I like all of you to meet
Jacques Attali Shaka is an artist ever
since he was young he’s been drawing
beautiful sketches all his life he has
no formal education and he has a family
of seven to support he has attempted his
luck at many different jobs but he has
never been able to hold down a job
steadily many friends have recommended
that why doesn’t he pursue his passion
as his profession but Shawkat lives in a
slum he doesn’t know anyone outside his
own community he doesn’t know how to set
up a business and most importantly he
doesn’t know where he can find people
who would be willing to pay for art so
Shaukat needs help so I’d like you to
meet a very important person his name is
John Pierpont Morgan is the iconic
banker from the 19th century
shaaka needs help from someone like JP
Morgan when JP Morgan set up his first
office cinnamon in Manhattan on the Wall
Street in the 19th century there was no
sign outside his office when asked why
he famously responded that the people I
want to do business with know where to
find me so shocked ‘it was precisely the
kind of guy that JP Morgan wanted to
keep out of his office so is it really a
coincidence that today there are 1.7
billion people in the world that’s 1/3
of the adult population in the world who
does not have ax
to a simple bank account is this a bug
in the banking system or is it really a
feature of the banking system so let’s
talk about for a second what banking is
you know banking is nothing but a grid
that moves value from one place to
another so what value does it really
move what value do anyone knows what
value money right
banking moves money or what is money I’d
like to call money nothing but stored
energy so money in essence holes in it
or ideas or hard work and then banking
moves this energy which is the stored
energy from one point to another so now
imagine all the 1.7 billion people men
and women like Jacques who are
disconnected from this grid and they are
unable to do simple things that you and
I take for granted
for instance ability to make a payment
to someone be it someone within your
city within your country or beat someone
anywhere in the world these people who
are disconnected from the grid pay an
exorbitant amount of money to make a
simple payment ability to save money in
a safe place most of these people save
money in their homes which gets traded
all the time most of the time actually
by their family members and sometimes by
people from outside ability to take a
small loan to perhaps
acquire an asset
maybe start a small business but they
don’t have access to it
ability to insure themselves against a
future emergency that may arise and if
they’re lucky and if they’ve saved some
money ability to invest it to perhaps
grow a nest egg in the future all of
these basic things are denied to these
people because they’re disconnected from
the grid so I call all of these people
collectively as if it is akin to a
sleeping giant a giant who has
tremendous energy but it’s unfulfilled
because it’s not really connected to the
grid so now we will talk about that
there are some interesting things that
are beginning to happen over the last
one decade it’s called the advent of
digital today anyone with a smartphone
which is connected to the Internet has
something which is called a digital ID
this digital ID is far more powerful
than this physical ID that all of us
have been carrying in our pockets for a
long long time so this digital ID gives
you the level playing field regardless
if you are Chaka tele regardless if you
are JP Morgan do a world of ideas to a
world of community education
entertainment and increasingly do
financial services also the banking
system that we have today is built on
pricing transactions right so if you
want to put
money in the system we have to pay for
it if you want to extract money out of
the system you have to pay for it if you
want to move money within the system you
also have to pay for it but in the new
digital world order any service that has
gained massive scale was not built on
priced transactions so your Facebook
Likes are all free the whatsapp messages
that you make are all free the Skype
calls that you make are all free heck
even the 50 pictures that many of you
have taken on your smartphone since this
morning for no reason whatsoever are all
absolutely free also so what if we could
build a bank account on the same
principles so we did exactly that we
built a bank account that anyone can
open by simply downloading an app and in
a matter of minutes you can open a safe
secure bank account and once it’s open
you can make unlimited free transactions
we like to call this bank account a
digital wallet in a matter of few months
a quarter of a million people have
already opened this bank account and
have started using it through word of
mouth only so we decided how about if we
gave this bank account to our friend
Jacques Attali Jacques earth loved it
and he came up with an ingenious way to
build a business to marry his passion
with his profession so today people can
send shockers
their pictures on whatsapp he draws the
sketch
and sends it back to them using whatsapp
and he gets paid using the digital
wallet I decided to test it and I sent
chocolate my picture using whatsapp and
this is what Jacques had sent back to me
and I transferred a thousand rupees from
my wallet to his wallet so now imagine
the sleeping giant
with its pent-up energy which is
restricted to itself that represents
those 1.7 billion people like Jacques
men and women who are disconnected from
the grid imagine if we could connect
them to the global financial grid and
make them positive economic contributors
the sleeping giant will surely arise
thank you [Applause]
Jacques Attali Shaka is an artist ever
since he was young he’s been drawing
beautiful sketches all his life he has
no formal education and he has a family
of seven to support he has attempted his
luck at many different jobs but he has
never been able to hold down a job
steadily many friends have recommended
that why doesn’t he pursue his passion
as his profession but Shawkat lives in a
slum he doesn’t know anyone outside his
own community he doesn’t know how to set
up a business and most importantly he
doesn’t know where he can find people
who would be willing to pay for art so
Shaukat needs help so I’d like you to
meet a very important person his name is
John Pierpont Morgan is the iconic
banker from the 19th century
shaaka needs help from someone like JP
Morgan when JP Morgan set up his first
office cinnamon in Manhattan on the Wall
Street in the 19th century there was no
sign outside his office when asked why
he famously responded that the people I
want to do business with know where to
find me so shocked ‘it was precisely the
kind of guy that JP Morgan wanted to
keep out of his office so is it really a
coincidence that today there are 1.7
billion people in the world that’s 1/3
of the adult population in the world who
does not have ax
to a simple bank account is this a bug
in the banking system or is it really a
feature of the banking system so let’s
talk about for a second what banking is
you know banking is nothing but a grid
that moves value from one place to
another so what value does it really
move what value do anyone knows what
value money right
banking moves money or what is money I’d
like to call money nothing but stored
energy so money in essence holes in it
or ideas or hard work and then banking
moves this energy which is the stored
energy from one point to another so now
imagine all the 1.7 billion people men
and women like Jacques who are
disconnected from this grid and they are
unable to do simple things that you and
I take for granted
for instance ability to make a payment
to someone be it someone within your
city within your country or beat someone
anywhere in the world these people who
are disconnected from the grid pay an
exorbitant amount of money to make a
simple payment ability to save money in
a safe place most of these people save
money in their homes which gets traded
all the time most of the time actually
by their family members and sometimes by
people from outside ability to take a
small loan to perhaps
acquire an asset
maybe start a small business but they
don’t have access to it
ability to insure themselves against a
future emergency that may arise and if
they’re lucky and if they’ve saved some
money ability to invest it to perhaps
grow a nest egg in the future all of
these basic things are denied to these
people because they’re disconnected from
the grid so I call all of these people
collectively as if it is akin to a
sleeping giant a giant who has
tremendous energy but it’s unfulfilled
because it’s not really connected to the
grid so now we will talk about that
there are some interesting things that
are beginning to happen over the last
one decade it’s called the advent of
digital today anyone with a smartphone
which is connected to the Internet has
something which is called a digital ID
this digital ID is far more powerful
than this physical ID that all of us
have been carrying in our pockets for a
long long time so this digital ID gives
you the level playing field regardless
if you are Chaka tele regardless if you
are JP Morgan do a world of ideas to a
world of community education
entertainment and increasingly do
financial services also the banking
system that we have today is built on
pricing transactions right so if you
want to put
money in the system we have to pay for
it if you want to extract money out of
the system you have to pay for it if you
want to move money within the system you
also have to pay for it but in the new
digital world order any service that has
gained massive scale was not built on
priced transactions so your Facebook
Likes are all free the whatsapp messages
that you make are all free the Skype
calls that you make are all free heck
even the 50 pictures that many of you
have taken on your smartphone since this
morning for no reason whatsoever are all
absolutely free also so what if we could
build a bank account on the same
principles so we did exactly that we
built a bank account that anyone can
open by simply downloading an app and in
a matter of minutes you can open a safe
secure bank account and once it’s open
you can make unlimited free transactions
we like to call this bank account a
digital wallet in a matter of few months
a quarter of a million people have
already opened this bank account and
have started using it through word of
mouth only so we decided how about if we
gave this bank account to our friend
Jacques Attali Jacques earth loved it
and he came up with an ingenious way to
build a business to marry his passion
with his profession so today people can
send shockers
their pictures on whatsapp he draws the
sketch
and sends it back to them using whatsapp
and he gets paid using the digital
wallet I decided to test it and I sent
chocolate my picture using whatsapp and
this is what Jacques had sent back to me
and I transferred a thousand rupees from
my wallet to his wallet so now imagine
the sleeping giant
with its pent-up energy which is
restricted to itself that represents
those 1.7 billion people like Jacques
men and women who are disconnected from
the grid imagine if we could connect
them to the global financial grid and
make them positive economic contributors
the sleeping giant will surely arise
thank you [Applause]
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