 And here we go. So welcome everybody, see good attendance to you today. And it's my pleasure to introduce you to Mr. Hussain Shakir from the Arabic Emirates. And this is good one, I leave the stage to you Hussain to display what you are doing on that end of the world. So we're pretty curious to know more into your universe to get acquainted to you. So it's now for us to have you today with us and leave the stage to you to start presenting your company, what you're doing with the current project and for the future ones. Thank you Andrea, first of all, for a very, very warm welcome. And I mean, we have a great crowd here and I wanna make it worth the next 30, 35, 40 minutes to give you a glimpse into what we are doing here in the Arab Emirates in the blockchain world or to be more specific in the hyper ledger blockchain world, the private permission blockchain world. And then UA trade connects as the name suggests it's turning into the national trade finance platform for the region. We do have the first use case already live for about 13 months and has some interesting stats. And the main purpose of this first use case and how this lays a foundation for where we think very soon we are progressing towards. A lot is happening as we speak. I'll give you a glimpse of how the journey came about, how the platform operates, the power of blockchain which is very subtle, but indeed doing a fabulous job behind the scenes and how this translates into an exciting future for us. So in terms of agenda again, let's understand how the first use came together and in strength for any blockchain play, I strongly personally believe it's all about co-creation. It's how you put a consortium together. It's how you have a steering committee of your consortium members that drive it forward. And that's the key element of success for any blockchain, at least private permission blockchain output. Then I want to have a quick video about 1995 second that will take you through how the system operates in layman's words. I mean, for the technologists on the forum, they would be mapping it in their head onto which node and which smart contract are invoking. Success of the system in terms of numbers. And then I want to just give a glimpse of how we see this as one potential roadmap for ourselves going forward. Okay, so what I'm going to start with is talking about the first use case. UTC, which we use as an abbreviation for UAE Trade Connect. The idea was to address the fraud risks in the trade finance space, but this use case was identified by the banks. And in terms of risks in the present environment, so we all know that when it comes to trade finance, whether it's about invoice discounting, factoring, reverse factoring, trust receipts, so many flavors are the same thing. We know that a customer walks into bank A, says, hey, I did a million dollar business. My cash is going to be realized about a few months down the road, but I'm looking for quick working capital. The banks will do the due diligence, make sure the KYC is good, make sure the transaction is decent, and they will go ahead and finance. But that doesn't stop the company from walking into bank B with the same document, right? And this is what is an industry-wide blind spot. And we picked it up as the first use case because to de-risk the trade finance environment, to have the banks build the confidence of lending and eventually propagating the economy, we had to address this as the beginning of our journey. And it's not just that a company takes an invoice to do it, they could take it to multiple banks. And we do know that the underlying risk of over-invoicing, under-invoicing, just paper-based trade, they all exist. And this is the journey that we embarked on. And this is where I said earlier that the power of blockchain, I think is very synonymous to consortium. It's all for consortium play. And this is how our journey started. Back in 2018, one of the leading banks of UAE came to the telecom company in the region, the largest telecom company at the Salat, which is now known as the EN group there. They came, they said, this is an industry-wide problem. What can we do to solve it? Well, if it's an industry-wide problem, what we do need is we need to have all the banks in it. So we invited all the banks, seven of the more agile, more, I would say, rarely to tackle a problem kind of banks said, let's form a consortium. So seven banks at the Salat, the anchor telecom provider in the country and a technology partner, they got together. And in all these banks on the top were the ones that started the journey with us. And these are all household names in the region from First Abu Dhabi Bank to its NBD to RAC Bank, National Bank of Fujairah, CBI, Mushrik and Commercial Bank of Dubai. So what we did was created a consortium that said, we need to co-create. We need to work together to solve this industry-wide problem. And we are lucky because back in August, 2020, the central bank of UAE joined the stating committee of the program in an observation capacity, right? But I mean, as being the regulator, all the guidelines started flowing from them in terms of what we should, more than what we should do, what we should not do. How to ensure integrity, how to ensure data privacy and data protection, how to establish communication channels and how to basically establish a working relationship for banks. And I understand back in 18, 19, 20, this is still a new concept, at a very high level, it was an exploration concept, but that turned into a reality when we turned it around in a few months to a pilot program. And we allowed our banks to basically not just test it, but simulate a real-life culture of how it worked, gave ourselves six to eight months to test the platform out. And last year in April, I believe the date was 19th April, is when we launched the platform with the first use case of invoice deduplication. And it was, I would not say it was a run of a success. Like all platforms had its challenges of adoption, but it's a very different picture today. When I present the stats in a few slides, you'll see that, that growth, that marketing, that trust of the banks got us to a position where we were, the platform was looked as one of the key enablers and was proposed to be part of the National Financial Infrastructure Initiative of the country. And the 2022, this year started with the bank because we onboarded not only the largest Islamic bank in the country, the Biaslamic Bank, but we also onboarded one of the very active bank in the retail segment of the B commercial bank. And just like all the learnings that were passed on from our founding members, they all go into the, into a very structured onboarding program that enables and that allows incoming banks to onboard themselves in a very small period of time. And what looks like here is the nine logos, very powerful logos, well, then it's going and you know, because we are under NDA of so many other prospects right now and I can't put those logos, but it's a very thick pipeline if I were to use that word. And it's not only just the banks, but you know, the alternate lending environment has also taken a notice and because it's a blind spot, we all need to work towards it to ensure that we minimize the blind spot. With that, I mean, now that I've given the background of how things have come about the power of co-creation, the power of the consortium, let me take you through a 90 odd second video which will give you a glimpse into how the system works. It's in layman's words, but still tries to explain how blockchain to people who don't come from a technology background. And probably at the end of the video, if there are any queries, it would be a good time to maybe address them. And with that, I will play the video. UAE Trade Connect is an award-winning consortium where the first of its kind is a digital national trade finance platform featuring cutting edge technology based on blockchain, artificial intelligence, and machine learning technologies. The first use case offered on the platform is the fraud detection and identification of two picketing voices financed by banks as part of their trade finance offering. Here is how UTC adds value through five simple steps. One, a bank submits invoice information into our private commission for through the platform through their node. Two, the selected information required for fraud detection is replicated to the UTC node using smart contracts. Three, this information is then pushed into the fraud investigation engine, which performs G-look at checks and a risk assessment. Four, based on the fraud checks, the bank will be notified as follows. A, pass, clean invoice, which may be financed, or B, failure, major issues identified or a duplicate invoice, do not proceed, or C, inspect. Banks further investigation is required since a high risk score has been determined. Five, final action taken by the bank with respect to financing the invoice is securely saved onto the blockchain. The selected invoice data, risk assessment outcome, and the final action taken by the bank is chronologically stamped onto the blockchain network, and that combined with the immutability of data ensures tamper proof and distributed storage of sensitive information. Atisalat Cloud Services hosts a solution within the United Arab Emirates, ensuring compliance with central banks regulations. The central bank has also endorsed UTC's unique proposition as well as due to sharing architecture among banks. UAE Trade Connect benefits both banks and their clients by reducing fraud, enabling the banks to share knowledge of duplicate invoices without sharing any sensitive information, enhancing finance for corporates and SMEs. UAE Trade Connect. Built by the banks for the banks. And I think we do live by the tagline that this is built by the banks for the banks. And I think this is, again, a very important pillar in our storyline. This is, I would say, the most important element of our journey so far. And now, what the video was trying to explain, let me articulate that in a step-by-step real scenario that happened with us back in December of last year. This is a real case, no names. But more importantly, it will help you, the audience understand what is actually happening. So Ace Seller, which was a manpower company servicing large entities, government, semi-government level entities, had a pack of two invoices. And they approached their bank A, the ones they banked with and said, you know, we are looking for some receivable financing on this. So the bank said, okay, great. Let us do the due diligence on you. KYC comes out good. And they said, well, we now have a new system called UAE Trade Connect. Let's submit the invoices as a final check against the system. Because the system had not seen those invoices, marked them as clean, the banks decided to finance those invoices. And they stamped it onto the blockchain network that they have financed them. About three weeks later, the same seller approached Bank B with the same set of invoices and said, we'd like to apply for some quick financing. The bank said, well, let's do our due diligence and the last mile check against the UTC system. And the UTC system this time identified the invoice as a duplicate, flagged it as a failed instance. And more importantly, notified Bank A that the invoices that were presented to you three weeks back have shown up somewhere else. Now the beauty of the system is this fraud was running in about four million or about a million euro, a little over a million dollars right now, given the conversion rate, a little over a million euro as well right now. And Bank A was notified that the invoices they had seen a few weeks back had been presented to Bank B. Bank B was informed correctly at the time of transaction that these invoices have appeared on the network. The beauty is Bank A doesn't know Bank B, Bank B doesn't know Bank A, yet all the parties involved in this potential, what could have been a fraud were informed correctly and on time. And the banks took their corrective action, whatever they did post their investigation but had a system like this not existed, this would have easily passed through and there would be no policing around it. Now when I move into... Huzain, is it okay to interrupt? Yes, yes please, yes. Sure, sure. Huzain, in this case, if Bank B hasn't been a part of your UAE trade connect, would they able to identify this issue? No, no, of course no, because that's the blind spot. I mean, if the banks are in the network and we are working towards having all the banks that deal in this trade finance product to be on the network, once everybody is, maybe 100% with the logos you saw earlier, there's a very significant percentage of the market that we already covered and given the fact that I can't share, we are getting very close to... Sorry Huzain, yeah, you proceed, please, sorry, yeah. Yeah, yeah, we expected to grow to about 85 to 90% coverage early next year. Okay, okay, okay. And one more quick query Huzain. So is this invoice fraud? I know that this, whichever, it's a beautiful concept within the trade finance because this is the first step of, between the exporter and importer, the things will happen. And what I just want to check it out is, is it for all the, like invoicing, like even letter of credits and bill of lading that has also been checked by your system or only a general invoicing? No, that's in fact a very good question. So our consortium, which is again run by the banks have decided that as far as the borrower is in the UA originating, the borrowing is originating in UAE, irrespective of the counterparty where they belong to and irrespective of what kind of transaction it is open account, LC or any other arrangements. But if a trade invoice is involved, then they should run it against the system as a last mile check before they are okay to go ahead and finance it. So we're getting the whole nine yards in all possible currencies that our respective banks are dealing in and irrespective of the product, factoring, discounting, LC oriented because what could be an LC for bank A could be an open account transaction for bank B. And if you don't run the system, then again, a blind spot. Hence, they're putting in all the volumes that they have come across. Okay, thank you. It was a fantastic achievement by your team. As in like, we are just started to explore this from India. As in like, RBA has just given a go-ahead for, to start this particular project as such, to explore with the trade finance. But I think view people are a bit advanced on that and really nice to see this coming in. And I think blockchain is one of the things, which is going to disrupt this trade finance world. And I seriously believe that, once blockchain is getting explored, I think, shift is something, which is going to get a huge change. And I believe on CBDC and central bank digital country once it gets implemented, right? I think only buyer seller and the one intermediary. Satya. Satya, thank you. Let's go ahead with the presentation that we can recap. See during the question and time at the end of the speech. Yeah, yeah, definitely. Definitely, sorry, sorry, sorry. I think, you know, I don't have any worries. Yeah, yeah, I got it, I got it. Yeah, go ahead. We started our journey, probably mirroring some of the other achievements across the globe, but our success story has been our own. And I'm sure your journey has started and if there's anything that we can help be beginning age, we'll be very happy to share our experiences with you. In terms of the success of the system. So if I were to put this in plain numbers, and I would say this is about 43 billion dirhams in local currency, we're looking at what about 13 or 14 or billion euro or dollars today. That's the value of invoices that has already been validated inspected on the platform by eight out of nine our banks because the ninth bank is still just coming in. But I would say the volumes from eight banks have already started hitting. This is what we have as a number. And this is pretty latest, but I mean, this is from yesterday or day before and I'm sure it's jumped a few millions here or there. And the average ticket size, what we are looking at is about $50,000 to $60,000 or euro. It's a significant ticket size, even an average value. Some tickets are really, really high. And on a monthly basis, I mean, the volume has started now going upwards of 30,000 invoices with about 1.3 billion USD or euro per month. And if you look at the curve, it's just going upwards. And the system is working as designed, right? The system is working as designed. Why I say this? Because so far, we have already found 20 interbank duplicates. Now, the value may not look very high, but it's a 2.5, 3 million USD euro. But the beauty is that the system has picked up exact matches to a little bit of fuzzy matches. But more importantly, seven out of our eight network banks have seen a duplicate. And it's consistent now. Every month, we've seen five to six duplicates with decent value, decent ticket sizes. And on the record, we have that the customers, I mean, the investigation within the banks have led to blacklisting the customers when it was a fraudulent intent to actually understanding why the banks looking at their own processes and improving them as they go along. Because it was very important that somewhere within their system, also within their process also, they have to tackle this. We had one very interesting case a few months back and it deserves a mention here. So there's a pack of seven invoices by a huge automobile supplier based out of a free zone. And then they had a counterparty which was the distributor of their automobile brand. It was what about 15 to 17 million USD euro when it was presented. So the first party that presented was a supplier. Was looking for supply side of financing. Few weeks later, the counterparty which was looking for buyer side of financing presented the invoice. The system picked it up as a counterparty. It was a legit transaction. The supplier was getting the finance first for the right reason and then the buyer getting the financing paying the supplier. But had a system like this not existed, this kind of a pattern, this kind of a trade, this kind of an arrangement would not have been picked. Apart from that, I mean, there are the intra bank duplicates. And again, I highlighted it could be because there's partial financing happening or there is duplication within the bank because it's coming through two different channels or through different items. Or it could be that within the bank, the processes are not in line and they end up uploading the same invoice twice. I mean, that number is growing significantly. And on the right side, what I have is apart from checking the duplicates, what we also do is we have a risk core engine on the invoices. And if you look at it about 3 fourth of the invoices are absolutely clean. And about 1 fifth of the invoices have low risk. What are low risk indicators? And this has been decided by the consortium. So an invoice which has more than five zeros as a total in an economy which is VAT oriented, why do we have a round off? So those kinds of triggers and it's an alert. If an invoice is more than 120 days old, why are we financing that old invoice? Things like that, checks like that, something very meaningful. An invoice number, nomenclature, is it in line with the last time the same supplier presented it? Is it really off? Does it mean there's something fishy going on? So those kind of elements are also flagged as the invoices go through our screening system. Now, I mean it's blockchain. So it's inherently protected, it's inherently secure. But on top of that, I mean, what we have today is a banking grade software used by the leading banks of UAE and it required that we had the highest level of security standards, what we call banking grade standards, what put around it. So apart from the system going through the VAPTs on a very regular schedule to the entire system being CSL to compliant, the connectivity is through very secure tunnel. It's not like in public domain, it's available for our hackers to go in. It's not, it's pretty secure. And the most important element is that apart from the leading banks certifying the technology and the security architecture of the platform, the central bank, we had an opportunity to present and get them to review and get them to endorse a blockchain-based knowledge sharing model, which didn't exist before we got in. So allowing the banks to share the data without sharing the data. And more importantly, as banks are used to, we have a 24 by 7 SOC in place, SIM solutions like Splunk are in place. So it's heavily guarded. It has to be because it's sensitive data. And again, data protection security is actually at the very heart of the platform. And I think this probably is coming towards the end. And I hope I'm in time. Where do we go from here? I mean, we have a beautiful journey so far. We expect that many, many banks are going to join us between now and early next year and probably in a span of few months, we would be at a point that we would have covered the blind spot in the industry between 90% to 95%. And the 5% will follow eventually, will fall in place. But as a roadmap, we believe that we have a responsibility being at a national level, at a nation level, to ensure that the platform continues adding value to the defrauding and de-risking of trade. And UAE is heavily, was one of the leading trade hubs of the world. So bringing this into the environment just makes it far more friendly for the businesses to propel. And we believe that adding TBML checks, sanction screening, dual usage goods checks, verifying the trade documents to looking at a more nationwide robust KYC KYB as a given on the platform and probably working with the leading shipping lines of the world. And there are so many platforms today available for us to collaborate with. But if a bank had a visibility on the LC down to where the vessel was in the high seas, down to tracking their container, there will be a lot more confidence when it comes to financing the traded hands. Aiding and collaborating with customs, we could kill another, or we could tackle one of the bigger problems of under invoicing when it comes through the customs gates. So these are all eventual road maps. Most of them we have embarked upon. There's quite a lot of work done. We just had a major release a week back where we enhanced the rule engine to look at far more permutations and combinations of potential duplicates. And in subsequent months, this road map will start taking shape. And with that, I think I will open the floor for questions. I know that in the chat box, I do see a few questions. There is already one from my friend, Tham Sanga. By the way, welcome back, Pam. It's great to have you here. Pam basically is asking, what did the business gates look like? But would I create this service and then to offer it as a compelling service? Of course, Pam, feel free to say the word and ask at the next one. Yeah, happy to. First of all, thank you very much for sharing. Really good, really good project and update. But hopefully, does the question make sense? Because obviously, it's designed by the bank, the full bank, keen to understand how they made the business case to invest to create the service, number one, and then obviously to consume it. So are you are you asking what was in it for the banks to come up with this service or how did you consult him? No, I think you explained it very well as to where the value is in as far as the avoidance of double finance. And that's value there. How did you quantify the value and determine how much money to invest in the creation of the platform, how the banks funded it, and then how much do you charge for the platform to survive for the banks to then continue to use it? That's a great question. I mean, in one question you have me talking for the next 30 minutes again. But to cut it short, I think when we started the journey, it started as a proof of concept. Technology was new to the region. Banks were getting into a model of this sharing of data they had not done before. So all this was very new to them. So Etesalat, the telecom company, and now the enterprise wing of it, which is now known as the EN Enterprise, said we shall put the whole program together and find a way for releasing as a subscription model for the banks to pay for it. So instead of the banks investing, banks who are helping steer the use case and potential solution, whereas Etesalat EN took the responsibility of developing the platform, investing in it, and then finding a model to charge back. Now, when you ask for the pricing, it's a little sensitive topic, but let me explain how it works. So we have a subscription fee on an annual basis, which is paid by all the banks and also has an X number of invoices which are covered as part of the upload. Now, anything beyond that we charge per invoice and then there is a ceiling price at which the charges stop and you could have N number of invoices beyond that. This model helps the largest banks to have been capped, they get capped at a sustainable price. And for the smaller banks to have a very low end subscription fee, and if the business is good and invoices are more, then they are charged very incrementally per invoice. So that this model, again, the pricing model was decided by the consortium. And this is how the platform is now growing with that pricing model. Lovely. Yeah, no, it is a complex one because you've got to manage the three business cases. One, two, as you said, create the platform. And obviously the local operator took care of that. Then how does it actually become self-funding? So it's not continuously absorbing more capital to keep it running. And then how do you then get that pricing, right? As you said, complex. But your model sounds very much in the right place. So congratulations, congratulations. Thank you, thank you. It was a lot of hard work for the people involved. Some very smart people like my boss, I wish I was on the call. And in coming up with this pricing, in having the Stereco and the consortium running hands in hands is the bigger success. And then that everything starts falling in place. Our question, say, why hyper ledger? Yeah, I was going to have a more provocative one. But that's a good one. What did you choose to go for hyper ledger? So a couple of reasons that led us to hyper ledger. Of course, the private permission blockchain, the kind of security and the mindset we had in mind, especially catering to banks, the benefits of hyper ledger made sense. Our partner in journey, one of the known names in the hyper ledger world, Vanzi Innovations is an expert at hyper ledger, their product Cypher, which is the underlying platform, the underlying framework of the platform as one of the highest rated suite of products in the hyper ledger world. So it was just putting all of that together. We didn't think that this was a public blockchain play. It had to be managed. And it was a privileged entry to the club, as opposed to keeping it open. So that's how the hyper ledger story came about. Thanks for saying it. The reason I'm the question for my friend, I am from Turkey, is that solution for local trade transactions? Yes, yes. So local trade, as I said, as far as the borrower or the borrowing is in the country, then irrespective of if the transaction is domestic or foreign, banks have decided to put their invoices as a last mile check through the platform. So it could be an invoice, which is a parcel of an LC transaction. They still check it against our platform because somebody else or the same company could present it elsewhere as an open account transaction. So we still cover the blind spot. It just makes a lot of sense to have that. Clayton says, will hyper ledger EBLs be interoperable with DDoCs, EBLs? I think this is a question. It was going on in space as well. Yeah, I think that that's a question for you. I think so. Hi, can I ask a question? How many banks are operating nodes? Every bank has a peer node. So right now, nine banks, all nine of them have peer nodes. You were just telling about your advisor from Cypher. Can you please repeat his name, please? His name, please. Avanza Innovations. Okay, E-Vanza. Avanza, A-V-A-N-Z-A, Avanza Innovations. Okay. Dubai based company. Got it. I can share the link to the video. I can also, I think, yeah, Andrea, when I give the presentation to you, that time I can share the link as well. Yeah, I'll share it on the LinkedIn side of the happy ledger satellite chain and trade funds. Sick. And also we will share the record on today's meeting where you can visualize, you can watch the video shared by Hussain. There's another question from Gigo Joseph. You run nodes or do they run on their behalf? This is a technical question, basically. So we are blessed to be part of a telecom operator that also has their own data centers and cloud services. So what we have today is we run the nodes on their behalf, but they're all network segmented and virtually separate and all of that good stuff is done, right? So as if it's in there, they are in their own private cloud, every node. But there are some banks who have expressed the interest. And again, this is a technological evolution across the globe where banks are saying, we would like to take ownership of our nodes and make it... But again, given the time given the readiness, it made sense to also be the infra provider at that point in time. So we could make sure that the use case sees the day of light. Are we looking to partner with other blockchain consortiums? Yeah. 100%, 100%. Good question by Abhishek. Yeah, we are continuously evaluating and we have been invited by, and we are inviting consortiums that it makes sense to collaborate. There are quite a few within the country. There are quite a few around the region. And then of course, the larger global players as well. Hussain, just a question for Mayan. You've basically focused the presentation on, you see double spending, antifraud, stuff like this. From a technological perspective, you know you have blockchain, you have other related technology that works in this place. How do you see the interaction in the future between these technologies? And how do you see them collaborating and solve the problem related to fraud and to double spending? Are you talking about related technologies like artificial intelligence, for example? Yeah, exactly. Machine learning, natural language processing. You see, the only way the document requires not only open accounts, but also invoice authenticity and stuff like this. So this is, I mean, it goes without saying the platform has all the capabilities built in when it comes to artificial intelligence and machine learning. And I mean, as you know, the journey is about 14, 15 months old. So some of the AI is still in the learning mode. But what we do have is, we have put together a few AI based rule sets around the supply line of business, around the product price check. And it's curating its own database. And it's coming to a point where we have started seeing some of the early results. And this is AI, right? It needs to have a lot more data. It needs to ingest so much more data for it to become smarter. So we're creating our own models. We are continuously analyzing the data output. The data scientist side of things is heavily involved in looking at different angles. And we're continuously evolving our AI models. We believe that, you know, we would come to a point where depending on the trends and understanding, the AI would help us predict some of these potential frauds and some of these potential trends that we miss out otherwise. So we'll get there very soon. No, can we use only e-invoice on our platform? Do you mean if, I mean, there are multi-mode or multi, there's multi-modes of interacting with the platform. So that isn't, just like you have a paper invoice, we have exactly the same UI. And you can go in and punch in your fields, right? Let's say if you're typing it for the smaller units who are just having a couple of invoices a day or so, they may prefer to do it. There's a lot of fancy front-end client-based checks available. It's a browser-based application, becomes very interactive. That's model one. Model two is when you have a list of invoice CSV and mass upload them for mass tracking. The third model is where you put in a PDF or a JPEG and the system does OCR. You confirm the OCR and it goes through the same drill. And the fourth one, which is being used by the larger banks, in fact, most of our banks are converting to having their systems integrated via API. Our platform is microservices oriented. So everything is available through an API call. So they are integrating to send heaps of data into our platform and then get real-time output and feed their operators real-time information for instant decision-making. So the platform has quite a bit of... Okay, Sarth noted. Sorry, Ozan, can I input for a minute? Yes, please, Sarth. Yeah, sorry. Ozan, just have one query. With respect to hyperledger, we will be using Ethereum. How do you find the transactions per second as such? Like, how it impacts the trade finance transactions as such? Like, with respect to the current infrastructure, are we able to sustain that with the volumes keeps increasing? So far, we have not hit any roadblock in terms of performance. But again, I mean, at the end of the day, it's tables and it's rows and columns and it also depends on how smartly you have designed them. But from a hyperledger perspective and the underlying blockchain perspective, so far, we have not hit any performance issues and we don't anticipate. It has been so far very smooth and we believe as we continue scaling the way we have designed our architecture, we don't seem to be getting there anytime soon with a performance issue. This is very... Oh, sorry. Go ahead. Hello? Yep. Yeah, go ahead. You can go ahead. Yeah. Sorry, a one query. I'm sorry. Yeah, just one final thing is like, how we are convincing the banks to adapt to this new technology? That's such a very, very good question. So the founding banks was easy. Beyond the founding banks, it was the power of the consortium. See, I think the banks are convinced on two sides of things. One, the plunge was taken by the founding banks, right? They created sort of a precedence for the others to follow. The dynamics are changing. All banks are going through digital transformation and adopting a platform like ours is a step in that direction. So that's another reason that they get convinced. And the third is that the value. You know, even if you catch one invoice and there are banks, I mean, one invoice is just getting themselves saved from that one fraud is far more value than the subscription they pay. Yep. So we don't have a challenge with banks or the price point. The challenge is the readiness with the bank because you understand when you introduce a process like that, like this, the banks have to alter their existing processes. And that takes some time. That adoption is the challenge. That cultural shift is a challenge. But it's not, we don't see the challenge with the dimes and the dollars. Okay. Awesome. Lovely. There's a question, Hussain, from Gigo again. Are you planning to open to investors at side banks to come in and be this well? So banks come in and invest money in the platform? Is that the question? Gigo, you can take the word if you want an answer directly. I think what he's asking is that are you open for investments besides the banks investment as well? I think there is no stopping of incoming dollars. And this is a fintech startup, great ambitions. And I think the right stakeholders can make the decision but I would not shy away from saying that we are close to investors, I would not say that. Got it. Got it. There's a question from Tom that says different classes and groups of members who get different decision rights and involvement. How was that decided? So this is a great question. So the number of banks we have today, we have a steering committee. Steering committee, all banks are equally represented. Everybody has the same say at the table. Within under the steering committee, there are three subcommittees. One is the trade finance working group that focuses on the product side of things. We also have a compliance working group that is very important because they help us with the regulatory guidelines to be in line with the other requirements in the region. And third is the infosec, which is represented by banks infosec experts. So these are the three subcommittees. And subcommittees are open to any banks that want to play a role in it. And I believe most of the subcommittees are fully presented by all the participating banks on the network. And on the steer code, the only thing that we did a little different, I mean, to drive it to really put it in the fast lane, we had an election, very simple election process and we elected coaches. So two people were elected as the chair of the steering committee from different banks. This was again on a voting system by the represented banks in the network. And it's working out really well. Great, thank you. Thanks for saying, any follow-up question on that here? In terms of the dollars or the U-80 dollars that were needed to be ponied up at the beginning, how was that decided? Not so much what the dollars were, just, you know, did somebody say, hey, I'm gonna put it, the founding members we each have to put in 100,000 and then we'll get that back later on or was it, you know, we'll figure out a different way to do that? I don't think there's a straight answer to that, but I would say that Etisalat or EN is known as, is a pioneer when it comes to this country. Okay. From running the copper lines in the 60s and 70s to running the highest grade fiber in the world today. It was all about innovation. It was all about emerging technologies. But the thing was, it was not about just saying, oh, it's blockchain, you know, let's rally behind it. It's AI, let's rally behind it. No, what is the real problem we are going to solve? Does it have a value? Is it tangible? And is it gonna aid the community and the nation at large? There's always this idea about, you know, how it will help at the national level, how it will help the nation. And I think that was the noble thinking behind investing in such a project. Because I mean, this could take any shape. This could have died six months back or, you know, would have no future, but just getting the results out, being patient with it and now seeing the platform in going in so many different directions, helping connect, you know, all the loose ends, I think is the real value that I'm sure, you know, the country and the leadership is so visionary. So people at the high positions saw this as a vision and allowed, you know, our team to come up with a platform that could someday, and it's already becoming, you know, a nationwide success. Got it, thanks. There's something like the key here. There was a champion that really drove this one and helped it so that it would really grow and then others could come on board. Yes. I mean, I have a question from the attendance. Sorry, there is an echo today that I don't manage to eliminate. I don't know what's going on in the Zoom room. I guess that's it for today. Right, Andrea, no more questions coming in. Yes, no more questions from the attendance. It was a very good meeting, by the way, Zainan. I thank you for this. Thank you for being with us today and sharing city updates. That was great to come to know your experience and evaluate it, can wait to witness, see what would go on in the future. And let's keep in contact, by the way. Thank you so much for being with us. And I'll see you in the next meeting. No, really appreciate the opportunity and, you know, present our... It's no more a case study. It's a successful... Yeah, successful study. It's a great learning. Yeah, thank you so much, Josain. It was really great. It was really nice to have the presentation. Thanks for all the patiently answered questions. Yeah, thank you, Andrea. Andrea, can we have a little background about you? My background, yeah. I'm a trade finance professional. I spend most of my time working time with multinational companies, I was deeply based in the Manning region at Frikel, of course, the Middle East, because of the business I work with. Process food technology. And it was always a great time. I got a great passion about that. You are a consultant or you work with a bank? No, no banks. I've always been working with companies. Okay. And you are also well versed in the hyperledger solutions? What's your name? I'm saying you are also well versed in the hyperledger solutions? I'm a volunteer. One of the chairs, you see, of the hyperledger supply chain, trade finance, we all volunteer. Please share your contact. I would love to get in touch with you. We are building something unique in India for the global markets, and I would be requiring help from our community in the hyperledger and, again, in the financial service. I just share my own mail so you can contact me anytime you like. You'll see here in the chat. That's great. Wonderful. So thank you so much for being with us today and see you in a couple of weeks time. Next meeting is going to happen on the 26th. We're going to go deeper into the URGTC. We're going to have David Maynell of ICCUK. So this is going to be insightful and I advise you to attend. Thanks again for saying it was a great pleasure. We're never pleased to provide slides that will upload on to our wiki page and to our LinkedIn page. So everybody can access them and enjoy it. We'll do that. Andrea, once again, thank you very much to you, hyperledger foundation for this great opportunity. Wonderful. See you soon again, guys. See you. Bye-bye. Thank you very much. Bye, everybody. Bye. Thank you, Andrea. Thank you, everyone. Bye-bye, Andrea. Thank you so much, Andrea. This is Ihan. Bye-bye. Bye, Ihan. Bye. Thank you. Thank you, Andrea. Thank you, Zane. Thank you so much. Thank you. Thank you, Zane. Bye-bye.