 Welcome to the third day of our conference on the Central Bank of the Future. My name is Chris Colabia, and I serve as the Senior Advisor on Supervisory and Regulatory Policy at the Bill and Melinda Gates Foundation. Today, in addition to our keynote speakers, Her Excellency Assistant Governor, Chia Sare of the National Bank of Cambodia, and Governor Patrick Joroghe of the Central Bank of Kenya, we'll focus on how central banks could evolve beyond payments provision to provide key infrastructure to secure data, manage digital identification, and even facilitate the use of data by firms and individuals. Then we'll turn to the regulatory perimeter and consider how evolving technology is pushing the boundaries of regulation into new areas and services. At the Bill and Melinda Gates Foundation, we believe that every person deserves a chance to lead a healthy and productive life. Our mission is to address inequities in all forms to help realize that vision. We seek to improve the lives of the poor by finding ways to improve access to healthcare and medicine, to clean water and good nutrition, to education, and to economic opportunity, including access to financial services. A growing body of research shows that having access to appropriate financial tools strengthens the financial resilience of individuals and families and enables the poor to lift themselves out of poverty. In that vein, over the last 15 years, technology and especially payments technology have been a major driver of inclusion in especially low and middle income countries. Consequently, we work to expand access to digital financial services among the poor, women, and the unbanked or underbanked, especially in lower and middle income countries around the world. We've been pleased to partner with the Center on Finance, Law, and Policy at the University of Michigan's Ford School of Public Policy to explore the policy and technological innovations that central banks could adopt to build a more inclusive financial system and a digital economy that works for all, including for the poor. We are consequently honored that this year's conference is co-hosted by the Federal Reserve Bank of San Francisco. And I should add on a personal note that I'm delighted by this partnership for our event as I had previously served as a supervisor and a central banker with the Federal Reserve Bank of New York prior to joining the financial services for the poor team at the Gates Foundation. A former New York Fed president, Gerald Corrigan, often spoke of the trilogy of functions that a modern central bank undertakes. Mr. Corrigan wrote that most central banks today focus on monetary policy, the oversight or operation of the payment system, and financial institution oversight. For me, one theme that holds these three functions together tightly is the concept of confidence. Monetary policy is about promoting confidence in the value of the currency and in price stability. Payment systems oversight is about promoting confidence in the mechanics of the financial system so that we can conduct our daily economic transactions with ease and trust. Financial institution oversight promotes confidence in the stewards of our hard-earned savings as depositors. If we are to encourage the poor, the unbanked, and marginalized people to participate in the formal economy, we must similarly promote confidence and trust among them in financial services providers and in the financial system. This means that we also need to build the legal and regulatory framework to protect consumer savings and their use of financial products and services. The Gates Foundation appreciates the partnership that the University of Michigan and the Federal Reserve Bank of San Francisco have created to explore these topics on how central banks can build the confidence and trust in the broader public to participate in the formal financial system so that when they gain access, these products and services will improve their ability to lead healthy and productive lives. And I'd like to express my thanks and that of the Gates Foundation for the outstanding work conducted by the University of Michigan on this project. They've been thoughtful, provocative, and energetic in thinking differently about the role of the central bank. It's been a wonderful and fun project to work on with them over the past two years. And for that, I'd like to thank the staff and students in the center on finance, law, and policy at the University of Michigan's Ford School of Public Policy, including especially Dean Michael Barr, as well as Adrian Harris, Tracy Van Dusen, Chrissy Baer, and Justin Erickson, with whom I've had a chance to work closely over the last two years. I'd also like to thank the many research assistants from the Center for Finance, Law, and Policy who have helped us to conduct research and lead the writing of many of the papers and agendas for discussions that have been hosted by this forum. The research assistants include Ashton Smith, Will Mazeer, Emma McFarlane, Karen Thrasher, Ryan Bernard, Jay Campbell, Brian Ricketts, Avassan Yal Lev, Megan Kelly, as well as consultants to the CFLP, Lev Menand from Columbia University Law School, and Patty Cowell. I'd also like to mention the visiting scholar, Daniel Gerson-Rees from the Central Bank of Brazil, who's been instrumental in helping us conduct research, as well as Ford School staff who provided communications and technical support, including Kelly Brown, Chris Meyers, Liz Smith, Daniel Rivkin, Rebecca Cohen, and Madison Brown. The San Francisco Fed has also played an important role in helping us to stand up this conference and conduct the research that led up to these meetings today. I believe that the San Francisco Fed demonstrated great leadership and courage in being willing to ask what central bankers could do differently or better to promote more inclusive digital financial systems and digital economies. For that, I'd like to thank the president of the San Francisco Fed, Mary Daly, the head of supervision, Tracy Bassinger, as well as Caitlyn Asrow, Anna D'Souza, Shelley Luke, and Lionel McGuino. I should mention as well the guest authors who contributed to the What If blog series that the university sponsored for the Central Bank of the Future Project. These include Jen Tesher of the Financial Health Network, Jane Barrett of MX Technologies, Shamir Karkal of SILA, and Daniel Gerson-Riz, and Deputy Governor Jao Manuel Pinot de Mayo of the Central Bank of Brazil. Now I'm honored to introduce our next keynote speaker for this event who'll address the issues related to promoting trust and confidence in the financial system. Her Excellency Chea Sare, assistant governor of the National Bank of Cambodia. The assistant governor is a member of several policy-driven committees within the bank and nationally within Cambodia. And under her leadership, the retail payments infrastructure in the country has been modernized with the introduction of a national shared switch for card transactions and a fast payment systems, which is a real-time bank-to-bank transaction system in Cambodia. She's also led the Bakhan Project, an initiative of the National Bank of Cambodia in exploring and introducing a new generation of payment systems using blockchain technology. She's a member of the Southeast Asia Advisory Council at Women's World Banking and a member of the Young Global Leaders Class of 2019, a form of the Young Global Leaders created by the World Economic Forum. Assistant Governor Sare was a senior fellow at the Lee Kuan Yew School of Public Policy and is currently pursuing her PhD with the University of Adelaide in Australia. Your Excellency, welcome to the conference.