 I'm with Leon Pelman, head of Digital Financial Services Policy Observatory at Columbia University Business School. Leon has flown in from New York to be with us in Geneva and has a very long title, which I understand is going to be changed perhaps over the next few weeks. A brand new job for you. You're also, since last year, the co-chair of one of the working groups within the focus group of DFS, Technology, Innovation and Competition, to be precise. So first of all, if we could break down those three areas, Technology, Innovation and Competition, what are the main things that you're looking at within those areas? Well, our working group looks at ventilating a number of trends in technology and innovation and competition revolving around digital financial services. Essentially, what we're trying to do is ventilate so that we can enhance financial inclusion. So within the working group, we have a number of work streams. We look at identity and authentication, so biometric verification of a person's identity. If they're doing cash in, cash out, or so for anti-mountain laundering purposes, for security purposes so that any transactions they do over platforms are secure, both at the platform level and at the handset level. We look at the handsets themselves to see what feature sets are being provided by vendors. Those are evolved from basic feature phones to smart phones, and each market is different. So we're seeing what the trends are within each market so that providers can provide the correct level of service for the type of technology that customers currently have. We look at big data, and that is essentially all the data points that a provider might accumulate about a person, and that those data sets would allow them to create a credit profile where credit scoring doesn't exist in a particular market. Lastly, we look at competition issues, both from an enabling environment where the regulator might not allow a certain number of entities to participate in the market, and also fair and equitable access to platforms by those with significant market power. Big data, technology, these are areas which are changing at an incredibly fast rate, some would say exponential rates. You've been going for a year, and I would imagine part of the difficulty of your job and those of the people who are on your working group is keeping up with technology. Is that the case? Absolutely. It's glacial in a sense, and there are big steps and small steps. One of the big steps we've seen is in the evolution of what's called the blockchain, which is associated with Bitcoin, and there's a whole lot of consortiums that have been created in the past 12 months, which our working group looks at, and certainly that might be adopted in a number of developing markets, and the vendors have also provided feature sets in the past year that were not there before. So all those trends we observe and comment on, and essentially that's going to go in our final report. And you're here to take stock of the progress made since last year. Can you give me some idea of what progress has actually been made? Within the working group, it's still a working progress. We've looked at the security aspects in quite a lot of depth. On the big data, we're producing principles for ethical accumulation and use of data, customer data. So it's not abused for whatever purpose, so that folks can be safe in the provision of their data. Then on the vendor platforms, we've accumulated data, a heat map, if you will, of those trends, handsets. What we've looked at is which handsets are being rolled out across various markets, and very interesting statistics that are coming out of that. And we've produced a couple of competition reports, and they're still more coming, and generally getting a sense of the evolution of technology. And looking forward, what do you think will be the main priorities for your working group? I think to finish up on our deliverables, as you pointed out, is working progress. Things do change, so we're constantly revaluating the data. But essentially, we'd like to provide some guidance and recommendations at the end of the focus group process. Any idea how long that's going to take? Well, the focus groups term of reference ends at the end of 2016. We'd like to obviously do a lot within that time, but certainly deliver within the focus groups period. The bottom line, what difference do you think that the work that your group is doing is going to make? Well, right now, in the DFS ecosystem, if you will, there's a lot done in silos. So what this focus group does, which I'm pretty pleased to observe, is it's a really collegial effort. And where you've got a number of people from industry, from regulators, from standard-setting bodies, academics, analysts, and the like that have come together. And this is the only real entity that has all those people within it. Because your work touches technology? On all of it. It's like an octopus. It's everywhere. It touches on all these aspects. And this is a one-stop shop, I think, for this collegial effort to provide guidance and information for anybody that needs to make decisions. Long-term decisions about this industry. Be that donors, industries, regulators, analysts. So I think the collegial effort is firstly the first win, if you will. And secondly, the guidelines and the like that we're going to produce are certainly something that everybody's wanted and expecting. Leon Pelman, thank you very much for being with us here today, and I wish you a fruitful session this week in Geneva. Thank you very much.