So there we have a cool display right here, the SID display week and hi, so who are you? I'm Michael Lee. And what are we looking at here? This is a very special display. This is an extremely special display. It's a 1080p, 0.7 diagonal, high brightness micro LED display with an 8 micron pitch, 6 micron pixels. So we're here with Plessy. That's right.  Everybody's talking about micro LED. Yeah. So what do you do with micro LED? Here's our big advantage. Our advantage centers around the fact that we make these displays modelically. So on a wafer, which I'll show you a picture of, all the displays are on one wafer as opposed to trying to make individual LEDs and transfer them to a substrate or to a wafer for that, for to manufacture display. This allows us to go to sizes that are below 10 micron. Our leadership is focused on the ability to go into the sub 10 micron space in our pixel design. So this is perfect for the, for the like heads up display micro, like, heads up displays for augmented reality. Yeah, in virtual reality. That's, that's the market. And so we'll be able to go down to, and we continue, we can go down to, all the way down to one micron if we wanted to, right? And we're targeting and we have customers, OEM customers that we're building for. One of them is Vuzix, who's here with me today. And we're building micro displays for their AR headsets, for their blades, AR headsets. And we continue to just focus on that market because that's where our biggest advantage is over any competitors who we're trying to do transfer of micro LEDs to a substrate or to a backplane. So you're not transferring? No transfer. And so how many people, this is the craziest thing, this is true. So many people come up and go, what's your transfer process? All day long, that's the people, people come ask. And so literally our displays are made like a whole guy on a semiconductor wafer. And just cut them out? And, well, that's quite simplistic, say we cut them out.  So what we have to do, and what the big, I think, Eureka moment here is for us, is that we have to bond these to a matching backplane to drive the individual pixels. Which means that the tolerances, you can imagine if you got a, here we have a six micron pixel that then has to match up with a six micron backplane. But that literally those connections, or those bump connections, are one micron in size. So they can't even be out of alignment more than a half a micron. That has been our big breakthrough. So what you're looking at here are two million pixels all aligned with a matching backplane that we can drive like a normal TFT, like a normal display system. Two million pixels and 0.7 inch? How do you do that? At 0.7 inch diagonal, right? And 1080p. This is low brightness mode right now. Can you speed up the brightness even more? Are you sure your camera can handle it? Let's try. How bright does it go? How bright do you want it? Exactly. It goes a lot brighter than this, too. So why it has to be bright is because when you're using an augmented reality headset, which is transparent and you're using it outdoors, you don't want to have to fight against the ambient light to see the image. So we want to be able to drive it harder when you're in conditions where there's brightness or you're high brightness outdoors, you know, those kinds of situations. So 0.7, 1080p, what is a dots per inch? What do you call it? PPI or? What is a PPI? Wait a second. That's a thousand. Pixel brand? So it's 1920. There's a micron will be 3,000 PPI. 3,000 PPI? Yes. That's very high for the industry. Yes. That's the highest. Yeah, this is the highest. And the whole reason is because we don't have to move each one of these individual pixels to make it work. We make the whole thing in one die, one design.  Yeah, I think we should carry around more wafers as examples. But behind a wafer, you can see an example of a photo, let's say, of our wafers, right? And this is exactly where this guy came from as a matter of fact. There's your 0.7 inch diagonal, 1080p, 6 micron pixel wafer. And the point to make here is they transfer this process an entire wafer at a time. So it's not one LED pick in place like some of the competition. This is multiple displays and mass. Boom. Right. And manufacturable, which makes it manufacturable. That's the other thing. So having a transfer process makes it very, very difficult to actually manufacture the thing. So in our case, it makes it something that's going to go into production in mass, we believe, right, in the future. How do you make this? How does it work? So, well, what we have here is the world's first wafer level bonded micro-display. See, this can only be done with again on silicon technology. And this is only possible because our epiwafers, we can grow them and make them very flat. And when this wafer is very flat wafer, we then combine them with the CMOS backplane. And that's how you can bond them. So we think this is a big breakthrough and it shows that there's a manufacturable way to make this displays. So it's a GAN on silicon. What is this? So GAN on silicon is a competing technology. The conventional incumbent technology is GAN on sapphire. There are severe limitations for GAN on sapphire. The wafer bow is quite high. They are not able to do wafer level bonding. So, but we GAN on silicon is something that Plessy has been working on for the close to the past eight years. And we have perfected the epi technology and we can make the wafer very high quality and very flat. And that is the requirements to do the wafer level bonding. So this is perfect for micro-displays. It's only for micro-displays. It's only for micro-displays. That's our application. And we wouldn't want to do that because then we're competing against incumbent technologies like OLED, etc. Where this really, really allows us to have a benefit is getting down the small sizes, but then also achieving extreme levels of efficiency, which means you don't have to have a tethered headset. We're talking about something that can be driven from batteries such as in the VUZIX blades that we're using, that we're enabling. So the VUZIX blade looks awesome and really fantastic. But this is you getting into how much more brightness. And you announced this in a press release, right? Yes. That you're going to be in the next gen maybe. It should be significantly brighter than even the blade is currently. But the big win here is if you look at the display engine inside the blade today, it has a front lit DMD from Texas Instruments actually.  So it's this big box that's literally maybe this wide. Well, make it small, but it's big. It's large. And when you put it on a headset it's large. But it's the coolest, slimmest pair of smart glasses out there today. Imagine shrinking that down to 20% of the size of it. So the side of the blade now is going to shrink right up and look like a pair of Kingsman style glasses. That's the ultimate goal and the reason why we appreciate Plessie's efforts. You don't need separate LEDs to drive a front lit display anymore. Everything's monolithic, it's in one part. And the lens now, the projection lens can be this tiny thing the size of an eraser that goes right up against the display. So we're working on versions of this that are much smaller than this .7 actually. It's a quarter inch.  That's the ultimate goal. Socially acceptable pair of glasses that you can wear anywhere and you can basically use and have peripheral vision and everything including it. So you're the world leader in smart glasses, right? Yes we are. So why do you go over and work with Plessie? It's just leading class. Actors, we're trying to make the next generation these even smaller and even more socially acceptable something just like a pair of glasses you can put on your head as opposed to wearing something clunky that has a lot of weight, they use a lot of power, that runs really hot. So it's the smaller one that uses less power? Less power and more efficient. The other thing is they have a process that proves it can be done in a monolithic fashion. You can make an entire display on a piece of silicon, do this, you've got a bonding process where it just moves it over to another CMOS part that's got the back plane on it and this works. And everybody else is trying to figure out how to make color or they're trying to figure out how to transfer the LEDs or there's lots and lots of problems. I really believe Plessie is further ahead than most folks at having solved the issues associated with making monolithic micro LEDs displays. I guarantee you that we're ahead of all folks. There's like nobody else is doing this because they all are investing in transfer technologies. We are the leader, that's it. What is transfer, what do you call it? Not transfer, sorry, bonding to the CMOS. What does that involve? All right, so we have a proprietary process here which involves a metal and oxide bond. So we have also a CMP process to planarize both wafers and then we bond the LED wafer with the back plane. So you bond this stuff with the CMOS. That's right. And what does the CMOS do? So the CMOS is used to drive the LEDs and that's how we get our active matrix back plane. This is just a bunch of LEDs right there? Yes. Bunch of micro LEDs and then you need something to trigger them. That's right. And the CMOS back plane looks almost like this. If you saw a CMOS wafer, you would see it would look this same little city of buildings is what this looks like, right? There's also another wafer. It's another wafer. It's another wafer. And that's what's nice. They register to each other in this bonding process. They have registration marks and they can do the entire wafer at once. But isn't it a big challenge to align both things perfectly right? Yes, that's the most difficult part and one of the requirements in order to do so is both wafers must be really flat because we're talking about eight microns here, the pixel pitch. And when both wafers are really flat, that's how it's only possible. And you have a system to just automate that or somehow get it done? Well, we have developed a process to ensure that both wafers are truly flat and then to bond them. So you've been working towards this dream for a long time, right? To get to the ultimate AR dream, right? And this is going to help. Well, that's just a big step in the right direction. There's lots of electronics that are shrinking in size. Silicon gets smaller and smaller, et cetera, et cetera. But the display and the optics are the two hardest parts to make an AR display system that looks like people would wear. And I got to say, there's lots of products out there today and not many of them are being successful, if any, because you do look like you just stepped off the Starship Enterprise when you put them on. Once that problem is fixed, socially acceptable, these things are going to fly off the shelves because they offer and do so much for the user. So this is a waveguide. It's just a lens looking directly at the display. Well, you need both. You got that waveguide yet? Yeah.  And VUZIX is an expert on waveguides. We have our own manufacturing facilities, et cetera. We have surface relief grading versions and we have holographic versions of waveguides, et cetera. We're not experts at display. So that's why the relationship works so well because we can match our display technology with your waveguide technology. And that coupling of those two optical capabilities is what allows us to unlock the Kingsman-style glasses. Everybody's going to be wearing those? I think everybody's going to be wearing them. If you want to be getting into that, it's basically like, aren't you guys getting a little bit sick of reading about people looking at their phones and crashing with each other on the roads? I mean, it's a bit ridiculous, right? So this is something that unlocks that that allows you to have that information at your fingertips. Another thing is just information that you're getting, not just think about maps, but any kind of information you're getting in all different kinds of scenarios that you want to, that empower you. So it doesn't have to be this hugely deep augmented reality. It's just getting information to your eye that you need to enable what you're doing. Now with these glasses, do have a location of our capabilities, right? They can use the GPS in the phone or in the glasses. And so when you're looking in a particular direction, for instance, Yelp runs on our blade today. I can use it on the street in San Francisco.  If they're behind the wall, I can get their Yelp scores and everything and it's location-aware content, meaning it's related to the directions that I'm looking at. Yeah, cool. And here we say red, green and blue. This one is blue. You can do all colors? Yeah, we can do all colors individually. How does that work? So it's just like all three in there? Yeah, so we're on green, right? So this is done with our gallium nitrate and silicon organa and silicon process, right, in blue. But we can also do the exact same methodology for green. In the case of red, we use color conversion with quantum dot material. So we convert blue photons to red in that process. But can you have all three in one? We have to choose one color in the device. No, so there's some things we can't basically tell you in regards to how we make all three colors work in the same projection system. But we are also working toward having all three of the same individual die. So that's the next phase of our technology. So next year, when you come back to the display a week to SID, that's what we'll be showing. Except it'll be a quarter inch in size. Okay. Any chance you can speed things up? Like some people come and like there's huge investments or something like that? More investment, yeah. So we continue looking for more investment. But our big advantage is that we have our own factory. We have our own fab. So we're able to, instead of outsource all of these processes, we're able to get very, very quick iterations and development to come out with those products. That is a big advantage I think we have over anyone else in the market. That's what's allowed us to get to this place where we are today. And where's your fab? In England. In the UK. In the UK, yeah. Nice. In Plymouth, Devon, England. Right where your headquarters is. Our headquarters sits on top. It is our headquarters, yes. Cool. Alright. So I'm looking forward to this future even more AR solutions. Yeah, yeah. It's going to be cool. Awesome.


All right, good morning everybody. Welcome to this session that we're having this morning on financial inclusion. My name is Matt Murray. I'm the editor and chief of the Wall Street Journal. It's a real honor to be here today to talk about this very important topic with you. We should have a lively informative discussion on an issue that I know is of great urgency to all of our panels here and our attendees in the audience. As a reminder, when we talk about financial inclusion, we're talking about access to and the use of quality, affordable financial products and services that lead to financial well-being around the world. This of course is a major issue for many countries and many people around the world. There are some tensilizing data points, as we'll discuss this morning, that suggest inclusion has grown. There was a World Bank study last summer that revealed that 76 percent of adults now have a bank or mobile money account, which is up from 51 percent a decade ago. Those are very encouraging numbers, as we'll discuss. However, we should emphasize it still means that one in four adults are unbanked and that many of those remain closer to the edge in assets and with limited ability to quickly access funds in the event of an unexpected cost or challenge. Also meeting here, of course, at a time of inflation and volatility right now and the prices for basics such as food, energy and housing. Now to discuss the issues, we have a very distinguished panel here on stage. Her Majesty Queen Maxima, Queen of the Netherlands and the United Nations Secretary General Special Advocate for Inclusive Finance. You've been there since 2009 doing that role, so you have a long-time commitment or an advocate for this issue at a long time. Dinesh Kumar Khara is the Executive Chairman of the State Bank of India. Alfred Kelly Jr. is the Chairman and Chief Executive Officer of VISA. And Shivani Saroya is the Founder and Chief Executive Officer of TALA. TALA is a global Android app that delivers financial services around the world in markets that need access. Kenya, the Philippines, Mexico and India particularly. And you've granted nearly four billion in access to funds around the world. Is that right? So welcome. It's good to have all of you here for what I hope is going to be a very lively discussion. Let me start with you, Your Highness. Just give us a sense right now at this moment in the world of where we stand on the issue of financial inclusion, positive, negative. How do you see the situation after your long-time involvement? Well, first of all, thank you very much for having us here. And I think that this issue of financial inclusion has been one of the headpieces and dowels and I think it should actually continue to have the attention it needs. Because yes, we are 76% and I have to say I'm extremely proud because when I started this work, we're actually under 40% and we invested in data collection. We invested in trying to get regulators sort of in and also the private sector in. And that has actually resulted in an incredible increase on financial inclusion. Certainly in the access side. So 76%. And what I think is actually very important for the last three years is that it was actually white that growth was widespread to many countries. Whilst the survey before was actually mainly China and India doing the big growth. And now we're seeing a humongous amount of countries actually growing. So very good. Yes, of course, we have 1.4 billion people that still do not have an account. And those are mostly rural. Those are mostly women. There's a big gender gap still, even though they're actually now at the last time. And also the poorest. So we really need to focus on these three groups. We need to do intentional sort of focus on the women. We need to do intentional getting to people in the rural areas and the poorest. And for that something that is extremely important given that most of this growth has actually been through the digitization, I would say. Like, you know, you have actually sort of a good case from it. We need to have what we call the digital public goods. It's not true that everybody has a mobile phone and the mobile phone is actually of high quality and has a good connection. And certainly in the rural areas, we need to have connectivity of high quality. We need to have IDs, which are also digital. Because without an ID, you cannot open a bank account. You need to have interoperability. You have a fantastic payment system. In India, I actually have interoperability in the payment system.  So that's extremely important. We need to also have a cyber security measures because that's what actually give you trust as well as, for example, digital financial literacy. So these, the couple of things we need to actually start sort of, you know, having as a base of, you know, infrastructure and public goods for this to really rise in a inclusive, affordable and really competitive way. Your Majesty, when you talk about the great progress that you've made for these last, this last 25 percent, you talk about all these access issues, is this a tougher 25 percent because of the issues you just raised? Does it take extra effort? I don't mean to minimize what you've got. The last mile is always tougher, right?  So most of the private sector companies, they do not want to sort of mobile companies, you know, go to a very low dense populated area and give it the same type of, you know, service that you do it in the urban areas. It's difficult. But that we have to really think, you know, private and public about, you know, how do we share antennas? How do we share sort of, you know, maybe broadband, you know, citizen Bangladesh is actually trying to do it with broadband. So they're actually very good examples of doing that. But we have to really work together much more between the private and the public sector. And it will, I think it will be harder and very undisputed areas. And I think the working together is going to become much more relevant and partnerships. Okay. Dinesh, that is a good segue to turn to India. And I want to ask, you've made great progress in India, partly because of mobile phones. So I wanted to get your sense of first how things are and particularly how did the pandemic and the kind of digitization of leapfrogging that happened in the pandemic, how has that changed the situation in India? Thank you very much for having me on this, in this particular program. Well, of course, the country has a population of 1.3 billion. And we have mobile phone users, maybe the mobile phone connections, it is as high as about 1.2 billion. That is one of the major aspects. The second is, even when it comes to internet users, we have got about 800 million plus users who are using the internet. So these are some of the basic rails which really helped us in terms of ensuring that during the pandemic period when there was hardly any access to the cash, how to make the cash available to a very large segment of population. And actually, with the help of these connections, we opened about 480 million accounts. It was way back in the year 2015. And during the pandemic when it all started, we ensured that in no time the money should be made available to all these account holders. If we look at the total population of 1.3 billion, 480 million such account holders virtually means that there's at least one account in every household. So that is something which has helped us in ensuring that these people get the money. That is one part. Second is during pandemic, we did another excellent job which was essentially ensuring that everybody get the food grains. We used to have a lot of stock of the food grains. And because we had the UIDI, which is the unique identification number, we ensured that as against distributing much of cash, we should make available the food grains. And that has helped us in ensuring that not excess money supply should be there. And that is one of the reasons why when it comes to inflation scenario across the globe, advanced economies have seen much higher inflation. Whereas countries like us, we have seen much lower inflation. So that is the other aspect which has really helped us. So what has happened is that one, of course, is these accounts have got opened. Second, we have got the payment rates which are very, very robust. If at all I may give you some kind of a complexion in terms of the number of transactions which are happening with the help of these UPI, it is actually phenomenal. And within a month, we'll be handling about a couple of billion transactions in no time. So it's a very robust, that is one part of it. In nanoseconds, the money gets transferred to the beneficiaries account. And when it comes to usage, we have not confined it only for the money transfer. We are actually ensuring that through these accounts, people should be in a position to buy their insurance, their life insurance, their personal accident insurance. So all this is something which has created a lot of buying for these accounts. And we are not only relying only on the mobile phones, et cetera, we have created banking correspondents to ensure that the last mile connectivity which was rightly mentioned by Her Majesty is a very major challenge. I'll just give you one example. We as a bank, we have got more than 23,000 branches in the country. We have got 67,000 banking correspondents. We have got mobile micro-ATMs, which are being used for dispensing cash. Though we are having QR codes, we are trying to digitize the payment system to a large extent, but still as it happens in any emerging market economy, there is still the relevance of cash. So I think we have made the products or the channel very, very vibrant by offering multiple products. And we are not confining ourselves there itself. We are also evaluating the index. We have actually the Reserve Bank of India, the Central Bank has created a index, financial inclusion index, which actually measures the access, uses and the quality. And when it comes to quality for a country like us, we had lot to invest in terms of the financial literacy. And we are ensuring that we disseminate that information. And particularly when we are transferring such a large sum of money through the digital medium, the cyber security becomes very important. And there what we have experience is lack of financial literacy, lack of digital literacy has led to situation where people share their credentials. So we are leveraging that kind of education initiative also so that people should be able to be aware how should they use the digital channel. So these are some of the initiatives which we have taken and it has led to a situation I can perhaps share with you some number. Almost about 100 billion odd of leakages which used to happen between the subsidies which has originated and which finally got received at the manufacturing and that could be avoided. By virtue of this kind of a transfer which we could achieve. The cyber issue sounds very serious though. The more people who have access, the more widespread the use of digital financial services becomes the more they're targeted by people for theft. And it sounds like that's a significant challenge sometimes to make sure people we are adequately protecting themselves and not sharing their information. Yeah, we keep on reaching out to them and the way forward is only repeating the message and amplifying the message multiple times. And that is something which we keep on doing and that's how we are trying to get over this particular challenge. So Rani, India is one of the places where you are but you're at other places so step back a little bit. What have you seen during the last three years in terms of the growth and incorporation? And if you could also talk a little bit about how the economic volatility in ups and downs are affecting use of services right now. Sure. And thank you again for having me as part of the panel. I think maybe I'll start also by saying when I think about what financial access truly means, I think of it as we're essentially creating an entryway into this financial ecosystem. And so at TALA our mission is around enabling financial agency for the global underserved. And so when we think about agency, yes it's about access but ultimately it's about having choice and control over your full financial life. And so when I think about the work that we've done across our markets, what we started with was really thinking about infrastructure and data. Because when we think about getting to that last mile, the major problem that we all face as financial institutions or operators focused on financial inclusion is really a lack of access to the insights and understanding of the underserved. And so how do we even identify them? How do we credit score them? And then from there, how do we serve them in multiple mechanisms so that we are a true part of their financial lives on a day to day basis? And so we started by developing this Android application that's bringing in this mix of behavioral data and mobile data allowing us to create a new kind of credit score. That is very much based on what is the day to day volatility of this underserved customer. And so that is one of the ways that we were able to navigate the pandemic and these other crises that may happen is really being there on a day to day basis with them. From there, we can also think about how do we customize these products? So again, entry into this ecosystem is one thing but what we're all looking for is engagement to understand how does the customer then build their credit over time? How does the customer pay their bills? Which bills do they pay? How much do they save? What can we provide as incentives or benefits to then bring in more capital into the industry? And so we started with access to credit as our first value. But during the pandemic, we really saw that we needed to move beyond that. So in some markets like India and Kenya, digital accounts already existed. But in markets like the Philippines and Mexico, what we saw was even though our customers were receiving remittances, they had no way to actually access that cash because it was physically impossible for them to get to those locations. And so that is why in 2020, we moved beyond access to credit and started providing a full financial account. And so now we are really that full account for them where they can save with us, they can make payments with us. And then on top of that understanding that we now have on them, we can provide better levels of access to credit. Across the countries that you are operating in, obviously, big, large, distinct places, I would think one of the challenges is giving a sort of a standardized approach to services, but also learning enough in each area to think, as to customize, to think what are the products and what are the ways the products are used locally? How do you get your knowledge deep enough in each of the countries to tailor what you're providing to their needs? I would say that one of the major things we focused on is global infrastructure that is modular. So to your point, purchasing power across every market is gonna be very different. So a dollar in Mexico is different than a dollar in the Philippines, especially during times of inflation. And so what we've done is allowed ourselves to actually have the ability per market to have different localized credit models, different, essentially different credit facilities that cater to those markets and different credit strategies or algorithms for that. It also goes into understanding the culture of those markets. And so we've done that in qualitative ways where we have product teams and user researchers across every market, but we've also done it at a pure, I would say machine learning and AI aspect where we are gathering all of this information and then able to again, build global and then also local. And I would say that for me, financial agency for the underserved is very much about again, customization. We cannot create a blanket product. We can create global infrastructure, but it does truly need to be around the market context. Al, you've been patiently there. I know Visa's got the probably, if not the most, certainly one of the very top, most extensive financial systems in the world and you're everywhere in the world, essentially. You've heard a little talk about infrastructure. Among other things, Visa's made a commitment for a big investment in Africa, but can you just talk a little bit about the infrastructure needs and challenges that still remain for that last mile and to really get financial services out to everybody in the world? Well, Matt, thank you for having us. I maybe pulled together a few themes. I think the first basic thing that's required for financial inclusion is a combination of educating people and providing that initial access to some kind of basic transaction account. From there, I think there's some common global themes that the other panelists have commented on that are important, but ultimately the implementation of this becomes very local and it's going to be different in different markets. One of the things that we have found in our business and we operate in every country and territory in the world, except for the six countries the US has sanctions against, is that it is a very local business. Payments, money movement, financial services is based on traditions and differences in laws and differences in customs and et cetera. And I think we have to make sure that across the board, we're trying to work at a local level to make these things actually come to fruition. And that's a combination of your Majesty talked about broadband access as an example. By our numbers, 43% of people in the world have never been on the internet. I mean, think about it. Everybody here Googles multiple times a day, almost more than one in four, more than less than six out of 10 people have ever been on the internet. And this is a big problem just even in the United States. I mean, the recent infrastructure bill that was passed by Congress in the United States is putting $100 million towards more broadband access because even in New York City, where there's 10 million people in the greater area of New York City, the estimate is two million of those 10 million don't have broadband internet access. So it isn't simply a problem in the rural farms in China or in parts of Malaysia. It's also in the outskirts of some of the biggest cities. So we're very focused on trying to both grow the buyer and seller side of financial services. So making sure that we are educating and providing access to people as an unwrap into financial services and then growing the acceptance footprint for small businesses, which are critical to enable people to have places to actually transact. And the reality is that all of what's happened during the pandemic has actually been helpful from the perspective of making people realize that the world is shrinking and that the e-commerce capability allows you to open up your businesses to broader and the borders that define your specific country. And we at Visa have created a capability for being able to push payments to seven billion endpoints around the world. We can push payments to three and a half billion debit cards, two million bank accounts and one and a half million wallets around the world. And that is part of our contribution to try to make sure that the infrastructure capability and the infrastructure and the capabilities and enables are continued to grow. Your Majesty, you've been involved in the issue for a long time. Getting people their first account is really only the starting point, right? The work isn't done when that happens. We've talked a little bit about education, but part of the ongoing challenge is further engagement and actually growing financial power over time. So and many people that we're talking about with the populations are actually still living somewhat close to the edge financially. So after that first step, after that first account, what has to happen and how successful are we at keeping people engaged? Well, first of all, it's access. That is usage and that is outcome, right? So if we'd actually think it in these ways, we've actually developed very much the access and we still have somewhere to go, but we're on it. On the usage side, yes, we see two thirds of these people having this access are using to receive wages or to receive payments. 40% actually use it to save on top of that and maybe to borrow. But it goes in stages. You start with the account, you have to gain trust. So the first year they start receiving some small payments and they start doing sort of bigger payments and then maybe they start sort of leaving some money in that account and that stored value. So maybe you can actually do this even more. So and then maybe there's another product coming in, but it's not obvious. First of all, what we've actually realized is that interoperability has actually helped tremendously to increase usage. If you have systems that are not interoperable, the use cases are actually quite limited and therefore the usage is very limited. That's number one. And the number two is going back to the point I've actually been told before, which is it's also, that is when basically the private sector has a very big role to play. It's to know the customers, know what the underlying needs are. For example, when do I, when these mothers have to pay the fees for the school? Know which time of the year it is because they're gonna start saving for that time. Or when the harvest is gonna happen and not give you for example, a loan that you have to pay every month or every week you have to pay in the loan back when you basically have six months of between your sewing and your harvesting. So trying to sort of cater the products to things that they really, really need is extremely important. Here we'll talk about the pandemic. One of the things we actually realized when people are in distress, remittances, even internal remittances are of great importance. So that's been the first usage of financial services, you know, the use, the first use case. But we have to realize in the pandemic is that a lot of people were in distress, not just a group in a region, in a country. Everybody was in distress. And then you really realize the need for other types of products, you know, much more savings, much more insurance, you know, maybe with health issues. And that was a very big demand, you know, and actually some of the private sector members actually did actually supply to that demand. So again, its interoperability is being able to actually be connected. And at the same time is the use cases and the product design that, you know, has to come from the private sector. Matt, if I could just dimension the remittance point that your Majesty made, 800 million people get remittances from outside their country to pay for food, pay for clothing, pay for education. We estimate the flow to be about $770 billion a year. So this is a very, very real and important use case. And it's one of the ways that starts to create some element of the entry and the usage. And on that, is there a trust issue sometimes for people using financial services because of their personal circumstances and because of the power of data? Do you have to convince them sometimes that these services are safe and effective for them when they might have a challenging situation? You know, when you're talking about money period, trust is a big factor, whether it's digital or cash. One of the things that we believe has to happen with remittances is that we need to move them so that they're 100% digital from the point of somebody initiating it to the person receiving it. That number was only 3% we're totally digital five years ago and it's only 13% now, meaning the other 87% of the time somebody's got to get cash into the, cash either comes into somebody or cash is given out at the back end of it. If we can make it all digital, it'll be faster, it'll be more efficient and it will help create this access at the other end for the receiver. So, Juan, I want to follow up on something Her Majesty said, which is the private sector has to move this forward in terms of innovation, in terms of products. So, you may not be there now, but as you think ahead to how products like yours should evolve, will evolve, what are the needs and what are the possibilities out there? And one piece I wonder about is, do you stay financial services forever or does eventually it become an everything app in a certain sense? But how do you think about that? So, I think, I would say two things. The first thing is when I think about even this point we're making around remittances, right? I think it is really critical that interoperability is part of that. So, as I think about this kind of global infrastructure layer again, even companies like ourselves, we've integrated into cash rails like 7-Elevens, into remittance channels, into bill payment centers, but also into mobile wallets, into traditional bank accounts, into places where people can physically pick up cash and what we've evolved to is now also having our own digital account. But when we think about the underserved, right? The reason that they focused on cash was trust. And it was this idea that I physically can hold this money. No one can take it away from me. I can put it under a mattress and I can keep it safe. And so, when we think about how do we overcome that barrier of trust, one, interoperability starts there because we're just everywhere that they are already. So, they see us, they can physically pick up the cash, but that next piece, I think, is value. And so, the reason that we started with credit as our first product was because the underserved customer has very, very low levels of liquidity. 80% of the 8 million customers that we've already served are below minimum wage. These are truly the unbanked or underbanked customer. And so, offering them an account and saying, save with us, bring your money into us without giving them real value is a hard sell. And so, by actually taking that first risk and saying, we will actually lend to you before you give anything to us, all you need to do is sign up with us. That changes, again, the paradigm. Now, this customer realizes, by bringing my money in, I get better access within this ecosystem. I have a technology question. This is gonna sound like a very wonky Davos question. Is blockchain in the long run a help for something like what you do, potentially, or no help at all? So, I believe that it can be very helpful as you think about scalability on the infrastructure side. And the idea of protecting people's capital and, again, money movement becoming much cheaper, faster. Today, when a customer downloads our app, they get access to credit in under 10 minutes. So, it's very instant, but when I get excited about this idea of, can we make it even faster? And can we make it cheaper for Tala as well as the customer? So, I think it's useful there. In terms of consumer adoption, I think there is still a very large gap that we have to cover in terms of, again, the trust. We are just onboarding these billions of customers now into the digital realm to then show them the fluctuation that could happen around cryptocurrency, I think it's too much. And so, I think that's where, again, we become the stewards and the true financial partner. I would like to make a comment on that. And I think that, you know, we've actually done a lot of work on central bank digital currencies. And I know that there's something that certainly for all the people that I talk to, there's a lot of interest in. Basically, if we look into it, a lot of people say it's good for financial inclusion. It's still to be seen. It's depending on the design, the price, the trust, the costs. Talk about sort of, you know, the amount of electricity we have to generate to actually make a blockchain currency actually work and the capacity of electricity in a given country. So, and still today, a mobile app is seven times cheaper, probably, than a digital currency. So, the jurisdiction out there, design has to be really very good. Dinesh, I want to ask about one other aspect. We've talked here very much about through the lens of individuals, of course. We haven't talked much about businesses and financial inclusion. And obviously, India is one of the most dynamic entrepreneurial countries in the world. So, can you share a bit of how your efforts have affected businesses and startups and the opportunities for them in India and what you've done, what needs to be done? Sure. When we opened these accounts, they were all zero balance accounts. And now, over the period of time, it has come to a situation where almost $50 is an average balance in these accounts. So, this also means that we're in a position to channelize the small savings from across the country from such a large population of the country. It is almost one third of the country's population. That is one aspect of it. The second aspect is when it comes to, we have also started extending them loan facility. Again, whatever balance they are keeping in their accounts now, based upon that we have started extending them the loan facility, which helps them in scaling up their entity, whatever activity they are doing. So, many of them are doing small little businesses, but that also gives us, this initial loan facility gives us enough visibility in terms of the nature and the kind of transactions which they are doing. We have come to a stage, we have started running analytics on these accounts. And we have started offering them the pre-approved bonus loans as well. Those are coming to those levels. So, I think it has, in a way, it has become one of the very important building pillar for the economy now, because it was never envisaged that these are the set of people who can become so relevant for the Indian economy. But today, they are one of the important components of the Indian economy. And also, I think when it comes to inclusivity, this is going to go a long way. And when we have started using the banking correspondence, they are helping us in identifying the potential various opportunities in these, with this group of people. They are nearer to the ground. They are nearer to their commercial activity. They have got much better commercial intelligence about their actions. So, all this is something which is unstructured information, but it has been put to use to ensure that we build up a good quality of awareness out of it. Matt, if I could pull together a couple of these last points. Small businesses are critically important. They're 40% of the GDP of many countries. They're 45% of the GDP in the United States. They're the engine of growth for jobs and the economies around the world. But where we need to help them is with low-tech solutions. It's not blockchain. India is a great example. There's a Bharat QR code. You don't need electricity. You don't need telecom. You put a QR code up, and that immediately opens up acceptance of the world, or at least in the face-to-face world for that merchant. Very low-key.  The other thing that's happening on my phone with me is we're turning phones into point-of-sale devices so that, again, you don't need electricity. You don't need wires.  Somebody can come and buy by literally tapping their phone to your phone. And so these are real... We have to be thinking about smart, pragmatic, even lower-tech solutions to try to uplift these small businesses and get them into the financial mainstream. Aditha, there's also a very important point on the SMEs. First of all, as you said, the economic impact of it. And there's also agents for financial inclusion, as well, because if you don't have acceptability of digital wallets, the people are going to continue in cash. So we need to have a very wide spreadedization of merchants all over the country. The other very big issue is we have the cash that is still continuing to be there. And we have to think why is that cash still there? There's trust, you know, that you have to sort of believe. But there's also another issue, which is taxation. And there is a very important point in what merchants say, you know, why should I actually tell all the transactions that I'm doing because I'm going to become formal? And we're talking about, you know, 80% informal merchants, informal SMEs. I mean, there's very little amount of actually formalized. So we need to also have a vision. And that's where I think it would be wonderful. It means the finance and gender-developing world and actually the IMF has actually written a paper on this on how important it is to make it extremely simple to become formalized with very low-level taxation for them to really grow. And then they will grow their own productivity because with this low-tech things, they also all of a sudden they have sort of, you know, inventory management. They can actually increase their markets because they can actually sell into other markets. They cannot access, you know, by foot anymore. They can actually sort of, you know, get much better information about prices. So this, it would actually become an amazing productivity hike for a lot of these merchants and SMEs. But there's a trust issue there is really what you're saying, which is once my data is available, once I'm using it, once particularly if I'm in a public-private situation, there's a transparency there. And of course, in many parts of the world for many small businesses, the economy is an off-books economy. And it changes per country, I have to say. In Mexico, this is a very big problem. Argentina is a very big problem. But in other countries, you know, in some African countries, it's not an issue. So it also varies according to region and countries. But this is something that we really have to address.  And they're always going to try to avoid that. And you will never have the capacity to supervise that. I can see you wanted to jump in because this trust issue and this sort of codification issue has to happen. But it's part of the challenge and part of the educational job as well, I would say. And I think it's actually on us as operators and financial partners to think again long-term. So for us, if we really believe in financial agency for the underserved, then competition is good, right? We actually need more people trying to serve this population. Who's your competition in these places? Who do you look to at other apps or products? Who, I mean, are there other, are there a lot of people in your space you're looking against? I mean, I think that we see that traditional banks are trying to come downstream. It's hard still for them to take the kind of risk that we do or move as nimbly as we do. We see the super apps trying to get into financial services. But again, what we see is most have actually stayed again at that middle class to upper middle class population where they're offering higher quality products and higher choice of products. But again, that entry and access, the fundamental, like are we really focusing on the unbanked and the shocks that they're facing? Not many people are playing there. But I think that's why it's on us as companies where yes, we've served now four billion in access to credit to almost these eight million customers, but it's what have we also gained as a result of that? We've gained access to their families, to their networks, to their communities. And so how do we help other service providers leverage the infrastructure that we've built and the understanding of this customer base? And so for me, I think that's how we move further in financial access is not do it by ourselves, but really think about again, these collaborations and partnerships, even as operators or again with governments. And governments play a very vital role. If governments adapt to having their subsidy programs done digitally, it'll make a big difference. To the point about access in Uruguay, they're incenting merchants to get POS devices in Italy.  These incentives and these actions by governments also play a big role. I think it's all a very important point you're all making, which is the digital revolution is one of the greatest opportunities to reach the unbanked ever if you take the action. But in many cases, it's still the default to go to the middle and upper class and forget about that population. I wanna see if there's questions in the room that we wanna take. I think there's probably not enough time, but this one right here. Thank you for the comments. My name's Claire Tilke. I live in China and lead Heinz, one of the largest international real estate firms there. The question is for all countries, we, one of our focuses on affordable housing and access, but in the last mile discussion that came up earlier and then particularly addressing women, what do you feel are actionable items that the private sector can take for those of us who are not in the digital side but do have some access to this population? Yeah, I can, and I'm sure that you can also do because you've actually sort of had to call it with clients. Number one, have an ID. Women have much less IDs than men, so therefore they cannot open a bank account. They have not only are less connected, their phones are actually less good than their sons and husbands. And if they don't actually have to share the telephone with sons and husbands. So this on the gender side, these are two very important issues. And then afterwards is thinking about the product. It's really going to very safe and really thinking about the needs of these women, the health needs, the education needs for the household, the energy needs. I think that there's so much, and you talk about affordable housing. I mean, there are a lot of fintechs now that actually started to think about this brick safe or how do you little by little start saving instead of actually, because what people used to do before women, they got some money. They put some bricks, they put them aside. The next time they have money, they put them aside. And it starts sort of, you know, until they can actually build up a whole room. But you know, it comes in rain, half of the bricks actually get destroyed. So there's other ways we can actually help them do the same thing instead of actually having the physical bricks, but having sort of digital bricks and actually being able to save in that way. So it's really listening to the underlying needs. And I think you can actually fill that in or maybe your things that you've actually done in which women can actually use more of your products. I would just provide an example from our work. So we've served now over 1.5 million women small business owners across these markets. And I think it is really critical to understand their needs. But I think, you know, again, I go back to trust and value. And I think it's when you can prove that this is a product that will protect your privacy, that nobody else needs to know. So to your point on, you know, this is safe. If you save with us, your husband or other family members cannot access this. You know, in many countries around the world, savings is actually, you know, considered selfish because you're not spreading the wealth among your family. You know, and so we have to find ways to, again, start with that trust, that privacy. And then from there, again, provide the incentives and the value so that the woman actually then comes in and continues to build her financial life with you. Maybe we just one more thing to add.  If there's a man there, they will not go there because they were not shared with because he might tell the husband. So I think also having that example, that, you know, that would actually increase the trust is extremely important. I want to try to do this. We've got a question right here. How can you ensure these applications are safe by design? I'm an Australian regulator and we see technology facilitated abuse, financial abuse as a form of course of control over women. We even see men sending child support payments to their former partners and using microaggressions in the F-post transactions. So how do you ensure that these are safe by design and they aren't misused by people who may want to have financial control over their partners? If I may come in here, because normally when it comes to all these women's correspondents, we allow them access to an intermediary core functionality and when we offer them the access, we also ensure that there should be adequate firewalls which they must be observing always and we can have an oversight on what kind of firewalls are there and that is something which is helping us in ensuring because what you mentioned is very important because unless and until there's a credibility of these intermediaries, the confidence level of the larger population will always be a matter of question. So I think it is very incumbent on the part of intermediaries and also the institutions who are involved that they have to create an ecosystem which is absolutely secure. It is not merely that, it is not merely the digital ecosystem but also there is a need for having adequate oversight on the functioning of these correspondents also so that they should not somehow get into an activity which can shake up the trust of these larger populations which means they must not embezzle the money whichever, whatever they're accepting. So that's why we invariably use the digital and the physical mechanisms to have adequate control on all these intermediaries. Quick. No, maybe, I mean, we've been doing issues on consumer protection now for so many years and having recourse mechanisms, if somebody really loses the money, you know, the company has to be able to actually get that money back if there was a fraud. I mean, it has to be something that has to be very fast because otherwise a loss of trust is incredible and it goes very, very quickly. So I mean, the companies, and that has to be something that has to be worked between the private and the public sector in terms of, you know, in case of all these risks, what are the recourse mechanisms and, you know, how fast are you going to be?   I mean, something that, you know, depending on per culture, these things are going to be sort of dealt upon, but that's something, you know, you can definitely, between the public and private sector can actually deal with. Your majesty, appropriately with the last word. Thanks very much. Obviously a topic that there's a lot of passion about, that's an important issue in the world. Four panelists who know a lot and are very committed to working on financial inclusion in many ways. So many thanks to all of you for your time and thanks to all of you for being with us today. Thank you very much. Thank you.


Once people don't feel included, then they don't have a stake in the success of the country. There's often a lot of distrust and anxiety between the different stakeholders. Inclusivity basically, you're talking about making sure that the growth that is coming to the economy is all encompassing in the sense that people are not left out. You need to find ways of having government engage with the private sector, for example, with civil society organisations, with faith-based groups, all of whom need to have a role in making sure that citizens in countries actually benefit the most from these investments. Either you are investing in education and healthcare and so on, and jobs are created in other sectors. It's really what makes the growth sustainable in the longer term. Companies have a huge amount of information on forward-looking plans, on prices, production. This information is often not available to governments. So what they can do is bring their experience from those other countries, bring their own company forecasts, which then allows the governments to decide how it will invest in the education and community-level institutions. You want to make sure that people actually benefit without those benefits. They do not have a stake in the success of that operation, and that can be very adverse for the country. Either antisocial behaviours and crime and all of that. The lesson is that partnerships are really important, so everyone needs to be consulted. Objectives need to be agreed and roles and responsibilities for the different parties are set forward so that you can develop an action plan.


TLO what's poppin? We are on twitch. We are not Live, but you can leave a like comment subscribe turn on your post notification bells Let's continue to grow the family from Chicago to the UK right behind me. That's the Spotify playlist The Emmy that's the Spotify playlist So you know we don't music reactions You got to be a seven or better to make this list man to be considered to make this list And I do need to go clean it out for sure 100 percent. I got 60 likes. Okay, people do be on here. That's tough Appreciate y'all. It's down in the link below in the description. This is dope smoke and gy's called walking dead. That's 20 all right It's a w title thus far That's insane.  Let me sit up because i'm shocked early Not with a shovel come on now. What you doing? Y'all coming to bury these bury these these are terrible They might be cold, but I I can't see it My father continued Give me that drop. Have you think it dropped? Of course we're rooting Everyone knows they're losing we put the p in points is proven over that block closing the nuisance six seven k Sounds good for the music rose got his and I got mine real life. I back it Ask that man about me like blood don't shoot so I roll and tap it for dc press pause on rapping And I ever told no lies. I'm older. Well, I know it's a tack Bro day.  We swing our chefs S. A. D. We're known to the met and the sheets can vouch for a known for the m's spin this cute this circle again B. R. B. We'll know about rest Oh christy got blasted It's your minutes with a gang that we're laughing you wouldn't believe on that margin They need some assistance. They ain't got bats. We took his existence Check the statistics the money is scoring them but don't risk it four pies. So they think don't drift in We aim a low man aim up high I ain't trying to scratch me a leg chest shot gang and we aim for your head gang touring around like who's up next Even a blank and see that he's dressed as best friends dead now. We lost his nephew You gotta chill double smoke because it's you you got this lazy unassuming flow, but it's you saying all of negativity Well, uh, g y is negative too, but it just sound it hits it's hitting harder when it comes from Come on man. Say it again I ain't trying to scratch me a leg chest shot gang and we aim for your head gang touring around like who's up next Even a blank and see that he's dressed as best friends dead now. We lost his nephew I don't know how it's really outside of the cold. He knows the stolen back It hit Or the sale of one to ten one stop robbing ten being the best thing I've ever heard five being average This is a cool seven You know what i'm saying because it's a seven because to make my list you got to be a seven And it makes my list Leave a like comment to subscribe You


A warm welcome to the second session of live response that I wish to give to all the participants in this course. I am very happy to see that after we had the previous response session, a lot of our participants have begun to post technical questions on the discussion forum and I am equally happy to see that there has been correspondence between participants and also correspondence between our participants and our teaching associates. So, you know there has been some very good technical interaction and I wish to point out a few good questions and technical interaction that has taken place and also respond in some detail to some of the questions that have been. So, let me now switch straight away to the interface where I am looking at some of the questions. So, I am going by order of time that means I am going from the earliest question to the most recent question. Now, one of the questions you know just around the time when I did my last response session was by Raman 111 and I am showing his post. It says I would wish to share a little bit of the three questions by Professor Gadre that I could evaluate. So, basically he is talking about what happens when you add the original sinusoid to the imposter terms, to the unwanted terms and he is tried to show that there is constructive interference at the points of sampling and destructive interference at the other points. Now, I can see that he is proceeding correctly, but I am a little sorry to see that nobody has responded to his post. So, I would like some of you to respond to this post. You know look at what he is doing or share your experience of summing the imposter terms with the original sinusoid and tell us what you get. Now, I have to some extent shown you what happens, how you sum those terms. In fact, I will give you a hint of what you are going to see. What you are going to see is as you sum more and more of those imposter terms, you will see a concentration of the sum around the points of sampling and other than at the points of sampling you will see a slow decay. Of course, this decay will not be monotonic it will be oscillatory. So, there will be a lot of oscillations in between that is because you are summing sinusoids. So, you will have a lot of oscillations in between, but the oscillations will keep dying down in amplitude and finally, you will see impulses being reached at the points of sampling. So, I have given you in some sense what you expect, but you must prove it formally by using the sum of the imposter terms. I would like more of you to respond to this post by Raman 111. In other words, I would like you to actually work out what these sums of imposter terms will give you and then we will discuss it further. You know, I am taking the questions which have technical content. Of course, there are questions based on the quizzes and the tests and my teaching associates are actively looking at whatever inputs you have as far as the quizzes and tests are concerned. I do not think I should spend time in responding to those here, but let us come to the next question which was technical in nature. In fact, there are some very interesting posts which have come in response. So, you know Yadunandana says Professor Gadre in the a prior information lecture explained that for the signal 5 cos 4 t plus 5, we do not need samples at all for reconstructing the signal. Now, it has nothing to do specifically with 5 cos 4 t plus 5. What I was trying to say there is that the moment you specify the signal completely or in other words, in particular if I took a sine wave and specify the sine wave completely, there is nothing to be sampled about the signal. You know the signal in its entirety, so no sampling is required. So, you know what is not often brought out so clearly in some references and signals and systems is that sampling is a game between a prior information and the need to measure. So, you know typically it is about band limited signals or band pass signals that people talk about and then you evolve a sampling strategy for them, but band limitedness or band pass character are one kind of a prior information. The deeper issue is that when you have a prior information or if you have more of a prior information, you need correspondingly less of additional measurement and sampling is a kind of measurement. So, this point was being brought out. I am very happy to see that my teaching associates have answered this very effectively Pratik has answered it Pratik Sathe and then my other teaching associate Sujaath has also given a response and I am also glad to see that Yadunandana has also understood you know what was being discussed by the teaching associate and he has given a very correct response. He says I want to compare this with the practical situations when he takes a system where we are using an analog digital converter and if you know exactly what you are acquiring there is no need to sample it at all that is correct. So, if you know exactly what you are acquiring there is no need to acquire it that is one way to look at it. So, and Sujaath and Pratik have given a response to that. In fact, Sujaath has said that in a signal generator if you know exactly where to tune suppose you put your knob at so many hertz of frequency or so many kilo hertz of frequency in this amplitude and phase then you know exactly what you are generating. So, there is no problem anyway this was a good response. Now, let us see some of the other technical questions. Well, this is of course, not so technical question, but the interesting response that I got D Kohut 1 he just started watching some of the lectures of week 4 and we talked little bit about electronics and circuits. Now, in fact, I did that because I want to show you that you can relate a lot of what you are studying in signal systems to actual circuits and electronics and of course, he is encourages to give us give a course on electronics. So, we will think about that it is a very interesting suggestion we will think about it seriously. Now, a very important question by Abhisad. So, which domain is best suited to see the sampling process what aspects make time and frequency different and how do we choose which domain is best suited for a particular situation elaborate with an example. Now, I had in fact, given a partial response myself to the question I had told Abhisad that if you really wish to understand which situation which domain is better it also has to do with the context in what you want to understand. So, you know I had given in the example of a fan now you know you must have noticed that when you switch on a fan and when it rotates slowly it seems to rotate in the correct direction and after a while when you start increasing its speed and you keep looking at it it seems to actually even if you are increasing the speeds it seems to rotate slowly in the opposite direction. Now, this is directly a consequence of aliasing and to understand this it is better to use what we call the natural domain or the time domain. So, let me now put this down in terms of you know drawing. So, let us take for example, a wheel like this and let us put spokes on the wheels from 0, 1, 2 and so on. So, I put 24 spokes on the wheel. Now, let us assume that you are causing this wheel to rotate in the anticlockwise direction or other it is clockwise here that is all it does not matter really. Now, you see suppose the wheel is rotating very slowly and you have fixed your gaze here. What would you see in sequence? We would see 0 followed by 23 followed by 22 and then 21 and that keeps going slowly. Now, suppose we rotate it faster. So, you know remember when we fix our gaze at a point our eyes do not look at that point continuously. In fact, our eyes in a way all the time sample and this is why we have what is called persistence of vision. So, when a movie is recorded you only need a certain number of frames per second because in between those frames the eye interpolates. So, this is already sampling taking place in our visual process. So, here too in this case if we fix our gaze at that point and we start rotating faster maybe we will see 0 followed by let us say suppose you skip 2 and then see the third. So, 21 skip 2 and see the third. So, 18 and then skip 2 and then it comes to 15 and so on 12 and then so on. Now, suppose we go even faster you can go faster and faster and faster and then you will come to a point where you see 0 followed by the one exactly opposite to 0. So, let us take that situation again let me show that in blue even fast you see 0 followed by let us say 12 and then followed by 0 and 12 and so on you know. So, you see this. So, what are we seeing here this is a point where confusion begins because you see 0 followed by 12 followed by 0 followed by 12 and then you do not quite know whether the wheel was rotating in the direction that I have shown you or whether it was rotating in the opposite direction in both cases you would see 0 followed by 12. So, it is a point where confusion just begins and now if you rotate the wheel even faster. So, I am going to show that case in black even fast and I am going to write inside we will see 0 and then all this will get skipped all this you see 11 next and then all this will get skipped and we will see 22 next you know. So, it gives the impression that you are seeing 0 followed by a number on the right half side and then followed by a number on the left half side and the I would tend to feel that the wheel is rotating in the opposite direction with a lower velocity rather than in the correct direction with a higher velocity. In fact, if you go even faster perhaps you might see 0 followed by one of the numbers here let us say 5. So, you have gone through all this between two strokes of the I you know. So, you have just skipped out 6 steps. So, after the 24 you have skipped out 6. So, you have covered 18 steps now you go 18 more steps here. So, when it rotates like this you know you are seeing 0 followed by 5 and then you go 18 more steps from 5. So, you see something so you know you can now visualize this when the wheel rotates faster and faster it actually appears to bring numbers from the opposite side as if the wheel were rotating in the opposite direction at a much lower velocity you understand. So, this is best understood in the natural domain this is an instance of aliasing best understood in the natural domain. When would you like to understand aliasing in the frequency domain and now I will go back to the question that Abhisar had raised when would you like to go back to the frequency domain when you wish to analyze non-idealities. So, you know I have said so I have the fan rotating faster and faster I have explained here now. Now, I told this is the situation b. Now, the situation is you have used a whole circuit after sampling and I have said that there are advantages of using the time domain there are advantages in using the frequency domain. If you use the time domain you understand the nature of the waveform that you expect, but you are not clear what is happening in the frequency domain what frequency components are being created, what synersoids have come into the picture. When you go into the frequency domain it is very difficult to visualize what waveform you can expect in that simple sample and whole circuit, but you understand what is happening which frequencies are being brought in which synersoids are being brought in when you put a synersoid into the sample and whole circuit. So, the answer is that both the domains are revealing in some sense you know they reveal different kinds of information and it is by experience that one can understand which domain one should use to understand a certain phenomenon better. I am sure Abhisar might want to post a little more on the discussion forum in response to this and I will be happy to see that. Well, I saw a question related to the magnitude response of filters again coming from Raman 111 and I think you know I had answered that question. Well, in summary the question related to what when we make filters reconstruct the sample signal what do we generally prefer in the magnitude response? We prefer a good gain or do we prefer to have approximately unity gain and put the amplifier stage separately and you know the answer which I gave was that a good gain is not always a primary concern what is important is the magnitude shape and phase response. So, it is a relative gain between different frequencies that is important not the absolute gains and I think that was understood. I also had a very interesting discussion on the windows with R Mirage and I answered Mirage's question with some explanation of the windows you know in fact the whole subject of if I are a finite impulse response filter design is a very rich subject in discrete time signal process and if we have an opportunity to build a course on digital signal processing in future we would spend quite a lot of time discussing the whole question of designing different windows and their merits and demerits. I have given the answer in a nutshell in this post. Now, there are several questions about the exams those I think my teaching associates are taking care of I do not need to go into those, but I see here a very interesting question on the normalized frequency Sandeep Unna has asked the question why is the maximum normalized frequency less than or equal to pi. Now, you see the pi is on the normalized angular frequency axis representative of the maximum frequency component that could be present in the original signal if you do not want allies and my teaching associates Sujata has answered the question very well. I also see a very interesting question posed by Soumya Dipto Bhattacharya and in a nutshell the question says is it that you know a signal has to be limited in time or in frequency. So, you know there are there are there are subtle points here a signal may be unlimited in both. So, the Gaussian signal for example is unlimited in both domains a signal could be limited in one, but then it cannot be limited in the other. So, what cannot happen is the signal is limited both in time and frequency that is not possible, but it could be limited in one and unlimited in the other that is possible and then since this question has been raised if you evolve a measure of the spread of the signal in both the domains in time and frequency it can be shown by something called the uncertainty principle that there is a fundamental limit lower limit to the product of these spreads the product because you can always squeeze a signal in one domain it expands in the other, but the product is lower bounded if the signal has finite energy. This is beyond the scope of this discussion, but I thought I mentioned at this point. Now, there was a question about digital signals and discrete signals from Dinesh Papula. You see digital signals are discretized in both domains in the independent variable domain and in the dependent variable domain discrete independent variable signals are discretized on the independent variable, but not on the dependent variable. Now, there is a very interesting question. There is a question relating to the region of convergence. Now, Abhisar has again posed a question on the region of convergence. So, he asks why is there no region of convergence for the Fourier transform? The Fourier transform as my teaching associate very correctly answers Pratik Feigde has answered the question very nicely. He said that the Fourier transform is actually a special case of the Laplace transform. So, the Fourier transform is meaningful if the Laplace transform converges on the imaginary axis for the case of continuous time and if you are talking about discrete time when the Z transform converges on the unit circle. So, there is no concept of region of convergence in a Fourier transform. The region of convergence needs to include a certain contour in the Laplace transform or the Z transform if the Fourier transform exists. Well, let me see are there any other questions that we have not answered here? Well, I would certainly you know please do not misunderstand if I have not answered some question. It is not because I want to ignore you or something. It is just that you know I might have missed some technical point which was raised even then I am just looking at it once to make sure that I have not missed something of importance. Well, yes I think I believe that we have taken up most of the technical questions. Now, one general remark I am very happy to see that all of you are participating wholeheartedly in technical discussion in this course. This is a second course in signals and systems and I know the material is a little more difficult than the first course and that is why discussion is even more important. So, I am looking forward to more discussion with you on the discussion forum and otherwise when you post technical questions and when you raise queries and also answer other people's technical questions. With that looking forward to even more enthusiastic participation from you. Thank you so much and we will conclude this session now.


Welcome back to my channel, it's Tigger Coco Styles. And in today's video, I'm gonna be showing you guys a few of my fall boots for women who are on the larger side of the shoe size. I am a size 11, typically a 10 and a half, but I do have wider feet and I'm not gonna lie to you, I don't find shoes that are nice, that are in wide width. So, but I've never had a trouble with having any issues with finding these shoes in a size 11, as far as like width and stuff. If I did, if it was a tad bit too fitted, I would just, I have stretchers here, so I'll just put like shoe stretchers in it and kind of go from there. So I'm just gonna start with the first boot that I have. And these boots are by Charles David, Charles David. So Charles David has Charles by Charles David and Charles David. Charles David is a little bit more pricey, it's still reasonable, but they are a little bit more pricey than the other ones. Now these are in a size 11. These are in the 11, but these are like some version of the Givenchy, but of course, it's not the Givenchy price. So I believe the heel is like a three and a half, no, four inch heel. So it has suede at the top, it does have a zipper on the inside here for you, if you struggle to get in. I was a little nervous when I got these because when I got the notification, it said that the calf part was narrow. Now I know a lot of girls have, they were, I believe they said 10 and a half inch or something like that, that's pretty, that's really small. But it does have this little stretch thing here, which helps a lot. But I'll be honest, they weren't too tight around my calf or anything like that. So again, so the bottom is leather and the top is suede. This is actually suede. I know now a lot of boots, they're saying suede, but they're not, but these are actually suede and they're really cute. So I'm gonna try these on for you guys and walk around and show you guys, but again, I am a size 11. So when I see a boot, I get them in multiple colors. I don't know why guys, but I don't care how much it costs, I just get them because I, you know, they go really fast. So I'll try these on for you guys. And then I actually bought a brown pair. The brown pair, same thing, very pretty. I think these are gorgeous. Like you can wear these with like a dress, with like a nice belt, or you can wear it with a skirt. I'm not a legging person, but probably like some riding leggings maybe, a nice cardigan. But again, it's the same thing, real suede. It feels, these are, these feel really, really good. And size 11, they have like, what's under here. So the leather kind of comes up halfway, almost like an ankle boot. And then the rest of it is the suede. And again, it does have the zipper here for you guys. These fit really good and they're really comfortable. The heel is not a stiletto heel. So you will be able to walk around in these all day if you wanted to. Right now in Atlanta it's probably 70 degrees maybe. You can get away with this with a light jacket, but the weather is so up and down here guys, that it's ridiculous. But these are the brown pair. And again, I'll try these on too for you guys. And I've got two more boots that are the same boots in different colors. And again, it's because I got big feet. So I try to get in where I can. And these actually are like the Stuart Weitzman boots. So this is like a dupe to that. This is like a dupe to it. The heel is not high at all. I think this is three inches. But I'll be honest with you, I don't even care. Like they're not too high, but I know I can walk around in the mall. I know I can just run out with the girls really quick and still look fashionable. These kind of do slouch a little bit. Like once they're on, but you guys will see that when I walk around in them, they kind of slouch a little bit, but they're so pretty. The only reason why I didn't get the third pair, which was like a ivory color, they didn't have my size. But I'm telling you when I find them, I'm gonna get them because they're really comfortable. They do not have a zipper, okay? So if you have a problem with getting into boots, if your instep is really high, you may have an issue. I have a high instep, but I was actually okay to my surprise. So I was a little nervous because I didn't see a zipper anywhere. But these are them. And this is like a taupe color. Very comfortable. They're just really pretty. They've made very well. And these are Mark Fisher. These are actually all around the same price. I think these are all like, I don't think the price was bad. I think they were $298 each. Yeah, which is not, like I said, when you have a larger foot, you try your best to get stuff that's gonna last you. Like I can't go to like shoe dazzle and buy shoes. Like they just won't fit my feet properly. So I have to go for stuff that is leather and kind of go from there. So I would rather do that and just pay for the quality. And instead of having a whole bunch of shoes that are like really made cheap. So that's the taupe pair. And I actually have them in black. I've got them in black too. So these will be like some good staples to have as far as boots. Even if they were a little bit higher, I wish they came up like over the knee. That would be so perfect, but I'm okay with this. Like I said, I'm six feet tall. So it's not often that we can really find like boots that really go over. So these are the black ones. Like I said, the heel is rather short, but very comfortable, still very sexy. And you can wear these with pretty much anything. And for my last four boots, I have a pair of, they're not really, I guess they would be like a little bit higher than ankle boots. Hold on guys. A little bit higher than an ankle boot. And these are a stiletto heel. So I got these from, these are what, who the heck is this? Who are like Victor? I thought these were ships for some reason. Anyway, these are a size 11. And I just love this little detail on the side guys. If you do have wider feet, you may have an issue with these because they were a little bit narrow, but I will get anything stretched in a second. As long as it's not gonna take away the shape of the shoe, that is the key. If you're gonna stretch any shoe, just make sure it's not taking the shape away from the shoe. And even if you got like your heel taken down, I saw someone do a trick a long time ago and they put it on the counter top. If you put it on the counter and your heel is hanging, but the front of the foot is flat, you can cut up that much heel.  These are okay to not that high, but these are stilettos. So if you don't like stilettos, then I would recommend sticking with one of the other boots because they're very, really, really comfortable. Or if you find something like this, it may have like a slightly bigger heel. And you guys know I like hidden zippers. I'm not really a fan of the zippers like on the sides and stuff like that, like the other ones, but since they're kind of hidden with the suede, I'm okay with it. But I do like hidden zippers in the back. To me, it does give the shoe an elevated look, the same as your clothing. If you buy clothing that has a zipper, just always make sure that the zipper is hidden because it just gives it a better look and an elevated look to your stuff. So I'm gonna give you guys a quick little video with me walking around on these and let me know what you guys think. You guys can put anything in the comment box that you would like for me to do. I do have pumps and stuff. I have mules and stuff for size 11. So if you would like to see that, let me know. I could definitely do a video on those. And that's it. So I'll get the little video going with me walking around on these and I will see you guys in the next one. And guys, if you stay to the end of this video, please comment, Coco, we see you in the comment box below and I will see you soon. Bye.