SBI Holdings, Inc. ($8473)

Thank you very much for attending this SBI Holdings full year results announcement. At the venue, we see dozens of people, and I understand that more than 110 people are participating online as well. Without further ado, let me start. So we have quite a big volume of documents. So I would like to go through numbers briefly. The consolidated performance revenue, JPY 1,896.6 billion, up 31.4%. Pretax income, JPY 516.7 billion. 83% up. And the profit for the period, JPY 430.5 billion, up 127.6%, in which profit attributable to owners of the company, JPY 427.6 billion, plus 163.7%. Each of them are record highs, especially the ROE has been my focus, 28.0% year-on-year, it's a big increase. Usually, the Japanese banking industry for FY 2024 average was 7.25%. What about U.S., JPMorgan Chase, even JPMorgan Chase, 16.69%; Morgan Stanley, 16.52%; Goldman Sachs, 14.91%. The banks, big financial companies representing the U.S. market compared to them, our ROE is better. So the comparison of consolidated performance with major securities groups, as I mentioned earlier, we have covered the numbers. The Nomura, JPY 362.1 million, ROE 10.1%; and Daiwa, JPY 175.3 billion, 10.3%; and [indiscernible], JPY 94.4 billion, 7.5% ROE; and the Mitsubishi Uohuje, JPY 664.3 billion, 10% of ROE. So 28% of our number is really a surprisingly good number. Looking at Nikkei Index, the 3 largest securities and so on, this way of writing of conventional media, but even the new medias and the conventional medias, all of them are using the Internet. And I'm wondering why Nikkei continues to write such stupid articles. The other day, I met with the Commissioner of the FSA. I told him that we need to do something about it. It's so shameful that net and real are now fused and the business model, which does not allow it, they will just go under and it's not good for [indiscernible] either. And so on SNS, we put up this table here on SNS as well. The newspaper companies, they should do a better job. Now this is performance by segment. Financial Services business is a dominant result, JPY 425 billion; the pretax income and asset management business, JPY 8.6 billion; fee Investment business, JPY 82 billion; crypto asset, JPY 21.2 billion; Nextgen business, JPY 22 billion. This year, we acquired our own shares totaling JPY 50 billion. So the dividend is increased by JPY 10 or JPY 95 per share. So the total amount of share repurchases, the JPY 50 billion and total payout ratio is 26.1%. Moving on to shareholder benefits, XRP and other, these are the choices. As to XRP, it started in March 2020. And the weighted average of 6x, JP 58.5 JPY 58.8 rather, is now JPY 214.45. So that means that the unit price is now fourfold. So XRP is more effective as benefit. And then you can buy other, that will be the best scenario. This is by segment performance. Financial Services business, we have covered the numbers already. The breakdown, the banking business is growing very rapidly at plus 134.5%. The securities business, JPY 83.2 billion, up 14.8%; insurance, JPY 79.6 billion, plus 1,235.5%, and other. SBI Shinsei Bank, and we have banking operation in various parts of the world, not necessarily 100% stake though, but we have the big stake as big as it can be. This is SBI Shinsei Bank's performance. On all the lines, numbers hit record highs. The ordinary business profit, JPY 156.6 billion, plus 20% profit before income tax expense, JPY 122.1 billion, up 22%; and profit attributable to owners of the company, JPY 113.4 billion, up 34%. This is on J-GAAP basis. And on an IFRS basis, JPY 106.1 billion, plus 29%. So the treatment of upfront fees could make a difference between the 2 accounting basis. SBI Shinsei Bank is growing very steadily number of customers. Now we have 4.33 million accounts. And when they joined the group in December 2021, that 3.04 million has now increased to 4.33 million. And the total amount of deposits, JPY 17.3 trillion, and the JPY 18 trillion rather of operating assets. It was only JPY 8.1 trillion when they joined the group. Now it is JPY 18 trillion. SBI Shinsei Bank and SBI MONEY PLAZA via the joint branch, which is called SBI Shinsei Wealth Management, the product balance on April 23 exceeded finally JPY 1 trillion mark. So the asset balance is increasing very steadily. SBI Savings Bank in Korea, the performance was up 37.8% with JPY 25 billion. It is going very steadily. As to capital adequacy ratio, 19.75%. This is a record high number. And the delinquency rate is 4.5%. When we purchased this bank, it was 51% was the bad loans. So they have transformed itself to a high-quality bank, and they did it very soon, very quickly. Still, we -- I have decided to sell part of the stake in this bank to Kubo Life. And that resulted in 41.34% of the ownership of our group. Still, the economic interest is retained at 70%. And as a result of the negotiation, [indiscernible], people and CFO, [indiscernible] did a very good job. I told him not to make too much stretch, but I'm very thankful. We still have 70% economic interest. But basically, we are going to sell it completely. So why is that their performance is good, good recovery? Why are we going to sell the stake? But looking at the careers of the banking industry, savings bank at the bottom and on top of that, regional banks and on top of that, the city banks. And the business area allowed is strictly defined. So that is kind of a limit. So we -- I would rather get some stake in life company using the proceeds. So we are going to have 20% stake in Kubo Life and now Kubo Life is the equity method of the company and the numbers have been kind of small in the insurance sector, but with this 20% stake, now they look better. Business portfolio is looking at our business portfolio and if there is any limit to be seen, then we make a switch to something new, more stable, more profitable business. We make a shift that way. So now securities business, we have operations all over the world. We have various entities and securities business is growing on all line items at record highs. As you can see, the increase is 2-digit percent. And the unauthorized access-related compensation, JPY 9 billion. So we return -- we pay to those customers whose accounts were used. And also the provision reserve for financial instruments transaction liabilities, JPY 10.5 billion, still although we hit the record highs. After ZERO Revolution, our revenues are growing very steadily. People said with such zero commission, the SBI might not survive even in the company, some people thought that way, but Takamura-san and others did a lot of efforts and -- but we continued to grow after the evolution, quarterly profit 28.1% year-on-year growth and the other SBI Securities financial revenues are contributing greatly. And of course, we need to think about Iran related the situation. And the open interest credit balance declined a little bit, but at JPY 2.53 trillion at a very high level. And the margin trading increased 41.1% year-on-year basis, very high level. And the SBI Securities, the investment trust fees, the other balance increased. So record high, as you can see here, investment trust fees, 42% increase year-on-year and the other quarterly investment trust balance at SBI Securities also 50.3% increase year-on-year. So finally, we are in a world with interest rates. The [indiscernible] continues to -- was continuing to not change rates and then the yen exceeded JPY 160 against the dollar. And then suddenly, the government intervened with the market. We're not sure if they really did it or if it was just a threat, but that was the case. So I think at one time, it was at JPY 155 against the dollar. I think this is going to be very short term, and it would go back to JPY 160 because the problem at the root needs to be resolved to fix the weak yen issue. And the issue is because interest rates are staying the same. They're saying that around 1% is appropriate. And we're not there yet. The government, the world wars, many things are happening, but what needs to happen needs to happen or else the weak yen situation will continue. So this is so easy to understand, and I wonder why they don't understand it. It's because the academia don't have practical experience, so they don't get it. They're not living in the world of the market. I spent 50 years in it. We can see what's going to happen under these circumstances. So it's all about experience that Fujimaki-san is different from that point of view. Every time he sends me a book, I read it. But those people who have actual experience, the way they look at the financial world and market, their way of thinking is extremely established. So I think that person is a very rare politician. And I think he stepped down, but he's a very rare person. But in the case of the U.S., the situation is completely different. Trump was a person who was living in the actual world, and investment is coming. He was working for hedge fund. And after Golden Week, he's going to come and visit around the 12 apparently. But this person, too, he was working together with [indiscernible] and so forth, who profited a lot in the past. So the sense that these people have and the sense that [indiscernible], our BOJ governor, has is completely different. And the Governor of the BOJ, or the Head of the Central Bank, they shouldn't really read between the lines of the government because the governor in the U.S. is working so hard even if Trump is applying a lot of pressure on the person. So that's the kind of mentality that a governor or the Head of the Central Bank needs to have. Also for JGBs, institutional investors are not holding that much anymore, then it would need to be sold to individual investors. They have about JPY 2,300 trillion worth of assets that are at the bank. And from the individual's point of view, which is better rates at banks or JGBs, and they feel that it's better to invest into JGBs because they were just holding it at their homes for 30 years long. So the issuance of individual JGBs are increasing and our business is expanding as well. From July through December, in the JGB sales ranking, we have been #2. For January through March, and I think April, SBI was actually leading. The reason why this trend is happening is because in the individual market, whether it be equities or bonds, SBI Group has significantly increased the share of individual stock trading value. So we have reached a dominant market position. We are at 63.4% for margin trading. So we are a dominant player now. So with respect to the individual business, we have dominance. When it comes to institutional, our penetration is still low. So maybe Nomura is doing better, but it's just a matter of time. From my experience, when it comes to a broker or a securities company, you need to have both retail and wholesale, especially in the case of Japan. If it's like U.S., where the bond market is extremely advanced and sophisticated, it's different. It's very rational and streamlined. The individual can delegate their management to an entity to have them manage their funds. However, in the case of Japan, people think by themselves and hold on to their assets. So it's slightly different in nature. So SBI Securities implemented order routing to Japan NEX PTS for new orders and general margin trading. Then at once, you could see here that there has been price improvement. For who? For the customer. They don't have to pay commission now, so you could go directly here to do trading. And this is something that's obvious for the U.S. But because of the FSA in Japan, because they're supporting the TSE even now, our country is ludicrous. NYSE, the NASDAQ and the PTSs have been establishing in a series in the U.S. and things change dramatically. However, in Japan, it's about clearing [indiscernible]. Everything is a monopoly still here in Japan. [indiscernible] may have reduced their commissions twice, but we're doing 0 commission, for example. We need to be supportive of investors and be customer-centric. That's the way of management we have. And however, they are only thinking about protecting themselves by using an old system. And when you say something about it, they try to make business go down for PPSs by blocking us. I am at 75%, and I don't think management should be assertive. I am not afraid of anything. And I think even like Katama-san, or [indiscernible], the commissioner, they are juniors to me. JNX PTS share relative to TSC exceeds 10%. It's 11.18% as of March. As a rule, if you exceed 10%, you need to become a financial instruments exchange. There is that kind of rule that exists. So is this going to turn into an exchange? That needs to be a decision made. So this 10% level, why was this 10%? There is no theory that supports this. They just randomly decided 10%, the TSC, the SSA or the former name, the Ministry of Finance decided this rule. So that can change to like 20% instead. They should just change the rules. But of course, if we -- this can turn into an exchange, that's great. The state-of-the-art exchange can be established, and it can be everything on chain. That is a possibility. So the number of security accounts at the SBI Group surpasses 16 million for the first time in the industry. As of May 1, we have exceeded 16 million. Nomura is at 6.095 million or 6.09 million. CAGR-wise, you start from here, which is March 2009, and the CAGR was only 1.8%. That leads up to March '26, the compound annual growth rate, our CAGR was 13.4%. We can grow even more. AUM has now reached JPY 66.1 trillion as of the fourth quarter. And the ZERO Revolution started here. We continue to see growth. And we were projecting out before the start of the ZERO Revolution and things have turned out to be exactly as we have anticipated. Rakuten Securities is at 50.3%. There is a big difference. Thoroughly promote the deepening of open alliances and expansion of overseas businesses to grow the business foundation of the securities business. So we are promoting an alliance with SMBC Group, and we will make this even deeper and add new schemes to grow it even more. We will also continue to grow the business foundation and the overseas business as well. For SMBC, we are centered on the promotion of the alliance with fusion of digital and face-to-face services. We do believe it was a really good alliance even from our side and their side. The Olive project, thanks to this, from March '22 to March '26, CAGR was, for the number of financial intermediary accounts, it grew by 110.7%. We are currently at 1.85 million accounts. Sumitomo Mitsui Card accumulation investment, the monthly accumulation is now exceeding JPY 100 billion. When you look at the age of users, the younger generation, which is from their teens to 30s account for half of the users. And this -- maybe if the taxes can become lower or if this can be tax-free because this is as a formation, if the government can extend more support, that would be great, or we could give back to the younger generation. It's really important to give back to a certain party because there's a lot of taxation. And we are the worst country with respect to the way the taxes are being used because it's very big in how it's being used. There is a random way of using the taxes just because they want votes, when it comes to religious entities, they are not texted. And they also have cabinet Secretary at [indiscernible] Funds. And I'm not sure what the [indiscernible] party is doing, but nowadays, I do believe there has been some heavens judgment in place. So full utilization of [indiscernible] quota of JPY 110,000 is common. So they should raise this amount when it comes to -- there's a lot of individual financial assets, and they want to transfer it from deposits to here. I think there's many people that are thinking about it. And all of consulting, SMBC will start this service. This is an in-person consulting service, which is going to start from May. I do believe this is going to generate huge results as well. And SMBC NTT, they are our major shareholders that hold the same amount, which is at 8.2%. And with NTT and our relationship, I do believe it has turned out to be a good, great relationship. It's a matter of their technological capabilities and how they can be leveraged for our business, we are looking into it. And from various point of views, we are trying to see how things can develop. So finance really needs technology, and that is why the word fintech was established. And Web3 and ION technology, this also, in many ways, can be utilized. For example, transaction speed can become expedited as much as possible, or power usage at exchanges can be conserved substantially. And regional finance and financial digital transformation. We would like to leverage NTT Group's financial digital transformation as much as possible. If I announce anything, I will shock people. So I'm not going to say anything, but we have been working on creating various businesses for the future. SBI Securities is proactively developing its global institutional investor business to expand its sources of revenue worldwide. We didn't have presence in London, in the Netherlands either. However, in main cities around the world, now we have presence, and we are striving to globalize our finance business. And if there are any big finance deals, we would like to ensure that we target these markets. For the institutional investor business, when you look at the trends in institutional investor trading value comparing against fiscal '21, in 5 years, we were able to grow by 3x. And for business revenue for institutional investors comparing against fiscal '21, we have been able to double the business in 5 years. So we have been able to steadily grow the business. Next is insurance business. All were record highs and also for dividends. It's about the double of last fiscal year over this short period of time. So we have been able to steadily grow the business. So the people from the government, I often say this, but for those people who have stepped down and became a corporate adviser of some company or a corporate adviser, or became a professor at a given university, I wouldn't say it's a waste of time, but we are short of competent people. Therefore, I always call upon them to come to us, especially young people who are working at the government. They know a lot of people. So I have been recommending this. For a person who has experience at the Ministry of Finance, they work really hard, seriously. They have been engaged with the budgeting processes. It's quite challenging. And during the [indiscernible] sessions, all the politicians, they make all their jobs to be done by the governmental offices. So the young people are no longer interested in becoming a public official nowadays because of these reasons. They often go to consulting firms in the past or a foreign capital broker. nowadays, gradually. For example, you never know when a consulting firm is going to be gone due to the evolution of AI. That's where we are nowadays. For AI agents and the evolution of AI, it's going to change the nature of a job dramatically, definitely. Sales force, things like that, we're not going to need it anymore. I've been saying at the previous results meeting that we're not going to hire new people unless they are confident. But there are people who do continue to join our company. They may have been at Sales force before and/or at a consulting firm, but they are being fired, although they were confident. We can hire them as an analyst to work for the securities company. We believe we can offer opportunities for them to grow even more, and that will be a win-win situation. However, jobs like analysts, because of AI, if you have 3 different types of AI lined up together and ask the same question, you can refer to the answers and pick the answer you prefer or compare and verify what's missing from the responses. But I think recently, when it comes to new employees and their reports, the quality of their reports are becoming better that they write once every 2 weeks. So that's why I've been doing the same thing by using AI, and I'm now able to identify who's using AI. I actually cross-check it. You really need to think with your own brains. AI is just help, but you need to deepen your thought process by leveraging the power of AI or else, your brain will always be inferior to that of AI. The total number of in-force contracts of SBI Insurance Group end of March 2016 to the end of March '26, CAGR has been 12.3%. During the same period of time, when you look at Dai-ichi Life, it was 7.1%, and Nippon Life, what was that? It was only 7.1% and 2.8%, respectively, which means for large insurance companies, their business opportunity in the Japanese market is already at saturation. For us, we believe we can still grow. The reason is because our insurance premiums are far lower if you do it online. That is why our growth rates are far higher. So for the major players, if they want to grow their business, all they can do is resort to overseas markets. However, when the yen is so weak, going abroad may lead to the next loss. Even for life insurance companies, there has been various issues that have occurred. They are carrying too many JGBs. So they need to take care of them. And when you have evaluation losses, the valuation losses are quite substantial. Globally, when you look at this, under the international accounting standards or any type of global accounting standard, the image of their business will change. Same thing applies for banking as well. This goes back to my earlier point about the holdings of Kubo Life. We now have 20.4%. And with the acquisition, what we were targeting was, of course, when you compare the insurance business, the numbers -- I compare the numbers first, and I also was looking at total assets at JPY 16 trillion. It's 1 of the 3 major insurance companies in South Korea, and their profit base is JPY 82.7 billion. [indiscernible], when he started the asset management business, he started off in acquiring life insurance companies. Long term assets of life insurers are attractive. And in our case, at Assakura-san, we are currently at JPY 13 trillion, but our target is JPY 20 trillion. The next target is JPY 50 trillion. I want to bring it up to JPY 100 trillion eventually. Of course, with respect to the methodology, the 2 of us have discussions to come up with ways to grow the asset base. If we want to grow by a certain extent, it will be acquisitions. ORIX, I think, acquired Robeco at a very good timing. And what I was very impressed about was, in 2 years, what ORIX did was they sold it by JPY 370 billion to Daiwa. There were some offers to us as well, but I was questioning that deal. However, I think -- I guess Daiwa is confident about turning the business around. But if it's a company that no one was interested in buying, there must be an issue with it. The person, the seller, there's a reason why they want to sell it. When I want to buy something, I will do a survey as to why they want to sell the business. And I also think about how much synergies can be generated as well. You need to do a thorough research of that or else you won't be able to generate good results. For example, 25% acquisition of Aozora Bank. What kind of results can be generated? I'm not [indiscernible] Daiwa, but I try to apply an analyst-like approach. I've never seen a press coverage that Aozora was doing well and office demand in the U.S. was going down and people were thinking that there will be more valuation losses. So I was wondering what's likely to happen. So the synergies, in what way, is it going to be excerpted? For example, for Daiwa Next Securities and the synergies with the bank, they haven't been able to generate that much. Daiwa Next Securities and SBI Shinsei Bank, how much is that generating profits? When you compare the 2, it's quite different. So the asset management business, I talked about this earlier. We have been able to build up assets and global assets are at record highs for 14th consecutive fiscal years of revenue growth and 17 consecutive fiscal years of ordinary profit growth, being able to consecutively grow your earnings base by more than 10x is quite impressive. For asset management, AUM exceeded JPY 12 trillion. By the end of 2030 March, we would like to bring it up to JPY 50 trillion. It's a commitment by Assakura-san. And I would like to help them as much as possible through acquisitions and so forth. And in various ways through the securities business by selling funds, I hope this could help this business. So we would like to -- I would like to support them in growing the business. However, in the investment trust industry, now we are at #9. Nomura will be celebrating its 100th anniversary soon. We are only at 26th or the 27th year, but we are at this level. For this page, everybody is surprised when they see this page. When I show this in English to English speakers, PIMCO, AllianceBernstein, State Street, they are the traditional joint ventures, active and index and alternatives. The Man Group, the London Company, KKR, everybody else, frankly, Templeton, they have strength in digital ETF. So we have a close relationship with these people. These people, Takamura-san's team is able to engage in their business because of these alliances. We have exceeded JPY 2 trillion of assets. It's already been exceeding JPY 2.5 trillion. The PIMCO people were really happy. Doug Hodge was the CEO back then, but then there was a change to a new CEO. I'm always here, but every time the CEO visits, well, PIMCO used to have zero joint ventures, but we were able to persuade the Doug Hodge in establishing the JV, which led to a great success. So everybody is connected here in this world. The Franklin, CEO, Jenny and [indiscernible] are there both ladies, but they get along. They know each other. When we go to Saudi Arabia, we have been talking the other day that we should have dinner together, the 3 of us. So this is the joint venture with State Street. They were established in 1792, and their AUM is USD 5.6 trillion, that's JPY 890 trillion, and they're the world's fourth largest. So this is utilizing AI agent in all business segments. And we need to hurry up and manage this on the asset management side as well. So they are actually doing this independently as well. So even at wealth advisers, they're using AI agents for asset management, and they're showing a very nice performance. And then PE investment. So just with PE investment, we have an outstanding balance of JPY 1 trillion. So we are #1 private equity company in Japan. It's not about JACO and all of that, it's totally out of the question and all the foreign investors know that. So this is IPOs and M&As of SBI Group's [indiscernible] companies. You can see our prospects for 2026. And I think '27, we will exclude that. So private equity, we have exceeded JPY 1 trillion. Actually, it's JPY 1.1 trillion in AUM. So this is part of our PE investment, Ripple. It's 0.9% or so, and they will burn it. So when they continue to burn it, our ratio will automatically go above 10%. Now what's been circulated in the market today, as you can see, and of course, it changes day-to-day, but it's approximately JPY 14.2 trillion. And in terms of actual, so the actual is held by Ripple, and they have holdings under escrow. So what's in circulation -- excuse me, what's not in circulation is equivalent to JPY 8.8 trillion. So if this becomes -- is listed or becomes circulated, then this is the amount that we will get and no one will complain about that. The price is already determined. And so this is not all about the value either. Ripple, they copied us because I said they should build an ecosystem within this current crypto currency, I said a crypto asset. I said that to Chris, who is the founder. And I don't know if this is the end result of that, but there's no doubt that I recommended it, and I remember that they agreed to that. And so they started with MetCo and there are some that are public, not public. But basically, they continue to pursue acquisitions from prime brokers to market makers. So they have a sizable amount in the ecosystem of this cryptocurrency. It's quite remarkable. And then they have -- this is XRP treasury business. They have asked us to invest. And so we paid out JPY 32 billion. I think Krisai-san may pay out some cash a little bit and Ripple Bitcoin, but this will be listed on SPAC. And Form S-4 has been filed to SEC on March 18, and we will resubmit with an amended Form S-4 in April 7. So we're making a steady progress towards listing. And once it's listed, and let's say we -- and there will be clarity in probably May, and we are seeing a good prospect and all the reasons they would oppose to it has been discussed through. And the Trump family owns a lot of cryptocurrency. And this is against ethics the fact that the President is promoting this and they own -- the family owns a large amount is strange. So there's an argument about that. And maybe he could -- they could just donate half of that. That's all they need to do really. Mr. Trump, he doesn't get paid as a President right now. And so here's the crypto asset business. So again, pretax profit is record high. And of course, there's an impact from the valuation gains recognized in third quarter, but even amidst the market downturn, it remains at a high level. So this is number of accounts held by SBI VC Trade. So it's 1.92 million accounts. So people talk about the [indiscernible], but [indiscernible] are gathering all these smaller accounts and maybe they are. [indiscernible] is maybe at the top perhaps. But we put aside all these little ones. And we acquired DMM Bitcoin here and now it's over here. And on top of that, we will combine with BitBank. I think it's announced today. So this is a company that belongs to Mr. Kirosu. So they have 960,000 accounts. So they're above Bitfire. So if they are behind the market, they will only be Mercari. But what's important is AUM here, assets under custody, which is JPY [ 570 ] billion. And my basic policy is to become #1 in all aspects. So we will continue to build up on #1 in every category. And as a whole, we will become #1. And of course, here's the shareholder benefit programs. During the Morningstar days, they started this business, and we followed right away, and we wanted to do this at the holdings level. And now we're beginning to see a number of customers who want to use this as a shareholders' benefit programs. So many companies are now utilizing crypto assets. And in our case, it's 4x as much. Morningstar, we started XRP. XRP is about 6 to 7x now. And also cryptoasset treasury companies, you can see a number of companies who are already doing these treasury -- crypto asset treasury business. If they do this, then they will trade, so they will become a large volume clients. So they are key customers, prospect customers from our point of view. Next-gen business. So Web 3.0 or Web3, excuse me, related business. [indiscernible] is very successful. We have only 20% as an equity method affiliate, but it's already generating JPY 5.2 billion as equity in earnings of affiliates, very grateful. And we have validator rewards -- we have some super validators, and we are able to also gain rewards from that. So that's the key to become profitable. So now the key topic here is 3 key strategy objectives. For the sustainable growth of corporate value and performance, as a subtitle, I've written strategy is everything. Since I have been involved in management, if people ask me, what is my reason for success, for winning, it's strategy. Strategy is everything. And what is strategy? Many scholars say many different things. They say it's about building a position that achieves sustainable competitive advantage to be to succeed in competition, theory and organization activity within the market, a long-term fundamental blueprint for an organization activities in the market. Some people say very academic things, but it's basically a mechanism to win. It's a concept to win. And when we -- in the past, when we talked about strategy, it's really about winning a war, right? So this is, for example, [indiscernible]. So when we say corporate value, I think it's about strategic value. Now corporate value in an ordinary sense is shareholder value here. So this is the total amount of cash flows generated over the long term to the shareholders and also the cash flow amount that will be offered to the creditors and you deduct that by present value or discount that by present value. So this is the corporate value in an ordinary sense. What is my corporate value? I think it's made out of customer value, shareholder value, human capital value. When you have the people, human capital, you will be able to exercise creativity. So I think it's the source of creativity or it is the greatest factor for bringing about differentiation. That's human capital. What is customer value? Customer purchases or perform something. It is the consideration against the goods and services that's offered to the customers. So this is SBI corporate value, my value. And on top of that, SBI -- now often people criticize us as a conglomerate discount. They don't really study very much about our company. But conglomerate discount is about the 1980s where a company was buying when companies are unrelated to the business one after another in order to just simply increase EPS and they continue to increase that into 1980s. And then in the '90s, they began to fail. So we have to think about conglomerate discount. But that's wrong because many scholars have actually studied this. But if you have companies that have strong correlations, then you will be able to exercise synergies. And if you build an entity that's based on that, you will be able to increase value. And even it's in the book called Roberto, he's a scholar from Harvard Business School, and there's a very typical classical paper on this literature on this, but this is an idea that I was quite convinced by. But it's not just that, it's also based on management philosophy and strategy grounded in long-term perspective. So this is a strategic value. So what I have been generating over the years is strategic value. It's based on grounded in long-term perspective. 10 years ago, acquiring Ripple, who would have done that? And even after the acquisition, they had some lawsuits. I never sold any of the shares. We continue to hold on to it. So it's about what will the world be in 10 years later, 20 years later. It's the ability to foresee that. It's about visionary. It's being able to have an insight and discerning power. So it is company's management philosophy and long-term strategy that determines its future value. And management philosophy has always been customer-centric. Since the foundation, I have been very thorough about promoting technology. I have always said public interest will -- is, first and foremost, before private interest. And corporate is an existence of the society and the business has to be good for the society and for the people. I have always called out that philosophy and trying to implement that. And that's the reason why we're still here today. I believe -- I truly believe so. I've been reading a lot of books, but one of the books that I have really thought was true was a book written by Dugan. And when I was trying to take business management classes at Columbia, I came to read this book. And he talked us about strategic intuition. And he says that strategic intuition refers to the ability to synthesize accumulating knowledge from the past with a wealth of experiences and to instantly recombine that in mind to discover solutions to new problems. So I have this enormous amount of reading that I do and also my enormous amount of knowledge and experiences. And with that, I am able to make instant decisions and judgments. So based on this intuition, as a founder, I will implement appropriate strategy at an appropriate timing. And then I will hand it over to those who will take over. So the strategy that I will mention after this, all 3 of them can only be implemented by a founding founder. I don't think a salaried CEO will not be able to do this because I am the founder and I am the top management, and that is why I'm able to make that decision. And I think that decision is to be made now. So that is why I am making this into a strategy. The structure follows strategy is the words of Chandler, a very old word. So you will follow the intuition. Meanwhile, you create an organization. So what is my 3 key strategic objections? One is to become completely AI-driven transformation. The other is organization transformation toward on-chain finance, providing next-generation financial services ahead of the rest of the world. And Number 3 is integrate the Neo Media ecosystem into the existing financial ecosystem and digital space ecosystem, which is already emerging. So through that, we will be able to dramatically expand our customer base in and out of Japan. And only I can do within this group. If someone -- how can someone suddenly one day build a Neo media and do something like this? Who could say this and who could actually make the investment for that and run an organization and build an organization? Who who will be able to do that? I was speaking to Mr. Yasuda from PPIH [indiscernible]. I think this dialogue became an interview book. And there were some commonalities as founders. We shared views, same views. So first strategic objective, one on decisively implementing a complete AI-driven transformation. So in JPMorgan Chase in September 2025 announced AI blueprint. They said they will transform into a world's fully AI-powered mega bank. So they said that in September 2025 first. No one's been able to do that before. And maybe I'm slightly behind them, but we think the same. And of course, I have some influences of Mr. Song as I came to think this way. And -- it's not just about implementing AI tool, but the bank business process itself will be redesigned with AI at the center. This is what JPMorgan Chase is trying to do. And this is personalized AI assistant, AI-driven process, AI concierge, we will attach all of these to make all the operational efficiencies higher. This is the 3 pillars of implementing AI and expected effect is to become a checker from becoming a maker. So it will be made by AI, but humans will become a checker. And checker is actually -- can be generated by AI agent. So what do we do? So we will basically consolidate everything, orchestrate everything and set out to a certain direction. Maybe an AI can orchestrate, some people would say that. So -- but would an organization run with AI. So this is something that humans would have to do. And his potential workforce reductions. So you can see that from the banks in America. This is a commerce bank in Germany. So they have implemented this in -- after pilot operation in 2024. And they also built AI avatar and they have drastically improved customer service efficiency. And they have approximately 75% completely autonomous function without human intervention. So it's a high self-revolution rate. And 24/7 operation. This goes without saying. So you do not need people. If you had people, if you people, you won't be able to do it. It can execute complex tasks. The test result of the University of Tokyo, AI was able to do perfectly -- perfect score. So the world is changing. In the past, people used to say that in 2045, technological singularity will come. That's what they used to say. But not even 45, it will be in 2030. Maybe it's already here now. In other words, the capabilities of AI has drastically exceeded the human kind. So what should human beings do? So what should we do? The AI should not take the prime, the leadership position. Well, AI would be able to do that, but the final decision should be made by AI. So in the limited area and also the workflow will be consigned totally to AI. We are going to do that as well. So [indiscernible] has a strong impact in the financial world. It's a matter of course, the vulnerability that is -- was becoming a problem. And very early, we started to work on that, how to discover the vulnerability. So this -- we have not used the Metus of Anthropic yet. But in order to avoid it, we need to use it first. And we do check it and we implement the systems. That will be the wisest way. And everyone -- are we going to be allowed to do that? Not quite. There are some -- the limitations, the meters is now being used only by the defense purpose and so on. So what should we do then? Fortunately, we could find a very good company, one of the investee companies. And it's a Korean company strong in the valuation of the vulnerability, Everspin. We are going to implement it group-wide, to have legacy system, you have lots of unknown vulnerability. So legacy system has now already come to its limits. And financial crimes and fraud, the accounts are misused or the unused without authority. How can it be avoided? Well, for example, implementation of new systems is one and also autonomous the AI used to deal with increasing cyber attacks and so on. Under such circumstances, we had to decide on a strategic guideline. And in doing that, our own staff alone is not good enough. So from our investee companies, the very best in this area. and a top person of that company has been invited Rich, I was established on July 29, 2016. It's about [ Mr. Takashi Yanagihara ] the excellent and the person who will join us. So in the past, all you had to do is to procure technology from someplace else. So the process was to invest and then implement and then expand. That was good enough. Not anymore. So what should we do? We have been thinking about it, and then Takamura-san came up with this. Yanagihara-san and his company. So we have been investing already into their company. It's a public company in the past. I liked it right away. I liked him right away. So as outside director, we invite him. And in deciding our strategic guideline, we'd like to leverage his expertise. And here is what I have announced, developed AI agents capable of autonomously providing optimal financial experiences for everyone. So to realize this guideline is, of course, develop global financial AI concierge. Going forward, everything should be global. So now whether it is the Bitcoin or the XRP or stablecoin, they're all global. Stablecoin is becoming global. So in this new era, we need to think about globally AI times Web 3, build an autonomous economic ecosystem. Autonomous is a very important concept. We are strong both in AI and Web 3, and that helps us and deliver seamless services from recognition to trust and rapidly advancing the transition to an AI native autonomous organization. So develop global financial AI concierge, how are we going to do it? In short, AI concierge is to remove any concerns or the decision-making and the difficulties from customers. So based on information, AI concierge will come up with optimal portfolio for you. For optimal asset formation proposes execute optimal portfolios of financial assets and agents that consider and propose financial actions aligned with each customer's interests and financial literacy level. So agents understand customers and make proposals. That's important. And global financial infrastructure that transcends barriers of language laws and regulations. Regulations, financial regulations are all defined country by country. If there's anything to change it, it will be in the cryptocurrency world. Everywhere, it's Bitcoin. Everywhere globally, XRP can be used. And as Mr. Trump categorically denies, Central Bank digital currency is difficult. It's the same thing. All the inside, it might facilitate a few things, but the inside outside that relationship would not change that way. We are going to provide the best user experience. Now building autonomous economic ecosystem through AI and Web 3, combining Web 3 and crypto assets with AI to create new value. So the AI optimized transaction systems, co-creation of AI and smart contracts, monitoring and accountability. Please pay attention to those expressions in red color. So deliver seamless services from recognition to trust, know, decide and trust everything. That's important. This is not something that the SBI Group alone can achieve. We need to achieve and in collaboration with X and Web3 top players. That's why we are making so much investment in overseas. So lots of investment at this timing when yen is so weak. So overseas investment involves dollar-based investment. Yesterday, at around 1:00 in the morning, I thought, "oh, that's a shame if I did not do what I would have done at SoftBank. " Because when the yen appreciates, should buy dollar. The JPY 6 billion was the profit that I earn that way. Asakura-san is with a lot of data on hand, doing trading day and night and remittance is made. And that period is very important. And I thought that I should -- I could have done better. The need is the model of the invention. But now I'm 75 years old, and there are so many things to do. So using AI, we need to do both offensive and defensive. And for that, for the whole group, we should be AI-driven. That means that I delegate my authorities to Hitachi headquarters reporting directly to me and also the group's vast financial data and computing resources are to be centrally managed. And we will make full conversion of operations into AI agents and transform the value chain into an AI native one. And we will achieve major transformation of the cost structure and create new revenue sources. As to security measures, SBI Everspin black box test, hacker verification and the continuous monitoring and analysis by SoC, we will combine the governance and unified controls against AI attacks. We are going to do all that on a group level, and we are writing some contracts for that. Eversafe, on a group-wide basis, we are adopting Eversafe, the vulnerability assessment, the password changes automatically and dynamic way. And by using the AI, we are going to be strong structurally speaking against cyberattacks. So calling on the top management of the 3 largest banks and Katayama-san, Ms. Katayama did talk to them and that kind of thing, we do not achieve anything. I'm wondering what they are thinking. We need to face our business very, very seriously to have good results. You bet your life.as-san, DPI is the same. He's in the Stage 4 of the lung cancer. I'm trying to help him on the medical aspect as well. He's doing business -- still doing business, writing books and acquiring companies. His book [indiscernible] is a really good book. So here, it says deploy code level AI auto reviews to development process and sequence implementation and so on. So in Iwara-san, we are going to set the AI security standards formulation as the core of the AI strategy led by Yanagihara-san at the strategic headquarters. I am saying clearly that you need to move fast. This is the very last decision that I can make as the top person. So you should do it, you should execute those strategies. If you are not going to do it, you have to leave. You expect it to support such evolution of the company. So decisively implement organization transformation toward on-chain finance, providing next-generation financial services ahead of the rest of the world. Token economy, every asset will be tokenized on chain transaction is completed on chain. So the application is on the WWW the site. That is already gone. I've been saying, say, for 10 years or so, I have been talking about the importance of blockchain. And to change society, I thought that the blockchain will play a bigger role than the AI. And more and more people agree in agreement with me, blockchain, DLT, the decentralized the network is now expanding. The web [indiscernible] on chain should be achieved. If it remains off chain, the volume of transaction increases and gas charge increases, and that will constrain transaction. So that should be changed. So that is to have layer 2 on the top of Layer 1 by using smart contracts adequately on the blockchain, the transactions are processed automatically. I've been thinking about it. So Isaria with smart contract is really great and others are doing the same now. The tokens are utilized for both transactions and settlements. -- such token economy era is starting. On one of my books, tokenized economy, that's the English version title. Tokenized economy, my book is now welcomed very warmly. Now TradFi, traditional finance and DeFi, decentralized finance, specific examples of the convergence of TradFi and DeFi in the West. So traditional finance and the new finance world and the picture of the finance. We need to integrate or converge these 2. That's the basic idea. So New York Stock Exchange has already started toward the work toward the launch of tokenized stock services. They have already announced the platform development for trading tokenized securities. And announced March in investment in OKX and NASDAQ has also made similar announcement. So new platform is about U.S. listed stocks, ETS 24/7 trading and immediate settlement and fractional share trading, less than share trading is also possible. It's a stable coin compatible and it is integrated with existing infrastructure, and it is supporting payment and custody functions. those new things are happening. The TSE is still kind of slipping the PTS, they are changing the small changes for the scale. That is putting lots of securities firms into trouble. We do not care about the changing in scales. Robinhood, the newly established securities firm, they are already developing the new platform development and they're advocating transition from traditional securities up to blockchain-based global next-gen financial platform. So tokenization enables 24/5 trading. And in the future, it will be transitioned to 24/7 crypto assets and a small-scale investment fractional share trading from EUR 1 is possible. The number of 100 stocks expanded tenfold from about 200 to 2,000. Initially, they issued on [ Abitr ] Ethereum layer to chain. But in the future, the Robinhood -- well, there's a talk about joint venture with Robinhood. I give a lot of thoughts to it before all kinds of these announcements. But using our capability and making profit without expanding their own customer base, that is the impression that I got back then. So I decided not to go for joint venture with them. Now accelerate structural transformation toward the financial infrastructure, integrating AI agents into on-chain finance. So this integration is extremely important. When it comes to institutional investors, they can make direct access to on-chain. But individuals or the SMEs, they need to have the intermediary companies involved. And of course, now using AI agents, individuals can make access to the market directly. So AI agent and on-chain are very closely connected. You need to do them both. And that's the key. And very early, we started to think about it. So in the digital space ecosystem, we put both of them. AI agents transact with each other. In such a world, transaction will increase dramatically. And then without on-chain, you cannot do anything in that kind of world. So on chain is a must for high-speed, high-volume transaction world. And the AI agent reward payments will be very, very small. It will be micro payments. So that means that will increase transactions as well. So you need to do both. When it comes to individuals, they cannot follow the development of such world. It should be institutional, big institutions or the experts. But the SMEs who have good technology, those -- the mega technology companies, it used to be small companies -- and before you know it, now they have become big companies. So transition from finance where customers struggle to make choices to the provision of finance and trusted to reliable AI agents. So now AI make choices for you instead of you making choices. So we are going to provide safe and reliable AI agents to our customers. So if you become our customers, though you will benefit from the special segment to give very detailed explanation to you. Now progress in developing frameworks for the expansion of on-chain finance, both in Japan and overseas. Now one more step to go for the enactment of Clarity Act. Once it is enacted, digitalization will be accelerated and tokenization will be accelerated. As to stablecoin, now Genius Act has already been enacted. So that's green light for stablecoin and the Clarity Act should also be enacted. In Japan, the inemended Payment Services Act, now stable coins are defined as electronic payment instruments and issues limited to banks, fund transfer service providers and trust companies. So there are some constraints on the tax side. To me, it's a very stupid taxation. 55% as the miscellaneous tax. That's impossible. And of course, the separate taxation is to be applied -- should be applied. And now it is in the picture. ETF has not been changed yet. The ETF, cryptocurrency, crypto ETF should be allowed to do -- made a very strong message to the Katayama-san. And also, I'm going to ask Mr. [ Bessente ] to make a strong message about it to the Japanese authorities. SBI Group's initiatives toward on-chain finance.

I talked about this earlier. For the ecosystem for digital space and financial ecosystem, many things will be created under track as well. And also for the trust bank, it will become increasingly important. Therefore, Shinsei Trust and Banking changed its name to SBI Shinsei Trust and Banking. And the holdings -- SBI Holdings holdings ratio is now 49%. So with respect to the rules about exceeding 1 million and so forth, we won't be subject to it. We will be able to do a fund transfer now, which is type 3. And VC trade as well, it continues to expand and growth in -- on both ends and their evolution can be connected together through VC trade. For Storytel, we have decided to work together with them. As founder of Storytel, so [ Tawatanabe ] has also become one of our independent directors. And from June at the AGM, he -- if he's appointed that is, but I'm sure he will be approved. The shift to on-chain, we will do this thoroughly. By leveraging his expertise, and we will have 2 JVs that are going to be established. One will be led by him, which is a development company and the other will be led by ourselves, which is a marketing company. Even more, we will invest approximately USD 50 million into Starko and have making it into an equity method associate with 20% ownership. For yen-denominated stablecoins and Layer 1 blockchain, we will be doing joint developments. We have agreed upon that. Developments are steadily underway. And as of June, the stable coins will be ready for approval submit application. It will be the first trust type, and it will not be subject to the fund transfer rules of 1 million of a limit in remittances and holdings. And we would like to target a launch as early as the first quarter of this fiscal year. Yen-denominated stablecoins, there are some that have come out, but the volume has been small. So it's not impactful. Of course, attempting to do so, I think, is something that I admire. But -- sometimes I feel that I should buy them out because they're so small. So they gave me a high price, so I decided not to. But Asakura-san met this entity, right? But in any case, on-chain training of all financial assets for all types of tokenized securities, real-world assets, we would like to make everything being able to be traded online, on chain and try to make it flexible as possible so that we can provide liquidity. And between AI agents, there will be a time when they start trading between each other. So we need to be able to respond to those times. And we will pursue a vertical integration strategy in digital finance. What do we mean by that? We need to integrate all of these items that will enable us to leverage competitive advantage. And I think this is the only way to do so. We have everything, by the way. And last year, in August, with SMBC, we jointly developed a stable point. And this alliance has been released. But by the FSA, we were asked to join another group, but we opposed. But for SMBC, we made it already. So we asked them, maybe you can join them. I said that to Nakoshima-san. For the multichain strategy, for example, [ Rakuten, ] what they're doing, it has to be Rakuten Points. It has to be XM X points. For us, we don't have any specific choice. It can be -- we're open, whether it be gas fees, there's all different types here, but we have -- we would like to promote a multichain strategy so that we could be compliant to everything. What I think is promising right now is Solana. We own 90% of B2CT, and they announced a partnership with Solana Foundation with respect to one of settlement networks for stablecoin transactions. And we -- R3 is an American company we have invested into. They are now going to be acquired by Solana. So in that respect, we now have various connections with Solana. So we would like to put importance on this important relationship as well. And also Canton Network, we are a super validator. And we have a voice. So by using the Canton network, Mizuho Nomura and the Japan Securities Clearing Corporation was doing something. But from long ago, we have been working together with this entity to support our relationship so that it can expand both domestically and internationally. My way of thinking is big, is global. Therefore, I have been working on Singapore as well. We going Ha, which is the biggest exchange in the country. In Singapore, we have -- our affiliates already have a total of 5 licenses that are key. because of the circumstances in the Middle East right now, the companies that used to be in Dubai are coming back to Singapore, and there are some companies that are coming back from Abu Dhabi as well. For Dubai, there was a building, a skyscraper that was attacked and was burning. There was some imagery of that that was on air. So you never know what's going to happen during a war. To that end, it's quite scary. We did open an office in Dubai. But for the time being, we decided not to operate there. So it's more going to be about focusing on Singapore. For Abu Dhabi, whether it be Abu Dhabi or Venezuela, those countries or regions will start to drop out from the OPEC. So within the Arabian countries, how are they going to decide oil prices going forward? And for the future of Arabian countries, how are they going to change the economic circumstances? That will be an area we'll be looking at. Singapore is a small country. But because of that nature, they could -- they've been working to serve as a hub to become a financial center by relaxing various types of regulations. So that's the place they are. So we would like to take advantage of these circumstances. And for on-chain asset management platform, I talked about asset management earlier. But actually, for DGFT, it's a Singaporean company. It's the world's first BTF on-chain company. They now have a JV in Japan. So upon developing products in Japan, [ Sotomatunabe, ] his company can work together with this entity. That's what we were thinking about. Key player in the group's digital strategy, SBIBC Trade strives to expand its functions. expanding its functions. First step of that is launching a USDC lending service. it's with Circle with the joint venture with Circle by using their USBC lending service was launched. Annual rate will start initially from 10%. People will obviously come to us if it's at 10% annually. I want to make it fund moving, meaning I want to move the funds of individuals. And also 3-month term time deposits of U.S. dollar foreign currencies, when you look at this, from -- we will be taking away business from Kawashima-san's team. But of course, they need to evolve as well. So we'll have to deal with that. However, this cannibalization it's about coordinating between our companies and businesses. That's my job, whether it be a new bank or new product development, we'll need to work on that. Although they may be both within our group, they need to both continue to evolve or else. For banking or securities companies, it's just a matter of how we allocate our portfolio. How much is it going to go into equities? How much is going to go into bank deposits. It's about building your portfolio. For SBI VC Trade, it strives to obtain a money lending business license. If we get the license, we would like to provide Japanese yen loans to customers using crypto assets as collateral. That will be possible. SBI Shinsei Bank, SBI SECURITIES and SBIFIX TRADE, we're thinking about a triangle scheme. If the trust bank can be profitable, 51% is owned by the bank, the revenue allocation can become -- can be done automatically. I need to think about that from my point of view and design the entire group. ATLAS, we will have a pilot program in May for in-store payments using USDC. At stores, foreigners will be able to use or spend USDCs to buy something. That's the world that is likely to spread. promoting various initiatives toward the implementation of stablecoin payments, U.S. dollar settlements in Japan, cross-border EC is about JPY 400 billion from Japan to the U.S. consumption by U.S. visitors to Japan in 2025 is about -- was about JPY 1.1 trillion. Corporate digital-related service payments to North America in '24. This was big at around JPY 8 trillion. So through delivery versus payment, which is instant payment upon delivery and reduction of intermediary margins such as FX spreads and also eliminating the need for prefunding. 24/7 realization of T+0 settlement are the things we would like to achieve through stablecoins. And we made this announcement today with Visa. We concluded an MOU for strategic collaboration in the digital finance space. So we're considering utilizing USDC and Japanese yen stablecoins for credit card settlements and payments. And for the card business, issuing SBICs and crypto cards that allows for accumulating crypto assets. Just by using your credit card, you will be able to save crypto assets. So I would like to start to accelerate my presentation because of time, seeking to enhance card payments through the utilization of stablecoins, the issuer and the acquirer, whether it be U.S. dollars or Japanese yen at merchants, it will change into the currency of choice. And on the back of that, automatically, autonomously, FX exchange can be enabled through the system we are striving to build a global stablecoin settlement scheme. Yen-denominated stablecoins and U.S.-denominated stablecoins, we would like to create this kind of system. DFT through the JV, we strive to issue RWA tokens. I talked about this earlier, but 60-40 SBI on chain was a company that has been established. And the second SBI Group initiative is this slide. For the overseas heads from 20-something countries from around the world, heads get together, and we are going to have a conference in August this year. Long ago, CITIC, when we were trying to go into China, we borrowed their venue from CITIC, and we had our executive meeting there. And starting off from there, we started to do many initiatives in China. Strategic objective number three, integrate the Neo Media ecosystem into the existing financial ecosystem and digital space ecosystem. and expand the group customer base, both domestically and internationally dramatically. Mr. Hirata, formerly Executive Vice President of Nikkei we will be appointing him as an independent outside director. And for the Neo media ecosystem, we did an interim update of this the other time. So there's nothing much to add. But the boxing thing, there was a lot of reaction on that. Page views shot up to several hundreds of thousands. So Naoya Inoue, who's the star of boxing, I was amazed to see his influence in the political world of the U.S., the reason why people from Hollywood they're trying to draw close to Hollywood is because stores have influence on voting outcome. With Naoya Inoue and what we did with them, our confidence became stronger. From Saudi Arabia, the fighting money was JPY 3.5 billion. And I think they're going to do it again in Saudi Arabia to expand -- so that was great to expand the customer base. So that was proven. I'm going to skip this page. So you can see this from 1 through 9 different sectors and different fields and then from 10 to 18. And on May 19, we are scheduled to have SBI Neo Media Summit. And there, I will speak. And in between -- by then, we expect to have 3 or 4 more Neo media companies. And then tokenization IP utilizing Startel's expertise mentioned earlier, this is using stablecoin, tokenization and utilization AI in content creation, ample use of AI and then utilization IP and talent will be very aggressive with this and utilization in the SBI Media portal. So as a business ecosystem, we have 18 companies, and they're all investing. So most of these are nonlisted companies. So if they went public, then they will be happy, we will be happy. The founders will be happy. So this is a great synergy effect of all 18 companies in the Neo Media ecosystem. And of course, we have to work from inside as well. We're paying JPY 25 billion approximately in annual advertising and marketing costs and I have instructed that we consolidate this. And there's a lot of relationships and negotiations necessary for this because there's quite a bit of resistance, but I will not accept any exception. I will not allow this because this is something that I have decided, and I am determined to carry this out. Because unless you do something like this, the organization will not move. We blow this so no one dances, that would not work. So you can have a meeting, but no resolution or no actions. So there's different ways to describe this. But we give a deadline and we carry that out, we perform that. This is the way I manage a company. So it's very concrete and very certain. And of course, I will input ideas and wisdom as much as I can. So right now, we have JPY 25 billion in advertising and marketing costs, and there's really no scale merits that's being utilized as barriers insufficient challenges. There's no knowledge being accumulated inside. We have not been able to utilize the marketing data. We have discovered so many different facts. So we will consolidate everything into SBI Neo Media Holdings, and we will enjoy the scale merits through bulk ordering. I have drawn a diagram to the left. This is the image of SBI Group as a house. So this is to support the growth of each group company, but also to enhance the brand value of the group as a whole because I think there's some under-recognition of SBI as a company. So we want this to be recognized throughout. We will establish JPY 100 billion SBI Neo Content Fund. C Japan Fund will invest as well. So first close in June end. And we have about JPY 600 million to JPY 700 million already. So if we say we are gathering funds, then if we can gather that much, within first close. And I think all we need to do is to gather maybe additional JPY 5 billion, JPY 10 billion. So we have already been doing JPY 100 billion in scale before. So this should be easy. And we will -- in the neo media ecosystem, they will create new business areas by actively adopting evolution of AI and on-chain technology. We will examine the nature of journalism in the AI era. There's conceiling, manipulating images. We want to eliminate all of these challenges by fully utilizing AI. And there will be all different types of analysis. And media will shift from a place for information dissemination to infrastructure that transforms specific customer behavior. So if there's a good news, then the person that's watching the news will be able to take an action right away. So this is the -- for example, X is the platform. This is what I really want to aim for is fair profit distribution utilizing blockchain because the mechanism is such where platforms are generating profits, not the creators. And we need to really fix this, rectify this. And if we can change this, then we can generate better content. This is construction utilization of a state-of-the-art neo media distribution base. So we have AI casters who does commentary fact checking, personalization, AI editor and Chief Global news analysis. This will be with the new source of earnings. And SBI CORE, this is like a super app. We will also have a media function in here, not just finance function. We're working on this right now. So this is my new concept today. Contributing to regional revitalization through cities as media, Mr. Okada, who is the Head of the Neo Media. At the same time as mine, we were actually looking at the same thing. I went to Saudi and I went through Dubai. And 40-some years ago, I went to Dubai. And now it has transformed to like this. And they have built this huge, enormous airport where people all around the world are gathered there. And then this idea of cities as media came up. So when you consider that, so for example. So city is distributed nationwide through flow of people, content and capital. And national strategy has to be designed and built under one strategy. Tokyo really has everything that it needs, good access, good transportation. And then we also need to build something that is symbolic. A good example is Disney. So you built a Disney Resort and just look at how big of a city it is now. Uayasu used to be a small tiny remote city, and they bought this land. And if people are wondering what would happen if there's an earthquake, they would have a liquidation issue and they will be in trouble. But if you look at them, it's completely different. Tokyo Disneyland, Disney C, and they have experi retail facility. So if you go to the resort, right at the entrance, there is this enormous retail facility -- and it's conveniently accessible by training, 50 minutes from Haneta, 80 minutes from Narita. No wonder people are attracted here. They're able to attract all these different people, and this is very different, especially after COVID. You can see the percentage of international guests expanding rapidly. It used to be this small. Now it's increased like this. Now one of the reasons why we invested in Tokyo is because of this. So this is us investing JPY 5 billion. They also invested JPY 5 billion into this SBI Group's content fund. So we acquired 5 million common shares of Tokyo. Why? We get along great, but we want to build an entertainment city project for greater Shibuya. We want to promote that. You see on the Internet, people, like commas people or people who are just gathering their hanging out there, punching each other. We want to make it a very healthy environment and make it into an entertainment city so that we can attract more people into Shibuya. And this is the I think it is the cities and media. Now I went to and visited the Head of the Bank of Shimizu, and I was quite impressed. Shizuoka Shimizu Port has great access to Manfuji and the cruise ships, and I saw this photo and suddenly, they hit me, they should be able to best utilize this beautiful Manfuji and attract people through cruise ships like this. Shimizu Port recorded 405 cruise ship calls in 2025. That's 10 in Japan and 10 for fourth consecutive years with 170,000 annual passengers. And they have built Shimizu Minato Machizukuri Grand Design in 2019, and the total project cost is JPY 100 billion. So we will participate in this, and we will bring that entertainment element here. Then that region will change. So there are various elements in here. And [indiscernible] there's a hotel there. I think it's a 3-star hotel. We built this 3-star restaurant and hotel there. This is also part of the new community development. Mr. Sato was doing this at Awajishima as well. So this is the idea, and we want to do this at a nationwide national level. I think the city building community development should be done at the national level, and this is just about regional financial institutions. But this is a more impactful regional revitalization strategy that affects all participants, stakeholders. So how the Neo Media business can power SBI Group's regional revitalization strategy. So we will do fireworks and we have music circuits that we're promoting or last week in the SBI -- My Fireworks used to be human Fireworks before, but see you here. So May 30, as SBI -- my Fireworks in Chiba Inagi Seaside Park, please go and visit. It's all about music and fireworks. So we -- many of these competitors are more securities broker kind of idea, but I think this is a completely new idea, and I thought this was great. So that is all from me, 6:04 slightly over the time, but I think I would like to take questions from the...