V.S. Industry

Our ranking reflects the dominance of energy companies, the enduring profitability of Southeast Asia’s banks, shifting global supply chains, the steady rebound in tourism, and the rapid ascent of AI-driven businesses in the region.

Fortune Southeast Asia 500

Our new ranking reflects the rise and fall of energy markets, multinational supply chains, and tourism in the region.

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In 2020, Selena Gomez launched Rare Beauty, a now wildly successful brand that champions self-acceptance over unattainable beauty standards. This isn’t just some empty tagline: Gomez donates 1% of all sales to the Rare Impact Fund, an organization that supports mental health initiatives for young people. Gomez joins us, along with Rare Beauty’s Chief Impact Officer, Elyse Cohen, to discuss balancing profit with purpose and how they hope Rare’s strategic focus on values, inclusivity, and community heralds a new era for the beauty industry and its consumers.

Selena Gomez: Beauty with a Mission

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Companies led by women CEOs, when adjusted for size and industry, outperform market benchmarks. Hypatia Women CEO Index & ETF took that theory to the bank by creating the first and only exchange-traded fund that invests exclusively in publicly-traded U.S. companies led by women CEOs. In this session, we get a look at why investing in women-led companies can pay off.

Why Women CEOs Outperform

Good afternoon. I am so excited and honored to be presenting here at Fortune's Most Powerful Women's Summit, surrounded by so many women that I admire and even quite a few like Keisha that we get to invest in. I am Patricia Lizaraga, the founder and chief investment officer of the Hypatia Women CEO Index and the WCEO ETF. It is the only public fund in the world that invests exclusively in US publicly traded companies with female CEOs. We launched in 2023 with a very simple investment thesis. Women CEOs will outperform. Why will they outperform? It's harder for them to get to the top, whether it's more obstacles or lack of role models. The women who make it to the CEO spot are by definition, extraordinary within the CEO cohort. And the WCEO delivers that performance. And through our 158 companies, it delivers a diversification factor that traditional analysis ignores, women at the top. The data also confirms our hypothesis, which is that women CEOs accelerate the talent pipeline for future leadership of women. Simply put, the WCO aligns performance and impact. But we lead with performance. The question we get most often is, do women CEOs actually outperform? And the data is unequivocal. When adjusted for size and industry, women companies led by women CEO outperform their closest benchmark, which is the S&P 600, which is over 90% men CEOs. As of September 30th, year to date, the WCO outperforms the S&P 600 by 350 basis points. And since it's up. Go women and, and since inception it outperformance by over 50 basis points a year, and this is after fees. Obviously, past performance is no guarantee of future performance, but our index was built on studies you've probably already seen like Catalyst, Lean In, McKinsey, S&P Global, BlackRock, and what we do is we add the ability to actually measure the CEO female factor. So how do we do it? The first is we include all women CEOs, all companies with women CEOs that have a $500 million market cap and above. Second, we equally weight every company, large and small, so we eliminate size as a factor. It turns out that in US public markets, you do not get to a female CEO until you reach company number 25 by market cap. And thirdly, we adjust for industry. As you can probably imagine, there's more women in consumer and healthcare and biotech companies than in tech or energy, so the, so we adjust for that. And finally, because leadership changes, we rebalance the WCO ETF monthly so that we add. companies that are incorporating women and CEOs and we sell stock that no longer fit in our index. But what puts what the commonality in our portfolio is female leadership and it outperforms, but we also we also invest for impact. Women CEOs accelerate the talent pipeline. Of women in leadership. Women lift as a lead. According to Morningstar, women CEOs have senior leadership teams that are 37% female versus men who have senior leaderships that are 2 24% female. But when you further adjust that figure for roles that are Very, you know, are are are have a lot of women in them like and our staff positions like Chief human resources officer or increasingly general counsel. What you get is that women have 2 times as many women in senior leadership in CEO path roles like P&L responsibility, like Chief operating officer, chief financial officer, than men do. Women accelerate the potential path of other women at 2 times the rate men do. And we believe that the that the WCO can contribute to that acceleration of women CEO appointments. How? Well, currently we only have $5.6 million in assets under management. That's AUM, so we're still too small to be included in any of the wealth management platforms recommended lists because of size. But as our assets increase, the visibility will increase, and as the visibility increases, so will the impact. The more boards and search executives that have access to this data that female CEOs outperform, the more likely it is that they will be included in CEO shortlists and ultimately get those positions. So in conclusion, The WCO aligns. Performance and progress. We capture a market inefficiency that is ignored, the female factor. So, if we agree that more women in leadership is a good thing and that 10% female CEOs is just not enough. I invite you to consider joining us in investing in women CEOs for performance and for progress. Thank you.

The tech industry and the Department of Defense are collaborating more than ever. Meanwhile, conflicts in the Middle East, Ukraine/Russia, and elsewhere serve as a reminder of the critical role technology plays in both defensive and offensive capabilities. But how are innovations making it to the battlefield–and are entrenched procurement processes finally evolving? In this timely conversation, we hear from two industry insiders.

A New Era of Global Conflict

I want to start out by having both of you just explain a little bit more about your roles brought up for you past and and present actually for you too, Shannon, you have a very interesting background, so let's start with you. Yeah, well, thank you for having us and um Ron and I were joking. We know that we don't have Duchess in front of our name but we hope that you enjoy our session nonetheless um I'm Shannon Clark. um I started out my career as a. A counterterrorism intelligence officer, um, post 9/11 chasing al Qaeda throughout the Middle East and Europe, um, and then about 12 years ago transitioned, um, into the private sector where I have been for the last actually 13 years, um, on that same mission which is working for Palant here working and leading our defense and our growth there, um, with the same conviction of trying to do what we can to. Um, give technology to our war fighters, um, and in this day and age, which I think we've talked a lot about this morning, AI enabled technology, uh, to our warfighters to protect Americans and and our allies. Great, um, and hi, uh, yeah, so I, uh, I'm actually an economist by training, uh, statistician sort of applied statistics and had a number of roles at, um, Google and Facebook before I went into the government. Um, where I had a number of different roles trying to drive digital transformation in a very large and very old fashioned enterprise culminating in being the chief digital and AI officer in which I was in charge of delivery and scaling of all of the data and AI infrastructure for all functions across all of the Department of Defense so everything. From war fighting to business functions, um, I've recently joined IBM where I lead uh the transformation efforts both internally and linked to our overall, um, product strategy to drive enterprise transformation at scale both at home and uh with our customers and we're gonna hear more about whether it's more challenging to drive transformation within the bowels of the government or in corporations later. Um, but Shannon, if you could go back to your prior career as an intelligence analyst and just share with us a little bit about, you know, when you were on the field, what were the tools at your fingertips and then let's fast forward to today. Yeah, so I, you know, I was an intelligence analyst in the early 2000s post 9/11. Um, I became an intelligence analyst because I saw the Pentagon burning from my dorm room at Georgetown, um, and, um, was really driven to figure out what service could look like for someone that wasn't in the military. Um, and when I deployed to Afghanistan with, um, the military, I was like just kind of thrown in this like bunker if you will with like a hodgepodge of tools and really kind of told to figure it out and you know I never like to like say. Anything bad about Microsoft because Microsoft provides very good tools that we all use on a daily basis but really figuring out between like PowerPoint and different systems of like how to gather all this intelligence and how to make sense of it and how to figure out like you know the signal from the noise it was it was pretty impossible. Um, if you don't mind, like, I mean, I'd love to fast forward to today. Like now I kind of look back at myself and say for me because I think of what we, you know, are giving our war fighters today and the technology that our war fighters have available and that, you know, things that Rota and I have like very proudly worked together on, um, it's just a much different state of affairs. I mean the, the ways that they are able to just parse all this data, which has by the way, not like decreased in the last 15 years since I was an analyst, it's only increased, right? Um, but now the tools that they have available to them and everything that you know you all are seeing and you've talked about this morning that's even just available like when I listened to Corey talk about Best Buy like the way they're employing that is is in some ways no different than what the war fighter needs to, um, and so it's a much different atmosphere and I think we're really lucky that we are able to give them those tools because there's too much data in this world for them to be able to do it on their own like I did 15 years ago. Oh. Um, we talked yesterday with Tony Towns Whitley from SAIC about the Golden Dome project. I wanna ask you both about Project Maven, um, because I think it kind of fits into everything you're saying here and, and I guess for starters, can you describe Brada, maybe I'll start with you, um, describe what it is. I'm sure we've all seen it in the headlines over the last few years, but really what, what is it? What is it trying to accomplish and what were your respective roles here? Yeah, so sort of pre-IBM time when I was in the government, you know, the way you should think about the Pentagon is there's just a huge amount of data like any enormous enterprise, and that data all needs to come together really fast to help senior leaders make decisions. A lot of times those decisions are like understanding the world around you, being able to identify where things are and what they are to make decisions on are they threats, but also to be able. Track things that'll resonate a lot here like where are all the parts I need to maintain my equipment, where are the logistics I need? How do I connect things I've sent forward with the costs and finances to that to report back to our board of directors or the Pentagon's board of directors, which is the United States Congress, right? All of those pieces are all data elements that have to fit together and historically in the Department of Defense they did not, and the way they were. Combined with by people going literally swivel chair to multiple different computers and putting them in a PowerPoint slide, and when it is like the world around you that is changing over time, that swivel chair just gets updated slowly. People don't have full information about the world around them, and that makes it harder to make good decisions, but it also just makes it harder to even understand what the decision space is. So fast forward to. Main and sort of the work we did and then maybe I'll hand it over to Shannon because she's really seen Maven over time. Maven, the concept is about how do we integrate all this data to enable real-time decision making in practice that has lots of different applications, but at its core it's a data integration solution that then you can start layering all sorts of things on top of so that can be analytics and. And just sort of summaries of the world, but that can also be AI technology, new applications, whether they're from Palantir or other folks and creating that ecosystem of solutions so that warfighters, but also analysts and financial planners, logisticians can take into account what is happening in the world in real time at the speed they need to to make complete and accurate but also fast decisions. Yeah, I think you know Rata said it very well. I mean Project Maven Maven's goal was to be the Pathfinder AI program for the Department of Defense, and I think, you know, it started in 2017, which I think like thinking about that is eight years ago. I mean they were really almost ahead of where a lot of um industry was at the time, um, obviously that large language models weren't being um used then in the sense that they are now, but, um, you. You know, Roda and I had this, this huge mandate which was to figure out, and I think I heard a lot this morning about scale, how to scale AI across the entire Department of Defense, which or Department of War, which I don't what's the latest number of like how many people are in the department of war? I can't even, I mean, but then added like the layer of government bureaucracy on top of that so it's like, oh you have to scale this across like however many millions of people and by the way, like you know yeah and then. There's government bureaucracy which is, you know, another layer of hell, um, but it's, it's, and so we have this monumental task of doing that and I think that doesn't just include like what goes on in the department before but like you have to convince Congress like you have to convince the hill to like why you should fund this. You have to convince people that it's worth taking the risk. You have to convince them that like hey we might fail here but we're gonna try and fail fast and there's just like so many complicated layers to that and. Rada will be humble here, but she's she's an enabler and she is really great at figuring out the policy realm and how to do that too, which is critical for this. I wanna get back to the sale fast concept, um, but, but Rata, uh, you talk about how some of the shifts that you pushed for, it's not the, the sexy stuff, right? I mean, yes, there's the technology and everything we can do with AI now, um, for all. Purposes, right, including on the defense side, but, but talk about some of the changes that you think are really critical that you pushed for in your former role um that have big impact and that I think are kind of universal here. Yes, so I think it's helpful, you know, we talk about the Pentagon and we talk about war fighting and I think people imagine like fighter jets or tanks in plane, but taking a step back, think about what the Pentagon is. It is a. Almost $1 trillion enterprise that has 3 million people. It has more ground vehicles than FedEx. It has more airplanes than most major airlines. It has a supply chain 3 times that of Walmart. It has financial management that has to get reported routinely to a board that I mentioned, the United States Congress, and it has, you know, a school system. It runs land. It has to manage real estate. It needs to update. Contracts it needs to execute those are all functions that any enterprise, big or small, is going to be familiar with and enterprises that are large, obviously doing that at speed and accuracy, but also at the scale they need to is hard. And so a lot of what I did in my GBI role and sort of kind of the impetus for a lot of what I do now at IBM is really focused on those key enabling functions. I, I joke, you know, we. God bless the people who were at that pointy end of the spear. My husband was a submarine officer, they're, you know, we have people who are putting their lives literally at risk to do it, but they are the pointy end of the spear, and what makes that spear so strong and powerful is the lever arm, and that lever arm is the logistics. It is the supply chain. It is the financial management and the HR function. It's the procurement and the IT, right? All of those back office functions are. What make the department um really so um amazing and able to execute, you know, amazing missions and AI has the potential to transform those across the board, right? We see real potential. I'll use IBM as an example in HR and agentic solutions that can really streamline and make those HR processes faster. We see it again. I'll use IBM as an example in procurement and we. that at the department where agents and AI enablement can speed up how fast you can buy and deliver things and speeding that up means people have the things they need faster and better and those types of AI solutions are really where the data integrations and the platforms and the AI tools that Shannon talked about kind of where the rubber meets the road where we know that getting those solutions out. To warfighters faster in the case of MavenN or to, you know, enterprises is really where the secret sauce is. It's that scale and delivery piece and what would you say you learned from your Pentagon experience on the change management side that is kind of like, you know, just take pull that thread to your current role at IBM. Yeah, so I think, you know, a lot of times we want to focus on the sexy piece of like getting the AIH in or having the. Large language model that you can type a question and it generates, you know, answers and summaries that you couldn't get otherwise. A lot of the change management is on the back end. It's how do you solve those data problems, how do you solve the policy question Shannon mentioned, whether they're how to buy things and procurement and acquisition policy in the government or how to deploy things responsibly and make sure you've got the right governance rules in and how do you make sure you have all of the right data. Integrated, how do you orchestrate all of these tools together, right? So kind of working your way up the lay layers of the data infrastructure to that cool front end that users use is really a process of transformation management more than it is any particular technology solution we're not gonna be able to sprinkle AI on work flows and and see impact and you see that in a lot of studies there's an MIT study on. 95% of pilots failing to show ROI. I think the kind of magic of this MAVEN story is that it wasn't the proof of concept MAVEN that was so transformational. It was getting MAVEN in a matter of months out at scale to hundreds of thousands of users that transformed how the Department of Defense operated, and I think that story is a story more of transformation than it is of any individual piece of technology. Yeah, and just to add to that, and Ra and I talked a lot about this is like it's also about the ecosystem that surrounds it and like creating that ecosystem because there's not one company that can do all of this and you know, and when I was looking for a job 13 years ago and I was trying to find something that would like give me the mission like there were the hundreds of defense tech companies that there are today, you know, um, now we have this great eco. System where there's so many smart engineers that feel this mission that want that are drawn to it that want to do things for our national security and they founded some incredible companies and I think one of the things that we've both tried to do from both inside and outside of government is foster that community and lift each other because we know it's really hard in in the government to like work with the government we know that it's there's a lot of red tape sometimes like how do we foster that community to build each other up because. Because there's we need every, you know, we need all of these smart engineers to help us with all of the technology that we need to keep us safe, to keep our allies safe. I mean all of this technology was used for the 12 Day War. All of this technology was used for the conflict with Russia and Ukraine, and it'll be used for whatever the next conflict is as well, um, and so we really need America's best and brightest to be working on this and to be not just at like one company that's doing it all but being at several. I wanna go back to what you said about the sale fast contract and have you just uh explain to us um you know what the the testing process is there's been a lot of scrutiny on this recently whether it's battlefield communications platforms and elsewhere on the defense tech spectrum um how do you kind of take the best of Silicon Valley move fast, you know. Um, but apply it to this incredibly critical high stakes environment, yeah, I mean, I think anyone that's been, you know, experienced Silicon Valley knows that like failing and failing fast is like the best thing that you can do, right? Like we at Palanter, like there's been, you know, we have a hack week like 2 or 3 times. Here and it's always like, OK, build this thing we'll see if it succeeds if it does we'll move it into production you know you had a week to kind of build this thing and then hack it together um and then if it does like well maybe we'll move it to production and if it doesn't like, you know, that's OK like we tried something new and this is where we failed and maybe that failure teaches us something else. On the government side, like, as I was saying, like they're so used to building like jet planes and so used to like building big pieces of hardware that were expensive and nobody ever wanted to take a risk about, you know, spending more than, you know, taking one company to build that thing in the age of software and all the software technology, it's like it's a lot more, it's a lot easier to say hey we're we're actually going to take risks and so I. Actually applaud the government right now because they are taking more risks and saying like OK maybe we'll have we'll test 2 or 3 different companies we'll pay them each like a little bit and then we'll test this out because some of them might fail and that's OK because the failures of one of them might like inform what we think we need more inform our requirements better to build to make sure that when we like pick this other company that like we know what those requirements should look like and they're and they're like more um. Cohesive so I think the government is taking that on in large part because they've seen what the the companies in in Silicon Valley are doing. They're spending a lot of time there with these companies they're going out there more and more, um, and I think they're seeing that like that's the only way that we're going to be able to forge forward faster is by watching and failing and then learning from those mistakes just as much as learning from success and I think what's so important I agree with what Shannon said I think. What's so important is how do you build a a safe environment for people to be able to fail in and I don't mean like a test or a test bed or sandbox so that can be a way. It is how do you build the culture and the incentives and the tolerance and that's gonna look different in different places, right? Some of it is top down leadership. I saw that at the Pentagon building that I see it at IBM building that like that. Leadership kind of um managing through some of it is creating a mechanism to do it but some of it is just kind of having a process that people can be comfortable with like at IBM we have this uh we drink our own champagne client zero type model where we can test products and use them for internal transformation to let them fail, but also then figure out how they succeed and that's kind of like a go to market. that's gonna look different than in the government where you want to have multiple vendors and let some of them fail because if you are not failing if you're not testing with your own champagne or with multiple companies or whatever version that looks like you're not at the frontier of what is possible and if you wanna be at the frontier of what where transformation can be you have to figure out a way in your enterprise to get comfort. Within that I think is like the value of what's happening at you and I, I think the other thing I would add is like we always believe in never doing this in a lab and never doing it in a silo because then when you get to the real game day it's like oh well it didn't work well that's because you had perfect internet and you, you know, and it's like so I did see that Starlink is now available on United like globally and I watched this morning as they were like live streaming I got very excited that we may all have better internet on our flights soon. Um, but it's like you need to make sure that and I was thinking about the testing they did for that you need to make art that they. Oh I noticed a few people leaving, OK. Let's pause, OK, figure out what's happening and reconvene.

As CEO of Nubank Brazil since January 2024, Livia Chanes leads one of Latin America’s most prominent digital financial platforms. In her previous role as Brazil country manager, she oversaw explosive growth—adding 24 million new customers and launching more than 50 new products. In this session, Chanes, who ranks No. 91 on the 2025 MPW list, will share her strategic insights on the future of financial services in Latin America and beyond, discussing the trends reshaping global finance and their impact on consumers and industry leaders.

Building The Bank of The Future: Notes From Brazil

And so I wanted to start off with, uh, why does Newbank consider itself a tech company rather than a traditional bank? Well, if you go back to the reason why Newbank was founded, it started more from a kind of a human angle, trying to sort a pain point of customers versus just like trying to figure out how to better optimize financial assets in an industry. Our founder Ray David, he had recently moved to Brazil and he tried to open a bank account and he tells that story that he got stuck in one of the bank branches within the security features that we have in Brazil to enter the branches and then he received a very poor treatment, right, and he had a very hard time just to get his account opened. And then he went back home and started to understand the financials of that industry, and then he realized that the Brazilian banking industry had one of the highest returns financial returns in the world and one of the lowest customer satisfaction levels in the world. So he said, well, you know, I think there is an opportunity to do something better with technology, and that's how new banks started. So it started from from a thesis in which technology can empower people to do things much much much better and and drive new frontiers of efficiency to industry. We started with the financial services because of that story and also because it's a massive profit pool in the region. Uh, but as we think about the way we intend to um continue to evolve our product, we see it more as a consumer, a consumer platform that starts with financial services, which is a very highly engagement, highly engaging um set of journeys within within our customers' lifestyle, but we, we want to go beyond that. And uh and to leverage the very, very strong efficiency levels that we delivered in the financial services industry, the very high levels of the NPS to expand the boundaries of of our product. OK. Um, speaking of new boundaries, New Bank has announced it will pursue a national bank charter in the US. Uh, do you see that new bank's model, which has thrived in Latin America, succeeding in other markets? So our thesis about uh digital banking has always been a global one. When we look at the pain points and uh and the sources of efficiency that the industry, that especially the retail banking industry can deploy across geography, it's true that they are very similar. Of course there are regulatory specifications that are very market specific that are, you know, competition, um, dynamics that are very uh geography specific, but we do believe that there is a common backbone for the thesis that can be deployed across markets. Um, we continue to be focused on our car markets for now which are Brazil, Mexico, and Colombia in which we have already more than 120 million customers, uh, but we're buying the optionality right and we're filing for them. For the regulatory license as you mentioned, uh, because we do believe that in in a certain moment in time we we have the intention to expand beyond Latin America and of course the, the, the US market is a big one so now is the right time. To do this expansion. Correct, I think we're, we're we've learned a lot in terms of how to take our thesis from Brazil to others with Mexico and Colombia also evolved our platform and therefore, uh, we're kind of taking the initial steps to go beyond Latin America, as I mentioned, right, so we don't have a specific date, uh, for any launches. In the US at this point in time, but the license is a first step for us to to buy this optionality and to to be ready to potentially scale an operation here in the future with all the regulatory um uh boundaries and and and foundations that is required to operate a bank in in such a market so we're we're we're taking a step we know these processes typically take long, right? We have some experience with that. Uh, in our Mexico operation and uh that's why we kind of we we decided to move forward with that step. What are some of the global trends that are shaping growth and banking, um, in the tech sector? Right, so, um, I think there are, I, I would highlight 3 at least 3 big trends. The first one I think is the emergency and the consolidation of real-time payments. If we think about the role that this, uh, this, this type of technology and product has played in the market like Brazil, uh, it, it, it has been completely transformational, and we are seeing the same level of, of, of impact and the same trend to be deployed across different markets in which we operate and even markets we do not operate. So the Brazilian central bank released Pigs, right? PIs is the name of the real time, um, payment, uh, system in Brazil. I think if I'm not mistaken, I think in late 2020 and the amount of adoption and the innovation that just came through this this new rail that is much more efficient and much more secure to customers to transact has been massive. The replacement of cash, uh, the increased visibility about transactionality across parties in general, uh, the ability to include new people into the financial system. And allow them to have access to credit because their transactions are just much more visible to the system than it was before just to name a few of the and the removal of taxes right and and fees in general that historically have been extremely high, uh in in under the countries under development. Um, so we, we do see a lot of that. We try to shape this new regulatory trends in every market that we go as, as an example, for example, in Brazil today, 1 of every 4, fixed transactions go through new bank, so it's, it's a massive impact right if you think about the amount of the. Brazilian economy money that is flowing through Rios is just very impressive, and we're taking the same step. For example, as we launched Bre in Colombia and as the regulatory framework also also moves into that direction in Mexico, which are economies that in general have a much higher cash participation in Brazil. Uh, and therefore we expect the impact to be even larger than what we, what we aspire, what we observed in, in our first market. The second trend, of course I couldn't go without speaking about AI, and we're gonna talk a little bit more about that, but new bank emerged with this new business model in the era in which the mobile interface, the app-based interface become. Uh, super important and what's so in terms of relevance, um. Uh, in our customers' lives, and now we're seeing that AI can change the interface, also change the way that every all the kind of the processes and the domains, the core domains in banking can be managed credit fraud management, transactionality just to set some examples and, and, uh, and also in other domains that are more um industry kind of more generalizable across the industries like marketing, CAs and etc. So we're, we're investing a lot in in both understanding which kinds of partnerships we can do, but also in deploying in our own our own internal AI capabilities, uh, to be deployed across all these domains. What are customers looking for when it comes to AI? What, what, um, pain points do they have that AI could possibly ease or, or tell us a little bit about that. I honestly think that customers don't care if it's AI enabled or not. I don't think they do. I think customers just want to have the best experience possible and the highest level of personalization possible in every interaction that they have, so we see AI more as an additional tool that we add into our tool kit to deploy improved experiences, new levels of. Efficiency and uh and also to give access to some of the products and experiences that were not scalable before AI versus making it uh a first and foremost customer value proposition because I think people just want to get their their problem solved and so it's less important to them how but more in terms of it's what matters to them the most is the quality of of the interface and the experiences they share. So a process that has uh that uses AI that makes it more user friendly is the interface part. I think it's, it's a lot of things, right? I think the interface is one piece. I think they are kind of if we if we shift from a graphic interface to more conversational interface we need through text or voice, there are some experiences that are gonna get that get substantially better, some other experiences that are gonna get worse. So it's again it's a new, uh, it's a new tool in the toolkit. But I would not say that this is the only thing that would change the game if we think about predictive AI and the applications that we are already seeing in credit management, in collections, in fraud management, in cross selling and life cycle management. There are even in kind of asset portfolio optimization. Those are real applications. That we historically have have done through machine learning models, but now with the new techniques that AI allows us, we take it to the next level and finally I think there's the whole agenda on generative AI that can be applied on customer uhcus. Customer experience customer service, uh, marketing, right, we're doing a bunch of our marketing assets and our AI developed right versus, uh, you know, if you look back in 12 years behind, we would be doing a lot of manual work through the marketing agencies now everything is much more automated, uh, so you know I think it's not just the interface there's much more that we can do. The interface is one of them. Like voice banking is something that we are experimenting with. We're launching like real time payments through WhatsApp. WhatsApp is the primary chat platform in in Brazil, and we're doing about um uh a huge amount of transactions already just using. Voice that is of course AI enabled just just to name one of the interface specific examples. What's an example of voice payment using AI? So if you go, we have um either in our app or in our on our WhatsApp channel you can go and say, OK, can you send $50 to Cheryl right now? Of course. Can you confirm if it's uh Cheryl Strata? Yes, that's it. OK, you authenticate and then the money flows through, then Cheryl gets the receipt. Instead of having to type the transaction open the app, it's embedded in the conversation. How do you determine what AI agents are best used at Newbank? So I think we talk a lot about AI, but the truth is that we're seeing that the technology is too maturing in terms of the applications. So we have at least two big lanes in which we're experimenting with agents. One is more on the internal productivity that, uh, you know, how the agents can help. Our employees to be more productive, the engineers to code better and debug uh faster or to run analysis or to write reports and all these kinds of applications. And then I think the two core applications that we see for agent take uh AI more on the customer facing and. Our own customer service, uh, and of course kind of, uh, deflecting it and and serving the more uh the the the the most the most simple kind of contact reasons for our customers and also in marketing. To just be able to for example provide a brief for a campaign or to um synthesize findings from multiple different researches that we have done uh or to synthesize all the the listening that we get from our CX and social media channels and translated into customer insights. Uh, so those are just some of the examples that we see, but again, what we're trying to do is to deploy the technology in multiple different use cases and see where it matures faster, right? And then we scale because the truth is for certain applications it's much more effective and precise versus other applications. This is. Going to change fast. That's why we keep our options open and we try to have this 1000 flowers trying to bloom at the same time so we don't, we don't lose the timing of the of the transformation. But you have agility. We do, we do, we do, and we make, of course some of our experience fail too, and it's fine, right? I think it's part of the of trying to stay ahead is also incorporating the fact that you're going to have some level of inefficiency and fail in the short term. I wanted to talk a little bit more about customers, um. That's the heart of your business. Um, before I become CEO last year during your tenure as Brazil County manager, New Bake added 24 million customers and introduced more than 50 new products. How do you stay on top of what the customer wants it's really hard, right? I usually say that when we reach a certain level of scale, it's very easy to connect with the numbers and to disconnect with the people, uh, so I think it's, it's, it's a lot about humiliating. And staying grounded with the reality of the facts. So what I try to do is to really stay close to the customers and live real life, right? Of course the life of a CEO is very different from the average Brazilian customer that I have, but I try to stay connected to the people the the the more that I can and also have my teams leave the reality of customers the more that they can, uh, that that's, that's not easy, but I think it's a, it's a constant exercise of humility and connection that we have to do. Because again to empower hundreds of millions of people in Latin America, uh, it requires a level of humility and detachment from your own reality as an executive that is not small, and this is a constant exercise that we all try to do to put ourselves in the shoes of the customers within their kind of lenses of how they see life, not how we see life, to try to to provide the best solutions to them. Thank you. uh, in our last, uh, minute, do you have any career advice that you'd like to offer since we are NPW? All right, uh, this is a big question given the audience, but I, I think given that we are in a women leadership forum, I thought the best tip I could offer is is also kind of a personal reflection. I think all of us have, um. Strengths and weaknesses, it's part of any human being's kind of identity, and I think we get disproportionately more judged as women. So for us it's super important to find places in context, context in which our strengths are celebrated and not tolerated so that we can really unleash our maximum potential as leaders. Olivia, it was a pleasure speaking to you. Thanks again for traveling all the way from Brazil. Thank you. Thank you for having me. Thank you.

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