 Hello, my name is Craig Chelis and I'm the Executive Director of the MIFOS Initiative. The MIFOS Initiative is an award-winning, non-profit, free and open source software project dedicated to ending poverty one line of code at a time. Through three generations of technology, a global community, and visionary leadership, we have become thought leaders in financial inclusion. Financial inclusion is the one method proven to permanently lift the poor out of poverty, but there's still two million people excluded from the financial system. First we thought microfinance was sufficient, but it's not. Then we realized that savings accounts were the essential safety net that preserved the gains from microfinance. Now we realize that without access to the same low-cost transfer and payment networks that the rest of us take for granted, the gains from microfinance and savings cannot be realized and the poor are trapped in inflexible and expensive silos. We need all three of these components working together to achieve financial inclusion. In understanding this, we see the challenge ahead and we understand why there are still two billion people excluded from the financial system. Masoni is a partner in the MIFOS community. Usoni is future in Swahili and M is for mobile, so Masoni is mobile future. The story of how Masoni, the story of Masoni shows how everything we know about delivering financial services is changing right before our very eyes. By taking advantage of Kenya's rapid and broad adoption of mobile phones and mobile money, Masoni has built the world's first 100% mobile, 100% cashless, 100% paperless financial inclusion institution for which they've received global recognition and awards. An analysis by the Mastercard Foundation quantified that Masoni has so dramatically lowered the cost and increased the efficiency of delivering financial services that they have increased their scale by two orders of magnitude. So when money is digitized and every phone is a bank, every person, literally every person is accessible at low cost. So it's not just a revolution in access for the poor. It's a revolution in access for innovators. When money is digital and phones are banks, every conceivable financial service, including financial services that haven't even yet been conceived, are simple and simply apps. And any team of innovators, no matter how small, with any idea, no matter how big, can enter the market. So yes, we are. And yes, he has good reason to look so worried. So to understand the requirements for building the Bank of the Future, we draw upon a global community of innovators. These are 116 financial institutions with over 40 local deployment partners with 3.5 million individual clients in 37 countries. And what they want, what they've told us they must have, is a platform upon which they can deliver innovation fast and cheap. A platform that provides them with the infrastructure they need so they don't have to reinvent the wheel for every service, for every app, for every region, freeing up significant time and money so they can stay focused on their customer value add and their market orientation. And so that the smallest of teams can in fact deliver the biggest of ideas. So build apps, not infrastructure. A Bank of the Future will be a software-defined platform that includes a toolkit. And even having a box of Legos puts you way ahead. But this toolkit will be a purpose-built platform for financial inclusion that already includes a bank, security, transactions, accounts, is mobile and cloud-ready, a platform that is affordable because it's free and open source, and a platform that is backed by a global community of innovators that collaborates on financial inclusion. And this all adds up to an innovation platform that makes superheroes out of innovators. So you see, I'm not kidding, it is a box of Legos. But these are financial inclusion Legos. And what you're looking at is unprecedented. This is a bank in a box, a software box, that the MIFOS initiative is providing as free and open source. And with this platform, a team of innovators has everything they need to open for business. They just add their idea. It's add water, stir and bake. So by providing the infrastructure, they can focus on their customer-facing value add. To build apps, not infrastructure. Now Apprenda is a platform. It's not purpose-built for financial inclusion. It's not free and open source. It's proprietary and very expensive. But it shows you the power of a platform. 45% drop in infrastructure costs, 700% boost in developer productivity, time-to-market increase of two months, 100% uptime. The Bank of the Future will offer this kind of advantage to financial inclusion innovators. So let's take a tour of the world and see what innovators are doing with the Bank of the Future. Each of these regions has a special consideration that's being seized upon by innovators. And each of the innovators we're going to feature here are members of the MIFOS global community. So India has a changed regulatory structure that allows for new banks that are focused on the unbanked. Nova Pay's idea is to launch a payments bank and achieve scale with a distributed agent network. Now a payments bank will allow the poor to receive payments and make purchases while avoiding the high cost of remittance and transfer networks and the risks of cash. So the need was for low cost infrastructure because there's low fees, for mobile and cloud infrastructure because you have a distributed agent network, and for the ability to make rapid product flexibility changes because they're early in the adoption cycle. Their solution? Use the Bank of the Future for their infrastructure, which they've launched. So ZERO, Uruguay has passed the Financial Inclusion Law of 2014. It mandates government payments for electronic payments for government payments, electronic money, and gives tax breaks for cashless transactions. ZERO's idea is they are acquiring one of the eight electronic money licenses and they're going to bundle financial inclusion services to the unbanked with the electronic money payments. Their need is for complete infrastructure. They're not a bank. They're a startup. They have no infrastructure. And they need to rapidly configure mobile electronic money services so they can capture and keep clients who are using the electronic payments. So their solution? Well, use the Bank of the Future for their infrastructure. Hadrian Labs, well, the Philippines, has a large overseas worker population with significant and costly remittances. Hadrian Labs is a small, innovative, entrepreneurial startup out of BYU, the proverbial small team with a big idea. Their idea is to provide a service to the poor of the Philippines to completely bypass the high cost of banking and remittance systems and use an open source transfer protocol with digital money for the poor to transfer funds. They're going to use Bitcoin. Now this is a big idea. To make it work, they have to pair it with low cost, open source banking infrastructure. So what was their solution? And to whom did they come? Well the Bank of the Future is going to be their infrastructure. Minds.io is in West Africa. West Africa has a massive population with mobile phones, but compared to other regions, very low penetration of financial services. What is Minds.io's big idea? They're out of Stanford University. They have a completely new architecture for a big data analytics engine that's blazingly fast. Combined with billions of phone records from West Africa and telcos, they can identify the need for financial inclusion down to the level of an individual. But what do they need to make this work? They need banking infrastructure and financial services portfolio because that's not their value add. Their value add is data analytics. How did they solve this problem? They paired their data analytics engine and their telco records with the Bank of the Future. So the Bank of the Future is complete banking infrastructure. That's cloud based, mobile ready, software defined, and scalable to millions upon which any mobile app can be configured and deployed with agility and speed and through which you can deliver any financial service to anyone anywhere. The operating costs are low. It's free and open source. The infrastructure is pre-built. Time to market and product configuration is fast and agile. And as you saw in the case studies, innovators around the world are using it to deliver game changing solutions that are closing the financial inclusion gap. We're working with social investors, fintech accelerators, and financial inclusion providers that are motivated early adopters. Please come and join us. Thank you.