so we are witnesses throughout the world
to a significant time of change and
something that is powering all this
change is something that we use every
day and I'm not talking about your
mobile phone I'm talking about something
that's been around for millennia I'm
talking about money through building
trust in a more connected global
community we are going to see something
happen for the very first time in human
history money will become invisible you
know everybody knows that money is
something powerful but if you think
about it money is not really a thing at
all it isn't a coin it isn't a bill it
is not a plastic card saying money is a
thing is kind of like saying music is an
eight-track which unfortunately is
something I do remember maybe some of
you feel as well but money is a system
and it sets the rules of how money moves
around the world and how we exchange
value with each other and when money
changes quite simply the world changes
we are entered into a new era
we call it the people economy we are
exiting at a time when banks and
institutions govern how money moves
around the world and how people connect
economically to each other every day we
are seeing examples of people taking
control of their own destiny
people are crowdsourcing to invest in
our their own ideas and their friends
ideas the things and the skills and our
belongings that we are seeing exchange
in this new sharing economy is gonna
unlock 300 billion dollars of revenue in
the next decade but the real power is
our ability to give people are finding
more simpler and more interesting and
more impactful ways
give than ever before to illustrate this
I want to tell a story this is Irene in
2013 typhoon Haiyan battered down her
house and it left her nor six children
living under a plastic sheet people from
a hundred and sixty-two countries around
the world raised twenty three million
dollars in relief funds just a mere 30
days after the storm with relief aid
Irene was given a cash grant to start
her own business a coconut business this
allowed her to rebuild her home and to
support her child's education you know
whether its cause or Commerce we are
embarking on a world where a payment is
so simple it's so intuitive it is so
trusted that it's going to become an
invisible event and the background of a
transaction and with these systems of
trust in place the payment becomes
passive
I mean you merely need to acknowledge
you want something in order to buy it an
acknowledgement may be as simple as a
hand gesture or a voice command by
removing the pain point
of payment itself it is getting easier
and easier for each of us to buy or to
sell or to donate or to lend or to
fundraise with whether it's the neighbor
across the street or the stranger on the
other side of the world but there is a
dark side to everything and in money's
case we all know it is greed and people
want to steal it and clearly that can
make for the exchange of goods
incredibly difficult over the past
number of years all artificial and
frustrating barriers have been put into
place in order to prevent theft and
fraud in Russia and India and other
emerging markets cash on delivery is
still the standard and people need to
pay in person to ensure exchange here in
Germany paying your bill requires each
payment to be secured
with a tan a transaction authorization
number but when money is hard to get to
it slows society down and it stars off
opportunity we believe that the way to
solve this dilemma lies in identity
being able to prove you are who you say
you are and a trust that you will pay
your debt you know our need to trust
when it comes to money is not is not new
what is new is the way in which we build
trust by authenticating and protecting
our identity we believe we are in this
world and the world is embarking on what
we call trust innovation we have become
accustomed to authenticating our
identity by hard to remember passwords
cryptic numbers numbers that we hope
don't fall into the wrong hands and
numbers that we hope we can't write down
but are these numbers are a really good
way to define you whether it's a 16
digit number an ID card an Iban a CVV
number the answer is no because if you
think about it what's more relevant to
you is your mobile phone your daily
routine your typical shopping patterns
more unique to you is your heartbeat and
your bio identity my team works with
engineers and designers and security
experts around the world to solve the
dilemma of how we can make money easier
to access and safer over the last 15
years we've been developing algorithms
and machine intelligence working with
new ways and risk models and data
whether it's inclusive of variables of
your digital footprint your location
your ID and the risk detection models
that we're using are going to make it
easier not only
to issue a payment and to transact but
to do business you know these algorithms
combine a whole host of factors location
which you've done in the past where you
may be going in your fingerprint and we
can now incorporate factors that allow
for thousands of variables versus the
ten to twenty and traditional risk
models and these models were only a mere
two or three years ago and the fact is
as if these models detect that something
may be wrong we can now use technology
to reach out to your real-time to ensure
that the transaction takes place or to
take action if fraud is found the for
these models to be as intelligent and
dynamic is human behavior of alls it
does require an element of human
intuition that stands behind the
technology and combining advanced data
processing became and oversight is how
your money is going to the right people
and being kept out of the hands of the
wrong so every payment tells a human
story
it shows intent let me give you an
example taking account opened up in
Indiana being accessed by someone in
Iraq sending money to a merchant in
Germany in the middle of this
transaction a request is made to change
the shipping address to send the item to
New York see on the surface this may
seem suspicious yeah but when you
deconstruct this problem you reveal the
story behind the payment and you find
that the algorithms and the data that's
happening behind the scenes of every
moment in life that we live are able to
keep up with a complex lifestyles that
we have and we have found better ways
and I would love to tell you what story
is of what happened with this
transaction this is a soldier in Iraq
who opened up his account five years ago
when at Indiana University
his family lives in New York City and
he's sending a gift home
the holidays first child the net we have
created to prevent theft and fraud is so
intelligent that it permits the good
transactions from going through without
any of you ever being aware of the
sophisticated analysis that's occurring
this has allowed us to spend commerce in
two countries in regions that are known
for their higher criminal risk in fraud
countries that have been left out of our
global economy because they've been
typecast as being less trustworthy than
others we have helped to democratize
money making money available to 203
markets around the world we are removing
the global the cultural and the
economical barriers that are keeping our
economies apart and while doing this
we're also giving all of you more
control through building trust payments
today is a one-size-fits-all solution
because payments in the future will be
so uniquely tied to your identity your
payment experience will be as unique as
you are you know technology doesn't
change the world we all know that people
will do in a world where Trust is now
established in seconds in not ears we
can see absolutely profound results in
fact in the wake of natural disasters
and man-made catastrophes like war and
terrorism hundreds and thousands and
sometimes millions of people need aid
you know the time that it takes to
identify those in need and the time that
it takes to identify what they want to
survive and what they need is delayed
and can have devastating results let me
share with you a story that I think
brings us to life and I'll bring back
Irene from earlier imagine this a
disaster occurs aid victims can go to
the aid station to scan their
fingerprint to identify who they are by
confirming her identity her profile will
be shared and the profiles of her
children will be shared to ensure that
she gets settled as soon as possible
the sizes will be shared so that as
people collect goods and toys and
clothing around the world her daughter's
new jeans fits and her son's schoolbooks
and favorite book will be replaced her
profile will be connected to her medical
records so that her son severe diabetes
will be alerted to the nearest pharmacy
the the pharmacy will purchase it fill
the prescription and then they will
actually send it to her location social
networks will allow her and her family
to be placed in a home in a matter of
days for hours and not weeks and not
months and the fact is is this all began
with a touch of a fingerprint a
technology that exists today
establishing trusted financial
connections around the world we are
taking a revolutionary leap into a whole
new world of give and take this means
massive global opportunity this year
alone we extended our services to 10 new
countries as I mentioned and that's
giving 80 million more people greater
access to their funds and their money
which means greater access to economic
opportunity you know I for one am
incredibly excited about what this means
for my sons and the generations that
will follow us they will have
opportunities to transact with people in
all corners of the world for different
languages or spoken
cultures of practice and different
currencies are used and yet once these
differences are no longer barriers the
opportunities and the possibilities from
these exchanges will be absolutely
unlimited thank you