TWP works in the emerging markets for Fintech and Telco. The size and growth of these sectors in these markets makes the challenge to participate very attractive: With internet growth in the Western world stagnating at about 80 percent penetration, it’s clear that most of the growth in coming years will come from emerging markets Estimates are that only 6 percent of emerging markets have a fixed broadband connection, leaving mobile browsing as the main route to access the web Affordable smartphones are connecting the emerging markets: the influx of cheaper smartphones has made owning a smartphone more affordable, with sales growing by about 18 percent each quarter during 2015 Three years ago, 2.5 billion adults were unbanked. Today, 2 billion adults remain without an account and money remittance could exceed $600bn by the end of 2016 While just 1 percent of adults globally say they use a mobile money account and nothing else, in Sub-Saharan Africa, 12 percent of adults (64 million adults) have mobile money accounts (compared to just 2 percent worldwide); 45 percent of them have only a mobile money account It is a stated mission of the G20 nations to increase financial inclusion, of which the digitisation of payments and banking is a core strategic method to achieve this goal…and an opportunity for TWP to be a key provider in the space