Sbi Holdings Inc Ord

Please allow me to take off my mask when I make a presentation. Here we have a little bit less than 40 participants in this room and more than 100 on the net. So thank you very much for the big turnout. Now, without further ado. We would like to present to you FY 2020 financial results for the fiscal year ended March 31st, 2021. Consolidated numbers are shown here for the revenue of 541,145,000,000 yen or up 47% year-on-year. Pre-tax profit 140,380,000,000 yen up 113.3%. And profit for the period, 97,512,000,000 yen, up 116.7%. Profit attributable to owners of the company, 81,098,000,000 yen, up 116.3%. For each item, we achieved record high, both for revenue and profits. Especially ROE is very high at 16.0%. I don't think that there is no other financial institutions with such high ROE. Thanks to your support, we could achieve this ROE. And as you know, 14.5 billion yen related to social lending loss was incurred. And with that included, we could still achieve this good level of revenue and profit. So things worked very well. Other than that, the bio-related business, the 2.7 billion yen of losses of cork, and some of the other financial matters, including the sale of the IPs, which amount to, say, about 4 billion yen or so. So in this new financial year from April, there are such negative items being eliminated. So it's a difference of 6 billion yen or so for the biotechnology alone. Now, the quarterly profit before income tax on the IFAS basis, in the fourth quarter of the previous year, there's a crash, market crash due to COVID-19. And in the fourth quarter, down 20% or so, and the Dow Jones Industrial Average also went down 21.3%. to 8% or so. So toward the end of last fiscal year, our profit went down as well. It was totally unexpected. And this time, we had already in April and in January this year, we had the state of emergencies, but still we could achieve good profit. Now, the consolidated profit comparison with major face-to-face securities companies, comparing SBI Holdings, Nomura Holdings, Diver Securities Group, and SMBC Nickel Securities. SMBC Nickel Securities will announce their results on April 30th, and other numbers are shown here. The diver securities level is about the same as the SBI, the holdings, and we could have achieved better than the diver, though with some elements excluded. Now, the performance bias segment, financial services business. both revenue and the profit, record highs. Asset management business, again, record highs. And for biotechnology, healthcare, and medical informatics business, the now. The negative profit was reduced by about 2,801,000,000 to minus 8,630,000,000 yen. And the negative impact will be almost invisible going forward. As to dividends... In April 2018, we announced the basic policy for shareholder return. Implement shareholder returns with a target total shareholder return ratio as calculated by the sum of dividend payouts and share repurchase costs of 40% as a minimum. However, depending on the level of fair value gains and losses from operating investment securities, which does not generate cash flow as a percentage of the company's consolidated... profit before income tax expense. The shareholder return amount will be determined by making adjustments such as deducting the total amount of fair value gains or losses from the company's consolidated profit before income tax expense. So we are talking about ratio of FBTPL. And this time, this ratio was 55%. It's rather high. Therefore, total shareholder return ratio is less than 40% at 36.2%. But still, for the year, it's 120 yen. And at the end of the year, the 100 yen, that's the dividend amount. And as to the shareholders' benefits, you can choose between the XRP and five other related products. Now, by segment, let us look at the financial services. Our market was quite strong. Average daily individual brokerage trading value went up by 52.2%. And what about our specific performance? We achieved record highs for operating revenue, net operating revenue, operating income, ordinary income, and profitable attributable to owners of the company. For each of these items, we achieved record highs. In the previous fiscal year, for example, we saw the mobile-related business to SMBC compared to the previous, the fourth quarter. As analysts said, it looked like the other final, the other quarter went down. But there was some special one-off element. It happens quite often. And the number of accounts of SBI securities, the other 6,813,000 other accounts, double-digit the growth and completely exceeding that of Nomura. The number of accounts that is growing much larger compared to Nomura, and that will change the sales landscape in Japan. And the SBA securities share of individual stock trading value. 45% for margin trading value, including SBI neotrade securities. And for stock trading value alone, 42.8%. So in this base, trading value basis, we are dominant. Rakuten has been doing well recently. with the number of accounts. But even when the number of accounts increases, if the market share is different, you cannot catch up for the profit. Now the banking business, the SBS machine, the bank will make an announcement on the 13th of May. And the 7,240,000,000 yen already at up 23.9% on the IFAS basis. And in February 2016, BOJ started negative interest rate policy. And with that, the number of results went down a little bit. But since then, it has been on the growing trend. And this bank started its operation in September 2007. Since then, it's basically the growing trend, and the profit was record high. And the 4.5 million is the number of accounts. We made a slow start, late start, but still the deposit is close to 6.3 trillion yen. Already on April 26, the 4.56 million is the number of accounts and the deposit of 6,386.4 billion yen. What about insurance? The ordinary revenue was sales at up 23% and ordinary profit up 63.2% at 3,852,000,000 yen and profit attributable to parent of the company. Here, the group credit, the business that is related, and it is required, the reserve, the setting up. So it is reflected in this line. And the number of enforced contracts, grew 17.1%. That's the CAGR number. It's a very smooth growth with some M&A activities from on and off, and especially SSI-related other companies, increasing number of contracts. And once you are in our group, you can expand your business dramatically. And we are going to repeat this, the promising practice to expand our business. Now, asset management business. So the revenue here is up 64.6%. at 208.3 billion record high pre-tax profit 84.9 billion yen up 127.9 percent and sbi savings bank 28.4 billion yen up 55.6 percent record high And profit loss from the change in PR value and profit loss on sales of investment securities, also 66.3 billion, record high, up 226.7%. The listed securities, there's an increase, while unlisted securities decreased. some unlisted securities got listed. And that was an addition to the number of listed securities. And for the fiscal year 2020, we did 22 IPO or M&A deals for exit. For fiscal year 2021, for this fiscal year, 28 IPOs and M&As are expected. This is going to be the minimum number. As to SBI Savings Bank in Korea, from April 2013 to March 2021, record high was recorded. The number is here in one. In March 2013, this bank was on the verge of bankruptcy, and we invested 120 billion yen in their equity fund. And already they achieved 110 billion yen of profit. So the dividend payout will soon begin. It's just a question of time. When we bought this bank, we were severely criticized. But look at the result. The following SBI Securities, SBI Savings Bank, is the second largest contributor to profit. and 51.6% was the delinquency rate when we bought it, but now it's 1.6%. As of the end of December, the total asset exceeded 11 trillion won, or 1,163.9 billion yen. So once it was on the verge of bankruptcy, it never stopped to grow. And other than this bank in South Korea, we have been investing especially in Southeast Asia. And it was much... Well, in December 2023, the Korean bank is expected to pay the dividend for the first time. And TP Bank is a bank in Vietnam. The SBA Group's shareholding is 19.9%, with the 20% is the legal max. And we invested in August 2009. And the market capitalization at the end of March 2021 was 140 billion yen, which is 12 times larger than that at the beginning of the investment. So the accumulation of such well-performing assets is very meaningful for our business. Now, SBA Bank in Russia, it was also on the verge of bankruptcy. And without our investment, they would have bankrupted. But they achieved profitability in January, March quarter of 2021.

In the case of banks, if you manage it well, it will definitely turn positive in performance and you will be able to sustain that. And that is how the legal system is made in each country. If that is not the case, many deposits would be collected from the people of that country. And based on the legal system, if you well manage the company, but if you are generating losses on a continuous basis, you won't be able to sustained the economy. So whatever country you look at, the legal system supports the economy. So we also have Thai Online, which is a broker company. and we are showing fuller profitability in fiscal 2020. So we are now feeling assured. And Lihar in Cambodian, it's a mid-sized microfinance provider that we acquired, and we are striving to turn it into a commercial bank, and we acquired a full banking license in March 2020. It has turned positive since October 2020. As you can see here, Growth in Southeast Asia is expected to be significant going forward. Therefore, the financial business is in this region. In the high-speed growth phase in Japan, when you look at market cap, financial institutions had substantially higher market cap than after we entered the manufacturing age. or we had the utilities that started to show growth. So first of all, the start was from financial institutions, and that is why we are also investing in financial institutions. For biotechnology, healthcare, and medical informatics business, for biotech, first of all, the pipeline has been licensed out. and we have a milestone agreement in place. We're able to receive milestone revenue accordingly. That is our plan. So that's where we are with that. So once we receive the milestone revenue, that will be a positive. We are not expecting any more losses larger than this. By clearing each of the milestones, we will see a higher contribution. For cork, we have three items that are in Phase 3. I didn't think that they were all going to go away, but they actually did, like I mentioned earlier. So we're going through a thorough reorganization, and for the IP that we can sell, we will sell them off so that we can pull out of this business. For ALA-related, for SBI Pharma, first of all, I will talk about this later. For ALA Promo, I'll talk about this later as well. And Photonomic from Germany performed like this. And we... invested a stake into medical data vision, and it's already starting to contribute. For medical data vision, Q4 results have been recognized. So the future directions for quark pharmaceuticals is shown here. there was an impairment loss recognition of approximately 2.7 billion, and we were trying to minimize the personnel, and we are also in the process of trying to sell the IP associated with the business. And in 22 March, which is the current fiscal year, we are expecting that profit before tax will be around 1 billion yen. And for COVID-19 and the relationship with Five Alla and papers associated with that, At Nagasaki University, Professor Kita has been sending forth various papers, and SBI Pharma has been publishing some papers as well. And in the open COVID-19 journal, an international COVID-19 clinical test journal, is currently doing peer review. And at the beginning of May, we should see some approval around this. And in Berlin, we are cooperating in Berlin with the Royal College of Surgeons in Ireland, which is a British type of Royal College of Surgeons. And together with the Bahrain government, they are collaborating to start a clinical trial. And phase one has already been concluded, and the safety profile has been confirmed, apparently. Next time around, they are targeting to register 40 patients so that 5-alaphosphate and SFC can be administered together to see the tolerability, safety, and efficacy in the research. And the U.S.' 's NIH is monitoring what's happening here. And I said I'm going to elaborate later, but for 5-ala pharmaceutical products utilizing 5-ala and its main pipeline for mitochondrial diseases, Phase 3 was completed in April. And currently, we are targeting for 2022 to apply for regulatory approval. For mitochondrial disease, it is a genetic disease There are babies that are not able to wake up and pass away when they are very young, but by administering five-hour, they could stand up once again. There were some cases where that was proved, and their mothers have been speaking about this online. So for this, the phase three has been completed, so now it only has to be commercialized. And also... at Oxford and Cambridge. For cardiac ischemia, reperfusion, injury, phase two trials are underway. And for brain tumors and PDT, photodynamic therapy, when people have a brain tumor but it's hard to conduct a surgery on because it's too large, you will make a hole and you will project light into the brain so that the tumor can be worked upon. So this is being conducted in Germany. And also, two, three days ago in the U.S., from the FDA, we were able to get approval for Phase III for PDD for breast tumors. And also for meningioma, our subsidiary in the U.S., NXDC, As an orphan drug, it was approved, and currently, the final tests are underway. Apart from COVID-19, there are other promising fields where 5-ALA can be applied. For ALA, It is a health product, and currently its popularity is rising. So sales have been going up by 12.7% at SBI a la promo, and also PBT has been going up by 80.3%, reaching 348 million. So when something good happens, these fake products start to be manufactured all of a sudden, and they are being sold in the marketplace. For 5-ALA, we have exclusive license for the substance patent for 5-aminolevenic acid phosphate. And also, 5-SBI-ALA-Promos products are the only products containing 5-ALA, which have been approved by the Consumer Affairs Agency as foods with functional claims. If it doesn't have this mark, ALA+, it is basically a fraud product. It is not the real thing. So all these types of fake products are starting to emerge online, and they are being sold. Once we find them, we will tell the consumer affairs agencies, but they are coming in from various parts of the world. So for hazuka genmai no sokojikara, GABA content is 44 times that of white rice and 14 times that found in brown rice. There is Gamma Original, that is an ingredient with functions, and it's the first product in Japan that has been approved as food with functional claims. And also from July... Ella Plus Mental Clear is expected to be launched, which will improve depression and mood and increasing metabolism while suppressing sugar absorption. We originally had Toe Down, but Celestinol has been added for this new product, and we plan to launch this in autumn 2021, which is Ella Plus Toe Down Alassia. And with Hiroshima University, we are working on clinical trials with regards to applications for recovery from fatigue and so forth. So next, talking about the crypto asset-related business. For the financial services business, there are some parts that are included there, and other parts of the business are included in the other business segment. So for crypto asset-related businesses, it's divided into two. For the segment that's included in the financial services business segment, the PBT, profit before income tax expense, was $10.602 billion. SBI, VC, trade, TATO, B2C2 are included. But it's not included as a consolidated entity in the securities business. Also, profit before income tax expenses, the acquisitions are not included. For the other businesses, crypto is included, which is the mining business. Profit before income tax expense was 8,357,000,000. So on a combined basis, profits were approximately 19 billion yen. market cap was about 19.6 trillion as of April 2020, but it went up by 10.3 times, now reaching 201 trillion yen. So you can see how much growth, substantial growth, this business has been going through. So establishment of the SBI Group's new medium-term vision and future priority measures to achieve it is the next part. First of all, in 2018 April, We set forth a vision for the SBI group, which is over the medium term. So let's summarize and look back at that. One of the items that we raised back then was for bio, medical informatics business. It looks like this, but it used to be only bio. So financial services, asset management, and bio. We wanted this to break down into 50, 40, 10% each in three years' time, and in five years' time, 50, 30, and 20% each. So that's what we had in our minds as we managed the businesses. But for bio, it has been declining. However, it hasn't been able to pull out of its losses. So drug discovery. It's very time-consuming and money-consuming. That's what we were able to learn. And there are a lot of risks associated with that. There's three phase threes. We thought it was fine. And when it was phase two, the secondary endpoints, the primary endpoints were perfect. However, in phase three, it didn't pass. This isn't a rare case, though. That is how hard it is to run this kind of business. So three segments is what we have. And back then, our way of thinking was, back then, the securities, the market was pretty much affecting our performance. If the market was good, our profits were good. If it wasn't good, our profits would go down. So we wanted to do something about it. So pharmaceutical stocks are often likened to defensive stocks, but we wanted to be more defensive. We didn't want to be affected that much by the market. Personally, I was extremely interested in the pharmaceuticals area, and I was pretty much well-versed. That is why I wanted to nurture it into one of the pillars, the three pillars of our business. However, it didn't work out that way. But for banks, it started to function well. And the chances of the bank business being affected by the market is low as well. And for the startup or the venture business, venture means it's not listed yet. So the impact on performance is not as great as well. It's not affected by the market as much. So when you think about all of this, When you think about the mix of the segments, we decided that we shouldn't think about that anymore. It's not going to be one of our priorities any longer. Looking back at our vision back then once again, we wanted to reach 100 billion yen. in consolidated profit before income tax expenses in one year time. And we were able to reach that goal because it has been 140.4 billion in fiscal 2020. For ROE, we wanted to reach above 10%. Of course, because of COVID, it was at 8.3%, but in fiscal 20, we were able to exceed. And annual dividend to the level of Japanese yen, 100 yen per share, we have been achieving this goal every single fiscal year. And We were also endeavoring to achieve a market cap of 1 trillion by actualizing intrinsic corporate value. This is pretty much dependent on the market. And it doesn't really mean that much to have this kind of goal. So we decided to do away with this kind of thinking as well. So in our new vision, what kind of perspective are we going to apply? So this shows the past three years and consolidated profit before tax as well as total assets. So basically... In the past three years, our CAGR has been approximately 25%. Of course, we had that irregularity with the COVID-19 shock, but we have been able to see a linear growth when you exclude that. On a total assets basis, CAGR has been 16.7%. It has been growing steadily. Therefore... In the new midterm vision, we would like to exceed 300 billion yen or more in consolidated profit before tax. And for new businesses and profit before tax, We would like it to account for 20% out of total consolidated profit before tax. So we would like to ensure that we are able to nurture the new businesses. When we talk about new businesses and nurturing it, this is key. First of all, we need to think about the definition of new businesses. Any business that utilizes innovative technologies such as those related to crypto assets or blockchain, first of all. That's one part of the definition. The other part of the definition is any businesses that became a part of the group through M&A since April 2018. So in this way, in the past three years in new businesses, profit before tax, when you look at the percentage and its contribution, it started negatively but it turned positive and it has grown quite substantially. So our goal is to reach 20%. In the digital finance world, that is yet to develop. I don't think this is something that is hard to attain. For ROE, it's not just going to be through organic growth, but we will also pursue M&A growth proactively in the future. So we would like to achieve 10% or more ROE. That will be our goal. And of course... In order to do M&As, external capital may be injected as well, and bank borrowings too, or fundraising from the capital markets. This is something we will probably need to consider as an option. With that, we would like to achieve 10% or more ROE. So that's basically our midterm vision. So in order to realize this, what kind of key measures should we have and what kind of targets should we have for our sustainable growth goals? SDGs are quite popular these days, but what we call our goals is SGGs, which is Sustainable Growth Goals. And here we raise four key measures in order to achieve the SDGs. I would like to go through them in order. So first of all, thoroughly develop an open-aligned strategy with every group company to build an ecosystem that efficiently creates big synergies with partners having large customer bases. So for the securities area banking sector, as well as with regional financial institutions and regional revitalization, we break the strategy into three parts. So first of all, for open alliances, it's based off open innovation, but it's not about who is on your side and who is on the other side. It's more about win-win alliances that we would like to proactively pursue. So it's an easy concept, simple concept. We would like to basically have relationships with many parties. And for the securities-related business, we would like to embody neo-securities initiatives. And the way we would like to realize it is through one and two. First, we would like to accelerate acquiring younger customers. And we would like to achieve neo-securities initiatives, prioritize those age 25 or under. And we would like to also... make the commissions free of charge. For the underage customers, the commissions are effectively free of charge already. And also, the commissions for customers that are 25 and under, the commissions are effectively free for domestic equities. So with SBI, Simi Xin, NetBank, we will do a 100 times interest campaign. from April 20th, 2021 to October 16th, 2021, three months after you open an account. We will have a 6 million account celebration campaign and a campaign that waives purchasing fees for S-TOX and commissions on domestic equity trades become effectively free for three months after opening an account. So we're going to go after the younger clientele mainly and we will aim to acquire them. Not only will it be the young customer base, but with banks in their hybrid accounts. I will be offering 100 times interest campaigns so that we can acquire new customers. And for SBI Neomobile Securities, this is targeting the younger clientele as well as people who are new to investing. We have been able to see steady growth in the customer base in 2019. 575,000 accounts is what we have been achieving in March 21. 51% of customers are in their 20s and 30s. Also, IPOs, IDECO, warrants, product lineup expansions are being conducted where there is a need and are in high demand. Also, in November 2020, We engaged in a capital business tie-up with Sumitomo Mitsui Financial Group so that we can address diversifying needs. We will endeavor to develop services, and we would like to have a close cooperation in this regard. On the point side, too, Rakuten has a point ecosystem, and they've been able to increase their customer base by using this system effectively. But for us, we have T-Point, and with SMBC, We have V points that are accrued when you utilize the credit cards. Apart from this, we also have other point systems that are being prepared. As you can see, we have open alliances with the point providers so that we could create an even larger ecosystem.

Furthermore, since the announcement of NEO securities initiatives, SBI Group has continued to pursue synergies within the group while promoting diversification of revenue sources and strengthening profitability, which has led to favorable performance and contributed to the early realization of zero commissions. So we have been doing this since October 2019 and thus has contributed to the improvement in our business performance. And we have been able to diversify our revenue sources. So that is why we have been able to materialize this free commission, zero commissions, an early stage like this. So what are the initiatives we have implemented to diversify our revenue sources? So we have proactively used M&A. So whether it be... Asset management companies or forex exchange companies or M&A especially asset management companies, digital asset companies. We have been targeting these areas for M&A activities. And also B2C2. I'm really happy we did this. But we have been able to make it our consolidated subsidiary. It's 90% now. So we have been able to reinforce our cooperation in digital assets. Now, in terms of operation digital asset exchange, we have VC Trade, Taotao, and FX Coin. And this allows for a provision of liquidity. And then we have B2C2 in the middle. And then on the digital assets CFD services, we have FX trade and we have digital asset lending services as well with VC trade. So it's not just us who have benefited, but B2C2 has benefited. Their daily average transaction volume has increased by 4.2 times since 2019. And their daily revenue has grown by 16 times. And also in terms of rapidly expanding our trading value, we have strengthened the FX business since 2008. And this has really pushed up our trading revenue. FX trade and liquidity market, even if you look at foreign exchange itself, this is 10.6 billion yen. That's plus 31.3% year on year. So we see continuous competition in the spread. And while others are pressured because of these reductions in spread, we have been able to increase our profitability and earnings. And in fact, if you look at the aggregate SBI Group's trading volume and OTC share, it has increased significantly. And in fact, our trading volume has increased by 2.3 times since last year. And naturally, this is not just brokerage and retail. We have been focusing on increasing our wholesale business in April 2020 to March 2021 in terms of ranking in IPO underwriting. Well, 86 companies have gone public, but we have underwritten for 80 companies. Actually, as for lead manager, we have worked with 15 companies, which is record high. And in terms of, it's not just initial public offering, but even for POs, we have been working with many companies. And in fact, we have underwritten 19 POs. And in fact, the underwriting value was 3.6 times year on year. So we have focused on underwriting new municipality bonds, including EDREC bonds. They are approaching us these days. We're very grateful for that. And through financial institutions, the financial institutional sales department, we have expanded our brokerage services to the customers of financial institutions. So since the establishment in March, I'm sorry, July 2016, we have been able to work with a total of 460 companies. So SBI Securities has strengthened the distribution of structured bonds, self-origination distribution of a total amount of $151.2 billion in those years with domestic and overseas investment trusts as well as bond transactions. So even if you just compare FY 2019 and FY 2020, we have increased between... This is by 2.3 times in terms of equity trading. And for investment trusts, it has increased by 120%. And for real estate, SBI Money Plaza has acquired a company called Ascot Corp. And it owns about 35.01%. So what they do is they have developed a small lot real estate trust beneficiary fund, which is accepted really well. And also in terms of a pursuit of synergies, we're collaborating with Boostry. So this is non-domestic equity. And I was wondering what we can do to really differentiate ourselves. It's really the digital products, especially the securities token business. If we continue to work on this. We will be number one in terms of underwriting. And, of course, we will be strong in the distribution market as well. And many other competitors will not be able to follow us. We will be the first company to issue digital corporate bond. And we will be actually selling this. And investment trust balance... So if you look at this on an accumulated investment trust basis, and also if you look at it on a quarterly balance basis, we have achieved a record high. Now, MoneyPlaza. We have been able to expand the number of coal-managed shops and we have been able to increase our profitability. At the end of March 2021, it was 3.762 billion yen. That's plus 278.1% or 0%, excuse me. So we have seen increasing AUM. And of course, our partners, the financial institutions, have been able to improve their profitability. So we're all happy. And with regards to SBI Securities' IFA business, that meets the needs of the face-to-face trading. IFA, by the way, stands for Independent Financial Advisor, and it has been growing steadily. So compared to FY 2019, the revenue has grown by 2.2 times. If you look at the newspaper, it seems as though our competitor is doing better. But actually, if you look at it carefully, we're doing much better than We're compared often with Rakuten, but we're doing much better. It's almost two trillion. So for SGG, we will establish a more expansive ecosystem through an open line strategy. So in the banking sector, we will basically unbundle all the functions of the banking service, and we will have our partners use these functions. That way, we will be able to provide smooth, efficient service. And that is how we are planning to expand our customer base And we are working with various partners. The number continues to increase. We started off with JL, Japan Airlines. We had Hikari Tsushin, CCC Group, Yamada Holdings. And there's about three big potential partners we're discussing with. So it's become sophisticated, more and more free trade. commissions, fees, and granting mileage. And that's how they can continue to increase the number of customers. And the second project in Neobank Initiative is TEO Neobank, which is an exclusive banking service for T-Point members. This is a dedicated service for 70 million T-Members. I think this is quite impactful because you will be able to use the ATM with only apps. So whether saving up your points or using your points, you're able to accumulate your points and be able to use it in different places. And also with collaboration with DLT Labs. DLT Labs. is basically digital ledger transactions, technology, excuse me, and this is a lab, so DLT labs. So this is a company that is strong in DLT, and by utilizing their DLT, we will be able to build supply chain network or payment network. So they already have this extensive global experience in that. And we will be able to build a new platform for digital supply chain finance services. So this type of business will become the mainstream. We move when others don't move yet. When others begin to move, we're already absolute, dominant number one. And we're always preferring this type of scenario. With the housing loan, this is a very traditional area. But the bank has acquired shares of Yuryo Loan Company Limited to make it a subsidiary. So we want to reinforce this area. Now, with regards to the regional bank, as a new bank agent, they will begin to sell mortgages as a new agent for banks. So Sendai, Fukushima, Shimane, et cetera. And then moving on. So collaborate with various partners in addition to regional financial institutions to realize regional revitalization. Japan is one of the most pressing social issues. So SBI Securities, there's 43 companies that we have an alliance with. There's an addition two that has made commitment, Money Plaza. That's 12 regional financial banks with 19 shops. And in May, there'll be one more bank that has joined, and then there's another that is committed. So if there's 12 banks and 19 shops, one bank, at least maybe two, and maybe they're ready to start three. So you can see how this is a good project, especially for the region. And SBI Life Insurance and SBI Insurance are engaged in various different activities. I hope you'll read it later on. Money Plaza, as I have explained earlier, AUM is suddenly increased to 78 billion. And if you comparison per shop revenue between operating two co-managed shops and one shop, so this is looking at the monthly revenue of regional financial institution operating one shop as one, zero. Then if you co-manage two shops and it's 1.6 billion, So per shop revenue or profitability is quite significantly larger. So we're seeing more and more double managed shops. And SBI Life Insurance has came up with Japan's first joint scheme for group credit life insurance. So first of all, they have established the General Incorporated Association, Zenkoku Danchin Sumishin Kyokai, And SBI Life Insurance became the founding member, and that was January 1st, 2021. And this has spread to Shimane and Sendai in Fukushima. They have begun using the system since January 2021, and more than 20 are expected to join by July. Now, plan to form capital and business alliances of 10 regional financial institutions during 2021.

So as to the number of ten banks, some people ask how long would it take to reach ten. Well, of course, we need to make our own selections. So we are not in a hurry in making the selections. We are rather prudent, careful, because we invest in them. So we need to watch closely some conditions, and most importantly, whether that regional bank is committed to change their mindset to work with us to create the value from their business to improve their resident debt in that community for the residents, for the community. If they have that strong will or not, that's the most important thing for us. And there are some commonalities, there are some common issues for regional banks. And our SBI regional bank holdings has been supporting them with various initiatives and they are making a lot of changes. And it's not written here, but if you look at the reference material, you can see the details how each of these regional banks has changed. And for me... the fixed cost of regional financial institutions, how to increase the variable cost portion, especially it is related to core banking system. By making it cloud-based system, you can make a big difference. So we need to create next generation system. Fortunately, we have future architect to cooperate with us and AWS to work with us. The two create the cloud-based core banking system with about 1 billion yen of annual usage fee. So with or without the capital relationship, we'd like to provide such the system for everyone to reduce their cost. It's about the system's cost and also the operation cost. So those are the most challenging issues for them. Now, we have established regional revitalization partners. And with that, we have a very active discussion at the board meeting as well. Because of the COVID-19, the meetings are in the form of Zoom meetings. And it's not that we can visit the entities. So it's a rather tough situation, but still we are making the steady progress. And interesting ideas are produced from our partners. The one of the two major identities here, here we are talking about the SBI regional revitalization investment and loan. And they are working in working with Hanshin dispensing the pharmacy. to provide some succession opportunities for the pharmacies. And this is going to be one of the major regional revitalization schemes. And of course, good performance is expected here. Now, I would like to talk about the global financial center, the economy in the Kansai area that has been rather down and we need to revitalize it. Therefore, I have been advocating for the global financial center in Kansai. The other day, the Committee for the Promotion of Global Financial City, OSAC, has been established. Sumitomo and Matsumoto-san, the president of Kansai Economic Federation, has become the president of this committee. The committee and the vice presidents are the Osaka Chamber of Commerce industry president, the representative secretary of the Kansai Association of Corporate Executives, and also governor of Osaka Prefecture and mayor of Osaka. Because of the COVID-19, Osaka is in a very challenging situation, and it's rather difficult to have the continuous meetings. But still, we are making progress on this initiative. We have been progressing whatever we can do on our own. For example, the Osaka head office of SBI Holdings, in the Sumitomo Nakanojima building space, Wanaka no Jima is the central part of Osaka, financial part of Osaka. And there we are going to have head office in Osaka. And new companies that we are going to establish will also be located here. And Osaka, the dojima, the entity could move... into the same location, but the building itself is rather old, 50 years or 60 years old, so we have to do something about it. Now, two organizations of the Global Financial Center, Osaka Dojima Commodity Exchange and Osaka Digital Exchange that I have been talking about for quite some time. And here... Already, as you can see, as to Osaka Dojima Community Exchange and Osaka Digital Exchange, Now there's some capital arrangement and the stock company, the structure here. And there are some other participants, even from overseas, to be added to investors, the list. And the name here, Osaka Dojima Community Exchange, I think we should take out this word, community. And that's what Nakatsuka-san said. Well, everyone knows that Osaka equals almost Dojima. But some people say that I'm from Osaka. So that's a very natural thing for anyone in Osaka. But I even think that we can take out Osaka from the name as well because it's going to be really global. And SMBC invests 40%, contributes 40%, and other investors will certainly be on the list. And now it is converted to joint stock company and then set up a spot, the exchange, and then it will become the holdings, the entity, and also clearing that will be part of the picture. That is the ultimate picture that we are going to do our best for. and do support to that effect. Now about Osaka Digital Exchange in the spring in 2022, the PTS for stocks will start. And after 2023, the PTS for ST will also be operable and hiring people and so on. And as to PTS... With too much concentration, that's the current reality. But we'd like to develop PDS, which can compute with the TSE as well. The other day, CBOE, the Chicago Board of Options Exchange and its global markets, announced to acquire Tri-X Japan, and I talked with the CEO. And as early as possible, the chairman of the CBOE is expected to have the telephone meeting with me. And by the Osaka Digital Exchange that is in the pictures. Therefore, we would like to give working the function and the capability to the entity. And I hope that there will be more pressure coming from the U.S. And this is the schedule. the timeline going forward. And as to the fintech companies, we want to establish an amalgamation of fintech companies. The other day, Setsuki Katayama called me from LDP, and I was asked to talk in front of the diet man. The human resources for finance area, my image is almost like the human resources for IT area. I'm not talking about traditional IT, but the IT like AI, someone who is capable of using AI, very sophisticated IT people should be. part of the the financial sector the in the future financial all the financial deals will be conducted with some kind of algorithms so the next generation computer will be more dominant in the sector and the human expertise or the experience will not be the competition for such advanced technology. We need the people, of course, the legal experts for new financial acts and laws. But in a digitized world, the world will be more globalized. So when that happens... how to coordinate different legal systems of different countries, and we need talents to do that as well. So far, the financial people or the experts of finance area are very different. So we need to have good understanding of that difference. Even I... When I established E-Trade, the precursor of the current entity, and I talked about the one-third of the IT experts and one-third of finance experts and the HR, legal, and the other areas, another one-third. And I said, there's no other salesperson. We don't need salesperson. We need marketing. But marketing in the future will be different from the marketing, traditional marketing. In other words, big data should be utilized and the AI will analyze it and to come up with best solution. That is the picture of marketing going forward. Some people say that you should be fluent in foreign languages. Well, that will be irrelevant because you can use the automatic translation, the machines. So... When we think about future HR, future business, we need to change our mindset. We will make the mistakes if we continue to think in the traditional context. Here we have the picture of the Fintech company. the picture, 119.5 billion, the investment for fintech funds, through A&B funds. We made that much investment. And of course, we have exited from some of them. And as We made an announcement the other day, 4 plus 5 fund, Industry 4, Society 5. another 100 billion yen, the level investment in that area as well. And we are, of course, calling on the foreign investors. But it's not just about foreign investors. That should be the domestic investors. The real estate will be much more reasonable, like 30% to 40% lower than that in Tokyo. So when it comes to an amalgamation of industry, again, some people want to apply the old definition. What we need is a data center, not a big data center, but small data centers and many of them. Bill Gates says that it should be the smaller reactors, not the big nuclear reactors. And I'm kind of in line with that kind of thinking. I agree completely. And now the second one of SGGs, the actively invest in venture companies with innovative technologies. We have been investing in the venture companies and we adapt that technology in a group. And also we spread that technology across the industry. That is the SBI group's basic strategy. So the investment, adoption, introduction, and the diffusion, and transform the society. For example, the Ripple. Invest in Ripple at a very reasonable price. After the current lawsuit, Ripple will go public. And the current CEO wants to do that. Chris wants to do that. How much would it be? And I have more than 10%. R3 will also go public. And we are, again, the largest outside shareholder. And what will be the price? Think about it. So it's not just about the technology, but in Japan, we have created new entity, MoneyTap. The pair-to-pair, the payment, the remittance becomes much facilitated. And the pair-to-be also is in the picture, and with scalability and very good security, high-level security. And that is the new picture for the remittance. And the Zengin Net will not be used anymore. Now, six banks have already been connected and three are to be connected. And within this year, the 20 mainly regional financial institutions will be connected. So the money tap connected to the pay pay or line tap and so on, so forth. Next, the exploration of new business investing venture companies with good technology. So we have been invested in 171 companies with the total of 119.5 billion yen, and we are already in the phase of recovering the investment. This is the picture of the investing companies, and the names in the red boxes are IPO'd. Next. introduce the technology into SBI group. What is really interesting is the data robot. So it is the entity to provide the very reliable AI technology to global companies competing for AI innovation. Data robot is a U.S. company. And I talked with the CEO of the company and we used Zoom meetings and we decided to make investment in them. And we suggested to form a joint venture in Japan, although they already have local entity here. And already Shimane Bank decided to use AI-driven organization building program provided by Adadata Robot. And as to supply chain finance, as I mentioned earlier, it's going to be very important going forward. It's about traceability, how to secure traceability and supply chain finance. Using blockchain technology, you make the proof of the Japanese produce to differentiate the eel from the Shimantariba from China. And this is, of course, related to the export and increase of the export. SBI traceability was established on April 22nd, and our focus is on agricultural products and supply chain finance. We are collaborating with Singapore's Root Ant, and we invested in 4.85% in them. And their supply chain finance platform is called Banco. So suppliers can not only hold the DPO issued by the buyer company, but also divide it up and use it up to pay downstream suppliers. or resell it to financial institutions to convert the accounts receivable into cash as early as possible. So it's a very interesting initiative. And BaFin is the Hong Kong subsidiary. And there, we collaborate with the route. The two come up with SBI bank platform, a platform that utilizes R3's code blockchain technology. It's going to be used in Hong Kong, Japan, and Vietnam, and so on.

Here's the third one. With various regional banks. And we have investees that we have invested in in the past. And their advanced technology expertise. And we have been building a good relationship with investee companies. So we would like to leverage that so that we can introduce them to regional banks. So this is how we've been doing that dispersion process. There's many examples. It was hard to do this on your own. There are people who are not that familiar with fintech technology, but now the banks were not familiar to fintech. But now they have been incorporating technology, and they have been changing in a drastic way. So the banks, the regional banks who thought they weren't able to do it, We were telling them, no, that's not the case. Think about the power of technology. We embody the technology and we would like you to do the same. And that's how we've been offering and promoting these technologies. So this is MoneyTap I was referring to earlier. And here we show an example of something new, which is a manchinowa that was jointly established with Chikuhou Bank and Kyushu Electric Power. There is a person called Iri Tonosan, a lady, who has been sent as the CEO. So premium coupons are going to be issued and managed through this entity. Apart from this scheme, personally, I would like to utilize R3 or Corda so that in the expo regions, in the regions where expos are going to be carried out, I hope they could use this because people go shopping when an expo is in place. and often there weren't many places where they did money exchange. These days, you might not need these services as much. However, the currency you bring to Japan cannot be utilized, or electronic currency, or credit cards may not be accepted. So at that venue, I hope everything can be accepted. And we also want the money exchanged at the venue to be used there as well. So digital currency issuances have been happening. Many of the examples are in Kyushu. This is between Chikuhou Bank and Kyushu Electric Power. And we would like to bring this nationwide through the joint venture. And also, we talked about white label apps here. SBI NIO Financial Services, together with regional banks. They introduced white-label banking apps with 11 banks, and another bank has already decided to implement this app. Therefore, the bank teller services can be provided at lower cost. And also, various types of fintech services will also come with the deal. This is something that is highly appreciated. And I also think this page is very interesting. Melanie Barbie. I talked about this company several times in the past. They are listed on Toshio Mothers. Sato-san is the president. He's working on regional development. This is a case of a regional revitalization project in Awaji Island. It made a cafe here, and with this development, restaurants were also developed, and other types of development happened, and the neighborhood changed dramatically. So the same thing is something we're trying to do in Shimane, because there's a lot of tourism there, in Shimane Prefecture, so we would like to replicate something that is similar. So with SBI, Shimane Bank, and local companies, and with this company, we would like to promote the regional revitalization project, and we have reached a basic agreement. So it's important here that we also have the local companies and local community be involved in this kind of project when you think about regional revitalization. So moving on, SBI groups progress and synergies towards FinTech 2.0. In the digital finance space, we would like to be aggressive and work across multiple fronts to expand new businesses and promote global expansion in the space based on a policy for integrating domestic and overseas operations. There's five raised here. So this is something we made in the past from 1999. We have spent 16 years to create an online-based ecosystem. This was FinTech 1.0. And AI, big data, and other types of technologies, IoT was incorporated, and robotics as well. And we created FinTech 1.5, and of course, blockchain is included as well. And now... Digitalization proceeded even more with digital asset banks, global exchanges, decentralized finance, security token offerings, non-fungible tokens, central bank digital currencies. So blockchain is now the core technology for this digital financial ecosystem, and this kind of age is right around the corner. Therefore, in this world. Regarding digital assets, we would like to ensure that we develop this new area and become the dominant number one in creating an ecosystem. So we spent 16 years for FinTech 1.0, and now 16 years, we don't have enough time. We can't spend 16 years. We have to spend about two or three years to create the situation. And technological evolution is moving rapidly. Promote the establishment of a global secondary market, not just primary market of ST. So for ST... This is basically real assets such as stocks and bonds that are managed with tokens on the blockchain. And in 2019, May 31st, It became clear that the Financial Instruments and Exchange Act applies to so-called security tokens to which the right to receive revenue distributions is granted through the amended. And we also need to register as a Type 1 financial instruments business in order to conduct sales of security tokens and to handle public offerings. So now this is where we are. So with this as a backdrop, we took immediate measures to establish a self-regulatory organization in 2019 October. I am the chair right now. And most of the major brokers, 12 of them are regular members. And for various fields, we have 47 companies as support measures. So we have a total of 59 members right now. For the issuance market, we don't want something like what happened with initial coin offerings to happen, which was quite fraudulent. We'd like to ensure that people are compliant and are thorough with that. And we would like to create STO business opportunities that are completely compliant with law. And We are currently taking swift action and we are currently endeavoring towards establishing a Singapore-based digital asset exchange with six digital exchanges in Switzerland. We would like to create Osaka in Japan and also in Singapore together with six. And we will start business in 2021, so that would be during this year. And in 2022, we would like to officially commence services. Furthermore, We would invest in a stock exchange group from Germany to create a global digital asset finance ecosystem. They are the second largest securities exchange in Germany. This exchange is going to create Germany's first digital asset exchange. So that is why I decided to invest a stake of 10% right away. And going forward, custody operations will be done together as well. So we are talking about various opportunities right now. Currently. The digital investment company of the Boris Stukart Group includes BlockNux, a crypto asset custodian. Therefore, we are planning to invest into this digital investment company. So we're talking about that right now. So we would like to connect these entities together so that we can create one of the world's largest digital asset exchange corridors. The other day, Signum and its CEO and I had a talk over the phone, and we agreed on this notion. And they were saying that they would like to also enter the U.S., so why not incorporate someone from the U.S.? And we were open to that idea. So next would be the full-fledged challenge to develop new businesses relating to digital assets. First of all. So what I'm endeavoring for is digital asset banking. I want to make a bank, a digital asset bank. So Signum is already the world's first digital asset bank. They have brokerage, tokenization, B2B banking services, asset management, accounts in custody, and a credit offering. All of these services... are being offered in their digital asset business. This is what we would like to make. So together with Cigna, we have engaged in a partnership. We invested 4.95% as of March 2021, and we have established a fund, and we would like to target Southeast Asia. And we would like to invest in promising startups with innovative technologies in the field of enterprise solutions related to financial market infrastructure and DLT, mainly in Southeast Asia and Europe. An asset management independent company from Italy, Asima Group, has been saying that they would like to also participate, so they are likely to participate going forward. We would like to set up the first digital asset bank in Japan, so we would like to prepare... And I'm asking one of our young employees, Mr. Hayato Sato, to become the representative of this entity. So I have already appointed him. Until then, I've been asking him to study hard about this area. So in three phases, we have a strategy to realize this. Next is promising business areas and digital asset-related fields. which are decentralized finance, which is called DeFi, and non-fungible tokens, NFT. And furthermore, this is being talked about a lot these days, and also the central bank digital currency, CBDC, as a matter of course. So this area, we need to enter all of them. For decentralized finance, According to DeFi Pulse, it was about $600 million in April 2020, but now it has went up by 100 times. In order to use DeFi services on the blockchain, this is the assets that are locked in. The reason why DeFi is good is smart contracts, Ethereum-based products have been used for smart contracts. So it's mainly Ethereum-based, but the usage fee, the transaction fee has been surging these days. So if there is an expansion of non-Ethereum-based services, it is likely to expand even more. Compound is famous for lending DeFi. And the crypto assets can be lended and borrowed. And without credit screening, low-cost loans can be offered. However, you need to take collateral that is higher than the loan itself. So the credit creation is not being fulfilled. And also, it is being used for games. And also, distributed markets can be made for ST. ST is one of them. So this is extremely promising. And we would like to engage in various businesses. So NFT is at value to digital content. It is non-fungible tokens. But our company at an early stage has already focused on this. And we have been setting up a company called SBI Art Auction. And we have engaged in a partnership with StartBond to issue a blockchain certificate to successful bidders who wish to receive it. Before people started to talk about M&T, we were already engaging in this business. But people are paying a lot of attention to NFT. There was an art item that was sold for 7.5 billion yen at an auction. For these types of art or for games... When you think about the value of it, sometimes it might be regarded highly at one time, but it's not evaluated that highly. But in order to have the value recognized, When you think about art items, traditional art, it's basically the appraisals that are being done by the experts. And you need to have the appraisal certificates that determine the price of the art. For example, for tea ceremonies, you use the ceramic art. But it's a matter of whether the appraisal certificates... are attached to it. Even if you just claim that someone made it, it still won't make sense. It's a matter of what's written on the box. So it's about approving how genuine our product is. So next is central bank digital currencies. China is the most advanced. Their intention probably is that they want to destruct the U.S. dollar being the key currency. In order to contend against the dollar, central banks, 86% of 65 central banks are conducting some kind of research or study on CBDCs nowadays. And 14% have advanced to the pilot project stage already. And at the Beijing Olympics, China is saying they would like to use it

So on 5th of April, they have carried out POC. And BOJ, they need to make sure that they're not behind this. They will be left behind. So whether it be the government or whether it be BOJ, they're slow in speed. and researches are behind. Therefore, we took the initiative to set up SBI Financial Research Institute. And on April 1st, we have established this as an incorporated university. And so this institute will conduct surveys, researches, and policy proposals for digital assets. So fourthly, we will expand group assets under management from current $4.4 trillion to more than $10 trillion by March 2025 at the latest. So it's 4.43 trillion. We want to increase to 10 trillion. In order to do this, we need to do M&As. And in terms of SBI group management assets, One is venture capital. At a very early stage, we have been investing in IT and bio because we believe that this was the core sector of 21st century. In 20th century, it was home electronics and automobile. We believe that these are the industry's growth sectors of 21st century, so we have decided that we will focus our investment in these areas, and that's what we have been doing until... until today, and we have invested in a cumulative of 995 companies, and altogether 120 have exited through IPO or M&A, so 170. So that's 17.1% of investee companies. You may think that's not a big deal, but it's not about how much money we made. This is a number of companies that went to the market, which is very meaningful because the true investment management capabilities is represented in things like this. So in 2022, we have said that we will do, at least 28 will do IPO. And last year, it was 22. And in addition to that, we have planned IPO schedule, investing companies of fintech funds and SBI blockchain funds, between April and December 2022, 42 and 23, and 34, 24. So 2024. This is an enormous amount of companies. And we hope that this will continue to grow. Furthermore, There are many companies that have exited because of strong performance, and they have paid out dividends, and they have been paying back the investors. And because they have performed well, more are willing to invest for them more, so that is why we have new funds. And so we have SBI 4 plus 5 fund, which is $100 billion. We have institutional investors, business corporations, regional financial institutions. They have all participated. This is also a great thing because this is open alliance as well. We join hands with different companies and we put in our best to improve the performance so that we can make everyone happy and content. CBC Funds. is now $95 billion in terms of total commitment amount. We started in 2016 June and today, and our aim was $100 billion, and we're almost nearly achieving that goal. And SPAC, S-P-A-C. I don't want to say I'm somewhat perplexed, but this situation in the United States with SVACs is quite amazing. And there are different companies that we invest in in the U.S., and there's great value to it if what's being said is true. Because we make significant investment, And there were four, so I would say total six that have possibility of potentially becoming SBAC or has ability to do it. And six, if you... The total amount, I guess you multiply the stake we hold, and if we're able to sell it off at that price, if you look at the value estimate, it would be about $50 billion. That would be the amount we will make money. And I was telling Kawashima, are we really okay with this? But that's how the new trend in SBAC is. So our business is bringing Japanese companies to the U.S., and we're preparing for that. And we have group companies, which can also be brought to the U.S. market with SPAC. So in other words, if you look at our stake in it, shareholdings in it, 73% is comprised by foreign shareholders and institutional investors. And the foreign investors, when I speak like this, they really appreciate it, and that's why they buy our stocks. So maybe it might be quicker if we just did SBC abroad, outside of Japan. If the Japanese investors don't understand, what can you do? So that's sort of the judgment we will probably render. And secondly, the asset management business. This is something we really need to put our efforts in. In order to increase this, we are collaborating with different promising leading asset managers abroad, and we are trying to increase the assets we are managing from the regional financial institutions. So first of all, there's a tremendous opportunity to expand AUM from regional financial institutions. So first of all, if you look at even the story of Governor of VOJ, the prices have not increased even last 10 years. We continue to see negative interest rates, and they continue to implement accommodated policies. If that's the case, then we will see a decrease in core business earnings due to this continuous negative interest rate. and also the balance in securities investment of regional financial institutions. This is end of February, $12.8 trillion, among which... There's $85 trillion, which is managed by low-yield Japanese yen bonds. What's worse is that about 40%, so about $15 trillion of the JGBs and municipal bonds held by regional financial institutions will be redeemed by 2022. And we probably need to work on it so that we can probably capture almost everything. So Kawashima, Takamura, Asakura, these are the three best of the players in our company. I said, I will do the diplomacy work. So you and Go sales, I'm not blowing horns. I think I have great capability to market. But we need to go grab this opportunity. And we need to do this for the sake of the regional financial institutions. And also, we need to think about global asset allocation, which means that we need global talents. So if we do an M&A and there's non-Japanese there, we need to continue to utilize those talents. Even if we don't do M&A, we need to gather and attract non-Japanese talents. And Corda and Apple. When the Corda price went up. I think it was about four times a year from Saudi, from Kuwait, from Abu Dhabi, Dubai, from these Arab states. I mean, those are the countries I visited in this hot, hot weather. And what you see is the top is Arabians, but actually people who are actually working at the working level are all Caucasians. So that's the situation. Even if you look at sovereign fund in Korea, I believe the top was non-Korean. So those are the talents. Like I said about financial talents, we really need to invent those talents by ourselves. And in terms of SBI Asset Management Group, it's managing assets of 94 regional financial institutions. So 53 in regional banks, 19 of Shinking and Shinkumi, and then 22 JE and others. So this is the situation. those who are already asking us to manage their assets. It's approximately 1.9 trillion yen, among which about 30 percent already have capital in business lines with us, and then there's about 70 that have not. And now, SBI Regional Organizations' asset management has exceeded 830 billion for the last two years. And if you look at SPI Asset Management Group's annual inflow of privately placed investment trusts exceed $1.1 trillion, we're ranked fourth among the 89 asset managers. So you rank with PIMCO, BlackRock Japan, Mitsui, Simitom, TA, and then it's us. And if you look at SBI Bond Investment Management, we co-founded with PIMCO. The inception was March 2016. We started with SBI PIMCO Japan Better Income Fund. I said it should be called Better Income Fund, Better In. I told that to Asakura. And in 2021, it's 1.052 trillion yen. And Vanguard. My next was working with Vanguard. It was not doing well. And Vanguard said, Japan's no good. And we said, no, no, no. And Asakura negotiated, and we have been able to establish this joint fund with Vanguard. And now the net asset is 183 billion yen today. And this will continue to increase, we know. And Yukidharma series, so like the Yukidharma, the snowman, it will continue to increase, and it's now 35.5 billion today. So we will continue to utilize M&A and increase AUM from 2.9 trillion today for the more to 10 trillion yen in the future. The reason why Acquire reels is because of their strong investment management capabilities. Today, their AUM is 960 billion, nearly 100 trillion yen. I'm sorry, $1 trillion soon. And the overseas financial business further enhanced its business space largely centered around overseas banks and security houses and promoted efficient arbitrage by taking advantage of interest rate differences and fluctuations in exchange rates. So, for example, this is Cambodia. And Cambodia's first CGIF, so it's an ADB trust fund, and it's also rated AA by S&P. It's called SBI Royal Securities, and we have multiple guaranteed list corporate bonds projects, and we'll bring this to Japan. And there's quite a bit of products that yield about 5% or so. So these are the things we want to be proactive to acquire, and we will encourage regional banks to also purchase these. This is managed by U.S. dollars. This is the network we have built in Southeast Asia. So this is Southeast Asia Financial Institution Network, and you can see we have built a significant network in different formats. And this is expected to expand in the digital world. The other day in Thailand, I met with a top class Thai bank CEO, and we talked about how we want to do digital together. He said he wanted to do digital with me. So I said, sure, let's do it.