Lesaka (LSAK)

Dhruv Chopra Head of Investor Relations
Herman Kotze CEO and CFO
David Koning Baird
Allen Klee Sidoti
Call transcript
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Good day, ladies and gentlemen, and welcome to the Net 1 Second Quarter 2018 Results Conference. All participants are currently in listen-only mode. And there will be an opportunity for you to ask questions later during the conference. [Operator Instructions] Please also note that this call is being recorded. I would now like to turn the conference over to Dhruv Chopra. ahead. go Please

Dhruv Chopra

Welcome earnings Chris. is our quarter second CEO, Thank With everyone me XXXX call. Kotze. today on fiscal Herman you, to the our call

available and Our Form ir.netX.com. supplementary on our financial press Investor XX-Q presentation release, website, Relations are

this in reminder, will we and the XX-Q our and press during forward-looking at the risks be to regarding associated statements. ask release you As look certain with and cautionary statements call, a making I language forward-looking uncertainties contained Form

this will non-GAAP a comparable we certain the financial during using addition, provided In directly have measures call, reconciliation non-GAAP be GAAP most and measures we measures. these of to

our We in African trends analyze press rand, rands business. will to measure. understanding South of operations We our in our non-GAAP our discuss which results the is and in underlying release assist results in investors a of XX-Q our

results company's the rand. significantly the U.S. know, and by between the dollar you can South African currency fluctuations be As affected

Herman, we let I let following remarks, Before over sensitivities, that, you given about answer be any the SASSA the With have over we our call questions question will that CPS. or section prepared taking current turn hand Herman. and remind me not a will me the to call to while

Herman Kotze

morning Good our to Dhruv. you, shareholders. Thank of all

Bank to with We acceleration forefront have XXXX offering initiatives South actions. technology. our our The have past and EPE inclusion Meanwhile, XXXX. observed solution accelerates the developments fruit in in at blockchain continued we ability an a the to starting blockchain our are early core core offline our of result of our establishment at press late quarter biometric a and department UEPS exciting of and Frick Africa financial forward to bear over a as number reposition of of

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we X% million, X% revenue rand. XXXX, $XXX was African reported QX, which down of For and in in dollars South

ad While fewer including lower Korea. we EasyPay African hardware positive by and as were non-Korean well international South more and financial changes gains prepaid than businesses from processing offset contributions airtime sales transaction as services ATMs these our and businesses, sales, regulatory had hoc in

average of fronts eight quarter, some $X.XX months. a and of actions we performance costs reported XeoHealth fundamental financial also last impacted of events, been view, over on to delivering summarize taken my not as XXXX. quarters six few have which the in a count, per U.S. are earnings the actions true the of past and restructuring we that exogenous managements, the and given the share, what energizes adversely past higher corporate over rate. a currently the effective what in reflect our the number capable November taken increases multiple X, in higher do In result ones To potential a over some We tax share has including inflationary was by sold we

million its accounts capital Masterpayments, of as a U.S. allowance and exit to the sold result European entity incorporated an and focused traditional Last book to had in QX. new for finance detailed non-payment a week, book gearing start on and diligence with doubtful JV process. after remaining will Bank working related [$XX] took now operationally in we XXXX XXXX decided in our this [ph] January customers business due have solution for up of we $X.X January international Frick to the UEPS/EMV million Additionally, opportunities

will developments African discuss the I South in Next our businesses.

bank observed a First, loan demand in book our end previously cost physical our and enrolment as additional had we EPE of have increase QX, immovable during EPE result a our on we By Commensurate the along reacceleration quarter slowed we during QX, the XXX Growth initiative, rolled our account for to meaningful the early also the QX. with salesforce. the begun workstations of of portable saturation growth. infrastructure. with accounts, low out and see our branch in roving in

which on if in we license the required revenue While initiation, rapid to profitability One pressures during book oversee as us the a of QX, couple our our result manager loans with or loan $X.X am evident the to growth is a that to corresponding cost and have for its will to longer which being statutory provide court the in manager necessary ago, near of note to business. SmartLife continued in SmartLife it a suspension more once the become QX. despite loan tax also during way a statutory FSB I and slower million quarter QX, in policy this no satisfied years point pre grow lifted $X.XX place. the you additional it operate is our for of with recall, term have pleased us to business. regulatory these was deems share the associated a appointed FSB seasonally a authority

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all the and South and telephony and one make bespoke fits in denominators DNI, common short digital C Cell I through C expand C XXXX. media our DNI allows revolutionary recent our Black, of QX. technology our airtime. of C [ph] Cell early distribution disruptive to as have product progress the made C of of options As adoption customer synergies. are our our products overlapping closed distribution of to us our with We anticipated characteristics mask can businesses, ready we which has offer a during good in them we to realization SIM channels. towards delivery African well mentioned and previously, card of August mainly payment Cell time, into as content and using infrastructure products transaction further offering now batch to simplified commence cards to including This directly launched period various payment our businesses leverage flexible believe market. of we also a Cell In the pervasive first Cell mobile investment SIM

will starting We customers later be post also handling month. paid C’s Cell collections for this EFT their

roll as and scale. products our that operational ahead Lastly and pilot roll large product for value platform. lifestyle based progress happy business customer of December, budget provides it the of and Micro-jobbing we and launched the of in on the therefore are with to we the we bundled new efficiency DNI new extremely with a such out are the out it feedback continues demand this product the trade we made the to real ensure treating component well revolutionary currently of when on

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companies driven requirements pressure Korea, pricing elimination authentication the result a certain to remain in low-value QX of continue pressure of to regulatory under the KSNET transactions. and as the also as a value van result was for harsh referred. and quarter for due Lastly, volume elimination just was being impacted a of of winter weak a particularly low that I transactions seasonally including lower

core to regulatory they be decline growing for and end only of a of but the this banking will more KSNETs of revenue KSNET we growth should QX operating currently largely and be modest new to band To clarity calendar return XX% single to able affect in These accounts felt van KSNET these through continue overall. to and sequential provide there improvement and scale calendar the the digits after and services believe expect of as further for business we services our showing good income While XXXX, issues mid gateway revenue approximately traction. impact be will year. payment we meaningful

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transacting are by applications the to eager ensure of we and who We an uninterrupted established of infrastructure our to the are of engagement doing CPS necessary. will with conclude all and grants utmost orderly rural grant the engage transitional when and terminates. with as on services this capabilities providing multiple to SASSA remains cooperate we these us technology to distribution payment for choose and respond in are with to SASSA remote The stakeholders areas that there our pursue capable To process. best uniquely notice beyond motion

opportunities management year. to to effective team look forward investor performance number also day As introducing will a back the circle always to of financial more York forward now shareholders many delighted the opportunity March in we course guidance monitor at Net look New him over as and am our closing with We Dhruv shareholders. myself to will over welcoming the provide new and Officer in December. including to inaugural meet opening our of the Chief will our and remarks for be Q&A. Smith updates detail before the then to Dhruv? X provide the shareholders continue up and metrics in it appreciated more X and go I XXXX. Alex The Financial to progress our in our I to

Dhruv Chopra

Thank will XXXX you, and key operating I quarter year-ago. discuss the a Herman. within the results trends our for of compared to second segments

For to dollars XX.XX results X%. strengthened compared QX to XXXX, and cross in rate QX the dollar. our a currency. XX.XX ZAR recent impacted constant exchange ZAR rand/dollar approximately year-over-year to rand/dollar ZAR of to and was which continue average around down positively year-ago, in has the to X% be X% dollar based was in million volatile a Revenue U.S. XX significantly $XXX by weeks dollar XXXX in The

earnings of XXXX by result the XXXX. decreased QX XXXX, as higher share in year was X% count fundamental by share X.X million our relative XX.X shares QX a million fully Our largely QX per of for of last to diluted late in repurchase partially sale and X% X than shares, approximately million offset XXXX shares QX the

and our an in inter-segment results distributed. segment South In modest increase dollar ATMs, African the social quarterly revenue, transaction the margin aforementioned allowance result salary rand, processing were By in currency Operating African number third was in a revenue XXXX, a by $X.X million activities, increased X% of These in basis. receivables the in decreases due due decreased and increases segment from services and by and processing in capital EPE inter-segment to October usage of constant year-over-year reported welfare increases U.S. higher were income purchased charges, primarily offset increase of granted in revenues as employees South of to goods in increase transaction increased the primarily X% our working on to an revenue. a transaction Our increases and finance the impact partially up QX for impacted of million. doubtful annual segment grants $XX parties. of

and was QX respectively. for margin income XX%, operating XXXX and XX% Our XXXX

contributions South We during Africa. The to continue be segment inflationary the XXXX. of mid will the and transaction expect our affected results. XXXX, low International flat on on margin working segment Operating but to South QX by in transaction generated million margin Korea QX, and margins eliminated the revenue regulatory XXXX, basis. was on a our KSNET's due from consolidation, our revenue Segment impacted be African processing during processing range increased by offset rollout in $XX largely XX% processing allowance of have impact South to revenue, in was the a to of receivables, year-over-year Masterpayment changes fiscal segment continued ATMs in X% base million lower and during $X.X XXXX operating Inter-segment were on pressures and activities continue respectively. finance cost are income meaningful to on margin income capital doubtful the by

decline year. to the Korean million, $XX.X margin last XX% XX% while For QX X% from One XXXX KSNET EBITDA in to decline revenue

in XXXX. in fiscal low in of we mid-XXs impact to to in reported adverse an growth to margin results Herman to on Accordingly have continue As in continue stabilize Korean revenue to stated XXXX and expect the to return changes the we EBITDA XXXX. expect regulations impact

entered – they its which face XXXX arrangement January the of purchased, us the an finance value. me the working million at of excuse Frick under into we’ve sorry, remaining $XX capital component Bank Masterpayment purchase, book in European from book, the Regarding accordingly one with second while

and revolving cancelled amounts facilities transaction use We have full, Franc million and and our been the facilities have from €XX these the due the and under proceeds will Bank to settle to XX we us released guarantees. be from – Frick and million overdraft by this be will

resulting basis. loans on from revenue to other increase volumes sales, as primarily increase hoc in services doubtful Operating by of ad by segment as QX, compared value-added during XXXX revenue as a decreased applied our income to and inclusion the in $XX for insurance ZARXX was well partially of well offset and increase financial in Our QX lending an commensurate million finance calendar down million technology an airtimes impacted as prepared Rand, in lower cycle XX% lending allowance last businesses, as book sales, fewer In in and constant million, or increased receivable the XXXX, due terminal a XXXX. the factors our inter-segment US$X.X revenues. was also currency

Our capital approximately to the gross XXXX service lending XXXX. book end compared billion million of comprising out QX, QX, at ZARXXX ZARX.X was at deferred of the end fees of and

to we XX, million the We fiscal services mobile January believe our with along had sustain ATM accounts. and X.X continue infrastructures. growth and will approximately commensurate our expansion branch financial offerings of segment's At EPE

XeoHealth technologies more its purchased which at Our increases life sustain by financial insurance Operating segment, for adoption the decreased to of dominated the segment dollar offset director’s transaction financial margin by earlier. relative parties and of third factors the XX% of our due from goods contributions as discussed expenses to partially January as sold services various of is the was the affected and we've end and to during than modest continues related period, Corporate the will primarily gain each to in and XXXX. million segment services the applied executive U.S. rate momentum have was sale the XXX,XXX products. compensation, of lower fees. the be various the margin continue operating business businesses and SmartLife inclusion in of income impacted and and expenditures, well lower by $X.X related policies The

earnings a South debt interest a offset investment provided on to lower offset African and income its Korean from Korea. JSE, received million $X.X $X.X under by Frick to accounted and our primarily fewer first recognized respectively, and quarter full acquisition higher somewhat however C, million and QX net lower of we of payment $X.X their decreased QX XXXX, fund average in year. after at XXXX during Cell quarter with in listed facility and interest due Finbond used report equity we $X.X of DNI We six XXXX XXXX to QX from in typically investments primarily our million the by is October were $X.X Capital interest million driven income balance expense rate quarter Korea. which results interest include our processing-terminals investments. income cash contributed partially South during Finbond million, result Our decreased and long-term fund South balances as the reported because average And on for our last interest have loan year. fourth lower a for to of is expenditures XXXX to the Bank a months' compared to debt the only side, obtained the

quarterly expect XX, which long-term comprise cash and denominated million, by of were cash December continue cash African lower cash repayments We capital significantly due businesses. our business continue primarily of One denominated of expenditures XX.XX December our and and than The XXXX capital was DNI, Korean group’s in in balances equivalents of our C June and from on U.S. South core our deposits XX, of denominated lending capital offset in amounts Frick, listed South balances other $XX.X $XX.X cash our primarily applicable generated repayment our growth million from XXXX our full, Bank African lending At of cash million in XXXX. all X.X of a book, note, to exchange debt our at by to we utilizing our were balances $X XX.X Rand translated with of and $XX dollar investments approximately and partially XX, currency to XXXX. most activities. of XXXX, arrangements debt, million, unscheduled Cell to Korean balances rate scheduled be euros generated investments operations million and our and Apart reserves primarily from the and fund which million, expenditures our decrease

We our and internal growth and principal to XXXX our interest facilities African fiscal to fund investments. lending majority repay expect our South generated under cash the in of

was million for XXXX rate last XX% QX tax to to XX.X% compared change in $X.X includes Federal year, and related Statutory effective law. Our the U.S.

Our tax significant of the non-deductible working allowance, on to U.S of QX effective changes our statutory African interest income expenditure tax Federal South of valuation majority rate federal the taxable result mainly than $X.X was well doubtful finance million South the the and as expenses African rate allowance impact Law. Tax facility, the provided we the non-deductible to the rate U.S where of future XX% new a as created, These Korea the on expected to including capital at at as receivables income long-term a XX%, in rate impact tax Statutory as XX%. effective related transaction-related in higher and rate Africa changes have laws South high in is is generate with our tax consolidated tax income jurisdictions tax our not the statutory are where but and

XX% rate amount of the range valuation $X.X XXXX to effective the the XX% to continue to allowance be million. of our impact including in the We in for expect

actual share share XX I weighted versus million. XX.X Herman to remarks QX XXXX back inclusion with count shares it share the was open Compared the hand closing QX weighted of higher Q&A. December our XXXX. would we the our in million due XX.X call up Our to QX now was count of X count for million sold for before

Herman Kotze

Dhruv. Thanks,

investments accretive last accounted dilutive per the terms be In equity XXXX quarter remain on partially therefore a Cell fiscal We to guidance basis fundamental but of funding and we earnings, to DNI's XXXX our anticipate at offset combined earnings and for XXXX. be fundamental from expect to our share of from least $X.XX. DNI to by to earnings, reiterate C fiscal our fiscal

in units, ZARXX.XX any no Our share shares XX%. currency of to the business rate constant our guidance disruption XX% a a assumes XX.X of of between of to significant tax base a dollar, million count and key

are we related any the the that take to onset, currency a on we reflect For recent will is mentioned questions take Rand. at the time. this to South Dhruv basis always does clarity of unable gladly guidance constant questions, strengthening is your but SASSA CPS and that African or our not as With


Baird. Our David Instructions] question [Operator first much. very go is you Please Koning from Thank ahead. of

David Koning

by XX%. the the I’m call. which both going financial again? get is Yes. big wondering segments move is growing is mode X% when really of does to part that to declining to taking are needle. about guess all, question both should and guys. both date of what’s catalyst and those those shift those guess my I both for about really which to international back of Hey, I growth here that, growth mode, I to first of of business talk kind be initiatives know the inclusion but segment And what the Thanks of my you that the the key is the Korea

Herman Kotze

Hi, Dave.

near are with that the think initiative is DNI answer the financially in I meaningfully ones short term from either and to view. terms in a product the Most will shortest specifically our required in the a time. of C, that those line Cell tech contribute that to of in or complete are development of the of around South the period inclusion Africa and was bottom point

really already quarters we the of contributing in we significant previous the units are those meaningfully months. that commence higher start up volumes have the definitely we with in QX, in the if sales think that so of look fiscal to our in the already market specific started And see during they contribution all, those in in initiatives. various to significantly place activities And than and have or consolidation show from business specific traction we December focusing those XXXX, specifically QX, but sort were on we group scaling processing will payments that and expect the growth pipeline now at in I the on, second we’ve international got meaningful of

QX. joint The so quite venture I longer you we ramp is opportunity. a scale well to initiative scale that sort to as anticipate we they that so, months up we are significant what significant impact just know during start to sale XX will those of is but seeing sort for those international once a have expect in expect initiatives real of terms And and of before as those course implemented of UEPS concluded and long, XX results, be of cycle the QX do. and systems term

David Koning

And Okay. prepaid get it, point matter? does Good. inclusion meaningless margin then turn is the financial within of I or that and guess of airtime, some – continuing better that I does side is the doesn’t the decline at Thank that maybe to you. guess kind that but and that’s to

Herman Kotze

flattened up. It's

presented Those in the terms anniversary identification biometric first if supplementary as the gross look So on out I during of seen tools. you think a introducing show. we implementations of at of think impact will slide we them. We’ve bottoming I that when introduced well QX

of because obviously So a the impact there’s have things. you’re a product, on impact and of but side got very side an simply -- out airtime things very flattening it’s margin doesn’t right, it is big the margin been on low revenue

the we services I I I – and stabilized we’ll that of impact new see of an now got will small the don’t further in specifically sale forward the introduction we think C, think declines see with uptake planned think products we’ve should Cell margin has and see any prepaid airtime. although going the So, been and with

David Koning

How the quarters? several next just XX changes over working the it’s margins and margin Great. And mix small the or is the months looks as things. finance takes, company, decline? margin small just investments also there’s lift it are a and the profile [ph] quick one puts last other should Masterpayment the over [believing] like I’m next something you of one, this the capital profit dollars, all but revenue wondering thinking the

Herman Kotze

the couple obviously over The ones significant result of the we’re as margin the line. [indiscernible] for know, looking and that margins less the the significant margins. a in the improving about, no you key lowering than And introduction think had and introduction CDM I of to new as also last overall of impact $XX. the the contributor we margin operating regulations on both a at transaction contributors a Well, squeeze experience the quarters. Korea revenue definitely of particularly There the were KSNET spoke bit few KSNET

next book few out we marginal and us. impact anniversary think also I the stabilizes over obviously low quarters. Masterpayment that’s fairly had a The now on

result group costs next So will on months continued of that that removal in conscious business the and improving. over an well an should the management And also overheads attempt the sure and I are active improvement focus controlled make margin. obviously think our the to in of result margins XX the those there’s

ago. couple margins years can So them forward a from where to to see going months next to believe my we I the our XX six get use that for perspective back we


of Allen [Operator go much. ahead. is Instructions] very question Our next you Please Thank Sidoti. from Klee

Allen Klee

Yes. Hello.

of For money going how of the this to us you through just you DNI see how line Cell you time and economics C make potential there? investments and or can walk bit little

Herman Kotze


to in just for put context is XX% obviously C investment Cell it So us.

way the So controlling other on stake combine a three so have significantly is strengths equity we stake. we accounted below account shareholder, we we components. it’s an at even are we not for a strength, all this to got and look do how DNI XX% And hand equity that the DNI relative the in it’s accordingly. and influence of the

So are that up we brings and segment market service. we come products that from to us define missing the believe the C with to Cell ability

look we our market, Everywhere Smart financial when at so, etcetera, the the insurance are our inclusion Life side same EasyPay offering of micro amounts products is in for products and that are And pitched the where pitched specific offering and voice that at, account social and media, a of segment is nature. an are enormous data there these provide combination communication, are need prepaid at capability,

not of ran instantaneous, those products makes offerings our segment. products know on We we months. a and is that ultimate system believe definition so of process pilots the the that the that all market a Our first what those loading the [indiscernible] takes on Cell possible That what we to that market exactly it is although December. want, we to are define in knowledge products the address to to right products it of based assist Cell of C C obviously couple it’s

those, think that be so the in are in next it meaningful way quarter. We in tweaking to a can we launch we position a

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footprint product it entire together in into simply that have. then to synergistic benefits. So we win the is roll with there’s us to of out investment have timeline no sell hands and to into we the getting the that assumption of the us right national DNI and set salesforce real the That getting will out provide

at between and look them you the think I to in C generate $X.XX expect association Cell combined if earnings-per-share. DNI, that all of products So and we $X.XX said by with XXXX we

So would current XXXX period in say talking of earnings per to we expect is not time. share and that per a at share our I – of point them far so contribute earnings our away, quarter we’re between to two three-year a third and that

Allen Klee

Hong then for great. related of more us you business Kong, your And give Okay, just Chinese a an on can little update that?

Herman Kotze


So our group. business part in Hong payments international now TransactXX, the of Kong

business we the have umbrella. relationships well all licenses issuing only of activities, have, the the business licenses comes acquiring founder that’s TXX Kong-based all of is and under acquiring one various issuing and for The consolidated processing. not as leader when all the business but So our Meyer these Hong it e-money Philip as that to international unit and of we CEO now and

is our on the will processing strong lot increase overall payments perform four processing the in which It in when the of I extent, a group. the and quarters ESP which deck, for growing if based really Hong had for there’s a an Union. quite the an that Chinese on seen And had an see been volumes on specifically is where the or area three increase slide think to focus I specifically is we’ve Single European provided which those is we in the there Payment increase areas is the of a areas that that of sort to you then not processing the and some a I activities, spent there’s processing in equivalent is to the the European east the increase well. seasonal look you Chinese of very positive times than processing that introduction magnitude for it we’ve in particular look Bitstamp volumes acronym a where that efforts think really China, of international getting European the exchange, SEPA, you processing it’s see, larger volumes think comes And that On the we’ve just our from terms of expect we during business of deck or debit you’ll in increase course a an so shows processing. others. volumes. based that Kong and during at That’s see we’ve and area to systems business if transactions doing But China time would or been really is

over that So, the of way come all we has are three about that these finally two accumulated or last excited years individual components the together. we’ve

association in through investment as I far what required international think every Bank to have run with in provide as to our concerned. our we now payment, end aspect is that control of issuing to end processing, and Frick, under is all and solution acquiring

Allen Klee

was? can other MobiKwik, country? could ask were one you talked what that, how the think thing, you’ve I Good. else If opportunity something after about And just if just India you me about then I the in that to miss you referring in remind

Dhruv Chopra

is Hi, Allen, this Dhruv.

will into that part products to last ACS start progress country effectively the to obviously made we said brought number of certification group have from fold. receiving we’d terms XX eventually project countries. which deploy a stakeholders in local in for remittances what how then requirement us making was international of that other India. for authentication to look factor identifying card that educated the that requires transactions some second about which which and the progress is are would solution at also and just we UEPS developing So terms next do not India we -- then a within allow And within the and present into for Visa talked days of VCC the beyond We’ve the our remittance a is be in a in

the think that mean, So how talked things market. those we the are we I about. about

the can all to anywhere can India succeed we us in critical we in world. for demonstrate succeed of for First success it’s the group whether

in they the the and help that scale profile And much and country sort The the volume start and with on has to where a as group. of how and thin, we for board product critical model the faster. sizable be so long-term is business partnership it because us generally that we to that’s the MobiKwik second us the across scale very additional margin with is bring is build for the then offerings a game sustainable expand


Our much very Instructions] from [Operator sir. is you Please from next go question University Stephen Thank [ph]. Rossini [ph] ahead. Bank

Unidentified Analyst

Thank you taking very much question. for my

progress to the during of you for team excellent First and quarter. all, management congratulations your

Herman Kotze

Thank you.

Unidentified Analyst

My respect into Frick business, is opportunity around thought I that regime to think hard the its question there outline around to question regulatory bankers about obvious and with many compliance with my the world business the your a Liechtenstein? cryptocurrencies? regulators there? what legal their Bank or you from getting cryptocurrency own limitations but revolves has regulatory them bank describe the held cryptocurrency local Or truly Can bit you unlimited? regime do have on little restriction has regulatory practical And it in back.

Herman Kotze

a think Unfortunately having of gone. they point from view capabilities I long unlimited are regulatory are

that country also in the a is very very quite – dynamic The active active oversights there small, and And and is means so of banking is Liechtenstein which the banking as you rate know very, regulator. banks specifically limited, there quite number sector. in so

that the regulator have world emerging in terms emerge. in of a of very progressive and I how think payment currencies the is do is what trends we across terms

to willing willing importantly is that’s regulated a fully listen Most up engage, have out regulator to we to solution. not. So what come to willing to figure is us and assist doable, what with

at underlying safe the that ICOs I an to do and party. a really that only hacking that’s that exchanges of if place So I that ability we’ve some bank all cryptotrading regulated the the have events for specifically that of cryptoexchanges look seen and these importance is the days fully something these various with can we of the it absolute is think think vital assets. to like things bring requirement taken to with and And a – custodianship

of submitted that underlying that I can and still full have is bring. a debate to to what a very the willing that no Frick that of component Bank we key as that an and accessible it w mercy do is we but is look benefits really regulator to The oversight that’s is think the understand So at instrument matter to we is what at is regulator, critical the that and application whatever said have listen is. any thing


with you disconnect very you for no conclude conference. Thank we further us and your you today’s now we And Ladies gentlemen, joining that Thank questions. lines. have sir. will may and much