[ Gentle music plays ] So these are the key players today in terms of service providers, so this group which provide the service in the platform. So what is interesting you see that maybe just an information, so I started to work at this company then I worked at this company and now I work at another company which I think I will show in other slides. I put them as an enabler, but you see the whole market really started way I mean it's not a old market and the most companies were set up around this period okay and yeah today there's about 30 to 40 service provided in the market like for example this one is the one I mentioned before they're based in South Africa. There are some of them they are regional like for example this one is based in Mexico they're looking at the Mexican market. They are mainly focusing on European markets, so you have different regional players. Then you have different players in terms of solutions, so for example these ones Taulia, C2FO where I showed yesterday the screenshots of the platform. They are mainly focusing on dynamic discounting, while PrimeRevenue is mainly focusing on approved payables financing. So there there are different players around. Today I would say the biggest ones with the market share is definitely PrimeRevenue, Taulia to some extent, SAP Ariba to some extent and that's about it. All the other ones and just to give you some idea because we spoke a lot about that the risk of funding like banks could get out of business, but these companies most cases they have maximum about 150 employees, so these are small companies, they also represent the risk of getting out of business and some of them saw that in the past. So it's not just a risk of funding, there's a risk of this companies because they're all trying to to increase market share, to increase valuation but it's more difficult than expected. Maybe what is maybe I want to say what is interesting is all these companies they are not acting, of course, alone okay. Like for example C2FO they provide dynamic discounting. I guess a program which is self-funded by the buyer. Now they just recently set up a relationship or a partnership with Citibank where Citibank for them it doesn't make sense when the buyer wants to sell fund because Citibank is there to fund, correct? So it's why they have a partnership when one of their clients wants to also then use a third-party funder Citibank or when Citibank has a client where some of the cash they want to use to self-fund, so they work together. Like to give you an idea PrimeRevenue they have about today I think about 55 banks on the platform [Voice: Around the world?] Around the world yeah I mean I think yeah in Asia, in Europe, in America, in South America so a lot of banks. Propell they use the platform from from PrimeRevenue, eFactor use the platform from from PrimeRevenue. They have African banks on the platform. So Orbian they have a relationship with Sumitomo Bank SMBC Sumitomo Bank Corporation. So there are there are many many corporations which which are working together many different partnerships and sometimes you have banks that work with Orbian with PrimeRevenue with C2FO with Taulia, so you have a lot of interconnectivity depending on the client and what kind of funding is required. Now in terms of we discussed yesterday you know if you're a bank and you say like," Hey I want to enter into this market," there's like three options. Either you develop your own software. You work with PrimeRevenue you know you just come in say like," Hey I want to to provide funding to this program which you provide for Kellogg's, you have assets I want to to provide funding," or the third options you contact one of these software company and say like," Hey you have a software, I want to buy it and install it on my servers," in my IT environment or some of them are web-based, so these are the different options but these companies the biggest ones are CGI, Misys, Premium Technology is based also in New York. They are providing software where as a bank or as a service provider you can provide supply chain finance solutions [Voice: Muffled] exactly [Voice: Usually they they have a partnership with them] yeah so so the question was if they if they develop their own software [Voice: None of the provider] correct so yesterday I explained that the banks which have their own solution okay, the large ones are like Citi, J.P. Morgan, BNP Paribas, Deutsche Bank they develop their own solution [Voice: There is law with partnership with some technology provider?] I don't know, probably in some cases probably not, but they also work they have their own platform but when a client says like if you have Kellogg's here and say like you know what I don't want to have your platform, I want to have this platform so you can join so they also work with they have their own platform so it's it's a mixed, but you're right most of them work with a company like this where they don't have to install and work with their legacy systems or they work in partnership with technology because they don't want to be in the technology business, correct? They don't have the skills and they don't want their their skill set is funding, taking credit risk not not providing coding software, yes and most of these systems they are not only doing supply chain finance they also doing like CGI provides a whole kind of suite of financing solutions in trade finance okay. So it's not only purely supply chain finance.
