 Thank you very much, Stephen. And good afternoon, everyone. Thank you very much for the invitation today. I'm glad to be there. So today I'm going to present the main conclusion of our recent series at Deutsche Bank on the future of payment and the impact of COVID on payment. OK, everyone can see my slide? Yes, OK. So why do we care about payments? So the digital payment revolution is rooted in the 2008 global financial crisis. And at that time, liquidity in the financial system is low. People are struggling to borrow money. Liquidity is very low. And they are distrusting the banking system. So since then, regulation over the traditional banks has definitely spread, but at the same time, most fintech players have operated below the radar and have not been subject to the full array of banking regulation. So what we can see on this chart, the number of deals and the amount of capital raise for payment innovation have strongly accelerated in recent years. And today we have about a third of capital raise, which relates to the payments industry. So that's absolutely massive. And as you can see on the chart, the growth in the sector over the past 10 years has been just phenomenal. Global payments revenue have nearly doubled in the last 10 years to almost $2 trillion. And unsurprisingly, the Asia-Pacific region, due to mainly to the market side in China, mainly, and mass adoption of new technologies, this represents nearly half of worldwide payments revenue. So what we did at Deutsche Mac, we made a survey of more than 3,600 customers in the US, the UK, Germany, France, Italy, and China to forecast trends in cash, online, mobile, and digital currency. So what I'm going to try to do now is to put the introduction of payments in the growth perspective in the long run. So let's move to the next slide, a brief history of payments. So this is my very scientific way to introduce where I think we are and where we would like to be. So here we have on the left-hand side this kind of dinosaur, which is similar to what, where we are currently, so the current system. And the banking industry services are expensive. And we have like a lot of big banks. And we have also many people around the world who are like these rodent thinkers that you can see. And they are like mostly entrepreneurs, regulators, and banks. And the question that we have is how to make the payment system much better. So most of us have an idea where we would like to be. So we want to move from this 0.8 dinosaur to this very nice gazelle point P. And the question, the next question, is basically how can we move from point A to point B? And at the bottom, we have the FinTech parts, which basically is represented by the mouse. They are like tiny companies, FinTech companies. There are many. And they are moving where they are also. So we made this big survey. And in terms of payment trends, we have seen two main trends from customers. The first trend is the medium term trends. And the second trend is more long term trends. So regarding the medium term trend, what we see from customers is basically plastic cards is going to disappear before cash. And newly issued cards, as we all are aware, especially in Europe, newly issued cards include all the contactless feature. So what we noticed, which was interesting, is the stark differences across regions. So for example, China has keyed the credit cards while they started mobile payment very early in 2004. And in the US, the contactless features has just arrived, while in Europe, we have been using the contactless feature for more than a decade now. So in terms of longer trend, what we think is the cash could be replaced by digital currency, they are good substitutes. Since we both have anonymity and people have a trend, a preference, a strong preference towards digital payment. So in terms of cash, what we saw is that still cash is widely used in many advanced countries, especially in Japan, Western Europe, and in the US. We have around a third of consumers in developed countries. We consider cash to be the fabric payment method. Around 60% of people think that cash will always be around on this through across the board, regardless of country, gender, income, and age. Americans, British, and Italian, all of them favor cash, but they prefer the credit card. And Americans still use cash extensively. Around 70% use cash every week and plan to use even more cash in the next six months. And half of Americans want to make sure they always have cash with them. But cash is definitely declining. And the best example that we can quote is probably the case of Sweden, where cash in circulation no represent only one person of GDP. And in February 2020, Sweden revealed that it began its first trial of the ikronal is expected to become the world's first cashless society by March 2023. Okay. So this was the trend that we expect to happen. And this has already actually started with the COVID. The COVID-19 has accelerated the existing trend. And we can see that cash is not immune to COVID-19. And there is actually little disagreement in the society that physical currency can serve as a vector for transmitting pathogens, much like a mosquito. And studies that I have pasted here have shown that booknotes and credit cards, like actually any other surface that a large number of people can touch can also carry viruses or bacteria. So here I have pasted the result of a recent study that suggested that the COVID-19 can survive on plastic and still for up to three days after the contamination and on cardboard and copper for a full day for more than 24 hours. But actually smartphones are not necessarily a better option for avoiding germs. And we also have preliminary results showing that the COVID-19 can survive up to a week on the smartphone screen. And researchers showed that 92% of phones and 82% of hands add bacteria on them. The good news is when you have a smartphone or a credit card, it's much easier to disinfect and this helps preventing the spread of disease causing microbes. But as you can see on the second chart on the screen, we also have unprecedented public concern from cash and cards transmitting viruses and globally the number of internet searches for cash virus has picked tremendously and especially in March and April. So following this big concern, this big unprecedented public concern, central banks have responded in different ways. Some central banks like in the UK, Germany, Canada and South Africa have actually actively communicated that risk were low and people should still use cash. Over central banks like China, South Korea, Hungary, Korea and the Fed have taken further precautionary measures like destroying banknotes like disinfecting banknotes as well for some of them. And over central banks like in India, in Indonesia and Georgia, they have explicitly encouraged cashless payments. So over the short term, the virus may definitely continue to accelerate trends to switch to digital payment. And what we could see probably is like the effect on the payment system in Asia could be felt much sooner in Asia than in Europe because they have a younger population and a population which is more likely to use digital payments and are used to pay digitally via their mobile phone than in Europe and the US. And the risk of infection means older generations may more actively seek digital payment alternatives. So this is what we see. And actually it's very early to make any predictions but we are already seeing some visible sign in what we observe. So regarding cash, we know from various survey that around 60% of Brits are using cash a lot less and especially when it was a lockdown and half of the Brits are using it. And the change seems set to continue with nearly 80% of those who are surveyed saying that they think the crisis will affect their future use of cash over the next six months. So cash is definitely far from being dead. In terms of the card's effects, what we can see is we are actually definitely moving to contactless and to reduce physical contacts and curing at checkout contactless card payments limit have also rose from 30 to 45 pounds across most European countries a month ago and things are already starting to evolve. So just to give you a few examples, in Germany over the past few weeks more than 50% of card payments have been done via contactless and there were only 35% in December. And this is the same in France. Card payments rose by 30% and contactless payment via smartphone in France rose by 60%. Around half say they will use more cards and while 44% will use contactless or mobile payments even more. So this was for the card effects. So we are definitely moving to contactless and the third effect that we see is the mobile effect. So we moved from a nice to have to essential and I would say from a vitamin to a vaccine in 2020. So in the US in April due to the recent stimulus payment in the US new mobile banking registrations jumped by around 200% over the daily average in March. And the draft of the COVID-19 stimulus bill first included and then discarded the creation of the digital dollar wallets. So this is something that which is coming and in my view mobile FinTechs continued growth caused by the COVID and they are there for four reasons because markets are increasingly volatile and investors want to check their stocks more frequently. And we also see an increased digital payments and basically buying happens digitally online or via contactless payment in person as cash is deprecated. And third reason is probably more quick and short-term notes. And the fourth reason is basically because bricks and mortar banks branches have closed during the lockdown. So the fourth thing that we are seeing is that over the medium to long-term concern of unlink cash will certainly add to the course for central banks to develop central bank digital currency. And this is something that already started before the COVID-19 but the COVID-19 will probably speed up the existing trend again. So in terms of central bank initiatives so over the past two years worldwide central banks have multiplied their digital cash initiative. And today we have around 80% of central banks which have been or are developing a central bank digital currency. And this work goes far beyond research. So just to give you two stats we have according to the Bank of International Settlement around 40% of central banks which are experimenting with proofs of concept and 10% of the central banks are already running pilot projects. And even more impressive looking ahead the Bank of International Settlement estimate that central banks representing about a fifth of the world's population are likely to issue a general proposed central bank digital currency within three years. And actually this process is already in motion like most of you already know probably here. And especially in China the former president of the People's Bank of China Lee Lui-Hee argued that a digital currency efficiency cost effectiveness and convenience would make it especially desirable during an epidemic. And according to media the People's Bank of China in collaboration with private companies completed development of the central bank digital currency basic function and China already began trialing payments with Starbucks and McDonald's on board. Two major cities recently. And of course China has it's a big market with more than 1.4 billion inhabitants. So if central bank digital currency in China is adopted this will have a massive impact. And we, so this is for China but in Sweden as well in February 2020 as we see the pilot test has already started and in the US the drafts of the COVID-19 stimulus bill first included and then discarded the creation of a digital dollar wallets. And we probably believe that the US Federal Reserve could use a digital dollar and digital wallets to some payments to individual and businesses. So as I mentioned earlier if China managed to to build a central bank digital currency this could have a massive impact on the economy. And of course if we consider only the central bank digital currency only the digital currency itself we don't really think it should change much under R&B internationalization. The thing is if we consider it as a broader context between China and the world is also changing at the same time. And the launch of the Chinese digital currency could definitely gain global significance because of China standing as the world's second largest economy. And currently we have currently the world consumer spending in China which 12% in 2019 from 2% in 1980. And China stands as the largest world exporter of goods since 2009. This is also the largest world exporter of goods and the expenditure went from 9 billion in 2000 to nearly 300 billion in 2018. And China as well have a very advanced payment system especially settlement technologies that could attract the merchant and companies to adopt them. So in terms of adoption rate of cryptocurrency from our survey we found that a third of consumers have absolutely no idea how a cryptocurrency work what it is and only 40% have a partial understanding. And we have noticed a stark contrast between older and younger people with younger people expressing a much more positive view about cryptocurrency and digital currency. And what we found is that older people have overall more fears, more negative views. They found it harder to understand and they perceive them as a very volatile and low-liquid financial instrument and a large majority of millennials think actually that cryptocurrency are good for the economy and envision using a purely digital sovereign currency looking forward. And interestingly we also found that more than half more than 50% of millennials think that cryptocurrency, digital currency could replace cash looking forward. So and one more thing that we can see here is like in China across the board for all age and generations Chinese people have bought also cryptocurrency much more than in Italy, France, Germany, in the US and in the UK as well because they are used to buy digitally and they have less concern as you can see from both shots. Okay, kick it away. Last thing that I would say three main conclusion for cash digital wallets and digital currency on cash we found in our survey that cash is still widely used in many advanced countries especially Japan, Western Europe and in the US and it's unlikely to disappear anytime soon. We found that 60% of consumers surveyed think that cash will always be around and this is true across the board regardless of country, gender and age and the third in developed countries consider cash to be the far-reared payment method. However, infection risk concern may accelerate the push towards digital payment and more and more people are paying digitally and with contactless features. In terms of digital wallets we also see some differences across regions. China is used to pay digitally with a digital wallet which is not the case in Western economies a bit less and over the next five years we expect mobile payment to comprise to a fifth of its support sizes in the US which is four times the current level. In terms of digital currency we still think that digital currency could become mainstream in the next decade. This is something that most of some foreign banks are currently looking at and this could be used as probably a hard or a soft power tool. And if some companies which are doing business in China are forced to adopt a digital yuan it will probably ever the dollar's primacy in the global financial market in the medium or in the long run. And last point that I would add COVID-19 definitely has to cause for government and some foreign banks to move towards digital currency. What next? I would just conclude saying that this will not happen automatically. We cannot move from this dinosaur that we have seen initially to this nice gazelle and there are many ways how this thing can go wrong. And as you can see the mouse can become a gazelle but this is very unlikely. It may more likely that the mouse will become this awful bunny and if we don't have strategic regulation and I don't see this force between banks and FinTech players the mouse may actually become this awful bunny that we have seen. Thank you very much. And if you have any question I'm more than happy. Thank you.