreme poverty for the UN sustainability development goals by 2030. And if we look at access the recent 2017 Global Findex data showed that 515 million new accounts have been open since 2014 but still usage is down. So even though the number of unbanked is now only 1.7 billion usage of these services needs to go up. And mobile money and mobile phones are going to be a key part of that. Mobile money continues to grow and there are now more than 276 deployments around the world and they are reaching 690 million new accounts. This represents a rate of growth of 25% since 2016 and then lastly smartphone penetration continues to rise as well. So all these factors are pointing to good signs but there's still more we need to do. Poverty is going down but the rate of poverty is slowing and then the rate of access is going up but usage is down. So we both need to expand the services as well as that critical usage and make meaningful services through innovation. So we know that financial services and financial inclusion is a proven way to help alleviate poverty and we know that mobile phones and computing power in the cloud is going to really help us to accelerate and close that gap but there still is a missing variable. There still is some type of X factor that we need to help unlock scalable growth and also unlock meaningful service innovation to help us reach those 3 billion under bank and we believe we have the answer to that. So for us we believe that X factor is open. Open is going to be able to enable that exponential growth that's needed but it's also going to allow financial service providers to not have to continually reinvent the wheel and build core banking software but rather focus on the innovation that matters the most and drive up that critical usage rate. So let's further take a look at how we define open. Open isn't just about the technology itself but it's also about having an open community where both technologists and domain experts can come together and collaborate and identify and seek out new solutions. It's about having an ecosystem where open source business models help to scale new innovation. It's also about having an open community where people can come and collaborate and share their knowledge and then it's also about open standards to guide and accelerate new and impactful innovation. And so you might ask, like how are open source and banking to the poor connected and aligned? So let's begin by looking at the origins. Both the pioneers of the open source and financial inclusion movements actually share a lot in common. They rejected the status quo, they challenged existing assumptions and they were very steadfast and committed to their goals. From humble beginnings, Muhammad Yunus started the Grameen Bank with only a $27 loan. Likewise, Brian Bellendorf pulled together the patches on top of HTTBD to form the Apache web server. And so even though they started out small, their accomplishments have gone big now. And banks are starting to look at moving downstream to consumers and open sources everywhere we look. So let's look beyond just the founders but also the philosophies and ideals that both open source and financial services to the poor share in common. At the middle here, they share common ideals and philosophies like meritocracy, community, collaboration, transparency, and equity just to name a few. So it's all good now that we've seen that both open source and financial inclusion are philosophically aligned, but let's look at some more practical forms in which they are aligned. First off is the technology. For many of the customers when we started working with them, this is what an open source or this is what an information system looked like for them. Either they were using this or they might have been using Excel, and if they did automate, they were using a small homegrown system or either a large core banking system that was much too overkill for their organization. So basically the technology was either outdated or is overkill and what they actually needed is affordable, scalable technology as well as a modern architecture that could help them connect to digital financial services. And next we also need to think about the need to innovate. So the common set of functionality that you need to deliver financial inclusion or core banking in general is fairly common. It's a client, it's account, it's transactions, and so you can take a platform approach to building this, but it's an open platform that is needed because the processes that deliver microfinance and the delivery channels to take these financial services to the poor are very unique from region to region. So it's critical that you have an open platform in which you can go that last mile to deliver that critical 20% that's needed. These institutions can't be locked into one vendor and they need to be able to have a system that they can own in an IT destiny that they can control. Serving the poor is very costly. It costs the same to service a $100 loan as it does a $10,000 loan. So that's why traditional banks aren't serving the poor. Microfinance and financial inclusion is even costlier in fact because these banks essentially come to the customers. This is a picture of a group meeting in Bangalore, India where the field officer goes out to the borrower group. And so the traditional cost of how banks serve their clients doesn't work for financial inclusion. Costly proprietary systems aren't going to work and these institutions need technology that can scale and be delivered as a service. And lastly, we work in countries all around the world like Myanmar, Haiti, and Cameroon. Your standard Accenture Consultant isn't going to fly into Sierra Leone and deploy a core banking system for a small financial institution there. So in every corner of the world, local support is needed for our community and we ourselves need to build this Accenture network to serve the base of the pyramid and open source allows us to do that. We're building a network of local providers that can take the solution, extend it, provide support, and hosting and this is a picture of IDT Labs and Sierra Leone and their team delivering training on top of the software. And so we've now seen that both open source and financial inclusion are quite aligned but how can we make this a reality? What does open source banking really look like itself? And so while many in the industry now have started to talk about open banking and open APIs, we've actually been building open source for financial inclusion for the good part of the last 15 years. I'm going to show you what that looks like. So let's go back to that slide that we looked at in terms of the evolution of financial services and let's overlay technology on top of that. So in 2006, we launched the world's first web-based MIS for microfinance which was MIFO's one and then recognizing that we needed to extend to financial inclusion. In 2013, we launched the world's first open source API-driven platform for financial inclusion and we're continuing to innovate and this year we're rolling out our generation three architecture which is a completely cloud-native microservice-based application framework for digital financial services. And so just as we've evolved our technology, we need to evolve our community and governance model as well. As I said earlier, when we launched MIFO's one, we were a project within a nonprofit, the Grameen Foundation. And when we launched generation two, we spun out as a separate nonprofit, the MIFO's initiative, so we could give the room to grow and breathe at our open source community needed and for us to enable an ecosystem on top of this platform. And most recently, we've become a top-level project within the Apache Software Foundation and our goal here is to help build a developer community and adopt a governance model to help the developers thrive while also focusing on the ecosystem within our nonprofit. And so for us, Apache, being a part of Apache is a key part of helping us establish an open source standard for financial services innovation. Just as Hadoop has done for Big Data, we'd like to do the same for financial services. And so we've looked now more closely at three factors of our open approach and I want to take a closer look at the open source business models. And so all around the world, we have providers in our ecosystem that are billing scalable FinTech solutions like Mobile Wallet and Digital Credit to serve the poor. And before we look at those cases, let's take a look at what the open banking stack actually looks like. So we provide the banking platform and a set of APIs as well as a front-end that the staff can use to access the system. And then we have a suite of mobile apps and clients to provide that omnichannel banking experience. And the core use case for MIFOSEX when we first built it was to provide a back-office core banking system for traditional brick-and-mortar financial institutions. You could either take our web app or many partners have also gone out and built their own white-labeled, cloud-based core banking solutions on top of the APIs. Companies like Mussoni are serving 600,000 clients around the world and providing cashless, paperless and digital financial services. But many companies have moved beyond just being a back-office system for a financial institution. They're now using it for the innovation labs. This is Genterra in Mexico. They're the largest microfinance bank in all of Latin America. And they needed an agile platform in which they could innovate in parallel to their legacy core banking system, SAP, and they chose MIFOSEX and Finnerac. And their first project of innovation was the MIFOSEX smartphone app, which allowed their groups to manage themselves. They've been able to make their meetings virtual and they've also been able to make the payments cashless as well. And so while our focus has been on the base of the pyramid, we've also seen adoption recently from outside that space. DPC Hungary took MIFOSEX and Finnerac and extended it to support the mortgage lending operations for Airstuff financial services of Bank in Germany. And this is also something we're starting to see across the U.K., Canada and the U.S. are now looking at the platform. And what has really excited me the most about the innovation that we've seen in the community is the fintech innovation that's been occurring now. So this is Mines.io, which is a startup out of Palo Alto. And they provide an in-memory data analytics engine to analyze borrowers in real time based on their mobile subscriber data. So they take MIFOSEX, use that to maintain the state of the account and also manage the loan. So all a client has to do is simply text star, five, six, one pound via any phone, whether it's a smart phone or a feature phone. And in seconds, they get a credit decision. Similarly, NovoPay, which is formed by coastal labs in India, has built out a mobile wallet which leverages MIFOSEX at the core. MIFOSEX provides the system to maintain both the account for the agent as well as the client. So all of this innovation that I've looked at, it's occurred on our Generation 2 platform. But our partners have told us they need to innovate more quickly and they need to scale more effectively. So we ourselves have continued to evolve as well. So this is FinraxCN and this is what we think is the future. This is what we believe open-source core banking from the ground up is the future. So this is FinraxCN, and this is what we think is the future. We believe open-source core banking from the ground up really looked like. We've taken all the knowledge from our past 15 years and put it in this new cloud-native microservices-baked architecture. And so while others in the open banking space might be talking about open APIs or open access to data, we really believe you need to deconstruct the entire core banking system into something that's open. So we've provided a set of microservices which are like Lego blocks to build any type of financial service application. Our end game and our end vision is that core banking should become commoditized software and the real value lies in the data that's flowing in and out of the platform as well as the applications that are actually built on top. We believe this approach will enable new service innovation for customers, it will provide a level playing field for FinraxCN and it will also allow banks to be more responsive and nimble to their consumers and it will also give a platform where services at large can compete with the mega platforms that are emerging right now. And so we've seen that financial inclusion is so essential and important and why open source is both practically and philosophically aligned and how it can help bring services to the three billion underbank. But how can you get involved and how can you help? How can you use open source to just scratch more than an itch and actually fight poverty with financial inclusion? And so that's one of the stories of our community to help you understand how you yourself can get involved. So the first individual I want to focus on is Steve. He's a full stack developer from Minnesota and he's been passionate about financial inclusion as he's worked in his spare time in both Eastern and Western Africa. He came to us and he wanted to get involved and now he's working on one of the critical projects in our community working to integrate MIFOS with MojaLoop which is an open source software and our volunteers go beyond just the technical ones. We need volunteers of all sorts from tech writers to UX designers to product managers to marketing experts. This is Sundry. She is a product manager from LA. She came to us and then she helped to work with one of our Google Summer of Code students by writing out the requirements for our mobile wallet. And so this is Ankur. He's actually somewhere in the audience today. He was our Google Summer of Code student this past year and he worked on the mobile wallet that Sundry was helping to provide requirements for. And so he's now continuing development on that and also acting as a mentor for the Google Code in program. And programs like Google Code in, Google Summer of Code are essential for us as they provide a critical organic growth engine and we just actually kicked off participation in Code in yesterday and we're now hopefully going to be working with an outreach student soon through our participation with Dial. And we also engage with individuals beyond just volunteers on the technical and non-technical side. We need experts from all fields and this is Vincent. By day he's the chief brofossessor of Moby Wave which is a FinTech startup in Montreal and in the evenings and on the weekends he helps us by providing his expert advice with his PhD and digital payments to help us with our strategic growth and help us deepen our collaboration with our clients. And finally the last individual I want to highlight is one of our partners. As I said earlier, these partners are a critical stakeholder in our community as they're the ones who work with the customers and build innovation on top of the platform. And so this is Salton. He's the co-founder of IDT Labs in Sierra Leone and they're helping to build a complete banking identity and payments as a service solution on top of MIFOs for all of West Africa. And so last, how you yourselves can take action. So it can be as simply as starting to tell our story. I put our handles here for both Facebook and Twitter for MIFOs there. We're seeking donations, we're a non-profit so individuals can donate through our open source FinTech Force which is our recurring giving program. Or we're looking to partner with corporations as strategic partners as well as sponsors for the initiative. And then like Vincent, we also need experts who can advise us on all aspects of strategy whether that's FinTech, technology, business, etc. And then more on the actual software side we need volunteers both on the non-technical front as well as contributing. Our stack is very, you know, cutting edge. We have mobile apps, we have cloud native architectures, we're working with AI and machine learning. So if you want to get involved with the code I have the repositories linked up there for both MIFOs which are the front-end apps and then the back-end which is through GitHub on Finner Act. And then lastly, you know, if you are seeking to build out any type of FinTech solution, we want you to innovate, we want you to join our ecosystem, we want you to build your app and take a part of our community. So lastly, you know, I hope that you've learned a bit from this talk today and you're intrigued and inspired by what you can do. And while ending poverty is a lofty goal in and of itself we don't want to stop there and we want to disrupt banking as a whole as well. So thank you.