Diving deep into these stories and into these anecdotes is our next fireside chat You know you meet many clients you have many meetings you know over the period of years that you kind of have work But some meetings kind of remain with you You know and that particular one meeting remain with me Even to date and I remember very clearly the kind of time that she spent with us Briefing us you know on what she really was expecting us to kind of you know contribute or collaborate with her It was such clarity of thought so much passion and that kind of remained with me and the past I'm so happy today that I have the opportunity of sitting next to you and talking to you today So that's the fireside chat that we have here. Thank you. Thank you so much for now. So here we have a past now I'll just give a very brief introduction of her. I think a lot of many people would know her here So past now, you know holds a master's degree in management Science and engineering from Stanford prestigious Stanford University You know and she is the co-founder of Moby quick a household brands synonymous with payments and BNPL So many people who do not know what BNPL really means is by now and pay later segment in India She did a stint at HSBC in San Diego and was exceptional at her work She was really I mean you would know that that she will wear her She will be she'll do very very well, you know and the hard-working and passion that she has She also worked at PayPal where she picked up the knowledge about payment systems in America's Europe and Asia and gained knowledge about risk detection and fraud management This is the field that she probably take on when she came to India So she left a very comfortable life a good corporate job and came back to India and became the part of Indian startup ecosystem in this country and Now we all know that Moby quick is recognized as one of India's leading tech founders So that's past now for us here and Past now we know that you know you have Proposition and a strong brand, you know and in the audience is here. We have actually a CEO We've got co-founders. We have got you know CMOs of you know the Indian Brands, you know, and you know, and I'm sure they all have that unique journey, you know Experiences, you know of building the brands in the country We would definitely would like to know your journey and your experience of really building Moby quick where it is right now So it's over to you So I think doing something New is always challenging because by definition if you were doing something which everybody else is doing, you know Which is the popular flavor? Then it wouldn't be a startup. It wouldn't be you wouldn't be the only one doing it So of course when we were getting started, I remember I mean forget about You know people that we are trying to hire or potential investors, you know My own family members who are laughing at me Key India can say cashless one a lot of you to cash economy. I'm talking about 10 to 12 years ago So I said, okay. Okay. I'm a little guy Key, it's going to change. There is going to be a digital revolution And you know, I would like to give a few years of my life to that mission and It goes all the way over to India is direction. I mean, and whether Moby quick will play a big part in that or not Zada say that I got a good Payments or a financial services company and You know, this is the time to experiment. So that's sort of how we got started, you know with a lot of naysayers Saying no, but the internal conviction was there. I had seen how Technology simplifies payments and brings so much simplicity to daily life of consumers and also of businesses Whether you are a retailer or an e-commerce Company and it was only bound to happen in time in India because our country is also developing so fast And of course we had the pre-monition. I also benefited from the fact that my co-founder You know, he used to design chips for all these MNC's for smartphones So he had this view that China met us not for revolution. I am talking about early 2000s So India may have 2010 while a decade may I go so that was our insight that India is operating on 99% cash So 100% digital need over but 99% cash say 80% cash 70% cash key direction may this country will go The other thing was that you know people will stop standing in lines to pay bills people will want convenience Smartphones will make you know, they're entering the market and that's where you know Fintech can be born. So that's sort of how you know, we got started early beginnings were You know very humble from my dining table. We started That's what I was gonna wondering because you know just to have a thought of actually building this digital gap I think was hugely challenging because I can tell you personally myself, you know I'll be I mean after very long years of actually, you know, this particular proposition available to us I started kind of using you know, the you know, the wallet system of you know doing transaction myself So Indians are very very, you know the afraid of kind of getting it from a cashless So it was very very challenging category to be in. I mean you really took on the challenge So any again experiences that you probably would have, you know in this journey of you know, really making the brand the way it is So I think that seen the first four years of Moby Quicks existence We bootstrap the company which means that it was mine and my co-founders personal savings And we don't come from well-to-do family The co-founder happens to be a husband by the way The co-founder now happens to be my husband, tab nahi thay So, you know, we both came from modest families We had limited savings from the five six years that we had both worked And uske corpus se we started the company. So there was no money for marketing in the first few years The idea was really can we make something the product so innovative that based on the product itself We'll catch and acquire users and why who are I mean Much before Flipkart and others our mobile app for payments was on the Google Play Store And we just got millions and millions of users. I mean I still remember we went from Maybe we had three lakh users or something in the first one one and a half year And we went from three lakh users to like a million users within a span of few months Because our app was getting so many downloads from the Play Store And the idea is once the user has downloaded the self onboarding and usage experience of the user has to be so smooth That then they stick with you. So for us The simplicity of the product the simplicity of a payments app that we had built And jobi wo karne aaythe whether wo apna phone ka bill pey karne aaythe Or TV ka bill pey karne aaythe that experience had to be wow Delightful So that Even at that time, you know, we were competing with Airtel money Airtel money also had a payments platform at the time and But that's how it began people started doing 100 rupee 300 rupee transactions And they found aayye to mera kaam aise raham se ho gya. That's when people started depositing money In the mobi ko ek wallet and I think by the time we were three years old we had Some three million users. We had some Taptu dollar ka rate bhi aayeg hota tha, but 10-15 crore user money. Hamear ek company ek escrow account mein tha I myself was like, you know pleasantly surprised, but that was sort of the big validation point for us Us ke baad humne RBI mein license ke liye apply kiya. And then tabse we are just running. Kabhi, rukhe nahi. And when I was asking Upasna, Upasna hai ka ki main marketing budget to main meh pah itna hai nahi, nahi main ne kharcha ki hai But you know, I was very product centric and that's what really the winning game for us was, you know And she said to me, musei question ma khushta ki marketing mein kitla kar hain main ne jada payasah nahi kati hai So acha Upasna, so do you think mobi ko ek is in the forefront of fintech revolution in India? Of course, I heard you saying fintech many a times, you know, I mean you refrain from kind of, you know talking about the I mean talking about the category a lot, you know Yes, so see the thing is See fintech India is a very large opportunity I'm very happy to tell you that fintech India as a market has become now the third luck. We just market in the world So there's a lot of investor dollars also that have poured into this sector in the last few years. There are many Large-scale companies many there are about eight nine thousand fintech startups in India. Okay Um, so this is a sector in which, you know, we are definitely taking leadership as a country in 2022 India is the country which has processed the largest number of digital transactions as opposed to any other country in the world So from a country that was 99 cash, we have come a long way However, the opportunity is still very large because abhi bis if approximately 300 million users digitally transact kate Number of people who have access to credit in India is still 60 70 million number of people who are insured And invest that number is still 25 million So as you see in a country of a billion, there is still like all these numbers are sub 10 percent. So abhi bhi Very big opportunity. I bought service my businesses Um, you know, bane gay and of course starting as a payments company Um, you know from bill payments to payments on e-commerce platforms to payments in physical stores Uh, and then four five years ago, we started our foray into digital credit. So now mobi quick gives Shopping loans by now pay later loans uh in partnership with banks and nbfcs And then in the last few years, we've also enabled a small ticket insurance products As well as very interesting Investment products where you can earn as high as 12 percent as opposed to what you would get from a bank fd or a bank savings rate So that's why we call ourselves a fintech because While payments and credit are now two large pillars in our business Baki sare financial services may be hame interest hai But it will obviously take us time to become at scale in all of those So if you think about it The play is really to bring people four daily life payments on our platform on our app And then give them all the financial services That their own banks are not really giving them and the same thing we are also trying to do for small business Because we are a two-sided network. So we have users, but we also have merchants who accept payments Why am i way quick so for them also we are trying to power all of these financial products So tell me you know a very popularly asked question is you know and probably the question comes to my mind also is that So while you know cannot you know doing this kind of you know transaction or payment or e-wallet is very very convenient You know, but is it really safe? You know, I mean, what would be what will tell the customer? How do you really trust this particular way of transaction? You know, what would you really tell them? You know so that they kind of believe that there's a safety the security at as much Not only convenient but also are a very safe way of you know being transaction for themselves No, absolutely and I think I'm very happy to tell you that See in India we have now two types of platforms. We have wallet-based platforms We have upi based platforms in popular apps like mobi quick and our competitors You will find both facilities available in the same app like in the mobi quick app You can pay using your wallet balance. You can pay using your credit balance And you can also pay using your own bank balance using upi The reason I would say that you know, you can trust platforms of scale Because all of us are regulated by the Reserve Bank of India So we have two licenses from RBI. We have one license from SEBI and we have one license from IRDAI, which is the insurance regulator and not only us all of our peers are also operating in a similar manner So we are not as You know heavily regulated as banks are but we are all also having to do monthly quarterly reporting to the Reserve Bank and Annual in-person audits happen. So the bar on Compliance and corporate governance for us is extremely high. In fact, we also have to report In our monthly reporting that of the people who put in a complaint Let's say for a refund or for some, you know transaction that didn't go through You know the percentage of users who complained for 24 hours was over 48 hours So that is a level of detail in which you know, one Platforms have to be compliant. I think service customer servicing becomes a very very critical segment part of the entire proposition Tell me something geographically, you know, how are you penetrating deeper into the smaller markets, you know Are they growing for you? You know, I mean that probably would be also, you know An insight for a lot of people sitting here who cannot building Indian brands So I think that the next phase of you know growth in India In terms of the internet revolution whether it is for e-commerce companies or for payment companies or fintech companies like us Is definitely coming from the smaller cities and towns of the country and even villages if I should say so So if we look at our user acquisition funnels and if we look at our You know transacting users data what we have found in the last two three years almost 65 Of the new users that are Downloading our app and are actively transacting. They're all not coming from metros They are coming from smaller cities and smaller towns of the countries and it would be so common-sensically also, right? Like if you live in a large city, uh, like deli ncr you have malls everywhere So you don't have to buy anything, you just go to ambient smalls and you will get it immediately But if you're in a smaller store a smaller city You're bound to order online because you may not get that product or that brand that you're looking for Uh, and if you are ordering online, then you will obviously need digital payments digital credit, etc So a lot of growth is coming from smaller markets You know the gen z people in their mid 20s Uh, you know as soon as uh, they are getting into their first jobs or their first, uh, self employment Uh, businesses they are using smartphone and internet to the hilt And uh, you know the the spending patterns that we're seeing from these smaller cities are just amazing like I'm I'm quite amazed like a few years ago Our focus was also on the first top 20 cities then top 100 cities now Not just payments even our credit and financial services users You know, we have reached 99% pin codes of India. India has some 19,253 pin codes and we have reached 99% of those pin codes. So I think that bank branch should have had to get up on But uh digitally. I'm her. Yeah, I found a very interesting So because making meaningful difference Such as reaching out to gas stations in a far away jharkhand and among other many such untapped regions in the country While the competition is occupied with hanging stickers near the media outlets Of course could disapprove karteo. So what do you believe should be their marketing strategy? Well, what do you believe they're probably not doing right, you know And what would what advice you probably want to kind of give them see deke there are all kinds of Companies and there are all kinds of advantages that companies have I think some companies and you know, you guys would love it But some companies are more focused on PR and You know brand to make sure To make sure I'm just joking. I'm just joking to make sure that you know, giant investors and giant influencers We decided many years ago that we are in this for the long haul You know like you know banking sector So I think our thought process is that business Of course, we spend money on marketing of course we spend money on user acquisition But everything has to be in balance Like it has to be a PNL that is getting created because long term if I want to have a sustainable play like you said, right? How should consumers trust brands? Consumers also want to see longevity in companies, right? If you want to build a sustainable business, you have to think about profits If you have to think about profits, then you have to run on a budget and I think that's where Taking a product innovation role taking the thought process of how can you bring So differentiated products that the user is bound to stick with your platform and not go to your competing platform I think this is sort of how we are trying to build our business So I have two questions, you know, I mean I can see the buzzer kind of you know, moving up towards zero Two questions really is you know on the subject of building, you know brands for Bharat You know, I think that would be probably concerning and relevant to a lot of people sitting in the audiences here So I'll ask the direct question. Do you believe the Indian brands are capable And equipped to give a strong competition to the international brands who are coming into our country? Absolutely, ma'am. Absolutely. I can talk more about tech because I've been in the tech business right from the beginning being an engineering graduate myself So firstly a big tech, look at Google, Apple, you know, Infosys Jyobhi aap lena chaate engineering talent in India is superb And all the big tech companies, you know are relying very heavily on non resident Indians, you know to build Their new products. So there is no reason why we can't make in India for India and then make it for international markets as well I think that This coming decade you will see that product companies built out of India Both consumer facing and B2B companies will not only create You know proper legitimate businesses in India, but especially in my sector in fintech our technology stacks are so New and cutting edge that you will see many of our stacks now get replicated in international markets We may think that us is very developed. We may think UAE is very developed Sure, their airports are good, their infra in terms of roads are good But financial technology in from a India is right now at the top of the league tables And you know, we will definitely see a lot of product companies going to international markets. That's really good You know, it's really encouraging. That's really good to know and I'm sure a lot of people will be probably Encouraged by that comment of yours Second thing is I think it's buzzers moving to zero and I have to ask you this question You are a you know a power woman, you know, you cannot really set standards You're inspirational. You are the first women who really came on board on the fintech People like we were discussing the you know Backside also that a lot of women are expected to kind of be probably in the space of cosmetics and the other software products But not really technology, you know, and therefore you're probably a bit of a misfit in terms of people's perception So what really any challenges that you kind of faced, you know taking on their position You know, and especially when you were kind of building this brand in a category Which probably is not seen as in the synonymous to maybe women doing it The challenge is the both eye But what can I say? I think the main thing is that we've seen women now, you know, become presidents prime ministers go to space Lead public companies So I think there is few of us and I would say that it's also a very Popular bias. It's more acceptable to see women In marketing companies in fashion companies, but when it comes to science technology engineering, there is still a, you know, huge bias that is there in the mind of Several people, but I think there is no real reason and there is no way to really get over it Other than the fact, you know to just do it and I think that's what I am trying to live by every day And like I said, when you're doing a startup, you are anyways dealing with naysayers every single day of your journey So I think my personal ambition is To lead mobi quick To become the first profitable fintech of india to get listed and that is sort of the goalposts that i'm working personally towards and hopefully by then The financial media, etc. Will also notice that look women do understand and they can actually have an additive of their own Which is very strong times of One question which probably is cliched, you know, but first I want to ask you Definitely speaking is that how is it? I'm sure you're leading a lot of men in your company.  You know in a company which probably has men and do you find any challenges there? You have any experiences to kind of share with us? I think for the most part, you know, I think one more thing I can tell you is that in companies where there are Women in the leadership, I think we also encourage a lot more You know a stronger gender mix. So I'm happy to tell you that we have at least Three women at VP and senior VP level in my company out of maybe the eight ten VP's that are there So there is sort of more encouragement for women across the board at all levels That's number one We don't have any bias in terms of our hiring process. We try very hard to have an open mind And no, I don't find it difficult to work with the men or to lead men because when your Company's culture is built in a way. We are always looking for people who are very smart Who want to make something out of their own lives and also want to work towards a vision or a mission That there is some impact getting created and it's not just about, you know, money and stock options, etc So for the most part, I haven't had any challenge. It's actually You know been very nice and easy. I think in my 12 year stint I had once upon a time where a gentleman who reported to me came up to me and said You know, I'm not successful because I report to you I said Sir, I took your interview. JD, I made Onboard, I did and now you're talking to me. So, you know, I gave him a challenge. I said, okay So the CEO of my company and my co-founder is Actually a man. So I said, okay, let's report to him In the next four weeks, six weeks, we'll see if there's any change and I wrote that on an email I got it done. I informed the board I think the adage Is Is not appropriate. I don't think that men and women Don't like working with each other being friends with each other. I think it's easy if there is alignment You know, if there's a very egotistical person and on the other side, there is a modest hard-working person If there's one person who likes to brag and the other person likes to work, that alignment won't be possible. So it's actually more about attitude and You know More alignment on values than anything else. This main male female power Problem there is nothing We should not have this orientation of gender at all About work and how we really perform at work and how equal we are in terms of Actually a a clear in question because I represent news network So I just want to ask you I would not leave the stage before asking that So do you watch news channels and how significant you believe, you know, the news genre is in a marketing plan for For you know, for a company like yours and also building brands in India See, I think news is important But as you yourself would know, you know, internet is giving everybody a run for the money Both in terms of news platforms going digital as well as social platforms But I think when there are very important events like, you know, all through kovat when there is a war happening, you know, the ukrain war When there are such important events happening I think everybody is glued to the tv screens and not so much necessarily just to The internet because you can actually get more directed analysis much faster on television So I think there is definitely scope actually for news media far more than all the other content You know, that is on the television So I do hope that there can be more innovation in the format of news that we have Playing in India Where it's not just, you know, based on the political slant and is far more Factual and analytical. Yes. Thank you so much for answering that and responding. It's so nicely and directly I have a marketing guy who actually had given me a question to ask you. Definitely I cannot again, sorry, sorry external media, but I have to ask that. What would be your three predictions for 2023-24? Any broadly speaking it what do you believe, you know, it's going to be the way it's going to pan out the year So I think 22 do nikal gya 23 ke liye bhi look bol re inflation and you know depression I think my personal view is that it's gonna be a good year of growth while global markets larger markets may still see You know negative sentiment and or inflation depression recession, etc I think that India is on a strong Wicket, I think the way our economy is performing and I think after the Sort of controlled growth that we have seen in 22 Maybe half of 23 ke baad. I expect that there will be a big Comeback That's sort of how I'm looking at it and you know, it will be great to see news of Uh, you know companies building and hiring and not see news of layoffs layoffs and layoffs happening Thank you for thank you for the response again. Thank you very much. I pass now. I think our time is up almost Thanks, Mona. Thank you. I'm really having thank you very much Miss Mona Jain and a pass Nataku for that enriching chat We would like to hold you both back on stage for just a few more seconds We would request our session chair miss monogen to kindly present Who passed Nataku with our token of appreciation? Thank you for sharing your wonderful and terrific thoughts on women leadership In the space of Indian brands and the growth that the brands are seeing Especially in the space of fintech congratulations to you and thank you so much for sharing


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Hey there friends! How's it going? My name is Kevin and today we are playing some Sims Online. It's just like the Sims 1, but with really funky music. I was wondering if that was actually the music, or if I was just hearing things. I wasn't sure. It's been a while now in quarantine, so either is very possible. But yeah, it's basically like the Sims 1, but you get to play online with lots of other lonely people. Alright, let's get started. Jesus Christ, what are these?  Are you going to be an alien or Santa? This is the best Sims game I've ever played. Other players will be able to see this description of your sim page in the game. Okay, favorite music. Static. Favorite movie is telemarketing. Turn-ons also telemarketing. Turn-offs is frogs. And quote of the day is... Okay, I googled inspirational quotes. Success doesn't just find you. That's pretty inspirational, but I can't just copy it, so I'll have to add something like of me on there. Success doesn't just find you, because you aren't worth finding. And a little heart. I like it. Inspirational yet grounding. Wait, someone took Jim Pickens, but that's my name! Okay, Jim Pickens, whatever, space is fine. You are forgiven. A warm welcome. Welcome to a welcome lot. Oh my God, a man in a toga is coming to greet me. I'm gonna go talk to him. I don't think this is sim music. God, there's an extreme mix of music going on. Why are you both playing chess alone? Just playing together, I don't understand. I just said, hello, help me. They're like, hey Jim, what do you need? I'm just like, I need help. The hell is going on over here? Make gnome. No, I don't want to do that.  I don't know, but that person's freaking out. They love it.  Okay, I don't know why I'm getting money. I didn't do anything. I'm making jam now, guys. Please help. They're still like, with what? I'm making jam. I heard making jam isn't worth it today. Listen, buddy. Success doesn't just find you. I won't add on the rest of that quote because it's a little bit mean. Jim's jam, come get some. That sounded trending. These people don't like me, do they? He's hurting himself a lot making this jam and they're saying it's not even worth that much money. I don't know if I'm doing the right thing here. Oh my God, the music's kicking off now. Go on, Jim, get in there. Yeah, shake that money maker, Jim, come on. Make me some YouTube money. Work it, Jim. I'm telling them to make it rain. They're all loving it. They're like, Jim, thanks for the show. Oh my God, he's trying to break out. He's forgotten he's in here voluntarily. He thinks it's a jail cell. Oh my God, now he's climbing up to the top of it.  It's driving me berserk. They keep talking with Jeffree Star. I like Call Me Kevin. Why does no one care? Guys, I like Call Me Kevin. I'm like, you should like him too. And then they're like, I will look him up, Jim. Thank you. Now I leave. I go somewhere else. I turned off the music, by the way. It's still going. All right, what about this place? Damn. Oh, look at this space casino. I want to go to a space casino. There's only one person there too, so they have to talk to me.  It's kind of eerie too. Where's the other person?  Yeah, ponder over that. The hell is going on here? Jesus Christ.  Okay, this place is scary. And it doesn't seem to be anyone here. They've got a massive graveyard, which is kind of cool. But I'm leaving. I don't like it. Okay, this place seems wild. They're screaming. There's Santa gnomes. It has everything you could want. All right, I'm going to go give this bear a hot kiss. Jim is like running over there. They're looking deep into each other's eyes. But that's about it. I don't kiss.  All right, where can I make Jim?  That bear is a beautiful singing voice. I really thought it was an NPC, to be honest. I told Jim to go kiss him. They're serenading everyone. All right, just get a hug at least. No, they're running away. Jim, quick, go after them.  I want to hug you. Yes, yes. Here we go. Oh, a nice hug. Oh, they're giving me a gift. 20 bucks. I can barely believe it. Thank you. Oh, I actually tad-nick you. That deserves a little cat-call, I think. They probably think I'm like a 70-year-old man. I like giving the avatar. Oh, they don't want to dance with me. All right. Oh, this is getting awkward. I'll leave now. It looked like the bear was looking right into the camera. Oh my God. Who saw the new Call Me Kevin Sims video XD? Don't all speak up at once, though. Okay, it's someone speaking. Wait, I think someone's realized. Wait, maybe they're just humoring me. He's pretty fun, Loll. Oh, the funnest. Yes, happy. This is what I do in my free time. I go around games looking for like the one person who will know who I am. It just helps build the old ego, which is very fragile. Wait, your name is Jim Pickens, Loll. Yep, and that's me. Jim Pickens. I'll say hi, Tom. And then I'm like, hey, Tom. I'm Jim Pickens from the 2.32 million sub-channel. Call me Kevin. I'm going to get banned from marketing myself. Wait, be kissed hotly. Oh, no, I just told Jim to give money because I was like, oh, look, a fan. I'm going to give them a gift. But now it looks like I'm just paying them to kiss me. All right. I think it's time to look for a job. The only job in the paper today is in the nightclub as a dancer. Yes. I think it's about time I become a part of the workforce. All right. Change your outfit. I don't know what is going on. To be honest, all I know is I wish I could turn off this music. Oh, I've put on text-to-speech now. I'm yours.  What? What?  Can't change.   Click on the outfits down and checkmark them. Helpful. No. Help me. These interactions. This game too hard. I was just going to say that and then leave. No naval action is hard. What? All right. It is time to leave this area. Welcome, Jim Pickens. Help me. Two need money. Just use the objects. You'll get money. No thanks. Give me. Oh god, he's freaking out. Jim's jam is selling well. Jim's jams. Get some Jim's jam. Jim's jam putting the Jim in jam since jam was first jimmed. I'm going to get banned. Anyone need food? If so, I got jammed. Jim's jam is the jimmiest jam that ever jammed. I'm so going to get banned. Oh, this is risky. Food is ready. Thanks. I just took our food. I'm throwing the food away. I'm what you doing? Cleaning. Just doing my part. Jam. Yes. Would you like some jam? They were not dirty. He JST made that food. I thought it was dirt. Is that insulting his food? I'm not sure. I just cooked it. Oh. I don't know. The texture speech makes it even funnier for some reason. I am hungry. I actually am. That's the thing. Bet you are. Puffed. Don't you puffed me? Don't puffed me. Puffed you.  All right. I'm going to give him money to pay him back for that meal. He rejected it. What the heck? Thank you. He knows what's going to happen.  He's just slowly putting it into the dishwasher. And the casual like do-do-do-do-do after he does it. All right. I'm going to give him money. I feel bad. I think he's just ran away. I'm hungry. Wait. Hold up. Why the food is gone again. Oh, no. He's realized. Okay. Fresh HC. Like Jim is actually hungry. He's more hungry for chaos. Oh, no. He's caught me. Oh, no. I'm hungry. Jim, aren't you from Call Me Kevin XD? I love Call Me Kevin. If only it was Kevin. I'm sorry. There. Good boy. I don't be patronizing. Now I'm going to throw it away. Tell me when to throw it away. Jim. Yes. Put it down. FFS Jim. They're all judging me. I didn't do anything. Jim, please don't. I didn't do anything. Put the plate down. It's like a gun. Drop the weapons. Oh, my God. I will do it. I am warning you. If you do it's a band. Oh, my God. He's saying I'll get banned if I do it. Okay. I'll just hide it then. He's just walking into the graveyard with the food. Where are you going? Look, I am not a bad guy. Just confused. I'm giving one dollar tips and it looks like the money just filling up. I'm like splashing the cash over here. Okay. The food's actually gone off now because I left it in the graveyard. The food is now smelly. Yeah, because you put it on the grave. I can't take it from the grave. You can't? I can't either. For some reason you just can't pick it up. It's just stuck. I make jam. Jim's jam. Oh, my God. I've got nothing but trouble. And I've been pretty innocent during the whole thing. The only thing I did was throw some food in the garbage. Need food. Why I can't even type. Hungry. Yep. Can't pick it up too. Hungry. It's stuck. Hungry. I'm just saying that I'm hungry. They're like Jesus Christ. He's been eating all day. How is he hungry? Greedy. Why is this person on my case all the time? Can you move it in by mode? They're still trying to fix the plate of food. I don't know how I even did that. I'm just really good at breaking games. Oh, God. He's on the toilet. His pants.  He's decided. He can't embarrass himself anymore than he already has, I guess. You can. Please feed me. That's so needy. All these people are trying to do their jobs. I'm just standing there like hungry. Hungry. Please feed. Now I know how our tea feels when I play don't starve with them. No, you can't touch it. I will serve it. Please up you tea it down please. It's just the text of speech makes it so much funnier for some reason. Who is hungry? Oh, can I help you? You need a spanking. Oh, it's my friend. I am serving food. Spanking though. Wait, no, hold on. Why are we talking about spanking all of a sudden? Yes. No. I'm hungry. Okay. Come to graveyard. Jesus. No. Baca. No. Well, I got banned. It's thoroughly deserved. I might add. This property has special permission set, which excludes you from entering. Well, on his first day, Jim Pickens got banned. That was a riveting experience. I wish I sold more of Jim's jam though. Do you want any Jim's jam? Maybe let me know we can make some merch. But I guess for now I have to leave it there. I hope you enjoyed this video. A very unusual game. It's like just kind of a chat room, I guess, really, where you have the added bonuses of having to care for your sim. But I hope you enjoyed the video. I appreciate you watching as always. I hope you're staying safe in these weird times we find ourselves in. And I do hope to see you next time. Bye for now.


Welcome to your last set news to get top stories in crypto and bring out a bite-sized piece is today Just like the thumbnail suggests we're gonna take a look at are we doing the same thing as far as a parabolic run? As it has been in the past. So what we need to do is just to take a look at Where we have been to know where we've going so we're gonna take a look at a little market cap history Take a look at 2017 and 2021 and exactly how they just line up almost perfectly We're gonna take a look at current on-chain analysis to support that then a couple of stories about French Bank Eating up and gobbling up DeFi projects and also a Voyager the brokerage some pros and cons So we'll go over all that stuff but first take a look at what's going on the market So today it is Saturday a beautiful day and look markets up. We're doing pretty good We're at 2.12 trillion and Bitcoin price is almost at 48,000. I'd like to see that but the sentiment for Bitcoin today is pretty neutral and It was crazy because like as things were dropping It seemed like the bullish sentiment was just we're just kind of increasing increasing increasing and now we're here That's when people are getting cold hands Or cold feet. I don't understand. I I think as time goes on and everything starts to conclude I think we're in the right place at the right time with the right projects And just take a look at overall gains in the last 24 hours Yesterday was a great day. Today's not too bad. Look, uh, Bitcoin's up 1% at there is 4 We're almost at $3,400 Binance coins. Wow the number three spot at 4% And it looks like they're making a massive run at 430 crown was around 226. Tell you nobody cares Solana Now in the sixth spot after jumping up 21% in a seven day average and uh, I gotta tell you I gotta tell you As far as like uh, Solana, I'm glad I picked that up I want to thank two people Mike the investor and also James from invest answers Their youtube channels are in my description and those the ones that got me Into Solana a while back and I've been dollar cost averaging for quite some time. So anyhow, that is what is going on into the market Let's jump into today's top story. So The first thing we're not story per se, but it's about market cap And I was looking at this yesterday. We briefly touched on it And it was the total cryptocurrency market cap and this includes bitcoin and every altcoin out there Now we can kind of we can scroll down here And we can take a look at with a total crypto market cap excluding bitcoin, but I really don't care about that I just don't what I'm looking for is patterns and I'm looking for what happened before to see what's happening now now Past performance does not equate to current results, right? I want to make that crystal clear I know people have been comparing 2017 to 2021 forever But I will remind everybody when I got into crypto in 2017 Every not everybody there's a lot of people that were saying that 2013 was an anomaly and we were not going to see that type of parabolic bull run And guess what happened? It the exact same thing happened and everybody's like well because it did and then now I hear the exact same thing Like okay, 2017 was great, but we're not going to have this parabolic bull run It's going to be shifting all over the place and maybe it will maybe it will but here's my question to you What if it isn't? What if it's the exact same thing? Are you positioned in the right place?  It's really a question that only you can answer so right take a look at crypto market cap I mean look if we just zoom out look at this horrible market cap. I mean how weak sauce 780 billion Nothing that was on uh, january 5th 2018 That's one of them that we were just losing our minds now look over here We had a market cap of 2 point almost 2.5 trillion And then of course, we're all complaining because we're at like 1.3 trillion It's amazing to me. So I took a look at that I took a look at everything and I broke it down because when we want to just you know get a big picture We just zoom out like okay. Everything's cool, right? But why I wanted to take a look at was how everything compared so I did three little pictures And I took it to it like this let me put this up here So if you take a look at 2016 to 2017 everything was flat on the left hand side, right flat flat as a board And then as we get into uh, this was in 2017 in may first of all We had a little spike and then we had a dip and that was uh when we had a nothing of 68 billion That was in may 2017 Then there was a little spike and there was a dip and that was it went down to 67 billion So lower than it was in may and everybody was talking about how crypto was dead It was in a fall apart then we had a spike and then another dip in september And then it kind of went a little spike and then it went parabolic. Okay, let's just try to remember that That's uh, that's the one I'm pretty much focused on now. Let's take a look at This here 2020 2021 pretty flat had some pretty big action spike then a big fat dip And uh, we were at 1.4 trillion everybody's talking about the cycle is over the bear market is here And we'll never see it again.  Okay 1.4 trillion And then we had a spike and then we had another dip in july 1.2 trillion So again may july and looking then a spike and then a dip it's september at 1.8 trillion It is pretty much mimicking The same thing over here. So if we take that and extrapolate it just a little bit Just take a look at what could be Again, september not a great month. What happened there for that october to ever December went parabolic So again, I cannot stress this enough. This does not mean for a fact. It's going to happen But if you look back in 2013 All the way to 2017 and again in 2017. They said the exact same thing. It wouldn't happen and yet it did so Here we are sitting on the precipice of what happened And on october 1st, what do we have? Well, we had a pretty big run up a couple hundred billion just kind of flowed into the market Which is pretty funny a couple hundred billion flowed in from 2 trillion to almost 2.2 trillion. Remember back here our dip in may the entire market Was 68 billion 68 billion and now here we are. So just try to remember that when in doubt zoom out. I think uh things will Be okay. So the most thing about that in the comment section But I will just finish up with this story with this and that is that If technical analysis is pretty much a self-fulfilling prophecy if enough people talk about it and they believe in it Then seems like t.a. Kind of works out like that.  People will say no, that's not true But uh when you see enough of the charts and enough of the traders and it kind of becomes a self-fulfilling prophecy So when we start to see like these types of things, is it a self-fulfilling prophecy? What came first? A chicken or the egg? I don't know what's going which way these these things are precisely going because i'm not no stradamus But this is what I truly believe is going to happen not investment advice just investment opinion So this will be the narrative that i'm going to be with and I think a lot of people out there Uh in higher positions much more than me. So If it is or it isn't maybe it's just a self-fulfilling prophecy. Let me just think about that in the comment section Let's move on to our next piece. We talk about 2017 and 21. Oh, we already talked about that. Sorry about that on chain analysis. This is where it gets good on chain analysis We'd like to see what's going on. I mean t.a. Is great Fundamental analysis is fantastic. Sentiment analysis is good But I also want to take a look at what's going on as far as on chain. So real quick This is from crypto quant and it was talking about the most active otc movement since october last year It states the ratio of all exchanges the total transaction volume on the bitcoin network Is at the lowest level since october last year and it's on a downward trend. Why is that important? Well, as we can see here Tokens are being transferred and as they've been transferred the fund flow ratio goes down as they're being transferred around The price has gone up as things have been going just a little bit as far as like the increase of transferability And the fund flow out of exchanges are going out So once that happens, we have an increase in price. We've had it again and again and again Also, we take a look over here As far as like bitcoin miners again from crypto crypto quant We can see that miners aren't selling too much And then what happens when they don't sell they hold on to their crypto or the price goes up It's amazing how that works out and then also my favorite one all exchange reserves This is just for bitcoin itself and look at this this in the in the bluish purplish That is the actual reserve Of what the exchanges have as far as bitcoin and it keeps going down because people keep buying it and transferring it off And then goes what happens? Well, we got the same demand but not as much supply All of a sudden price goes up yet again. And then of course let me back up here and show you And then also here's another one of my favorites It's it's the ethereum all exchange reserve and it's even more pronounced Look at this from the top left hand corner. That's a bluish purplish line That's the reserves of all the exchanges and what they have as far as ethereum See much that's going down. It's going down Midally and they don't have much yet at all and look at the price. Oh, it looks nice So if we can take a look at someone on chain analysis look at price and demand supply and demand I think we're in the right place at the right time with the right product Anyhow, let me know what you think about that in the comments and then let's go on to our second to last piece about frank French bank and d5. I'm not going to spend a ton of time on this It's just it's something that is in the works and the reason why I like to talk about these things is because it just shows progression and adoption It's not so much about this banks and offer this tomorrow But its banks are getting into it institutions are getting into it Big name people are getting into it and that's what we want. We want a lot of people Under our umbrella to embrace digital assets and cryptocurrency. So what's going on here? There we go. Third largest bank in france Society general proposes use of d5 protocol maker dow So the again french meant multinational investment bank and financial services company Associate general has proceeded to leverage The d5 protocol maker dow the reposal dubbed security tokens refinancing was published on october 1st It aims to utilize the dye stablecoin to refinance a covered Bond concept again if you can't beat them join them and that's exactly where all the banks are going They're like look we everybody wants cryptocurrency. We know where the where things are going We do not want to get blockbusters So let's just get on the train before everything just passes us by and I think it's a good idea It just shows mass adoption and then lastly just real quick want to talk to you about Voyager the pros and the cons so this was You've probably been seeing a lot of this on twitter crypto twitter if you haven't Follow me on on twitter. There I am an ad news asset everything I talk about a lot of things to talk about I talk about on twitter first Kind of flesh things out see what's going on and still it has all the best information but I've probably been seeing a lot of information about people bragging about all of their yield that they're gaining for just having crypto currency Having bought on voyager and just leaving it there and I am no exception So what we have here is I stated this as the rewards roll in if you're using the envoy Voyager app. There's no reason not to have at least 500 tokens You get 7% staking 1 to 3x crypto back rewards You get a 0.5 to 1 and a half earnings reward boost and you get a withdrawal discount Now that's going to come later But that whole part is still true and what we got right here There's my wife. Hello, and then we got the Voyager token. I mean, this is just me Just having my my voyager token just staying on there and this was just 2 out of the like 30 that I have I got 164 just voyager token and right now it's about $2.50 So, you know, not too bad for doing zippo nothing And then here's bat, which I don't really have that much, but whatever else So, I mean the pros is is all right there and I always say like if you're going to use voyager Might as well have 500 unfortunately. It's only for Americans. They're still trying to branch out But that's just one of the parts also The big thing that I think about is If you're going to use voyager, just use the recurring function. It's super simple to use I'll show you right now. It's like the easiest thing of all time.  You got bitcoin, ethereum, xrp, blah, blah, blah Let's see something. I don't I don't have Let's say tron right Tron if I'm going to buy tron I'm not going to buy tron, but if I wanted to buy tron, I just clicked this this button right down here You can't really see it says buy tron And then it'll say how much you want to spend I want to spend a hundred bucks And then it's going to say up here set up recurring buy. I just click on that There's my bank account. I'm going to select the frequency daily weekly monthly and just I just set it and forget it And then I just put in again a hundred dollars And if I want to do it down here, it says slide to schedule and it's already set up I don't just think about it. It just comes in. I don't have to keep going back and so on and so forth So to me, I think it's like it's like a pretty easy thing To use now. I will say this there is a downfall and these are the cons of the of using voyager and that is that Out of the 65 different assets that you can use let me go back You got everything.  Sure you can but here's the thing. I mean I The 13 that they have are the ones that I primarily invest in there's a couple that I don't Once if you leave it on there you gain yield And you just saw how much I get just for doing absolutely nothing If you don't want to do that, don't use void or do something else But if you do There's a link in the description looks something like this And I'll take you to my handy dandy exchange of wall fees and these are all the different wallets and services that I've ever used And ones that I recommend and things that I just do not recommend So, uh, it's all right there and it talks about, uh, you know, if you're able to get loans like in celsius It's all right there and then all the uh commissions and whatnot and uh everything as far as like yield So, uh, that's it for today. Look, uh, I know it was a little bit long today That wasn't too long, but there's a lot of things going on and uh, I will just say this I still think that uh, the most exciting times are ahead of us And I think quarter four like I've been saying for the last I don't know year Will be The big firework show and that's what I truly believe So if you like that type of video go ahead and give me a thumbs up We'd greatly appreciate also consider subscribing All the things we talk about on this show are time sensitive and that is it So, uh, I appreciate you coming by and I will see you in the next one Yeah


Good afternoon almost good evening ladies and gentlemen. My name is Sushant Balakruthirao. I'm the senior director responsible for this very Dynamic and exciting region which about which we're going to hear shortly and before I pass over to Farid to share this exciting panel I just wanted to share one very small anecdote with you When I started at the World Economic Forum nine years ago as part of a leadership program There's a person on the stage who agreed. I don't know why to serve as my my mentor and at that time He told me I'm a person who believed in ASEAN long before ASEAN believed in itself And he made it his goal to make sure that I became a believer and that I also got the forum to believe in this region and Since that time over the years We have done some very exciting things We have taken our annual regional summit that takes place every May or June to countries like Vietnam Indonesia Thailand and most recently to Myanmar Which this year will be chairing ASEAN And I think it shows How much we now believe in ASEAN it's here in a very strong way and we're very excited That these discussion will all be connected to the summit that will for the first time be held in the Philippines On May 21st of the 23rd And we have the special envoy President Aquino here with us to speak to that as well So with that in mind a welcome to our panel and thank you very much for this My pleasure, I don't think I need that unless Thank you all for being here. This is I think we were going to try to do with this panelist to try and make it as substantive and interactive No prepared statements. No no formalism. There's no reporting press allowed in the room So I hope you will all take that as an opportunity to to really get into some of the some of the questions and issues You know the great puzzle When looking at Asia is this if you will look at international relations and you say to yourself When was the last time you saw a group of countries? They were close to one another Growing very fast all growing at rates of three four five percent That had different kinds of political regimes that had historical problems with one another That had histories of conflict with one another Some unresolved border issues or sovereignty issues But very vigorous economic growth That place would have been Europe in 19 the 19th century and What you had was a hundred and fifty years of war almost continuous war So the question is why is Europe's past not going to be Asia's future as You have all these Asian countries Growing fast with military budgets growing very fast many major Asian countries are spending 10 10% plus Increases in their defense budget year-on-year They have different political regimes. They have different Economic systems in some cases. They certainly have border issues. They certainly have sovereignty issues If you look at Europe today What made Europe overcome its past was the memory of World War one and two the Extraordinary of reconciliation the France and Germany went through and The European Union which created economic interdependence Asian countries have no history of World War one and World War two to overcome in that in that sense They were not the deep destructive wars They do not have the great reconciliation that France and Germany went through unless I have missed something in the Japanese-Chinese Relationship in the last few weeks. In fact, you could argue that Japan and China stand in stark contrast To the reconciliation that the France and Germany went through So what is left is the economic interdependence that has the possibility to bind Asia together and to make it So unthinkable and expensive and unnecessary to have conflict remember nobody wants conflict Nobody in Europe wanted conflict in 1914 The point is if you create a system where a series of unintended effects can trigger political tensions Which then make it difficult for countries to back down? That has consequences I mean if you look at what happens we have happened in the Senkaku or the Alu Islands a Few years ago. You can see that process one ship One one ship captain takes a boat in the wrong direction Somebody arrests him somebody then demands he be released and then that triggers a series of unintended consequences So that's the ultimate prize of what what we're talking about which is how can ASEAN be Made into something that is strong knitted together woven together and has some of that Prophylactic effect that the European Union has had in making war So unthinkable, I mean it's now unthinkable that France and Germany would go to war But remember in 1945 France and Germany had gone to war three times in the preceding 70 years So These things can change very quickly for the better or worse. I Want to start by asking who so tain the You know cabinet minister, but also works very closely with the president a Question about ASEAN's role in this respect My friend Kishore Mahbubani has often argued that ASEAN Managed to have a heroic Success that we don't talk enough about in the way in which it was able to help integrate Myanmar and And his argument is that the Americans you sticks Sanctions punishments of all kinds threats But that ASEAN approached it very differently with Myanmar and I want you to tell us sir Do you agree with this? What was the role of ASEAN? How did you think about this process as you went through this? Extraordinary and still ongoing reform process that is taking place in Myanmar So, thank you. Thank you for audience here So for that that question concerns So you already know that the ASEAN since 1967 doing the the as a model model of the You know regional cooperation. It's very patient and understand Asian culture That's why we move as an ASEAN member and now you can see that reform is going on not like Western country aspect as in between ASEAN's they understand what Myanmar's culture and how to you know re-engaged and doing what doing as the member What should call the quality members in the ASEAN group? That's that this type of the the model is the our you can see that that is the cooperation with a cooperation a coordination in the members group and also they can weaken It will be shaped shape our ASEAN's and within our destiny and overcome future challenges ahead That's the way we got the benefit from the joining the ASEAN and we thank you for the ASEAN other members Understand Myanmar. That's the way we are moving ahead and now You know that we we can do we've got a chance to do the ASEAN chairmanship now absolutely Anthony Fernandez, let me ask you When you look at this issue from the perspective of a private sector person you Do you see the introduction of you know of Myanmar? Do you see this is expansion of ASEAN in a sense as something that? Creates a larger market creates larger opportunities immediately or I mean you know you can you can't have too long-term a vision in business Because you need to make money in the short term well without a doubt Myanmar inclusion into ASEAN is a benefit and we at Air Asia for instance is taking advantage of it straight away We already have nine flights a day Into Myanmar Which was as soon as the country opened up from where from Bangkok and from Kuala Lumpur? So the market by the inclusion of Myanmar has made ASEAN even bigger Now we're reaching size of 700 million people as I always say time and time again Asia is not just about China and India. There's a phenomenal market in Southeast Asia named ASEAN which has 700 million people and a fantastic consumption market out there Which we have been able to take advantage of sketch out for us the size of them. Are they the Growth rates in the market. What is the most exciting thing happening when you because you're in a sense an interesting barometer of What's what's hot? What's growing? Where are you seeing greatest growth? Where have you seen some slowdowns? Well, really consumption, you know, everyone will the buzzword is emerging markets is bad place to be Etc. Etc. But I don't see any of it because the middle class is growing rapidly the power to consume is immense and you have to look at our example. I started this airline 12 years ago with two planes First year 12 years ago. We had 200,000 passengers Over the last 12 years we've grown to 150 planes and now we're carrying 50 million passengers The majority of those passengers come from within ASEAN and we've created a lot of ASEAN connectivity and created an ASEAN tourism product as well And I see it throughout some of my other businesses as well people Want to be mobile people want to consume they want mobile phones Etc. And so I see the the hot the exciting things as consumption anything in a consumption mode the middle class is growing as a young population and We're living example in a very tough business the airline business because it's so regulated Which means it's easier for the other consumer products And do you feel you have pricing power to be?  Yeah, we're a low-cost airline We we survive on bringing a new market. We haven't been interested in cannibalizing anyone else's market my argument to all the governments is Give us airports that are cheap. We will stimulate a new market the 50 million passengers that we have brought is a completely new market and We have used pricing power classic economic theory of reducing fair and increasing the market Gregory Domingo, let me ask you how you view this as an established member of ASEAN does the increased Size and and commitment to us and does it do anything for you? I mean, you know, one of the things I wonder about sometimes is ASEAN ministers they spend all that time meeting with one another I mean, there's more You know ministerial ASEAN meetings held at golf courses in in Southeast Asia Then I think any hopefully they're all flying on Air Asia. Yeah They should be but my guess is they're flying Singapore Airlines first class Hope that changes after today But what does it do for you? What is it? What is the benefit to a country like the Philippines? well, right now if you look at this that's statistics in terms of let's say investments and in terms of trade the bulk of trade by ASEAN is really with outside parties talking about trade with Japan trade with China trade with the United States trade with the EU and Very little right now. It's really intra-ASEAN trade But but so the value right now from an ASEAN perspective is really the fact that as a group We can negotiate better agreements with this big parties Because if the Philippines were to negotiate let's say by itself a free trade agreement with a big Global economic power We'd get probably the short end of the stick But with ASEAN as a group negotiating with the big powers Then we get a better deal and as a result of that you'll see that the growth of trade and investments for Most of the ASEAN countries have really grown leaps and bounds since the creation of ASEAN Chains really you're you're sitting in the largest, you know the largest pool of people the extraordinary emerging market Indonesia that has managed to To stabilize itself if I think back to now, you know the days after 9-11 after the Bali bombing What people were concerned about with Indonesia was first it was going to fall apart Then it was going to be succumbing to jihadi, you know movements And what you have instead is a pretty stable country with a solid government some reform I would guess you'd say not enough What is the what is the potential for Indonesia with ASEAN because big countries often the least interested in trade Because they have a large internal market yes, I come from a business background and We have seen how over the last 50 years so much wealth have been created because of the shift of the production base from the United States to Japan to the four Tigers and in the last 20 years to the Asian economies the other Asian developing economies and I think the potential that ASEAN can generate with cross ASEAN trade and investments would be very substantial So our group we've been we're based in Jakarta, but we are now in nine countries and we have always Thought that we must expand all over Asia and I think ASEAN since 1967 has done a very good job to create a sense of Harmony and peace and so on so that countries like Vietnam and Cambodia and now Myanmar can come into the fold and become a stronger part of the whole pie We are particularly Excited about Myanmar because now they've got 60 million people But probably about 60 billion dollars of the of GDP but with the human resources and Natural resources in the next 10 years 15 years They could be 10 times bigger. So we're quite excited about it. Indonesia has always played the The leadership role within ASEAN and that has helped because with that kind of positioning Our government is always thinking also about not just Indonesia, but beyond Indonesia into the region So that has also helped the business environment Fundman been Vietnam occupies a very important and very strategic position in ASEAN Gregory Domingo talked about how in ASEAN one of the benefits of ASEAN is that you can negotiate Collectively rather than individually And I know I think there's one country and one issue on or I see a set of issues on which this has been a particularly interesting dynamic The Chinese have generally speaking wanted to negotiate with each of you individually And you have by and large resisted that and said no We we want multilateral negotiations where you are dealing with us collectively Do you think you will be able to continue that policy? Because I know From being in Beijing two or three weeks ago that the Chinese certainly would very much as they put it They would very much appreciate if they could have more bilateral conversations with countries like Vietnam. I Think your question is very tough Now to answer your questions I had to come back to the principles of ASEAN What factors make ASEAN strong and what factors Build the role of ASEAN I Think there are two there are many factors and one of the very important factor is that the unity of ASEAN and the centrality role of ASEAN Why we say centrality role? Because we see in ASEAN that several mechanism for example ASEAN itself ASEAN with its dialogue partners For example the ASEAN region of forum that's on security issue and ASEAN Or we can say the East Asia Summit ASEAN and plus now the members of the East Asia Summit about 18 members and Now we already established the ADMM Meaning ASEAN Defense Ministerium meeting plus with the dialogue partners In all these mechanism ASEAN plays centrality role So coming back to your question ASEAN as a grouping as Domingo say we are strong if we negotiate As a group now with China we are conducting the consultations on the Code of conduct coming from the previous one the DOC the declarations on the Conducts of parties in South China Sea and That is also between ASEAN and China and Now we come to the negotiation or consultations then negotiations with China on the code of conduct So this is the ASEAN group with China Yeah, and For example, South China Sea It's South China Sea has three dimensions one dimension is that peace and stability in the region the second issue is that That is navigation Concerning to all countries around the world and the third issue is the dispute over some Areas in South China Sea and the first two dimensions are related to all Members of ASEAN and to its dialogue partners so to maintain stability we need a negotiation or Negotiation between ASEAN China For the dispute That is if there is a dispute between Vietnam and China, that's a bilateral negotiation but for the spoutly islands It has more than one countries to claim sovereignty over the spoutly islands So they need Concerned parties to negotiate Gregory you have your country has had its own recent Experience with China where the Chinese have decided a Very clever strategy. It seems to me of saying we're going to ease off on all these issues where we have been Rattling our neighbors We're going to try to have goodwill we're going to Be more cooperative Except we're going to signal that if you get too far out of line We're going to punish you and the one country they have chosen for that. It seems to me is the Philippines They essentially cancel the visit of your of your leader What is going on explain to us Now I'm a trade minister. I'm gonna talk about foreign affairs, right? I Hope the foreign affairs people in my country don't talk about trade policy Well Short answer. I don't want to really speak too much about an area that is not under me but basically the the Philippine position is we want to be friendly to all parties and in the case of such a dispute wherein Dispute is not bilateral Within many parties and are involved We prefer that it be done through legal means and so that's why we've filed with it close the International Tribunal on the law of the seas Regarding that claim so we'd like We're hoping that China participates in that resolution And do you do you see any mechanism for ASEAN in this any role for ASEAN? It's possible, but ASEAN has to choose to do it although not not all parties in ASEAN are involved in this this Let me ask about one other play a role that ASEAN can play which is in liberalization and promoting reform So then do you feel that you are trying to do reforms in Myanmar is ASEAN, you know, what are the biggest obstacles you face and how can our ASEAN help? Sir for the reform concerns Most of the all the ASEAN members gave assistance wherever they can So that's why within the two and a half years or three years. We move Or what we are not expecting the speed is too fast, but we are happy to do that So that with the assistance of all these members state that they want to give Assistant and what I mean is the resource allocation and you know Helping each other for example sharing food sharing fuel sharing Technologies such kind of things what we need You're very welcome to do at that moment all the members state like Indonesia Malaysia Singapore of Vietnam all these things they give assistant in the capacity building in Myanmar That is the most important challenges in Myanmar From the bin if I can ask you now that I ask Gregory about Foreign policy, I'm gonna ask you about economic reform Ten years ago people used to always tell me Vietnam is the next China They're doing the same thing special export zones workforces very motivated. They work very hard Nobody says that anymore. There is a feeling that a Reform process that had just seemed like it was going underway in Vietnam Didn't quite go forward and I know things have gotten better in the last year or two But tell us what you think the difficulty of that process is and where could we know how could there be assistance in that process? Again, you put me on the wrong foot I Think that we have undergone the economic reform the reform in general for more than 20 years And we have gained successes in in this reform and now to the to the new stage we focus on the Restructuring of the economy Before our growth Based on the we call the capital intensive and labor intensive Investment and now we try to Go to the knowledge page economy to restruct We structure our economy in a way that we can have more efficient Investment and that's that is the way forward. We have the three breakthroughs in in our Reform one it is the restructure of the economy the second one is we focus on the human resources and the third one is we focus on the infrastructure Building so those are the main tasks for us the head James when you look at the situation in Indonesia What do you think with the challenges and do you think that the election could help resolve them? We're actually a very extraordinary moment in the emerging markets There are going to be I think what six elections and basically all the major emerging markets are having elections this year India Indonesia Brazil South Africa Colombia is an extraordinary situation and what Historically has always happened is the first six or eight months after an election are usually good for the economy because generally Political parties pander the the year before the election the year after the election the ruling party feels as its Opportunity to to make some of the hard changes. Do you think that will happen, especially if this governor wins? actually the The election this year the legislative and the presidential election Actually reasons for us to be optimistic because since 1998 we've had so many Provincial regional and national elections and they've all gone very smoothly And so it is actually a celebration of democracy in Indonesia and that is the kind of democracy that has brought Indonesia today to be a global economy Just about a one trillion dollars economy and so we think that this election will go very smoothly We think that it will provide a stronger foundation to take advantage of more reforms So that the you know, we don't get caught in the middle income trap That there'll be more breakthroughs coming up. We are very hopeful that New newer faces and younger faces will come out So we are quite excited about it and I think you were talking about reforms. I think from the business community I think we need to have a measured Approach not only thinking about having trade packs with you know, China and Japan and all these other countries I think there should be more reforms in the individual countries I think that's that's still the the biggest problems that business people are facing what kind of reforms Would you like to see in Indonesia? I think Fundamentally philosophically is that whole idea that the solution of all of a society's problem whether it's economic problems social Education healthcare and so on is not bigger government and more regulations But that empowering of the of the of the marketplace empowering of the people and I think this philosophical Idea that it's not the government that's going to make things happen This needs to have a basic mindset change Because once they think that it is the government that can provide all the solutions. They'll be just more and more regulations And so we are in eight countries if you ask many business people our biggest Concerns are regulations and what the government will do to block what we trying to do Tony Fernandez to speak to this issue because it strikes me looking at your career that you went from one of the most Unregulated industries in the world to one of the most regulated. I mean you used to be the head of Warner music, right? I mean music it strikes me as you're almost total free for all Which is why an abster could come in and essentially steal your your music and nobody seemed to mine Which is why I left which is now And now you've gone to a situation where you know, you have this very strange industry where I mean I look at South Asia where I grew up You know it how can you be profitable as an air private airline when the state of India government of India has not just one But two airlines Pakistan has a state airline Bangladesh has a state airline Nepal has a state airline You know in that and they keep all the the the key landing slots and the key places and airports So how do you operate in this world? Well, you know, it's it's not easy To be honest, it's getting better. It's getting better. It's getting better. I mean I started in Malaysia We have an airline in Thailand. We have an airline in Indonesia. We have an airline in Philippines and God willing we'll have one in India very soon and Japan as well That would have been unheard of now. We kind of Airlines are so nationalistic. It's almost like you're carrying the the country's flag. Why do you think that is? It's interesting right that come countries no longer think they need to have a national steel company Yeah, but every country thinks that as an article of faith it must have a state-owned airline It's something that I'm doing my level best To try and persuade governments that you don't need to have a national carrier, but it is you know, they constantly lose money But because it has the country's name on it. There's almost that Infection, but it's changing. It's changing the fact as we've created something. That's ASEAN and I See a lot of regulations now Becoming much more proactive. I mean we're pushing this whole ASEAN Reform scenario. We're saying let's have one regulation. Let me take it my industry Rather than have pilots who have 10 different exams to pass in 10 different countries or 10 different air traffic controls Isn't it easier for business if we had one regulation and one ASEAN regulation? And I'm sure many industries feel that same way And so we're pushing that that process of ownership and one regulation and creating a much larger market between them So it's tough. It isn't easy and I'll tell you a funny story. I mean as you go through when we When we occasionally as ASEAN countries have some little differences I was once with the president of Indonesia who said, you know, Tony What if we go to war with Malaysia? Who will Air Asia support? I said sir, very simple Air Asia Indonesia will move the Indonesian soldiers to war and Air Asia Malaysia will bring the Malaysian soldiers to fight them We are truly ASEAN more ways than one But I mean, you know, we joke about it But it is also tough sometimes for an ASEAN company to build a business within ASEAN but the reform has started and I believe that private industry has to change it. I share my view very much with James that We can't wait for governments private industry has to push governments. I think we had a fantastic Meeting this morning where actually the best statement came from the Malaysian Trade Minister who said having heard all of this I thought we were doing very well But actually there's a lot more that needs to be done and so the consultative approach I think has always been just ministers talking to each other And I think this morning was actually encouraging to see business talking to ministers as well and Trying to find a win-win situation trust is important in ASEAN Right now every country thinks do I win by having a single market? Do I lose? I think the goal is very simple. Everyone will win Whether you a big country or a small country by having a common market of 700 million people every person in that market will benefit Let's take your questions. I only ask that you identify yourself You ask a question of a specific person only one And that the question in fact be a question If you would like to make a speech at some point through the forum will decide to invite you on the panel But this is this is not that occasion Global Agenda Council of the on Southeast Asia for the World Economic Forum I Take the point about the engagement of business with with the government In fact, I think many of the members of an organization which we formed in order to do that are here in this room today but All that is necessary But I'd like to put this question to the to the panel right or have the panel addressed What is it actually an existential question for us? Yeah, it's great. We do all these things, but is it enough? The point is ASEAN is like this sort of sepa takro club You know like a little cottage industry where the task ahead of it is of geopolitical scale Right, so it was formed a certain time ago With a sort of a limited mandate it now has a huge mandate to form an economic region at a time When things aren't keeping still they are that there's the TPP negotiation going on. There's our sep, right? There are there are huge plans around ASEAN walls of money from both Japan and China Right waiting to come into ASEAN and meanwhile there's this dithering around an old consultative method So I like to address You know sure why don't we ask that to the Vietnamese deputy prime minister? The question is simple. You hear there's this changing geopolitics changing geoeconomics And ASEAN is it becoming a smaller part and less Relevant as the station summit. There's all these TPP things happen. You know that In ASEAN will become the community by 2015 and That that is the a large market of 600 million people and the we promote the intro Integration or we call the connectivity within ASEAN at the same time we also promote the integrations with His partners outside in 2012 we have agreed to establish the regional comprehensive economic partnership with six other countries namely China, Japan, South Korea, India, Australia and New Zealand. It would create a market of three more than three billion people including India, sorry Then half of the populations of the world and one-third of the GDP of the world So that is the expansion of integration not only within ASEAN, but between ASEAN with other countries and ASEAN also has some negotiations to establish FTA with EU with Already have the FTA with China and Individual countries in ASEAN also Conducting the negotiations on FTA with other countries with other grouping for example Vietnam is conducting six FTA negotiations TPP is the one with European Union the other with South Korea and Sabata countries, so this is the status in ASEAN Other questions, sir Thank you for it. My name is Nandu. I'm the Nestle executive director responsible for Africa and Asia My question is from Secretary Domingo and has to do with ASEAN Intra-Asean trade and speaks to the points made by Tony and James about regulations. My question very specifically today One of the things that restricts intra-Asean trade is the multiplicity of Non-tariff regulatory barriers such as multiple halal registrations by the MUI in each country Such as multiple FDA registrations by each country individually. I know you're working on this in the ASEAN council of ministers And I know that this these discussions are running running to roadblocks in your perspective In what time frame could we see some harmonization of these non-tariff? barriers I think Some of them should be resolved quite quickly But as you're resolving them some others crop up new ones So I don't think you can set the time frame as to when all of them will be completed but we This has been identified not only in ASEAN actually, but in almost all of the trade fora where WTO included This is actually a very big issue now and so special committees task forces have been formed to address this particular Problem and ASEAN is on that as well we that there are several reasons for the Low volume of intra ASEAN trade not only NTB's It also speaks of the rules that are not Easy for for example for SMEs to participate Because and again, this problem is not unique to ASEAN It's also true in WTO because most of the trade rules are really geared for big corporations So where they have their accountants and lawyers that will fill up the forms rules of origin, etc But for SMEs it becomes very cumbersome that very few SMEs will actually avail of it and a lot There are a lot of SMEs within ASEAN. So if we address these issues as well for the SMEs in terms of Putting the minimis rules make it really easy for them to For Thailand export SME exporters to send to Indonesia and vice versa Then I think we can see the intra ASEAN trade grow by leaps and bounds So that's that's one of the things that we're focusing now as well on ASEAN is to address the SME problem But the NTB's the non-tariff barriers definitely is very high on the agenda We're always discussing that now and trying to move forward Anyone else? Let me ask One of our members of the audience since I know to see happens to be here to show my bubani To answer the first question, which I'll rephrase this way, which is Can ask the ASEAN deal with the very? Large geopolitical challenges that it faces Which are really the rise of China the desire of China to have Really independent bilateral relations with each of its of its neighbors and not deal with ASEAN as a group The rise of TPP and the desire for the United States to try and create a larger trade will be in others These are these larger Giants that are playing around and here's ASEAN. Can it negotiate give us describe the situation for us? Thank you for it. I thought I was going to sneak in I thought I was going to sneak into this meeting quietly But I hope I do. I hope you don't mind if I give you a very optimistic answer Because clearly there's Joe but the geopolitical rivalry between us and China China in Japan to some extent within China and India will rise That's a given And I'm absolutely certain that they'll be doing more in terms of competing with one another And it is conceivable There's at least a 20 to 30 percent chance that ASEAN could be torn apart and could break in the next 10 years That's also conceivable But the likelihood is that and and this is this reflects I guess my personal judgment on The basis of working with the policymakers who actually make the policies on ASEAN Whether it's in Delhi or Beijing or Tokyo or Washington DC That they realize that ASEAN is an amazing geopolitical asset for them and ASEAN actually provides the geopolitical platform which enables them to meet each other in a way that they cannot meet each other Bilaterally may for example the Chinese and Japanese have great difficulty Arranging bilateral meetings, but when they come to an ASEAN meetings They have a lot of site meetings and that reduces the tension within China and Japan as it happens once in Vietnam By the way when they couldn't talk to each other So the likelihood is that if I'm a betting man There's a 70% probability that ASEAN will benefit enormously from this geopolitical competition because everybody is now Coming to the table with real how do you say real material benefits? These are not paper agreements. Okay, if you look at what Asia China is offering ASEAN It's very real stuff whether it's infrastructure development loans credits and so on so forth The Japanese are now matching and that alone means that's a tremendous boost to ASEAN already So you see high-speed railways Infrastructure and all coming as a result of this geopolitical competition And I think once India settles itself India will come in too and as you know The United States also made it a priority and the good news is that if both RCEP succeed and TPP succeed And I think it's conceivable that both will succeed is not a zero-sum game Because many of them like Vietnam and Singapore are members of both the TPP and the RCEP process I will benefit from both and so all many others So I'm not sure what the tenor of your earlier discussion was But I hope at least I want to make everyone feel very optimistic about ASEAN and and and also by the way It's very I hope to write a book on this in the next year. So thank you very much We always just hope that the World Economic Forum will be given credit for your for your inspiration So we started by wondering about questions of war and conflict. We've ended with Kishore telling us not to worry the great Southeast Asian middle class is going to save the world. Thank you all very much


noticed me on a late night trip to Tesco. I haven't eaten anything today and I'm hungry. Good morning vlog. As you just saw I had my medication. Today I'm not really doing much. I'm staying in the later than with this Tesco again. My accommodation got me a gift for my yesterday. I've got some lovely flowers and I got a lipstick. Let's go out again. I'm going to schedule this for over the weekend. They never bring a bag out of me. They're printing on my brain.