 Welcome to ITU Telecom World 2018 here in Durban, South Africa. I'm having you here in the studio because there's a special session called the rise of the MVNOs happening here at ITU Telecom World. Perhaps you could tell us what it's all about, what are MVNOs all about, and basically why they're rising. Then we'll talk a little bit about the opportunities and the obstacles and challenges. So MVNOs are really in a nutshell leveraging existing infrastructure to provide innovative services. The reason we call it the rise of the MVNOs is that we have seen recently a surge in interest by MVNOs in joining ITU for essentially two main reasons. One is the numbering resources that the ITU offers to allow for MVNOs and operators to interconnect around the world. And the second is the ecosystem that we provide for economic and financial discussions. 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. The key trend now for the MVNO is to create their own communities. I just gave an example on the agricultural community, for example. In Africa, we are talking about 65% of the labor in Africa are mainly working in the agricultural sector. So basically, if you are able to target this community, bringing them the services that they need and solving the concerns that they have, definitely you will be able to attract them as an MVNO. As an MVNO, it's very hard to play this game because this is more a focused niche which requires a certain type of flexibility. And I think the MVNOs should look at this trend. Another trend is the cybersecurity trend. It's the trend of this year, especially after the new regulations. I believe MVNOs can also play a very important role in the cybersecurity and approach customers from that perspective. Today, we're talking about communities. So of course, we have all the Gafas, the Google, Apple, Facebook, Amazon and so on which created big communities and these communities are kind of fighting against the operators' communities or the MVNO communities. When you're an MVNO, you can work with the Gafas communities. You can work with other communities and because you're much more agile than the MVNOs you can have very specific offers targeting those communities. 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. I would expect that there's some linkage now between MVNOs and some of the payment services that are now going into the market. So maybe an opportunity for new MVNOs is to link essentially the provision of a data service with a payment service and then move into the market in that manner. 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. Perhaps we could talk a little bit about ITUs 901 codes and how they can support IoT and MVNO business. Yeah, let me first explain what the 901 codes are. Normally if you're in a country you have a country code. So for example in Switzerland it's plus 41, Tunisia 216. But if you're operating in multiple countries you get a 901 code because you're not in one jurisdiction, one country, one nation. And these have become very critical for IoT because when IoT devices and the device could be a vehicle for example and it's connected with a telephone number, a 164 number, instead of having a country code it will have a 901 code which allows it to essentially operate in multiple geographies and in multiple countries in a fairly seamless and cost effective way. And so the ITU is the international regulator to provide those codes. I think the most important factor is the regulations that are put in place. There are countries where the regulations are perfect. In other countries regulations impose lots of license fees for example. MVNO's and the MVNO business case doesn't justify paying a license fee for example. In South Africa you don't have a license fee to operate an MVNO. So regulations definitely are very important. And are seeking partnerships here to build the presence to kind of create a federation or a coalition if you will. And so we see a lot of exciting things happening. So what we found not only in France but across Europe is some kind of regulatory framework we can claim. We can travel with and have more of just an adaptation of our model to each individual state. So that gives us a good advantage to quickly deploy across Europe. That's what we've done. We're just kicking off Asia and now we're looking at Africa. That's why we're here in Durban. So we're now expecting the regulatory agencies to kind of have a regional framework, an African framework, an Asian framework, a Latin framework that could be comparable to what we know how to work with in Europe which is not a unique regulation but which is a regulation which has just some flavors in the individual states. And MVNOs are here. They're here to stay. They're here to grow. And they allow the MVNOs to expand, to segment their markets. They allow the MVNOs to gain some agility on their markets. And starting from a pure either distribution or IT perspective, now MVNO are building their own core networks. They are building their interconnections. So they are now just leasing the radio networks but they can play on every parameter, every setting of the services. So that's how MVNOs can segment their markets and get market shares and grow hands with the MNOs. Attending an event like this is a great platform for us to connect with many of the partners that we work with today that we don't get to see on a regular basis but we get to see them at an event like this. We get to connect with our global peers who are also playing important roles in digitizing not just the continent but the globe.