 Welcome to ITU Telecom World 2018 here in Durban, South Africa, where I'm very pleased to be joining the studio today by Tim Sherwood, who is Vice President of Business Development and Mobility and IoT Solutions for Tata Communications. Tim, welcome to the studio. Thank you. Now I'd like to start off by talking about MVNOs, mobile virtual network operators. Perhaps you could tell us a little bit about what MVNOs are and what role they play in today's ICT's landscape. Sure, so MVNOs actually vary depending on different types of models that they employ. Some are very simple resellers of mobile operator SIM cards, if you will, whereas others are more sophisticated and control more capabilities themselves to operate and offer more specific plans that they want to target for their customer segments. Traditionally, the MVNOs went after the consumer mass market, targeted different types of specialized ethnic groups, low value, but what we've seen really recently is an emergence of a wide variety of MVNOs not only focused on the consumer model, but also in the enterprise space, particularly around IoT. And what are the key trends to be watching out for in the MVNO industry then? What we're really keeping an eye out is enabling anyone, if you will, to become an MVNO. We're seeing, particularly when you start talking about smart devices, the internet of things, that more and more enterprises are shifting from a product model to a services model and connectivity becomes a key embedded ingredient of that. So while they don't necessarily think of themselves as an MVNO like a traditional consumer brand, they are in essence an MVNO as part of the broader service offering that they're making. And in terms of obstacles in this particular market, how might they be overcome then? So some of the obstacles that we see really center around MVNOs that want to offer their services across multiple countries. And so working with different local operators in each country can be challenging in that the different method by which you can acquire and utilize their local spectrum, their radio access can change across. And so then you become limited to the least common denominator of capabilities if you're heavily relying on the operators. And so we're seeing a movement more towards virtualized platforms that handle different types of subscriber management capabilities, policy charging, different types of business rules that the MVNOs can operate as an overlay above all the different radio networks from the partners they use so they can offer a consistent and seamless service across multiple countries, across multiple operators. And what about regulators? What kind of regulatory landscape would you like to see? Well, I think the regulators tend to be very much of a follower when it comes to different approaches. And in some cases we're seeing regulations that don't necessarily put an advantage to an MVNO. One example of that would be in India, which is still a large degree a key market for us. And there with some of the recent regulations, they require a virtual network operator to be tied to a single operator. And what we're seeing in other markets around the world is a key differentiation of an MVNO is actually that they're providing coverage across multiple local operators. And so that mesh value of multiple underlying operators is critical for a value prop, let's say, in the U.S. where I'm from. But because of the regulation in India, you don't see that. So there are types of issues there that we see that we think the regulators could be a little bit more forward thinking and looking at the MVNO as a way to really enhance the end user value or the enterprise value. And they just need to be a little bit, play a little bit more catch up, I'd say. Talking about value, you've obviously taken the time and the distance has been traveled by you to be here. I just wanted to find out what's the value of attending events such as ITU Telecom World for you? So for us, in the MVNO space, we actually look at ourselves as both as a mobile virtual network enabler as well as a virtual network operator. Where we operate as an MVNO, we're targeting our multinational companies, our service provider customers to help them reach global scale. In certain markets, particularly in Africa and other emerging markets, we recognize that we may not have a strong local presence ourselves. And so we have and are seeking partnerships here to build a presence to kind of create a federation or a coalition, if you will. And so we see a lot of exciting things happening in places like Southern Africa with the explosion in terms of the opportunities for MVNOs, both on the consumer side and the IOT side. And so we're really looking at how can we help, how can we extend some of our capabilities? How can we can enable our partners to be successful in the local markets that they specialize in? Tim Sherwood, thank you very much indeed. Thank you.