All right, now one last comment is, Bill Gates, and Bill Gates by the way some people like Fintech don't like him because he criticized BitCoin And anybody criticizing BitCoin, it's going to get you in trouble with some believers in the community probably I'm in trouble too because I'll criticize BitCoin >> No, I don't fully embrace BitCoin as well, I mean But I love the technology I love the innovation, >> Exactly I love what they can proven it can be done >> Agree So there is a lot of cool stuff But, Bill Gates criticized BitCoin, but he also criticized banks, and Bill Gates said we will always need banking but we will not always need banks Would you agree with that? >> Yes, I fully agree with that. I fully agree with that because I mean, bank is just a third party It's just a middle person, it's a black box in the past right? I mean that the service of banking service definitely, we do it everyday I mean just go back to the traditional history of people when we do barter, right? Frankly speaking, do you need really bank? I have two fish, you have a bag of rice, we just exchange Do we really need banks in those day, right? But if there is a system- >> We need some intermediary or Yes, there is unique of trust >> some model because- that we need >> I may not want your fish You may not want my rice We can agree with a medium of exchange There is a reason markets developed There is a reason currency developed a long time ago And so we need something But I asked Veronique in the last session FinTech For Dinosaurs for large institutional entities like banks and insurance companies Aren't the dinosaurs, the giants of finance going to be extinct? Are they going to die? >> No, I think, no In fact with I look at FinTech, right? I can see four dimensions of it One is the business model, one is the innovative model One is the technology, the other one is to data component Now the basis part of the finance rate, the concept the model of it, fairly speaking, even in Fintech, it doesn't change Even for crowdfunding, right? That does happen years ago Years ago when there was deregulate I remember that when I was in the Commercial Land Bureau We do investigate a lot of those cheat funds those kind of privately raised funds, etc >> Right And then there was a people kind of took the money and then, yeah >> So, there was some kind of things in history So a lot of these are not new It's not new, it's not new I don't think that part is new >> Right Now obviously for the tech- >> But they're much more efficient and much broader in scale today >> Yes, yes, yes, yes >> Than they ever were before And you can see that technology has changed The data, the concept of data, the concept of ownership of data and also don't forget about the intellectual property approach I can license something out, right? >> Yeah So even the digital, the management of digital properties different Now basically, I could always license my app to other people So the second, third and up to N copies, the cost to me is almost zero So I could develop an app which quoted you could say it's a banking service I can license to a lot of people >> So bottom line, are you bullish and excited about the opportunities for entrepreneurs and Fintech? Yes yes, definitely I am looking forward >>And that's why you started up your company I started up yeah Yeah I started up I enjoy a lot of people They are making this change together And we see that it's a revolutionary change It definitely will change the financial landscape in future >> Do you ever get scared that things aren't going to work out? That something's going to go wrong? >> Well, whenever there's change in the old days from riding a horse to having automobile, people scared I mean, before they started, the Wright Brothers to fly, they scared That's >> A year before the Wright Brothers one of the Wright Brothers commented he wasn't sure we would ever have human powered flight, or machine powered flight >> Um-hmm >> So, even a year before they developed their invention and became famous, there was some concern of skepticism They weren't sure this was going to work So, you know >> So yeah, obvious I can see some of the innovative model would fail No doubt about it I mean some of the innovative model is definitely when any innovation, any- >> But it's a fun adventure and there's a good chance of that >> Yeah, and also we see, obvious, we have noticed change It's like- >> Right >> The Wikipedia replacing encyclopaedias, right? So we obvious see some of the change like Kickstarter to help a lot of people to raise fund >> Yup >> It's a lot of the- >> It certaintly has >> Yeah exactly. A lot of the provided new opportunity to people and I can see the people could use their smartphone to do insurance quote directly So this is already happened in the airlines and the travel agency world, right? So why not in banking industry that I could shuffle mortgage instead of going to a mortgage broker instead of going through a bank And to drive to different banks in order to apply for my mortgage Why would I need to do that right? >> Would it be fair as we wrap up now to say that one of the biggest challenges you see today is there are so many opportunities that you have to turn down a lot of innovations, ideas, opportunities And you have to figure out what am I going to focus on and what am I going to do, because there's just a huge wealth of opportunities in Fintech >> Exactly, that's one important thing for entrepreneur It's always at the focus, right? Quite a lot of time is because it's so many things happening, and you hear so many seminars, so many things available, so many choices that you have How are you going to focus on one, and based on focus on a particular innovation that you are going to introduce? >>Which is different from the way things used to be Its kind of like information, we have a wealth of information today We have more information that we ever had in the past We have a deficit of attention we can't see it all we can't keep up with it all Now we have a huge wealth of opportunities we have to figure out which ones we are going to do. >> Yes >> OK, well thank you very much I appreciate your time this has been very helpful >> Thank you [MUSIC]