 Thank you for being with us so this is the technology for society panel so thank you all for being with us I'm gonna just make a short introduction in Spanish. Estamos transmitiendo un vivo en este momento. We are going to be in live transmission with el financiero in Bloomberg and we're here at the World Economic Forum. This panel is called Technology for Society and the forum has given us this session. It's going to be transmitted live in Mexico and Central America. Thank you to all of you for being here and we're grateful for the support of the forum. The panel is going to be in English. We do have interpretation if you need it and we would ask all of you to please turn off your cellular phones or silence. For society panel and I just want to make a very very short introduction on where we are in Latin America in terms of a technology. According to the World Economic Forum IT report the last one there's this networked readiness index 2015 where Chile stands at position number 38 in the world. Mexico stands in position number 69. Brazil at the position 84. Peru at the 90 position and Guatemala is a 107. Singapore is the number one country in the world according to this network readiness readiness index and we're here this technology for society panel to answer the following question. How can technology drive economic growth and social progress in Latin America? With all of us here in the panel are with me as well Tadeo Sarroyo. He's the CEO of USL and AT&T in Mexico. Thank you for being with us. Eduardo Coello, he's a senior VP for Latin America and the Caribbean for Visa. Thank you for being with us. Sebastián Belagamo, he's from Internet Society. Thank you Sebastián for being with us. Adriana Oreña, she's the managing director Spanish-speaking Latin America for Google. Adriana, thank you. And Claudio Sasaki, he's the co-founder of Geeky in Brazil. Claudio, thank you for being with us. So I'd like to make just a short question for everyone here so we can open up the discussion and first of all I would like to start with you asking how can technology be oriented to create businesses and to spread wealth. Well now you're in Mexico but also what do you think of Latin America? Sure, sure and I think obviously I look through my lens as an infrastructure provider and mobile operator but as I look at this and I look at the advancements taking place today and frankly investments in network infrastructure and in particularly mobile broadband I think we're really at the forefront of what will be an ushering in of a new generation and the advancement of a mobile and digital society and with that ultimately I think we're creating the fuel for an ecosystem that can have a substantial impact not only on businesses not only on our lives but frankly on society as you look at tapping into these new capabilities and the ability to ultimately cross that digital divide by tapping into now what is becoming these ubiquitous these always on these always available mobile broadband networks that now get coupled with with ultimately the ability now to connect people to connect things and drive advancements and driving the context under which how we interact with that. I think we're at a unique point in time now when you look at the number of people and things that are connected in some way to the internet exceeding the population in the planet and you look at a few years ahead to ultimately the explosion in that and I think that this this oxygen that will in the form of this mobile network will ultimately create a substantial number of new opportunities to disrupt businesses and society. It's going to take a long time in Latin America more time than in other parts of the world. I think frankly that we'll see that advancement continue at a very rapid pace. You know if I look at Mexico and frankly what we're doing here and the commitment we've made to advance frankly fourth generation LTE mobile broadband services to cover a population in Mexico of over 100 million inhabitants. I think you're going to see that ultimately and that increase in competition drive an advancement at a much more rapid race than you would have been in the past. Now Eduardo I think you've seen technology all over the spectrum of visa. Who do you think are the best tech entrepreneurs in Mexico and in Latin America because we might think that governments for example as they have resources they might be like I mean the very best big you know organization to deploy technology all over it's work but what about banks are banks better than other organizations. Small businesses are also tech oriented. What do you see when you evaluate all your strategies from visa? Well we see the strategies in two ways. The first one is we need to see the network as the tool to really connect everybody. So we connect consumers with the merchants with banks and the network needs to stay in the center of everything. A key strategy there is also to keep the network secure because now that everybody can have access to that network we also need to be seeing all the things that we have to do to keep the integrity of the network. In the other side you have the device or the point of contact of the consumer with the network and in that regard that's where we see a lot of innovation in the markets. We see that a lot of companies are investing on how to improve the interaction of the consumer with the network and that is done through a better application at the point of sale the traditional terminal we see in the stores but that is also true in the way that the consumer can interact with a you know supplier or a company or a merchant through a mobile app or a mobile payment through different ways. Right now we are having a two very strong trends. One is to have the physical card more secure through microchips but on the other hand we are also working a lot on how can we include into the phone or the credentials of our cards that can be used via a you know a close NFC transaction or through the internet like another e-commerce transaction. So we see the innovation in the network making it secure adding more value to the merchants but also we see a lot of innovation at the point of interaction of the consumer with the network. But is it always for the creators of the network to create and guarantee security? Because it seems that on the other hand like everyone can just innovate whatever they want without taking care of security because the network is guaranteed by some other large organizations in terms of and probably you have a perspective on why in this case I mean this is the largest network for electronic payments and yeah it is our responsibility to keep it secure but also to and we are working a lot to make it more open for everybody who wants to be connected to the network. We are transforming all of our platforms to be able to offer that to the developers in order for them to include the payment as part of their applications. So securities our responsibility is I mean we are the guardians of that information that is flowing around the system but the thing is it needs to be secure but it needs to be open. Sounds like a contraintuitive but it is it is our work to do it. You want to jump in? No I basically echo what Eduardo says also for us privacy and the power of having control on your information as a user is key for Google. So it's similar in those lines. Now so I would like to ask you can you give us examples of how innovation based technology you know your organization is is about the spread to spread the use of the internet. Which typical innovations do you see through the internet while you push for this platform to be more open? I think the good thing about this the internet technology in particular is that it provides a lot of benefits for society it's not just for the technology itself it's also the benefits that provides to everyone I mean it's a big enabler of growth of development and we see that there's a big change in that because in historically the innovation has benefited of the network effects of physical clusters so far typically Silicon Valley where knowledge inputs assistance are get together in one physical place. What we're seeing now is a big opportunity for our region now because most of these necessary components ingredients for for innovation are moving online today and we are going to be able to benefit from that I mean let's take for instance knowledge I mean education research you can take courses online you can access open sourcing research on the market gaps that you want to fill with with your new startup inputs capital you have capital available online today I mean crowdfunding crowd sourcing you have skilled workers available for you online today LinkedIn you go to LinkedIn you get you get the workers you get assistance too I mean you get mentorship for your new endeavor you get everything that has benefited this physical geographical cluster so far has moved online today you have the in I miss one which is really very important which is the equipment I mean you don't even need the equipment today I mean you have the capacity for your server so whatever you need it in order to to run your business you can you can have it online I mean also this is the shared economy right this is a everything resides on the cloud and we can all just access from wherever we are that's correct that's one side of the of the equation the other side is how you as an entrepreneur can benefit of those of those resources those are available today online for you independently of where you're located of your income of your education level of your gender of your even if you're a physically impaired people you can access these resources even better than do you see them do you see all these entrepreneurs all over Latin America jumping up into these opportunities totally totally yeah it's a thriving I mean the environment is driving I see the specific sector that you see like a more vibrant there's many I mean there's there's a big champions I mean historical champions I mean in Latin America and it's it's it's also a matter of some national particularities I mean there's some big champions coming from Argentina for instance why because Argentina doesn't see they don't trust their own their own market so they see the global market I mean one when they start the internet for instance I mean the internet allows them to reach out with low distribution cost to a market of three billion people now I mean so there's the shift I'm seeing is people looking from looking to the local markets to the global market at once this is very interesting because you said Argentinians don't trust their own markets for they they look at the global market but I'm gonna just make a quick change of what we had this according before but you trust your local market right because you created a very relevant new company devoted to education yeah I guess that's one advantage I think in Brazil because we have a big market but that's on the other hand when you talk about internet that's also an issue because I think Brazilian startups tend to think about local markets as opposed to global markets so that's that's one thing in Brazil but I echo what you're saying I think there's been a huge movement in Brazil over the last few years primarily I think it's a new wave of entrepreneurs that are really dissatisfied as to what the government actually should have offered or should offer so when it comes to health care education security awareness of information there has been so many initiatives to try to help population so as an example like in health care you know basic information but awareness of this information there is one very famous website now that allows people primarily people from classes CDN to know where they can get free access to medication for example free access to doctors because they know it's available but they don't know where to get so that's one clear example the second one is really there's a very popular company that what they do they have roughly 30 million users right now but what they do is they they inform people about everything that is free comes to arts exhibitions education opportunities health care opportunities everything that is free in the city it's concentrated in just one website so that's another example in our case it's really the people don't realize how bad the situation is in Brazil when it comes to education like for example for every two kids that start high school in Brazil one quit so he doesn't finish high school and out of those who finish 90 90% doesn't have the minimal expected level of math in Portuguese so that's the country we're talking about so when it comes to kind of democratizing top quality education that's what we do and it's really the power of technology to one provide feedback and information to teachers to school principals and two students in real time so that's a big difference like to give an example in the state of Sao Paulo which is one of the largest ones when you do an initial assessment in every public school in Sao Paulo it takes on average like nine to twelve months for teachers to get the feedback so I mean you don't do anything with that information you use it next year with with a new student or a new class when it comes to you on the other hand you can provide that kind of real-time feedback information so that's why I think there is this wave of new initiatives that combine business and social purpose that is really flourishing you've been in business like what like seven years or so no a geeky is a three and a half year company so it's a new company would you say it's advancing advancing at the speed that you want oh yeah I think I think it was actually a given example last year we reached three million students throughout the country we are in 90% of the cities all the 27 states so that's the beauty of technology and I think if you are able to build your business around something that is scalable you are able to benefit a large number of people now Adriana your company well Google everyone who's Google it's this is a very widespread and large global platform how does Google pushes the word technology for for people just to start something new yeah let me start by if we go back to our mission is to organize the world's information and make it accessible easily accessible so when you think about that you see it basically three groups of people that we can influence or impact to generate more economic impact one is the user and how do we do that basically empowering them with information so they can make decisions or they can inform themselves so putting platforms such as video conferencing chat email and all these other tools for them to connect the other is the companies right and we have big and small companies I think on the small companies is very interesting because our chief or our main source of revenue is advertising and as Sebastian mentioned for an SMB to get access to the world it's key and through the Internet and through online advertising you can be what we call a micro multinational you are getting access to the world is that actually happening yeah that's actually happening in Latin America in Latin America more so and it's key because if you look at the numbers today 99% of the companies in Latin America and it's our small companies and they are responsible for two thirds of the employment and depending on the country 50 30 to 50% of the GDP so that's key and that's happening it's easy there are no barriers to entry can you give us an example yes we have several but let me give you being Colombian there is a company in Colombia that basically sells hats to all over the world the the different shareholders are in different parts one is in Panama the other is in Colombia and they sell hats Panama hats to all over the world a more dramatic example is a small company that that sells a pig cooked pig lechona through the Internet who thought about that well they just found this channel of distribution and they are selling food over the Internet I mean that's that's revolutionary for them right something that they they haven't thought about for the big companies is is clear also you can either embrace the technologies and be more efficient internally by using it internally for your internal communications or going to the world through advertising in a more concise and relevant way and then for the partners which are basically all the relevant content creators there is a huge ecosystem that they benefit economically from that by putting content that it is relevant for the user when you listen to all these examples what do you think would be like the ideal process to create wealth using all this technology because you are at the core of deploying this technology in a country like Mexico sure and it's been a very interesting discussion as you think through all the very ideas that we've gone through here but I think at the culmination of everything is I think it's very obvious to see how ultimately the Internet and how it's becoming embedded in our personal lives how it's becoming embedded in businesses to ultimately really drive an outcome-based society driving a much more collaborative and sharing economy but ultimately as you think about this and you think about the culmination of these ideas it's everything imagined as a service when you take when you take a any object you attach compute to it and you connect it in a mobile way to the Internet you create smart objects you create the ability to create new innovation as you continue this pivot and we become much more of a software-based society anything you can imagine into the point made earlier you don't need to ultimately have and be able to stand up and embed that infrastructure that infrastructure is already available around you there's multiple platforms so it's we're only limited now by our imagination our imagination to think and create services to create and extend services and ultimately then bring those ideas to bear I think that be really puts us here at the early point of where all small entrepreneurs can have huge impacts small entrepreneurs with big ideas and access to the infrastructure that is now available around us can frankly make huge impacts and I think we're this ecosystem will continue to grow this ecosystem will grow as the opportunities whether it's disrupting education whether it's ultimately extending and improving economies through frankly tapping into those capabilities but as I look at this I find I see us really at the very early phase and I look at across Latin America now with the advancements frankly of infrastructure with cloud capabilities the mobile Internet as an ability to leap frog what would have been a much slower process in a fixed world it sounds very well when you say like there's like limitless imagination but for example when when we think about banks it seems that banks are always like this very big you know like I don't know if obsolete but actually quite big and difficult to move organizations what do you think of that when you listen in order to all these what I just told us about limitless imaginations when you see a bank trying to innovate is that possible in in a rapid way actually I think banks are doing a lot of work on innovation you start seeing some cases in the world where you can open an account and get a card in 24 hours through the internet I mean in some countries the regulation allow banks to do that we we don't I mean we need to to keep in mind that also banks are in a in a business that are heavily regulated because of right because of the right reasons I mean we need also to to keep the banks for the things that are good for the population and not for allowing some transactions that nobody wants so one challenge is for the governments to review all of that regulation and see how is that really preventing banks to moving faster on that regard you can see now almost every bank in the world having the mobile bank application where you can have access to your account I mean who could have said that you can have a you know your direct balance in seconds in your mobile phone but also not going to the let's say sophisticated solution for also on the simple solutions now there are a lot of banks that allow people in the in the lower segments who can access to their balances through SMS and feature phones and you don't need to have a very sophisticated smartphone to also have access to your bank so say that they are doing a lot of things the the challenge is how can we also make the digital money as easy as cash because right now in most of our countries cash is still like in the case of Mexico or Colombia or Peru and between 70 and 80 percent of the transactions are still done in cash and there are seven reasons for that but one of those reasons is because it is very simple to use cash and when you understand that you see it you know how much you have it so everybody likes to use the cash so the challenge here is we need to make the digital money as easy or easier than cash so that's where the innovation is also coming not only from the point of view of the card holder but also from the point of view of the small merchant because the merchant wants to accept electronic payments but there are other barriers like I mean it was a technology now it is becoming easier to have a point of sale thanks of you know a mobile phone you can actually accept payments there you can also do it through the internet because you can have electronic payments but there are also some other challenges like you know a small merchant wants to pay taxes in a lot of cases but they don't know how to so they don't want to get involved in the formality because they don't want to get in trouble with a C&L with the IRS so there are actually several other initiatives in the countries where governments are doing some things some pilots to make it simple for the small merchant to pay taxes also the small merchant wants to have more benefit of having a POS terminal there other than just accepting payments which is a very good thing because they they can increase their sales but they also want to sell air time they want to sell micro insurances they want to sell lotto tickets so we are now seeing the different initiatives where the innovation is getting to the point of sell where the merchant can sustain the business the traditional mom-and-pop shop can maintain the business because they can also sell digital goods but are in visa against culture because I would say it's like I mean all people here probably have traveled around the world and they've seen how easy it is to use a card visa is using just the cash I think many people have seen this all over Latin America but they just they stick to cash right yeah it's I mean we are we are always winning against cash but when you see the numbers of cash in the total world and I'm not only talking about Latin America I mean like cash has grown in the number of bills and coins you know the monetary value of that has grown 30% in the world in the last five years so that means that we have more bills around us even with the institution of checks and cash on the smaller transactions it's cash is still growing a lot so I think the governments need to take more decisive decisions or decisive regulations to promote really the growth of electronic money Claudio is this a matter of education like like this example or others in Latin America do you think this is a matter of education how to educate people all over this continent to just tell them this is easy you can just jump in to create a business for yourself now yeah absolutely I was gonna mention that I think this is another hidden factor about the power of technology because at least in Brazil when you when you ask kids 14 to 18 years old classes CD&E and what what what your dream is I guarantee 95% of them would say either be a soccer player or be a singer something that something famous yeah so it doesn't necessarily require you know go to university for example so what I think technology brings is because because the issue is they don't see when they look at what their education situation is when they look at the opportunities that you know actually they can deserve or earn a good salary there's such a big gap that for them is like a just just a distant dream they don't they don't see themselves in those positions I think right now what technology brings is the ability to start a business to create something so what you see is there's now this big wave of young kids trying to learn for example how to code you know how to design a website how to create a business which before was just so much expensive and requires so much knowledge and experience and right now it's it's it's much easier it's faster and it's fun so that is it for the sake of just making money or you seen just for the sake of doing what they want I think it's some it's for the sake of having a better life it's for the sake of achieving their dreams to build something to have a better family because when they look at their parents situation obviously they don't want to be in that same situation and the role models that they have you know kids who they identify with that came from the same situation and are now famous have money or kind of they made it are soccer players or singers or actors you know that that's the reference they have or in many cases in the slums drug dealers right they have the power they have the money so that's that this is the crossroad in which kids will choose kind of which path they will follow and I think what we are trying to do is to show that there is an opportunity to create a business to create a life to go off through your dreams through education not only Portuguese and math but skills for life so coding for example is one of them but are there I mean you just mentioned like drug drug dealing for example this is a risk for all our societies in Latin America and technology is also at the core of the spread of these drug dealing and cartels coordinate themselves with the people by using technology this is this quite something that we we should care a lot about it what do you think well in general I mean the technology is there for for you to use either but you can change that socially and let me give you an example this was in the cover of the war magazine a few months ago and there was this small town in Mexico basically not connected to the internet very remote and a professor there was inspired but a professor in New Cal in India that basically gave internet access to a group of his students to say you know let's change the way we teach and ask questions and look up into the internet and then they prove that that method of education was very successful so this guy from Mexico to the example and put this at the core of his course and there is a girl who is Paloma who participated in that they didn't have any internet connection they were raising questions then he went back to his house this is near Tijuana and very very core of the drug situation in Mexico he looked up in the internet came with the answers and back and forth what happened basically transformed the results of the school the school took the first the first the top up the top position in Mexico and Paloma was able to learn mathematics and get the highest grade in the school so I think it's on us leaders either from businesses or from from the society just to make this things happen what will happen anyone what will happen with the marginal groups or groups that are not connected like the elderly for example what do you think will happen I think we're working on connecting everyone I mean and that's and that's a point I mean there is there is some groups are not going to be connected because they don't want to at the end of the of the day I mean but the amish or yeah there has not been a technology in the history of humankind that has been adopted as fast as the Internet so it's going to happen if eventually and it's going to be to happen fast the internet is very particular as a technology because you said I mean it's limitless innovation around but it's also permissionless innovation I mean you don't have as you said I mean you don't have to ask permission to anyone in order to to innovate on the on the Internet and that's that's a beauty of it and let's take Uruguay for instance I mean and when I leave and you might not agree on how they did it but then they have because they have a state monopoly for telecommunications still but I produce some contradictions in ideological contradictions to me but I'm 50% of the households are connected by fiber in Uruguay you have free at ADSL connections to everyone every phone line fix no fix line holder in the country you have 100% of one up to per child penetration 70% in second that is in primary school 70% penetration in second that is cool one result of that is that the pride the first non-agricultural export of Uruguay software in that in per capita but also in absolute terms Uruguay exports more software than Brazil in absolute terms I mean it's amazing I mean how you can create an enabling environment for this innovation to thrive and that's I think the task of our policymakers I mean and how we have how to work with them as you said I mean we have to spread this technology we have to create that environment for for the internet to to to spread all over to spill over our society who created this environment in Uruguay was it was it the law was it was it the government agency was the entrepreneurs it's a mix I mean you cannot do it by yourself I mean but it's a mix I mean and it's also the government I mean they have a very powerful agency for the information society which did a lot of these things in conjunction with this monopoly the monopoly operator the state monopoly operator of telecommunications in in Uruguay they get together they coordinated they did it they did the the president that is now in office now it used to be the president one term ago at Tabare Vasquez he decided that all PC was priority and Nicholas necroponte visited Uruguay with these all PC computers and he said I mean he saw the computer there he saw the opportunity he actually grabbed the computer out of necroponte and he didn't give it give it back to him iteration of why all PC in the public education system in in primary school 70% in when you say it was it was very costly for your country or not it was it was I mean not in absolute terms because Uruguay small country means so if you I mean I don't have the figures and the figures wouldn't be that dramatic but for for the size of the country we we are a 3 million people country in per capita I mean it was a huge cost but it compensates I mean it's I mean they see the returns in the really short term you said there's no need to ask for permission however there are regulations and you tell those cells before the panel started that you have your own perspective on regulation I want to ask everyone here what do we need to think in terms of regulation when we talk about technology yeah I think what's important and I have the perspective of looking at it's important as you look at the particularly at different phases of maturity that what regulation ultimately approach this in a way to create and attract the level of investment to ultimately create the this level of capability and so it's important that regulation not stifle that investment as it particularly in the early days of innovation and around ultimately the expansion of services that are going to create these amazing capabilities I think there are other areas though where it's very important and where governments can act to ultimately contribute to a broader social use of these capabilities and in particular as I look at it really I look at it in terms of the you know promoting the education system that will ultimately bring in this human influx of talent that we need to keep this ecosystem thriving and so there are really important areas I think where we need government institutions to ultimately promote the the level of change that we need in society to ensure that we can we ultimately have the talent that we need for tomorrow there are other areas though I think it's very important that the incentive to invest the incentive to create this innovation and to be able to tap into it that that is left open and flexible yeah in terms of banks for example when we talk about regulation just to say an example but banks faces like two big regulations one is there is the financial system regulations which are very strict and on the other side there's regulation for just security of the data of the users what do you think of this whole ecosystem of regulations into place for technology to serve to the financial system and the opportunity is and this is also a true for a lot of countries in Latin America is it is right to have regulations on banks on their core of their business which is to secure the deposit of the public I mean that's the main objective of a regulation around banks but also you need to have more regulations or better regulations to promote more competition in order to open that network to more players in terms of maybe having more merchants or having more solutions in the market having better connectivity so I think that still we have some opportunities to promote more competition the other in the other hand we also need to I was in another session the other day around the web that we were talking about a lot in in terms of how easy is to really register a patent in Latin America and it's very hard so if the innovator doesn't have the basic I mean he is not certain that the innovation is going to work for his benefit in and he's going to get the payback of those investments I mean that also demotes the innovation so we also need to have a more simple way to promote innovators to register patents and to use them and to take the the return of it do you think we need to educate people to follow regulations or to innovate well to follow regulations for sure but obviously you don't need to agree with all the regulation right so I think what we see is opportunities to change regulation just by influencing stakeholders just by influencing users and really creating a new way to think or address primarily from the public system I think it's it's really just in the case of Brazil I mean give an example it's it's within for the last three years in all states 90% of the municipalities and still we haven't had a direct contract with government yet because of bureaucracy because of procurement rules because of lack of understanding of how to hire technology like ours so the way I mean we had two options either to just sell to private schools or to find a way to go around and benefit kids from public schools so the way we found was one two for it's like a one-pay one-free model so for every private school we sell we offer to a public school so that's one way to benefit the kids from the public school the other way usually to offering for free our product to whoever wants to use so with that we've been putting pressure on government to understand the benefits and the possibilities that technology brings so it's a bottom up strategy to really try to influence regulation and policies if I make it's very interesting because I really like the concept of ecosystem because one of the consequences of this disruption of these technologies that it changed the way we the government is made I mean of this of this stuff and there is a whole ecosystem which is very interesting because it's kind of a symbiotic relationship I mean once depend on the other is not just bidirectional it's multi-dimensional and you have to get everyone involved in order to make decisions so why do you have to obviously to follow the regulations that are there the new environment has to be set up by agreement with all the stakeholders and that are affected by this decision and that's something that is growing today I mean this change of governance environment is very very interesting but that's difficult in Latin America is working it's working it's working in several in several places because you live in New York no no no in Latin America is working I mean there is several issues that are being discussed today I mean among different stakeholders in this kind of a multi-stakeholder environment I mean governments are today more open to the opinions of non-governmental stakeholders than work yesterday and I would say I mean civil society too I mean because huge societies was also worry of governments I mean before and we're creating kind of a trust network between between the different stakeholders which is very very interesting because the other the only way for this to grow actually is with a broad consensus I mean I'm on the I'm on the stakeholders and this is happening I mean the concept of a cost of ecosystem is very very interesting I think another interesting area there if you look at it just look at the context especially as you look at how it applies to the core technology itself and attempting to it to weave regulation around that the rate of pace of change in technology tends to outpace any ability of any regulatory framework to keep up with that and think about applying frameworks and in many many respects could be decades old to technology that is changing on a monthly or could be hourly basis so it is important to think about the approach and the framework that allows that technology ecosystem to evolve to emerge but the important element and I really agree with the point the environment has to promote competition because competition and open and free markets ultimately allow that to thrive with a very light touch regulatory framework around that what would be the perspective yeah let me let me ask a point there and it's related also to your so then the system needs to be dynamic in such a way that allows for that to happen and I think you mentioned this fearless innovation or you know a quote here let's think about Latin American listening how easy is to get and get up a business I mean if you want to establish a company it gets really hard and then if you want to close the company it takes you difficult so I think that's something that needs to change in order for us to be more risk takers in Latin America and I think there is another factor well that we are not talking here which is culturally we're not looking at failure as something that builds knowledge and that was not common in Latin America before so this is positive you know what I'm saying is not we are not yet we're not there actually for example in America in the US failure is part of a process of creating you know exactly but we are not I mean just look at you know some years back when you look at the resume and say okay this guy is an entrepreneur whoops if you look at this resume in the US and they have failed it's good because they know how to you know work really well in the system so we need to change that you get credit based on your history and not in your idea I mean you don't get money based on your idea you get money because you had a track record you have a track record that backs your your person not the idea you have it's not about getting raising money I mean for an entrepreneur about the business plan a really nice business plan okay do you have any property yeah to back that it's about your personal background and it's not about the the future of your idea where you get the finance you have seen that in banks I mean several times I mean there are there are a lot of projects that fail very fast but as Adriana was saying and something that we're also doing a lot in visa is we are going to fail let's do it fast let's learn and let's move ahead and then bring that the next idea just make a comment about financial institutions in Brazil because we've seen new ideas new technologies been developed by kind of small groups that you know could potentially threaten big financial institutions so I think they obviously realize that and what they're doing right now is they are bringing startups to their ecosystem so what they're doing is well because for the entrepreneur is really a you don't know your business model you don't have a product market feed you don't know you know who your customer necessarily is yet so you obviously lack a capital to develop your ideas so what financial institutions are doing is bringing these entrepreneurs help them accelerate their ideas with mentoring with capital and test their products within their ecosystem so they're bringing innovation from entrepreneurs to their ecosystem so it's a very smart way and I think both wins because for the entrepreneur is a safer environment and for the institution is you know bringing innovation close to them and not only banks and all the venture capital market in the world I mean is growing a lot I mean a lot of people willing to risk funds to support innovation and that is something that is growing very I mean now is catching up in Latin America in the past everybody knows that they have to go to Silicon Valley to get some funds but now they are different funds in Latin America that are very active on investing on innovation and I will say that that's one of the things that I will accelerate more in our countries because now people know that they can get funds when you have a good idea well sell operator operators also have these big ecosystems to you know like understand what their entrepreneurs are doing absolutely in fact if you look at you know an approach that AT&T takes we like to we like to characterize it as we we innovate like a startup and with startups it's important that we infuse into our thinking the thinking of the most current entrepreneurs along with obviously the large-scale investments that we continue to pursue but to do that you have to open yourself up to the creativity that's occurring around you and you have to ultimately have an innovation ecosystem that you have and a platform that allows you to bring that in understand it consume it and put it into practice I'd like to open the discussion for our friends here at the audience if you could just raise your hand and say yeah do we have a mic around we just bring the microphone the gentleman here please tell us your name my name is my name is Kumar KS Kumar of a company called Sutherland the question I had of course I mean to the panel and specifically to you know people like Nore Nain from Google and hello from AT&T is what are the building blocks of of using technology and big data for society you know in terms of social good I don't think you know probably be kind of addressed that I brought it together for a good sense for us as what are the building blocks and you know how can governments in a more organized way how can governments and business partner you know for building the basic smart infrastructure which can create that you know ability for the common man to to use technology you know and not just using that as a business opportunity as we are speaking about here sure I'll start off I think if you look at I mean there's there's so many examples if you look at ultimately tapping into these emerging capabilities to really have a substantial impact on society as I look at it and as you create this platform you create platforms that allow innovators to bring these ideas to bear you can use this for social good and improving security of the society around you there's many examples now if you look at essentially social platforms that ultimately co-create to share security information in real time there's things to help obviously society to move progressively throughout a city by sharing information in terms of traffic and other dimensions frankly I think a great example sitting right here on the panel today using technology to change the way we deliver education we're in an era today when if you think about it the access to the collective knowledge of humankind is available at your fingertips how do we use that technology and how do we promote that to put that in everybody's fingertips and if you look at it in terms of what's happening whether it's massive online courses or ultimately distance learning our ability to tap into these capabilities and ultimately extended frankly up and down the the social economic platforms is substantial and and frankly to use this in ways to make society safer I think that we to do that though we ultimately you know have to have the platforms available and be able to extend these and everywhere we live work and play and so again I get excited by that and I think ultimately the potential for for social change in a positive way is is frankly there and being realized in many areas and let me develop on that so true on education is a key building block but also within this new society and and words we are seeing it is key for us to educate people in the skill sets that we need for the future and we are not seeing that in Latin America as fast as the technologies advancing specifically on engineering mathematics and the science in general so that's key and then looking at the at the technology in general I see the technologies and equalizer let me give you a clear example of how technology can be can be put in place in such a way that connects people make them learn share and play and this basically goes back to February when the Pope was having a video conference with children all over the world with a special needs the oldest institution in our on earth you know run by the power the pope who basically acknowledges himself not to be a techie guy was able to learn from people all over the world and people with some disabilities like deafness blindness or autism and they saw the power of sharing learning and playing so I think at the key building block for a summary it's education and in Latin America more so across the technology engineering mathematics and science he even sold his iPad over the internet I guess in the north actually wasn't you the way the yeah the action for the iPad yeah you didn't buy it it was sold it was an iPad too I guess and I was right another question please hello my name is David head I've lived in Argentina now for nine months and it took me two months to get a visa card just to put that out there it's painful my comment really is based around earlier on you mentioned the Internet of Things and we're talking about access to the data that's generated by the Internet of Things or consumed by the Internet of Things and last year there was a meeting in hosted in Buenos Aires that pulled together is organized by semi semiconductor organization that pulled together thinkers around the area to consider how we as a group of nations could come together to create a framework that's across nation that's apolitical that could push us forward in a way that we're never going to compete with Silicon Valley because we we can't invest in the next generation technologies I don't think is way too expensive however we understand this market we have a growing middle class there are a number of things that are going to be made available or created for the Internet of Things that we could do locally we make our own chips now they might be second generation but they are chips that people designed for there are 25 design houses in Argentina and I think there's even more in Brazil how do we pull that all together because I'd hate to get to next year and have the same meeting and the same discussion and no progress anyone the Internet of Things well I guess I'll start on that when in first to a certain degree I think in a modern ecosystem there is going to be ultimately this problem being attacked from any different angles and I think as it relates to the the industrial Internet the consumer Internet of Things I think you're going to see that continue to emerge but around that in the same point there are forms and bodies that are attacking this problem in multiple angles in terms of setting standards under which things can interconnect at a much simpler basis and ultimately there we we can allow and create this system that allows us to move and make it much more porous I do think though that in any innovation ecosystem to a certain degree letting it form and letting these ideas come to bear across different boundaries are really what will bring that best idea forward while ultimately we organize around it when you look at it and you look at something as broad and bold as the Internet of Things and the industrial Internet I think at the end of the day that innovation and ultimately the ability the ability for us to interconnect that will emerge as a consequence frankly of the bigger market opportunity that comes as we solve these problems but there are forms there are bodies today that are working to set standards around this many of these things are created I mean as a marketing issues I mean the Internet of Things I mean it's something that is not clearly defined as cloud is not clearly defined I mean I've been in the Internet for I don't know 20 something years and my main server has never been in my office here I mean it was somewhere else always I mean it's not it's not nothing new now that is called the cloud computing I mean but it was always there somewhere I think the Internet of Things is the same as it's a genetic term for denominating things that are going to happen that we exactly don't know exactly what is going to happen but we can say that many things are going to to get connected to the Internet there's still the need to connect I mean I think we're still creating the need to connect these things to the Internet we can say we can foresee that things are going to be connected but I don't know why my fridge is going to be connected to the Internet yet I mean do I need my fridge to get connected not yet so it's going to happen I mean it's going to happen eventually because we are in the process of getting to that point let's go to a conclusion we can probably have just a very for a very short question please here and then we need to ask for a short conclusion for everyone thanks Ashurhassan now Juven and Nueva Vida Americas nice to see a Google employee wearing an Apple watch looks like an Android I'm sorry it looks like an apple so we're in an era where we're witnessing a very rapid digitization and convergence of different sectors finance healthcare communication education I'm really curious to know what do you what will visa Google and AT&T look like ten years from now I mean there are clearly major disruptions that will occur in your business models and I really like to get your view and what those what you will look like ten years from now well in the case of we are very clear that the heart of our business is a network and that we need to continue evolving our solutions to provide more value to the consumer and to the to the banks which are our distribution channel and also to the merchants so we will be in 10 years still doing a lot of things on the transaction to make it more secure more convenient and also providing more information to everybody to the card holder to the merchant we already have a lot of tools there where you know now the businesses even the smallest one can have more information about their markets about the community and how to sell more being connected through the internet and through other tools they can also sell more to the global world and I mean the network will be still the one that connects everybody everybody there the next the other challenge is as I was saying at the beginning is how can we became or still be relevant in the payment in a simple way as it is today in the physical world and that's why we need to have a very simple solution for you to make a payment just one click or just passing your device in front of a reader or whatever so that's that's the wrong where we are at and we know that everybody wants to eat our lunch and we have changed a lot one of our platforms management procedures and everything or the relationship with our clients because we are in a more accelerated world we are on time if you could please just give us one word or one very small phrase as a conclusion just to that point is we see the way in which technology is going to solve problems very simple problems in such a way that it can predict that you and your life and suggest the things for the future I think just technology has really created a huge opportunity for those who before just didn't see opportunities for them and that comes together with access comes together with possibilities comes together with innovation so it's really I think in 10 years from now we're gonna see a totally different hopefully environment for specifically for those who are you know less privileged than we are thank you so I think in 10 years time what we see is the disappearance of the Internet I mean the Internet will become transparent invisible I mean it's going to be in bad in everything but we are not going to notice I mean you don't notice electricity I mean it's a given I mean the Internet is going to become something like that yeah and I think when I just to build on that point I think the Internet and in general now the mobile Internet and what's emerging now becomes the electricity for this connected generation and this becomes ultimately what funnels this next level and this next wave of innovation. Anything else about? Technology is accelerating the pace of having solutions more complex inside of the solution but very more simple in the way the consumer deals with it so to your question later earlier about the elderly using the technology my father his brothers my aunts my old aunts are maybe the ones that are more connected into the Internet maybe because they are so fascinated with the way now they can get connected to the world is that's why they are getting so anxious to learn more about it. Well thank you all for being with us here and I'm gonna switch into Spanish. Gracias a todos por favor por haber estado con nosotros aquí en este. Thank you very much everybody for being here if this joint broadcast between the financier of Lumberg and Safe Travels.