Vale

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

The corporations on our annual list of the world’s largest companies delivered a record $41 trillion in aggregate revenues.

Aggregate sales hit $37.8 trillion last year—an increase of 19%, the highest annual growth rate in the list’s history.

Total revenue for the world’s biggest companies fell 4.8% to $31.7 trillion this year—the first decline in half a decade.

This year's Fortune Global 500 generated $33.3 trillion in revenues and $2.1 trillion in profits.

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Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

World's Most Admired Companies

This year's Fortune Global 500 generated $27.7 trillion in revenues and $1.5 trillion in profits.

This year's Fortune Global 500 generated $27.6 trillion in revenues and $1.5 trillion in profits.

The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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Vale (VALE): Company Profile, Stock Price, News, Rankings

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For more than 100 years, TIAA has helped millions of Americans — from educators to healthcare workers to public servants — turn their savings into guaranteed income they cannot outlive. Today, the company is expanding beyond its traditional 403(b) roots, pioneering lifetime income solutions inside 401(k) plans and using AI to better protect and serve participants.

In this episode, Fortune’s Editor-in-Chief Alyson Shontell sits down with TIAA President and CEO Thasunda Brown Duckett to discuss America’s growing retirement crisis, the importance of lifetime income, and how TIAA is using technology and partnerships to build a more secure future for retirees. 


$4 Trillion Savings Gap: TIAA’s CEO on The Retirement Crisis 

Leadership

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The differences between the greatest athletes on the planet? Infinitesimally small. The advantage comes from seeing what everyone else can’t in the heat of the competition. AI-powered training tools and data-driven insights promise to give professional athletes a more personalized way to prepare and perform. A decorated Olympic snowboarder joins a Google Cloud executive to discuss the next generation of competition and how to engineer an edge in a world of razor-thin margins and real physical limitations.

Granville Valentine, Vice President, Growth and Demand, Google Cloud 
Shaun White, Three-Time Olympic Gold Medalist Snowboarder; Founder, The Snow League
Andrew Nusca, Editorial Director, Brainstorm, Fortune 

Gaining an Edge (for Glory)

Conferences

The 9-to-5 in a dedicated office is no longer the default—and neither is the full-time employee. As AI reshapes workflows and hybrid trends become more prevalent, companies are treating both physical workspace and workforce composition as strategic levers. Two CEOs at the center of this shift—one reimagining where work happens, one redefining who does it—share how they are shaping workplaces and teams to help businesses stay agile and competitive.

Hayden Brown, President and CEO, Upwork
John Santora, Chief Executive Officer, WeWork
Moderator: Phil Wahba, Senior Writer, Fortune; Co-Chair, Fortune Workplace Innovation Summit

From Static to Fluid: Rethinking Where and How Work Happens

Um, so many changes affecting the workplace at the moment. Um, AI, of course, lots of layoffs we're seeing aging population, uh, immigration limits, um, entitlement programs, um, lots going on. So, um, from your respective seats, what is affecting, what is changing your business the most at the moment of, of all these trends reshaping the workplace? So Hayden, why don't we start with you. Sure, uh, thanks for having me. We at Upwork are really in the center of the AI storm right now, so that's, you know, the biggest trend. It's impacting both what talent businesses are looking for in our platform. Uh, small businesses are really looking for us to be the AI diffusion layer that gives them access to AI talent they need. It impacts our enterprise customers who are looking for AI power solutions from us in terms of deploying contingent, uh, workers at scale, and it impacts us as a tech company because we're not only building AI tools, we're also adopting them internally and changing our own workforce as a result so that. Feels like it's really hitting every layer of our business right now in a very exciting way, but also, you know, creating a lot of new questions to answer. And over at WeWork, so we're seeing some real significant growth across the boards, um, in all our offices and in all levels of, of occupancy. Real estate is becoming more of a. The, the flex world is becoming more of a critical component and long term structural shift in how real estate is held, right? The, the, the, the investments in 10 year leases, 15-year leases with lots of capital, we've given the flex world has given the ability for companies to balance that out and not always be in that. And then we're seeing tremendous growth from the AI sector. And from all the startups, so we have 220 AI firms in our spaces today. Lots of them are startups. We have the biggest, but we have all the startups, and, and we just see continued growth in that entrepreneurial business across the board. So it's an exciting time. So a greater percentage of the labor force right now is on contract or part-time. Um, Will that be a permanent change and how does that affect your respective plans? So Hayden, how about we start with you? Yeah, this is, this is a permanent fixture of the workforce. Uh, the percentage of workers who are in the freelance economy or the contingent economy has continued to grow every single year for probably the decade plus that we've been doing an annual study on that, and the reasons for that are several. One of the things that's very unique right now is. Freellancers are increasingly choosing to work at the flexible model because it gives them actually more economic security. It insulates them from some of the, uh, uncertainty and volatility in the market, and that's a reason why when you actually talk to Gen Z. 83% of Gen Z say working a freelance career is actually more valuable than a traditional job, and 53% of Gen Z are actively freelancing. So we are seeing, I would say, at every successive generation, more and more participation in contingent of freelance work and a greater recognition that this is what gives people kind of the freedom, the flexibility, and empowerment to run their career on their own terms. And does that attract more people who might want a space at a WeWork? I think it, I think it absolutely does, and I think the So we say that the workplace is becoming more flexible but more accountable, right? So when I look at my, our direct workforce, so I say you need to be in 3 or 4 days a week in the office and then the 5th day you can be from anywhere, but life gets in the way. Right, there's childcare, there's parental care. You've got to go to a doctor. When was the last time anybody could see a doctor on a Saturday, right, or a dentist or, or get your car fixed. All life gets in the way. You have to give people that flexibility, and if you don't, they're going to migrate to some other company or some other way of working. And we continue to see the freelancers, we actually had two. Jobs last week that people decided they originally accepted and then decided no I kind of like this flexibility of free freelancing um so so yeah it's a different that's the old contract like I had where I spent 47 years at Cushman and Wakefield and you progress up. That's no longer here, that's long gone. But the commitment from both sides isn't the same, and I think as companies stopped with pensions and all kinds of benefits, the employees said, well then why do I need to go through this? Well, I'm gonna move for more salary, more flexibility, more optionality. I wanted to go back to AI because it's probably been what, 3 minutes since it was mentioned, but um. Uh, just in the last few weeks, you know, we see headlines, this CEO or that CEO, they're usually in tech, say, oh, AI is going to briefly lead to 20-30% unemployment, and then we're going to figure it out and it'll all be rosy. Now, of course, if you've studied history and have a bit of humanities, you know that 30% unemployment is a recipe for a lot of things that would not be good for business. So Uh, at all, it just seems sometimes that a little HQ is lacking over there, but anyway, um, what can companies do to reassure workers that AI is not going to lead to this massacre and help them get the training they need to adapt to it and maybe sort of change this. I mean, I'm, I'm actually amazed that they think say things like that, uh, are constructive, but, uh. Yeah, I mean the hype is real and I think the fear mongering is a real challenge because it does create a lot of this, not just uncertainty, but I think employees are really wondering what their place is, you know, are they gonna have a future, etc. But the data is actually very different. So yes, we do see some companies doing layoffs, and I, I call it AI washing those layoffs, saying like, oh, it's AI, we're getting all these AI benefits. Quite often I think it's just plain, you know, tightening belts and responding to a volatile economy in a time where companies need to be more lean. But at the same time we actually have done some studies on our own platform where um we've measured what can AI agents do alone, what can they do with humans, and what can humans do alone, and even for the smallest, simplest tasks, think of things that can be done for a couple $100 we see that agents complete those tasks 70% better if they have human oversight. And that really is, I think, just one indication of the fact that this technology is very powerful, but it still needs human intervention to be usable and useful. We're also seeing some really interesting trends where for the first time in 2025 we heard our client side on our platform saying, you know. I used to hire for the most technical person or the person with the deepest domain experience. Now I actually want to hire for someone who has judgment, creativity, problem solving, someone who can move and learn at the pace that technology is moving at. And I think both of these things are good signs that there are robust and growing roles for people. We see AI skills growing more than 40% year over year in our business. Some of them are up 200% plus. There's new demand out there. It's just that the demand looks different and the roles are changing. And so I think the fear mongering around job losses and all of that is, um, a factor, but it doesn't actually, it's not actually supported in a lot of the data that shows jobs are growing in a lot of areas. The work is changing, and for people who can adapt, um, there's gonna be a lot of opportunity for them. Yeah, there's no, there's no question that the. The entry level higher is under pressure, right? And, and, and the young talent coming out of schools they're challenged by AI can do the research, AI can do some of the basic tasks, but it's incumbent upon all of us to bring that talent in and to educate the talent and, and teach them to be the future growth of all our organizations. Um, AI is not going to provide empathy and leadership and mentoring and all those skills that you need to lead a company for a company to be successful. So I do think there's clearly an over rotation on the layoffs on the holding back on hires, but I think it ultimately balances out. We go through these cycles and have and, and, and every time there's a new technology change or an industry. Uh, change, so, um, I think it, I think it does balance out. I think companies become more productive, which means they make more money and they grow and they hire more people, but this is a tough time to be in that middle that as we, as it, as it balances out. And if more workers are freelance and unattached, how do they get the training that they need to stay relevant? Well, an amazing reality of the freelance economy is freelancers are intrinsically motivated to self-skill and upskill much faster than in-house employees, and we see this in the data. Uh, freelancers typically have been adopting AI tools at a faster rate. They're more confident with those tools, and it makes sense because they've gotta have those skills to put food on the table, whereas employees, you know, have a different calculus in terms of what needs to get done every day. So we actually see large and small businesses turning more to the freelance economy right now because they do need the people with those AI native skills with those capabilities and often it they don't have them in-house, uh, training people to get there is an option, but that can be slow and expensive and so they're really looking at redesigning. In their workforce to have a bigger portion of the workforce be flexible and contingent so they can access on demand skills, uh, spin up and down new projects at the pace they need to, and, and relatively to that shrinking their full-time employee base just because the benefits of having a larger contingent workforce are become even more apparent. I couldn't, I couldn't agree more with you. Um, the other thing is. We as leaders need to give them those tools. We need to train. We need to bring them on board. We need to, you know, for, for us in our world, we did 52,000 networking events last year in our spaces. Those events help from an education standpoint but also help them meet the people they can learn from, learn with, and grow with, so. Uh, I, I, I think the world has changed, that, that the freelancer is such an important part of our world and will be going forward. Of course you know that does beg the question about benefits. I think millions of Americans stay in their jobs for their health insurance and not because they love the job, so I, I wonder if that doesn't affect um. If there was, you know, healthcare that was more affordable for freelance workers if we see more freelance workers, but, uh, I don't know what, what, what do you think impedes more people from choosing that route? Yeah, I mean how sad is it to stay in a job you hate just to get the health care that you need, you know, we don't want that as a society. Um, the good news is on our platform we see freelancers actually earning more and more and actually earning a premium to what they were their, uh, full time jobs if they were doing a full time job before because they're able to really monetize these highly valuable skills. AI skills are commanding a 40% premium in the market on our platform. Uh, and that's just one indication of how I think people can really create economic conditions that let them, if they need to pay for healthcare, other things, of course, do that, uh, and have the lifestyle they want while also maintaining flexibility and freedom, which is so important to people. So one thing that I guess is self interested I'm fascinated by is is how much later we're all gonna work because who knows if there's Social Security waiting for us um uh so longevity is uh there's we're all living longer hopefully that means better as well but. What will this look like, um, in a few years? Are we going to start to see a lot more people not go from 40 hours a week to zero and then sort of when they get to their mid-60s to a few years? Of, of working like what does this, where are we going when you factor in, uh, social programs but also the benefits and, and demographics and, uh, longevity where do you think we're going? I, I see and we see in our spaces that the, the reinvention of the, the 60 year old, the 65 year old, they're, they're becoming consultants, they're out there working, they're, they're helping to train talent, I think. It's, it's, it's actually wonderful to see now. I took on a second career. I mean, I spent my entire career at Cushman-Wakefield for 47 years, and I said I'm gonna do this, this is something different, and I was ready to hang it up, but it's one we're healthier, longer, right? We want to work, we wanna. Minds to go and they have something to give back and I love seeing that. I'll see a, you know, a 60 something year old and, and then a bunch of young talents in the same office in room and it's like this is really cool. It's a great, great next step or or last phase of work. Yeah, and I add to that, you know, this idea that we do all this learning, you know, through college and in our early twenties and then it's about just being employees or workers after that is, is totally not true anymore. Instead it's all about like lifeline, lifetime learning, reinvention on the job, learning from the work you're doing, and we see that a lot in our platform where when we talk to freelancers, one of the top reasons they say they love freelancing is because they're constantly able to move into new places, try new things, work with different clients, and that becomes this continuous kind of refreshment and learning opportunity for them, which is very dynamic. I think that's gonna become more predominant. We really see this side hustle becoming the main event for. So many folks as they, whether they're Gen Z and they're seeing that they can have this portfolio career or whether they are tired of doing, you know, the thing they've done for so many years and they want more freedom and flexibility to freelance on their own, there's so many reasons why I think people have more options now and that's amazing at a time when, you know, it can feel scary. Instead, actually people have a lot more options for how they can earn and how they can learn through, uh, these types of freelance jobs. They also bring those soft skills that are really needed, right? And, and that's the part that's missing, um, the ability to train, to lead, the empathy and, and that's, that's something that the older generation has that, that needs to be taught. Yeah, a couple of years ago I interviewed, uh, the former, now, uh, CEO of AARP, and the discussion was job shortage, and she said, old people, why don't the companies get it? Hire old people, we're reliable and we work hard, and anyway, I guess, you know, we're, we're, um, and it's as I 65 gets closer and closer every day, it's like it's not that old after all, you know. No, it's a new 45 and when you were 2065 was like, oh, they're fossils, but anyway. Uh, perspective changes, um. Do you think we're ever gonna get to an era where um. Even younger people might say they'll hit their 40 45 hour work week by splitting themselves at 3 different employers, 4 different employers, and are we, are we going to an era of much more flexibility on the part of workers but also on, on companies, or. Uh, and this idea of somebody being a full-time employee for quite a while, is that, is that, uh, Phil, I think that era is here. I think it's already happening. I mean, when we talk to young folks today, I mean, I'm sure you guys like have this too, they have their blog or their YouTube channel or the book they're writing on the side or the consulting that they're doing. I mean, they already are really living into this portfolio career vision. I think, um, you know, it's kind of our, our social norms and our. Kind of idea of what's happening with the career has yet to catch up with that, but the reality on the ground is people are building these, these multifaceted careers already. Yeah, we, we see it. I see it in my own children, and I, I see it across the board that, and for us we see a lot of the young talent comes in. They start as a community associate. They grow there a little bit, and then they move to other companies and there's no longer. And, and I think that's great because they learn different skills at each location, each different thing that they do. So in our, in our last, uh, minute together, say something optimistic for young people, people in their twenties. Why should they be optimistic about their career and job prospects? Well, um. I, I think the opportunities out there if you embrace the tools that we have, whether it be the AI tools and all the other tools they're going to be tremendous. This next growth period, if you look historically when new technology gets introduced, the growth period is amazing. There's that bumpy ride and then it takes off and you just think, look back over history and so, um, and the other part of it is. That you know the baby boomers are retiring, so there's an opportunity to fill those spots going forward. So, um, I would look at it with bright eyes if I was 25. Great. So on, on that note, uh, thank you both for joining us today and, uh, here's to young people and old people alike and everybody in the middle. Thank you.

Tan Su Shan made history this year as the first woman to lead DBS. With over 15 years at the bank—and earlier leadership roles at Morgan Stanley and Citi—she has been instrumental in expanding DBS’s institutional, consumer, and international banking footprint. Now, as CEO, she’s forging a bold vision for Singapore as the financial bridge between Southeast Asia, China, and India. Tan will share how she navigates geopolitical uncertainty, harnesses the power of AI for next-generation banking, and reimagines what it means to lead in a rapidly changing global landscape.

Shaping Asia's Financial Future with Tan Su Shan

So it was originally the Development Bank of Singapore, but I have to say in addition to being Southeast Asia's largest bank, I see here it's the world's best bank, the safest bank, the top for customer experience, customer service. I just think, how do you build on that? You've been in the role since March. How's it going? Is it just, you know, Diane. Let me tell you, I, I joined in 2010. In 2010 we were the worst bank. OK, worst for customer service, for the longest queues, worst bank for product. I mean, the whole works. Um, and, and really it was the team under my, my, my previous boss, the previous CEO of Bush and we, we, we put a lot of, we, we worked really hard as a Singaporean. I don't know if any of you, have you ever flown Singapore Airlines? Oh, you have. OK, so we were all marshaled to Singapore Airlines headquarters by the airport. And taught how do you offer good service quality SQ as they called it. And so that was our first learning was how do you give good service and how do you, how, how are you respectful, easy to deal with and dependable RED red as we as we sags when people look at their bank account. I don't know. pretty well. Um, look, I, I want to ask, you know, first of all, congratulations on being number one on the list. I'd be remiss not to ask how your peers reacted to that, by the way, since I know that you're known and beloved throughout Asia. How did that go? Shock. Yeah, I think a surprise suddenly from my part, surprise from my kids is like, what? Um, but, um, uh, you know, look, it's, it's a great honor. I'm humbled by it. Um, didn't expect it at all. And honestly, the word power, I, you know, I don't know how I feel about the word powerful. Um, I like the word impactful, um, and, um, I don't feel very powerful, to be honest. I, I, I just think, um, it's the team, right? It really is, it's the team that gets stuff done. Uh, and it's my job as a CEO to be the chief energy officer, right? To give energy to the team and to make sure that everyone is headed in the right direction and, and, and we're learning together and when we're doing new stuff together and we're dealing with problems together and we're taking responsibility together and, and, and we're owning up to the mistakes and taking accountability. When I was doing my research, you have wonderful Acronyms. I feel like you're a student of leadership, you know, in addition to the fact that DBS, the D is no longer development for you. You've called it something else. Well, I often joke that the D should stand for digital, digital bank or data bank, but you know, in this very bifurcated world where you have so much volatility and people are so Bifurcated in their views, um, we wanted to be a dependable bank. In Chinese people say Feng Yu Jian Zheing right when this wind and the storm, you see the true, uh, loyalty of your, your, your, your partnership, um, and so we wanted to be that dependable partner through thick and thin. We wanted it to be digital, we want it to be disruptive, you know, using new technologies, and we wanted to be a diversify a bank, you know, because you kind of need to diversify. You need to diversify your supply chain, your counterparts, your currencies, your demand, your supply, your, your interoperability of your tech, etc. So we want to be that bank that if you were Thank you with me. You should think about it because I'm your risk diversity. Well, they will not, and you know one of the things I should mention is that you started pretty soon after that, I believe was Liberation Day and day one, so day one you have Liberation Day, and you are a bridge, among other things, your largest China, India, Indonesia. How is that going for you? So Asia um is 60% of the global growth. Um, and I know I'm in the US and the US is the world's biggest capital markets, but when it comes to global trade, Um, actually, trade within Asia, trade between Asia and Europe, Asia and the GCC is actually growing. Um, and so the two financial hubs that we're in is Singapore and Hong Kong, and then the big growth markets are China, India, Indonesia, we're in all these markets, and they don't tend to move together when India's good, China's in a slowdown when China recovers, India may or may not slow down, but it gives us a good base. It's Huge market. It's growing. It's pretty young, especially in India and Indonesia and Vietnam, and it's very digital. So there's been a lot of digital leapfrogging happening in a lot of our major markets. So how are you helping your customers cope with some of the fallout from the new trade environment? Is that impacting you at all? Diversify. Absolutely. So first all impact was liberation Day, and then everybody had to digest, oh my God, how much more do I have to pay? Um, and if you're only getting your supplies from China, you diversify. So China plus 1, China plus N. I have a client who makes Christmas trees from Shenzhen, and you can imagine he sells to Walmart and Target and all the, you know, big great companies here. He had to diversify, so he moved a lot of his production to Surabaya in Indonesia, and he also sells now to Europe. So that's just one example. You also diversify your demand if you only sell to the US, well, you have to diversify. Um, and so producers are now finding new markets in the GCC within India, Taiwanese producers are going to Taiwan. Um, um, China, you know, China, Taiwan, China, and sorry, China and India historically are not that close, but I think this might actually create more opportunities for Chinese and Indian companies to do more together, certainly on the supply chain. Seeing that right now, China and India getting closer together among Uh, it'll take time to build the trust, but I, the opportunities are there, uh, certainly from a supply chain perspective. We're already seeing one or two good partnerships. There's, uh, Shanghai Auto now partnering through that, that, that ownership of the MG car with JSW, which is a big conglomerate in India, um, and there will be more, you know, there's a lot of solar panels being imported as well from China. to India. So if that grows, the opportunities could be tremendous. You know, one of the things about DBS is it really has been a pioneer and a leader. I think you mentioned digital, certainly with AI. One of you when you spoke to Fortune earlier this year, I loved your anecdote. First of all, you have a WhatsApp group with your board, which I thought OK, let's stop right there with the WhatsApp group, but then they said even the CEO could be replaced by AI so them marching orders for you, but what have you done to really make generative AI sort of the the foundation of the banks? I think that's something that a lot of people can learn from. Well, the first thing and the hardest thing to do is to get your data into a data lake. A lot of banks, corporates have legacy data, so did we. Um, and it was the hard work creating a big data lake. We call it, you know, a a a ADA, it's the analytics for DBS, but Uh, advanced analytics BBS, but really, it's creating metadata so that you can then have protocols and reusable models and, and you have a governance and process that that is common. So that's important, that takes years. Then you learn to create machine learning models. That doesn't come intuitively, by the way, you have to learn. And we tried to make learning fun. So we, we, we adopted AWS's Deep racer. I didn't know how to do machine learning, but through using the deep racer. I'm a gamer, um, I learned to be a gamer. I'm not naturally a gamer, but I had to learn to be a gamer to understand how, you know, you could cut bits of code to make your car turn right or left when you need to, and then you can try and win the race. I didn't win, of course, but I learned that it was really that the machine can learn really quickly. Um, and then you just have to do these experiments, and I still remember my favorite experiment was when we realized we were losing a lot of our customers to the fintech companies on foreign exchange, right, Trans-wise, new wise, Revolut. So they were getting a lot of our FX flows from our SMEs. So I asked the dealers, hey, why are we losing all this market share? And they said, Susan, very easy. It's all about the rates. So if I cut the rates, we're going to get them, the clients back. Yeah, absolutely. Then I thought that seemed too easy. And we thought we had all these machine learning, we should try and test them out. So the, the, the Uber equivalent in Asia is called Grab. And on Valentine's Day, Grab sent me a message and it said, I miss you. I love you. And my husband didn't send me a card that Valentine's Day, but grabbed it. I'm like, hm, interesting. And of course, I opened the EDM and I, I, I looked at the coupon. So I said, how about I miss you because these customers used to deal with us and they went away. And I remember my dealers cringe, like, no, no, no, no, no, that's just too emotional, and I miss. No, this is facts we're talking about, like, try. So just to humor me, they put it in the machine. They had some messages that went great rates, you know, and they had message messages that said I miss you. Guess which one worked better. I love that. There you go, connecting on an emotional level. So, and, and you have to take out the human bias when you're doing this machine learning and the machine helps to take out because everyone, all of us are biased. I was biased with something, the dealers were biased with something else, but the machine takes away the biases, right? And it really tests and learns. So that's how we learn. We learned. Honestly, I learn best by doing, learn by your mistakes, learn by doing, and that's what we did. We started, you know, NLP in 2014, very early on, and it was so hard in those days and we failed, we failed, we failed. And you know what, it was all that failures in the early days that taught us how to do, how to do this in a in a faster. Better way. I want to get into some more about your background, but talk a little bit first about crypto digital assets, anything you want to say on that front, it's been very volatile and it's something that a lot of bankers have sort of kept it at an arm's length. How do you feel about it? So we started custody for crypto in 2021. Yeah, and you know why? Because we found a lot of our, well, in, in, in Christmas of 2019, I looked at all the credit card payments and I realized a lot of the kids were buying Bitcoin through their parents' credit cards. Oh, that sounds dangerous. Yeah. And it was really it was like almost a billion dollars in one month. I was like, what the hell? What is this? And then, um, my friends who had bought them as, as, oh, they were given, oh, there was an organization where the lady boss gave everybody one Bitcoin, it was worth $70 and and and when she gave them all one. Then of course, guess what, nobody could remember their password or the crypto. So when I got to 30,000, I get all these calls and panic like, what the hell, I lost my password, how do I get it back? Then I realized, we realized together that there was a use case to create a safe custody for crypto. Or for whatever tokenized assets to show assets. So we created that custody. So it came from this realization that if you are a bank, and you're supposed to be the custodian of your client's assets, their financial assets, if you don't know how to custodize the tokenize assets, you're going to lose this game long term. So we created the custody. After we did that, our client said, Hey, heck, why don't I just go on ramp off ramp with you? That means buy and sell digital assets with you because I don't want to have to open an account with FTX or whatever. I don't know if they'll last. So we said, oh, OK, never done an exchange before, but Talk to the regulator. They go where the where the customer. So that's what we did and then we thought we'll learn to tokenize as well. So that was the journey we started with the cus, started the exchange, and then we started the tokenization journey. And it's been, honestly, it's been patchy because I think regulators are very schizophrenic. They want to do it, don't want to do it, want to do it, don't want to do it. So you just have to go with the flow. So I feel like I'm we're now into a lightning round here, but I'm curious about you were nominated member of parliament, you know, about a decade ago. I feel like, uh, which is where you're basically a nonpartisan. Member of the Singapore parliament and and now you're in this um economic strategic review committee on global competitiveness. What do you learn from experience in the public sector because we're always talking about what the private sector can bring to public, but not as much about what public can bring to private. Any quick thoughts there? So I learned what it meant to be a congresswoman, right? And I learned that a lot of what happens in Parliament and I guess here in Congress, it's quite staged, but the real negotiation happens in the tea room after during recess, right? Um, but at least, you know, from, from the Singapore perspective, I also learned that They were very open to feedback. That was great. I, I sent all my speeches in before and I thought they might fetch it, they might say, no, don't say this, don't say that. Absolutely not. They will just bring it on. You don't agree, just bring it on. So that was good. I, I, I felt that we had a voice and that was useful. Not everything. That that we suggested was was taken on, to be honest, it took some of the issues took time. Like I I I asked for egg freezing in 2014 and didn't happening for all. So we didn't allow egg freezing unless the woman had a sort of a very bad disease, you know, like a life threatening disease, um, and I was arguing for egg freezing. Uh, for, for, for women before they got married with the view that they could use it after they get married, um, if in case, you know, they couldn't get pregnant naturally, um, that, you know, didn't go down so well at first, but I suggested it, but I think gradually, you know, the society will change, you know, somebody just bid $15,000 I believe to have dinner with you, so it's kind of a warm buffet. But you and your husband you do a lot of great work as a family, by the way, in Cambodia, so I should mention that. But in our final minute here, if you were to give advice to this person who wants some time with you right now and what you've done at DBS and what you intend to do, what would you say? Well, my advice would be, you know, life is in a straight line. Sometimes you have to take one step back to take two steps forward. And so when the going is good, don't lose your head. When the going is bad, don't lose your heart. I love that. I think that's, that's fabulous. And um, I think the other thing I just want to say quickly with regard to parenting advice because I was trolling your kids and they all seem to be, both of them seem to be doing very well. As a family, I think that collective giving that you. is very powerful. Anything you say that and I know a lot of, there's nothing more powerful than bonding with where you're all doing good. That's been a thing for us every year we do one trip together, we go to Cambodia and we do this. You know, activity, it could be cataract, um, it could be cataract operations for, for, for, for the people who can't see or building a school or something, and it really bonds the family, highly recommend it. Most powerful woman in Asia, it's a great honor to have you here. Thank you very much, Susan and to be continued. Thank you.

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