morg

Fortune 500

Get insights into morg including business profile, stock information, news, and rankings from Fortune.

morg (FD): Company Profile, Stock Price, News, Rankings

legacy

Companies

morg | Fortune

morg (FD): Company Profile, Stock Price, News, Rankings | Fortune

Gabe Stengel studied computer science at Princeton and started his career as an investment banking analyst at Lazard. Then he did something a lot of bankers think about but never do: he quit at 23 to build the AI that would automate his old job. After 30 VC passes and two grueling years, his company Rogo just raised $160 million at a $2 billion valuation, and 35,000 bankers at firms like JPMorgan, Bank of America, and his former employer Lazard now use it. Fortune's Allie Garfinkle sits down with Gabe to talk about the future of M&A, why some Wall Street workflows will never need a human again, and what AI means for the next generation of investment bankers.

The $2B AI tool automating Wall Street | Term Sheet

Tech

Fortune 500 firms have touted their AI ambitions for more than a decade—and most ramped up those claims dramatically after the 2022 rollout of ChatGPT.  But the reality is that, so far, few global companies have much to show for their AI investments. MIT estimates that 95% of AI pilots miss their targets. Morgan Stanley warns that investors are pricing in gains few firms can deliver. Research from McKinsey and the World Economic Forum points to brittle data systems and tangled operations as choke points. A handful of companies seem to be breaking through those obstacles. What's their secret?

The Execution Gap

Conferences

As global power dynamics shift and capital flows are reshaped, the world’s leading investors and institutions are rethinking how and where value is created — from trade and macro forces to evolving client priorities across Asia and beyond. What defines leadership in wealth today and who’s best positioned to shape the next era of global finance? Join these financial titans for a high-level look at how strategies are evolving across institutional portfolios, private wealth, and emerging markets. 

The New Rules of Wealth

Mary Suhaan, thank you both so much for joining us here today, um. I'm very aware that as we're talking, uh, there's the headlines that are out there right now have to do with trade talks between Trump and Xi and a bunch of deals that the US has just concluded in Southeast Asia and in Susan's home market, um. This just stresses how much in some ways the geopolitical and the economic order have changed in the past year, and I'm just curious to know each of you has a responsibility over over both institutional and individual wealth. How has all the flux of the past year, how have you managed it? How have you kind of surfed those waters? So let's just put things in context. Do you know how much trade outside the US is of global trade? Trade outside the US, not off the top of my head. 89%. OK. So TOTUS, that's trade outside the US in DBS we call it COTUS as opposed to POTUS. Um, so trade outside the US is 89%, um, and it behooves all people who have supply chains, that's most companies, to look at how they diversify the supply chain. It used to be China plus. One, now it's China plus N because you know, your plus one could also have tariffs and it will still have a high cost of supply. So it's China plus N, which inevitably adds costs. So then in the past, the supply chain was always cost optimized for the most efficient supply chain. Today you are diversified to be just in case rather than just in time. So that does that cost and friction, um, but it also reduces dependency. So that's your supply chain on the upstream. Then the pardon me for interrupting, but that's for you running Southeast Asia's largest bank. This is creating opportunities for investments, for new relationships for ways for you to be involved in paving the way for this kind of capital. Absolutely it's creating trade networks that previously did not exist or it existed, but it was nascent. So for example, as we're in Saudi Arabia between the GCC and the and, and, and Asia, between between China and, and, and Saudi. Uh, Indonesia, Southeast Asia, the, the, the trade and within intraregional trade within ASEAN countries as well, it's gonna go up and it's already going up, uh, and it's so, so how do you fund this because if it's intra-regional trade or it's GCC to to China, for example, um, is there an alternative payment mode other than say just purely relying on the US dollar, for example, other currencies, etc. that can help to, to, to, to, to pay for, for these supply. chains. Then on the demand side, it's also looking at new demand growth areas. In the past there was a strong reliance on the US, uh, and now with Asia growing, uh, with, um, the Middle East growing, with the global South growing, the global South connectivity, the Asia to to to Middle East, Europe to Asia, etc. the trade outside the US, certainly on demand side, I think will grow, uh, and that's where a lot of energies are being focused. That's interesting. So Mary, from your perspective in private wealth management and this what the TOTUS opportunity if you want if you want to call it that, um how's that affecting the way that you and your team? Well, you know, first of all, it's so great to be here in the region and just as Cusson said, this is, this is a time for all of us to be rethinking whether we're properly diversified in our own asset allocation, whether you're a sovereign wealth fund or an individual, you tend to have home country bias. Uh, how do you think about that in today's changing. World order ever changing world order, uh, and we're here in this region, uh, today is a great example of the opportunities that are abound. We just celebrated our 90th anniversary here in Saudi Arabia as JP Morgan and um it was quite a momentous occasion last night. We we just also announced that um Saudi Arabia is going to be the headquarters for our entire Middle Eastern uh efforts here, and there are so many things happening in here in Asia. headed to uh headed uh to her neck of the woods um later this week and to think about making sure that you're seeing the opportunities that are that are that are exist everywhere and you know um when we think about and I'm sure we'll talk about AI and and the like, but the all of the evolutions that are happening from a techno technological standpoint are levelizing the playing field for everyone to have a new opportunity to think about what's next and so that's why flows of. Capital are moving as such um, people are thinking about where it is that they can allocate to both protect their assets as well as have appreciation and of course making sure that you are strategically protecting your assets you know we talk a lot about making sure that you have resiliency in your portfolio that you're stress testing. There's a lot of assets that have obviously had a lot of appreciation. Are you ready for a correction if it happens? We're due for a correction at some point. It doesn't mean it's imminent. It just means you have to be ready for it. It's like any good. Management strategy. Are you prepared if something goes down 5, 1015, 20%? Can you survive for how long? Will it give you an opportunity to reset? Do you have cash in your portfolio to take advantage of it when it does happen rather than just sitting there and watching it? And so those are the kind of things that, you know, we're all spending time focused on and doing that while looking at the opportunities that are abound around the world and thinking about you just heard the panel here of the new airlines that was launched, there's there's opportunities everywhere. Yeah, and the broader the base of those opportunities, the more you're cushioned against the impact of any kind of individual correction that happens somewhere on the subject of AI, one question that Fortune is probably visiting editorially at least 3 times a day is AI bubble or no AI bubble. In the S&P 500, which is of course just one part of the global markets, a very high percentage of the gains in the last few years have come from AI and AI adjacent stocks. Morgan Stanley report said it was something like 75% since 2022. Um, from your point of view, uh respective points of view, is there, is there an overconcentration in certain AI stocks at the expense of diversification, and is that a risk? Well, if you look at the Asia like Japan multiples, you know, we're at 12 to 14 times. I think the US marries in the high 20, 30s, AI, you know, uh, uh, astronomical, um, so there is some, there is an AI arbitrage, I guess between Asia and the US, um, and, um, thank God the US market is open so global clients can participate in, in, in, in the US market and And, and take advantage of the momentum there. Um, but, um, I think by and large, whether it's AI stocks, tech stocks, hardware, software. Um, Asia still trades for the discount to, to, to the US, um, and, um, the, the Asian use cases are maybe a little bit more pragmatic, so rather than large language models, you have small language models, you have more use case driven outcomes, and you also have a blend of hardware and software, right? So whether it's robotics, drones, They in China, they call it the low flying economy, uh, biotech, etc. Look, I mean, US and Silicon Valley is the hub of innovation and everybody's super inspired by, by what's going on in the US, um, and, um, Asia with a large population and a very big stem graduate cohort in India, China. Uh, uh, uh, etc. naturally means there will be a lot of innovation and energy and, and, and, and, and startup activity. So I would say, you know, has a global view rather than a kind of um regional view and and look at some of the growth opportunities. I mean, in time to come, I hope East West tech becomes interoperable right now it seems to be a little bit bifurcated. If you will, but um maybe this is the case for somewhere like Singapore being the Switzerland or the east, perhaps to try and make, you know, both sides more interoperable, um, and have your IP set somewhere safe, um, but obviously, you know, with, with the PDPA and and data security and what have you, um, to then bring the best of East and West AI together. I, I think that's exactly right, and I think you asked the question better. Than anyone that's asked it recently just to be, to be truthful because everyone says, is there an AI bubble. That's like saying, is there a computer bubble. That's a crazy question. That's not like, no, there's not an AI bubble. AI has not even been deployed anywhere to the extent that it will be. Less than 10% of companies actually say that it's embedded in the services and the products that they deliver today. There's an enormous amount of opportunity. But what you ask is, are AI stocks having a little too much concentration? Of course, like some do, some don't, some you're trying, you're trying to extrapolate multiples out into the future of something that's only 3 years old from the mass general population. AI has been around for a lot longer than that, but how do you think about it in terms of everyday use, in terms of companies taking away the no joy work to be able to to make workers more efficient, to think of entire. Fairly new ways to run your company and, and so first there's the stages of just like AIing the processes that nobody likes getting rid of the no joy work, but then there's the when you really have time, you step back and you rip apart the whole thing and you say why did we even do it this way? Why did we move something from A to B to C to D? We don't even need to do things that way. That's when you're going to see the power of AI drop to the bottom line of all these companies, and that's going to be the massive. Uplift. That's why you're saying the multiples are the way they are. And the question is how fast will we grow into those multiples. It's not that the multiples are wrong, they will eventually be right. They may not be right for every company, but they, yeah, do they reflect 2026 reality or 2036 reality exactly. That's a great way of framing it too. Speaking of AI change in the way these all these other companies work, I'm curious to know from each of you what are you doing now with AI that's in your own work as a leader and as an executive. Well, um, it's, it's, you know, I think people learn best by doing, right? Don't you agree that. And so it's just letting 1000 flowers bloom, right? So for us, the kind of inch deep mild wide horizontal use cases we call the DBS GPT. That all that come from the entrepreneurship. Then everyone tested and it sort of lots of different use cases on the horizontal use case, whether it's just getting policies um summarized and made simpler for people to understand, to helping walking customers or, or, or, or, you know, horizontal uh use cases, then you've got the vertical use cases which are a little bit more specialized and needs a lot more work and, and, and um um vertical insights, whether it could be AML KYC, it could be. Uh, creating pitch books for investment banking, it could be a wealth co-pilot, um, it could be ESG questionnaires answering ESG questions, etc. so or credit dossiers, writing credit memos and getting rid of the no joy work that she's, yeah, yeah, absolutely. So the mundane no joy work as, as, as Mary rightly points out, um, should really save people a lot of time for them to then engage clients more, uh, and do, do more meaningful work. Yeah, but AI, you know, AI is, look, if you're not frustrated. using AI in your company, then you're nowhere near where you should be, and your entire teams need to be highly frustrated with it not moving as fast as your brain is trying to think about it, and that means you have the curious worker who's going to take you to the next generation. And so we talk about the entrepreneurreneurs that we're meeting and the people that are on the forefront of this and so you can just see it in the companies that you interview, the management teams who get it, the management teams who don't. How do you think about that? JPMorgan invests $18 billion a year in technology, of which a large portion of it comes. Uh, into play when we think about optimizing the way we do everything from protecting our clients from cyber and the like, uh, to just making, uh, processes and procedures much better. But we, we talk about AI as an investment, you know, really the world needs investments in all of these things, and we had talked a little bit about security, resiliency, you know, making sure JPMorgan announced 1 trillion.5 dollars of investments back into the security and resiliency initiative that we've launched. We're going to make our first investment public this morning, New York time. Where we're thinking about helping in the defense sector, there are, there are parts of what we do when we think about how we help us and our allied countries that are 100% outsourced to China and Russia right now in terms of the core minerals and materials that are required, that just can't be. How did that happen? And so leaning in and making sure that we're all doing our part to make sure that those investments are in the right places around the world. Um, and that we're investing in technology in, in security and resilience, domestic manufacturing, you know, all things on the technology front to make sure that the world is getting to a better place, a big deal, uh, the I saw a great quote actually, well, not to pat ourselves on the back, but a great quote in a Fortune article from Susan when you began your tenure as CEO this March, and you mentioned to your staff, you know, you better buckle up. It's going to be a volatile year. Since then, 7 months since then, you know, looking back at those 7 months. What's gone better than you thought? What's gone worse than expected. And if you maybe 30 seconds for an answer. Well, the markets have been volatile, but what's gone better than I thought? Well, obviously the equity markets, they've all ratcheted they came down on April 2nd, and then they've all gone up to new heights. That's been gone better than I expected. But interest rate volatility, which you don't look at certainly in Asia, we've had 400% interest rate volatility in some of the key rates, crazy, um, and so that's been, um, you know, that's taken us by surprise, honestly, so we were, you know, right to buckle up and, and when you get these kind of, you know, large moves. Hedge yourself, right? So we were able to capture some of these hedges when it happened and it can go both ways. And so that, you know, in volatility lies opportunity. Hedge yourself, be ready for the volatility, but don't be afraid. You're talking about people that are making very long term investment decisions. Get yourself. Ready for the revolution that we're in the middle of. It's exciting. It's happening globally. Don't miss it. Don't miss it. And especially if you have the, if you can put a cushion that gives you a backstop while you take risks, then the greater rewards you got it. That's a great note to end on. We're so very grateful to have you both here and so grateful to our audience for to you for their time and for yours. So thank you so much. So exciting to be here. Thank you.

From Asia to Africa and the Middle East, bold innovators and visionary leaders are unlocking the next wave of global expansion across emerging markets. Hear from changemakers leveraging financial innovation, digitized supply chains, and global trade networks to accelerate growth. They share a common conviction: the next decade’s economic leap will come from regions often overlooked, and technology, capital, and infrastructure will determine who leads.

Fast Tracking Growth in Emerging Markets

Welcome. All right, well, we're here to talk about emerging markets, and I think it's only appropriate that we start with you, Mohammed. Um, we're here in Saudi Arabia, obviously, and you have a startup that has been named by LinkedIn as one of the most successful startups, multiple years in a row. Um, tell us a little bit about your company and what is it about starting it here that made it so successful? Yeah, absolutely. It's a pleasure to be here. Um, our company called Silk with a Q, which is inspired by the Silk Road, and the idea here is to integrate a global network with the marketplaces within local markets. And we were one of the early that built a local B2B marketplace that helped. Manufacture and marginalized SMEs businesses that's called SAI. And what excites us about this is when we look at the big the problem in terms of financial exclusion in emerging markets almost kind of 5.7 trillion so we focus on building the first layer of commerce and we chose Saudi because there are tons of tailwinds when it comes to e-invoicing, Vision 2030, Expo that is magnetic to a lot of supplier manufacturer. So we thought one of the biggest question we ask ourselves, we talked to our community is why now, and I think it's the best time to build here in Riyadh. So that is why we started and why we think why now is critical for us to build that new trade layer. That is fully integrated to the local market and has that liquidity to make it scale and grow beyond limits. Yeah, and Muni, I know that you had a big announcement recently that JPMorgan was investing an additional $30 million into your business Bidvest. That's a huge deal for any entrepreneur. Tell us how that relationship came about. Did they find you? Did you find them? Um, thank you. So, so JP Morgan has been a long-term investor, um, in Midwest. Uh, we're listed on the Johannesburg Stock Exchange, and in fact, more than 50% of our shareholders are offshore. Um, so we've got a fantastic offshore interest in South Africa and offshore interest in the group, and that's been Fantastic. And, and they're long term shareholders and it's not just them. Westwood, that's based in Boston is a big shareholder, Lazard Asset Management is a big shareholder. Um, so we do have a number of your more large asset managers that see value, that are happy with the return and that are happy with the growth story um of the best. Fantastic. And let's see, one of your, um, roles now is to bring more investment into Bangladesh. I wonder how's it going and what's your pitch? What's the elevator pitch? Well, elevator pitch, I'm not sure can stick. I just want to take a step back and And zoom out. This morning we heard about tectonic shifts and changes in the global order. The IMF released a report last week that showed the global uncertainty, according to their index, is twice as high as the most recent peak during COVID and 4 or 5 times as high as a decade ago. Um, and there are various components to that was the deglobalization. Uh, digitalization, decarbonization, demographics, um, uh, with all of these, what do we do as a country? We look at what our natural national endowments are and how can we lean into these global vectors of change. For us, um, it's really our people. We are probably, well, we are certainly the most densely populated country in the world, 175 million people. Um, a third of the size of Thailand, but the population of Russia and Canada combined. Young people 25 years of age or so. So in terms of how we may recognize that here in Saudi Arabia, uh, our crude oil. is our young people, but we need refineries so that we're able to find applications for various grades of skills and education. So that is really the place where we need to invest and that's also the resource that we are willing to share with the rest of the world because the rest of the world by and large is aging. I can tell you later how we're actually doing it, but I'll stop there. Well, Mohammed, speaking of, you know, successful founders and startup culture, what do you think differentiates a successful founder in this part of the world versus maybe in Silicon Valley or some other capital? Well, I think founders globally are kind of consistent in terms of being obsessed with the problem and uh solving something that is big and aspiring. I think when it comes to different geography, it's about understanding localization, innovation according to the market, to the norm, and to the tradition. But what unify entrepreneur globally is going after massive daring market. When you look at, for example, in Saudi. 90% of the businesses in Saudi are SMEs, yet they receive only 9% of the lending from the bank. So it's a massive kind of gap, and the challenges goes greater when you go to other emerging markets. So it's a massive market been lingering for decades. So we think that's what excites talent, what excites community to go build around that. So, I think one is tackling bigger problem, tackling something that daring that cultivate the culture. And then I think what differentiates here, I think it's a younger generation and you speaking to a lot of investors. We have backers from globally, Peter Thiel fund and others, and we have local funds like PIF investing in us. I think one of the key elements here is there are tons of tailwinds. You see open banking happens, so you have that full transparency. You have e-invoicing that has been adopted by all. So a lot of kind of capability make that infrastructure fragile. So you have young generation. Big disrupted kind of market, massive tailwind and a massive appetite from a global investor. So, I think just understanding the problem. Being obsessed with them and kind of learn from a global kind of landscape, but apply innovation to solve local problems. Differently sure and Mpumi, when you're looking at different we were talking about um you know a company that you've invested in that does uh the you know things in restrooms like the soap dispensers and the paper towels um what are you looking for in terms of this is a business I think can grow this is something I wanna be involved with. Yeah, so I mean our philosophy is around business models that fit a particular criteria, right? So we're looking for businesses that are asset light. We're looking for businesses that have recurring income. We're looking for businesses that are inherently defensive in their nature. So we watch a lot around how those businesses um perform through COVID, how did they perform through a financial crisis, etc. so that we can assess the extent of the defensiveness. Uh, and then we've got financial metrics that we're looking for. So we're looking for high margin, high return, high cash generated businesses. That's, that's generally what we're looking for. Um, and so at the moment, um, 30% of our operations are outside of South Africa. We're building a large global hygiene business. Uh, we're #2 in the world at the moment. Um, and so we're looking for those types of, types of assets, um, to consolidate kind of globally. But more importantly, outside of the business model, we're looking for the best management teams in the world because ultimately, how You run a successful business is through people. And so even in our due diligence process, even if we take all the other metrics, if we don't take the people one, we will walk away. So we acquire the best management teams who happen to do what we do. Yeah. Speaking of people, I know that you've said that sometimes people will leave your company, but then they come right back and to, to talk a little bit about creating a culture that people want to come back to you. Yeah, I think not only to live and come back, but when we started, I think Si we said how can we create a wave that people live and build company, build ecosystem, find, and when you go to a bigger problem, there are a lot of nuances can be built around that kind of ecosystem. So we have an ESO with a lot of our employees who have they have an equity within the within the company, giving them that exit and capability to go build their own company. So we take a ride and actually creating that an alumni network. A lot of people actually come in as a potential entrepreneur. So we think they're gonna come through that curve, learn, understand how to apply it and have that capability to go. So within that ESO we're giving them that segue to go build bigger impact. So that is the focus is not just to cultivate the best talent. But also equip them to go build kind of the next venture that disrupt within the same ecosystem, yeah, and potentially you could partner with them in the future. Let's see, I know we have actually two former investment bankers on our panel, both you and Mohammed. What did those years teach you that's now helping you in your current role? I think I want to go back to Bangladesh because since this is becoming a bit of an infomercial, I need to. I need to do my bit. So first of all, I'll take names that are in the public domain. I have letters of commendation from Chevron, MetLife. Uh, young one, the makers of North Face jackets on just how remarkable and action oriented the business and investment climate in Bangladesh has become in the last year or so. Mohammad, I believe you've also gotten yourselves involved in there as well. And the reason for this is, let's be very clear, we, uh, there is now complete consensus that we need to We need a master key to unlock a master door for all the economic aspirations of the country. The master door is private investment, foreign direct investment in particular. And the master key is government reforms. Unless government is agile and responsive and ready for the world order that we described earlier on, um, we're going to be found flat-footed. And so that's why there's a tremendous amount of actual, um, you know, on the ground action-oriented reforms that we're undertaking. And I would invite everyone to come and test it. It is informed, of course, by my background in investment banking because I know what it looks like, having run global emerging markets for a global investment bank, what it looks like from the other side of the table, so I can trace your journey. And the investor experience, and I would encourage everyone to come and test it. Is there one deal that you sort of seems like a model that you would like to repeat? You dropped a couple of names, but is there one deal that comes to mind? I think it's a rather than pick a favorite, I think what I would say is I'll pick a template, and the template is we now have a souped up refined, streamlined investment development authority. Which has been merged with our Economic zones Authority. I run an interministerial investment coordination committee that meets roughly once a month with the governor of the central bank, the, the head of customs and Inland Revenue, the port authorities, etc. and we just make sure that nothing gets stuck in the interministerial system. And that in itself has been able to, uh, has allowed us to convert what is an interest into an actual investment in record time. Yeah. Mpumi, we had a whole panel on Africa earlier today, um, but I wonder if you can just tell us a little bit about Africa's growth story and what are some of the drivers that you think are going to be important in the next 5 to 10 years. Yeah, I mean, I, I listened to the panel, so, so I know what the content was about. And, and, and the point that I'd like to make one point so that that's the only thing that's really, that's really remembered. I think that the um disconnect when we have a conversation around the continent um is that we disproportionately focus on a conversation around risk. Versus a conversation around value, return, etc. So when we talk about opportunities in developed markets, we talk about market proxies, indices, we talk about value creation. We talk about risk, but more how it has been de-risked, right? We, we talk differently. Um, yes, when we switch to our conversation about the African continent, risk perception becomes the big thing. And I think we need to change the discourse when we talk about the African continent. Lastly, I think I'd like to say when you talk about the African continent, look at businesses on the continent and what they have achieved, and let that be your proxy. If I use Bidves as an example, um, we've been around for 37 years. In 2016, we were in 34 countries across the world. We listed our international operations separately and today that business called Bitcorp is double the market cap of its parent company, right? We are again rebuilding um that international footprint. We're now 30% offshore. All of this is being built off a balance sheet from an African business that's what Africa can give you. Amazing and it was interesting when you were speaking earlier you said uh one of the things you're looking for is defensive, something that can survive a recession or a global pandemic. Um, tell us a little bit more about that approach because I feel like we hear so much about growth, growth, growth, growth, growth, but you have a different perspective. Yeah, so I mean and and it's, it's people actually don't realize that. It's the more below the line, um, kind of business models that aren't fancy, um, where they just will continue giving you growth. um, and, and I mean, the business model that we were talking about specifically was washroom services. And if, if I use that as an example, it's the, it's the soap dispensers, the paper dispensers, the air freshener, it's the stuff that you don't think about when you walk into a washroom. But you expect to be there. So the reality is that even when there's a tariff wall, there's going to be soap in the washroom. Even when there's an economic downturn, you still need toilet paper in the washroom. And so it's those kind of very basic simple business models actually that at times continue to just exist regardless of what happens in the world and how changes kind of take place. Yeah. um. Moving back to your startup, um, I think, uh, one of the things you've decided is to try and grow into a decacorn instead of do an IPO. Tell us a little bit about that calculus. Yeah, I think just to add on the point of, I think not only about growth but building that durability and Kind of a few years ago I stumble on one of the kind of the podcasts and it was like build a phoenix that can survive 100 years rather than a unicorn. So for me as well as how can we build that durability? How can we build something that is lasting rather than focus on probably the next probably couple of years and the focus for us is. We have a problem and I've spoken to different founders globally solving the same problem, and I realized that we have a unified broken unit which is SMEs is inexpensive to serve by classical legacy system and to require better velocity, a lightweight asset, and we looked at company globally how can we build that coalition and that's why we created silk and we have now a company in Bangladesh called ShopOp served more than Half a million kind of uh businesses we partner with a company like Mastercard to get an inclusion to a lot of women driven businesses that contributing to the Bangladeshi market. The same thing here in Saudi we're kind of empowering around a billion real internal financing to the small businesses that is nano to to bigger merchants. I think one of the bigger problem we focus on is something called kind of a data desert is. A lot of this client is invisible to the bank and clear to the bank, and we're trying to solve that and I think with the age of AI that will kind of give us that. Scalability will give us that efficient growth as we go, so. I think initially we started with an obsession to solve something that A problem for me, for my colleagues, and we're coming back from like, I used to work with Karim, the first unicorn in the region. I helped them launch a lot of markets and I've seen. You need to build something that is scalable and something that creates that ripple effect. So we solved it for us initially, how to solve that supply chain. Then the dream got bigger. How can we solve that society? But then we realized that probably a problem exists for the global south and how can we build a bigger kind of unification. And I think we got that multiplier effect. The more we learn from Saudi, we feed into Bangladesh to feed into India and other markets. The system is get better and attract better talent, and we create that kind of lasting impact. Yeah, Lay, I know speaking of AI, you've expressed some caution about AI. There are things that worry you. If you could just give us a few words of hope and, you know. Well, what I really, really like about the stories I'm hearing here. is that we're talking about the use case and the impact and the people you're serving who are underserved at the moment, um, as opposed to here's a shiny new piece of technology. Let's take it to Unicorn and then Decacon and off we go. That I think that world has has destroyed so much value in recent worlds, recent years. So I'm very glad we're talking here about real people and real jobs and real enterprise. Um, the thing about emerging markets is that if we can get the governance piece right, I keep on coming back to that as the, the master key, because if you can't get it right, it becomes the, the master not in the noose if you like. But if we can get it right, Emerging markets, countries like Bangladesh have, we know what the potential is. We're so behind our potential. We can harness technologies and management techniques and the learnings that we just heard about and really use that for our fast tracking. Growth, which is the title of our session, we can really do that because we are so far behind our frontier. It's much more difficult for some of the countries that are already at the frontier and they're only looking at efficiency drives as opposed to growing the pie. I can't believe that brings us to the end. I'm going to think of you whenever I wash my hands in the restroom. Thank you all. I'm going to use a lot of soap, a lot of towels. Thank you guys so much for joining us. Thank you. Thank you very much.

morg

morg stock chart

Videos