 So the acronym fitting stands for Financial Inclusion through Interoperability. The main objective of the initiative is to understand how different regulatory framework and competition policy might affect the development of mobile money in less developed countries. We have structured our research into three pillars. The first is about incentive, how to strike a balance between competition and cooperation. The second is about governance, how key assets such as infrastructure and data should be owned and managed. And the third is about welfare, what is the impact on poor households and less poor households on small firms and large firms. The fitting initiative consists of launching research, both applied and more fundamental, so both involving practitioners and academia to make progress on the topics of financial inclusion through interoperability and with a special focus on mobile banking. To promote research, and we are currently funding 12 research papers from external researchers and 10 research papers led by TSE faculty involving 15 TSE members to inform the policy debate. We have written a white paper on the academic literature, on these topics and a paper on pricing of these services. And we expect more papers, more policy papers to come. With my colleague Mathieu Bouvard, we work on a project in which we want to understand how the organization of digital financial services like mobile money interact with the people's need for cash. We are trying to understand the role of the agent network and the regulation of the network in driving adoption of mobile money and the different scenarios. I'm very enthusiastic because other research shows that digital aspects drive a lot of development outcomes and are probably among the most dynamic infrastructure sectors. Currently, I'm working with Hakan on a project to analyze and study the causes of under-adoption of mobile money in developing countries. Previous research has identified various reasons for lack of adoption of mobile money and we are taking a complementary approach by focusing on behavioral reasons for under-adoption such as attention and digital financial literacy and moving beyond that we are also interested in the cross-market adoption rate and how that influences both consumers and merchants. And I should particularly thank the TSE faculty who has been so responsive to our calls. The asset, the key asset of the initiative is to build on the expertise at TSE on regulation and competition in digital economy. So it goes without saying that without the support of the Billion and Million Gates Foundation, much of what we do would not have happened and we are grateful not only for the financial support but also for having put us in contact with the academic and policy community interested in digital payments. I think what we often lack is how to think about the broader kind of competitive environment where governments and practitioners should be intervening to make sure that there's pro-poor competition that's inclusive and I really think that's where FIDIN contributes a lot, kind of bridging the gap between empirical micro-focused work and the more abstract theoretical work to connect those two in a way that informs what we think of as an industrial organization of the sector. So we've worked hard in the past two years and I really look forward to see all the seeds that we've implanted how they will develop. We have more than 20 papers financed now and we will write more policy papers out of them and then as always when you do research there are more questions that come and there are typically more questions than answer that you can provide. So I really look forward to see the development within the initiative but also beyond the initiative.