My name is Soren Kyhl, I am the Chief Operating Officer of Saxo Bank. My job is really to make sure that the whole engine room is running smoothly all the time, and that we deliver a seamless and optimal best in class client experience to all our clients. That what is happening at the moment, and not only for its rating sector. But for the financial sector as a whole, we are seeing an unbundling of the value change. It is driven by liberation opening up regulation on more liberal regulation and more flexible technology. To name a few examples, for regulation for example, then the payment directive to is simply opening up third-parties package to have your data in a given financial counterpart you have if you give your consent. So it would be possible for any company living up to some rules to collect all the data that you have with any financial business you are doing. And then can use that to deliver advisory services, selling more products or whatever. So that will simply unbundle the whole sort of value scheme. The other part is the technology part where we see cloud-based solutions, we see API's that will make it much more flexible, and you can decouple in a more flexible and more realistic way to value change. So what we believe is that really the most disruptive trend will be partnerships, because the value change will be unbundled and part of the value change will be outsourced to others. I think what makes Saxo unique is a couple things. First of all, we have a unique business model. Our mission is to democratize access to financial markets. So what we are doing, we are taking the role of being a facilitator that are hooking up to all the different product providers in the financial markets. We are wrapping that in technology, and we are enabling even small clients to enter the financial market through that technology. Then I think also a very important point, especially when you look into the future, financial ecosystem where technology are playing an increasing role. I believe that our 25 years history of being a technology company that has a banking license because that's what we are. We are not a bank, we are a technology company that has a banking license. And if you need to compete in this future ecosystem where technology has a very profound and increasing role, I think the history of being a technology company for so many years and having that ingrained in your culture and having the people that have the competencies and the interest in developing technologies is second to none. And in fact, I think that that is one of the big challenges from the established financial institutions that there are more banks than technology. So the ability to really integrate technology into the business is something that is very hard and you need to work with. And here, I think we have an advantage. The win-win is simply to achieve scale of our platform. And I think the best example or the most important example for the future would be that if you look at a standard universal bank, financial institution, then broadly speaking that platform contains of a number of engines. An engine or platform for current accounts and credit cards and doing payments, an engine for doing mortgages, an engine for doing leasing, so on, and an engine or platform that enabled their clients to access financial markets. And previously, all the financial institutions they built all the platforms themselves from front to back. But now the technology had developed with cloud-based solutions, with the ability to use open APIs, such that you, in a much better way, or in fact it's realistic to outsource a part of these engines to external partners. And if you can outsource these engines to external partners, you can gain scale to an extent that you were not able to do before. That is really their win-win. So the concrete example is a universal bank that offers on the web bank or on their mobile bank. Offers their clients ability to trade equities or bonds or whatever financial instruments, and they do not have to build and maintain this platform which is rather and expensive. But they can simply buy it as business as a service using our platform, and then rebranded. So from the client's point of view, it is exactly the same service but it is delivered through an outsourcing agreement. So that's the best example of how we believe that partnerships will develop in the future. At least it will be an extension of the path when the path will have a swing or that, we don't know. I think that it's all about going into the future, it's all about having a target model, having a true noes that you sort of develop towards, and then have that ability to be honest in your evaluation on whether you are right or wrong, and then have the ability to fail fast and change your direction if a correction of the direction is needed. I think that the best example is, of course, I have some ideas of what could happen. And first of all, we would like to gain scale in the facility model we have, and that's what we are working on. Whether the structure of the facility model will change a bit in another direction, it probably will. If you look at Amazon, Amazon started more than 20 years ago as a book store on the Internet, who could have envisioned that they should be the largest retailer in the world? They are selling everything now. They are now also sort of becoming the facilitator of trading in a trading marketplace where a third-party can put up their stuff for sale. So I can take, I have a used bike, I can put that up on Amazon for sales, so they are also facilitating stuff like that. They are also now developing a lot of AI technology to have automated drones to deliver either the third-party bicycle that I was reselling or new stuff that it'd do on behalf of their partners. But they are also really a facilitator, and they have partners that sort of supply merchandise on their platform. I think that the divider, we have chosen a way. We are sort of, again our strategy, who we are and why we matter, we are a facilitator of access to financial markets. We are building a technology stack. We are coupling debt with the business processes and the operating debt. And what we are good at and what makes a difference where we make a difference is to build this stack in a stable, an effective and a compliant, very important for the financial sector way, and therefore scalable way. So if you can build that in a scalable way and then the next step is to get clients to use our platform, then we will have a very profitable business. And that is the strategic way that we have chosen for now. And of course, we need to be very aware whether something changes. But that's what we believe in now for the next three to five years.
