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…r them a credit and for them to buy things on on shopppee and this is could be a mutual beneficial. Um later on we realized uh actually the reason for that is also because of uh compared to Indonesia, Vietnam, Philippines say compared to the the the western market just simply because of the credit card penetration is very very low. So in the in the very high penetration credit card market and this credit consumption credit needs probably can be met by the by the credit card but it's not really the case in in our market even today I think it's like Indonesia say for example the the credit card penetration is probably still like below 20%. So it's a it's a most of the people they just don't have the easy access to credit card either they have to delay their purchase or like a for late payment for the school fees or the medical needs any family needs or they have to borrow the money from the shark loan like things like very very high interest. Um so for that business like we we have to start to uh like explore with the only give the credit uh when they buy things on shopppee and then later on when we see the credit credit score when we know the everybody better we start to lend them so they can spend the money uh for anything right and uh and and later we also expand to to offline it's called as pay later uh the things like today that business grow very very well and just to give everybody a sense It's like at this moment we have uh uh over $10 billion loan book. So it's like we like we lend out throughout our ourself lend out like over $10 billion and this at this moment there's about 50 million people have outstanding credit with us. So uh if you do the math it's it's about $200 per person. So I think again so in the Singapore setting maybe 200 yeah it's just a >> not much but it's like for a lot of part for a lot of people in our market and this is make a huge difference to their to their daily daily life and we are very fortunate we figure out a way we can lend at such a big scale like to have uh so many people to benefit uh for from these credit facilities and at the at the same time like it's a it's a it's also kind of a build it as a sustainable business. >> Think about that. 10 billion to 50 million people enabling better lives, growing businesses to a need that uh has long been there. Long been there. Okay. So on that note, I just want to reemphasize how excited we are at Stripe with the partnership by the end of the year. Shop e pay and espay later will be available on the Stripe business network across Southeast Asia. So thank you for that. This is really great news. This is >> [applause] >> Yeah, it's very exciting. >> We've been wanting to do more partnering together. So, this is a great way because this will SP later will be the first buy now pay later option we'll have across the Strike platform in all of Southeast Asia. So, more growth ahead. So, thank you for that. Awesome. >> Thank you. Thank you. Very exciting. >> Okay, we couldn't do a fireside chat without talking about AI. [laughter] We have to squeeze this in. But, um, Forest, I know you're leaning in heavily. you're focused on transforming ery exciting. >> Okay, we couldn't do a fireside chat without talking about AI. [laughter] We have to squeeze this in. But, um, Forest, I know you're leaning in heavily. you're focused on transforming your business, transforming experiences for your users, but where are you starting to see the most actual tangible results so far? >> Where do you where do you see um growth as a result of investing in AI? >> Sure. Um I'm happy to give some uh like a several examples across our business and uh uh probably you you have heard any other company talk about the similar case before uh but I just just love to mention things for example the the the customer service we have like millions of orders every day again like a there's a there's you can always write to me right [laughter] this is a one for the customer service >> that's a lot of emails >> yes yeah and still like a majority Majority of the the customer service is a is a is a handled by our dedicated customer service team. Uh over the time we realized actually the uh like through the chat b enabled by by AI the satisfaction rate is is very very high. >> Is it as high as the in person similar? >> Yes. is like a like any whoever the like whatever you buy you have any questions like there's always a uh kind of a customer service channel and you can you can have a conversation have a chat actually so most of the chat is enabled today is by by AI >> great >> um so we launch this very very carefully because by the end of the day it's nothing about the cost whatever so we want to make sure people are happy and this is more efficient so we always do AB test before we roll out any uh such a services and the the things that today is more than 80% of the customer inquiry is 100% handled by AI and the satisfaction rate is is a is even higher than the the human >> yeah the like the people doing the doing the customer service. So this is a uh we we heard a lot of stories across the industries different businesses and this has been a very very clear uh use case. Um I think another one is a is a quite uh um uh we all see that is on the coding for the coding efficiency. >> Um it's is it's is very very important but I also want to give like a uh uh one or two other examples is it's a just I find this fascinating uh so we we operate a video game we develop our own mobile games and today we run the we develop and and operate the largest mobile game in the world called free fire. So uh you can download from app store or like a like a like a Google play on on your phone and every day there's more than 100 million people from all over the world play this game. Um so uh like we continually also develop the new features and the new games and uh so far we have seen a very very big change in terms of the uh how the game development uh being uh impacted by by the by the AI. Uh first things like uh in the in the past you need to generate a lot of arts. You need to have a a big group of artists and to generate a concept and then draw and then you pick the things you you like and you you you final touch it and uh most of the time we we we we outsource is a part of a basic job. We only have our senior artists do the final touch draw and then you pick the things you you like and you you you final touch it and uh most of the time we we we we outsource is a part of a basic job. We only have our senior artists do the final touch and but this is not the entire the outsourcing work is pretty much done by by AI. You just think about you just describe to AI what you what you are thinking about the arts will be look like what will be the style what will be the character I think AI can help generate a lot >> and uh >> is it making the non-player characters more intelligent too are they able to >> this part is we just talk about the arts okay >> we just talk about the arts so far yeah and and also it's the same as yeah as you you you mentioned this and I don't know how how many people here a gamer like every Tell me if you you I mean I'm I'm telling a little bit secret of the game development is a you you go to play a new game and most of the time you feel you are playing with another human people but actually as a new gamer high chance you're going to play with a bot because it's a we want to make sure uh the new gamers have a good boarding experience. If they immediately match against some very experienced gamers, they're going to crash very very badly and they leave the game. We have Yeah, they leave the game. They turn from the game. We have the bot. So, this has been even before AI, you bought to play to help you understand that familiar, build up the confidence. >> But the before AI, the bot is not smart enough. After a while, you'll figure out this is not a this [laughter] is not a not a people you are playing against. So, that is also not a great experience for gamers. But today actually uh the bot is is very very smart. It's really really can very very hard to to to tell the to to to tell the to tell the difference and u then it's become a very very useful tool for us like as I mentioned uh free fire every day there's more than 100 million people play the game and it's a great game if you play as a team game you play as a team you can choose to play as a solo player but you can also choose to play uh as a team it's a much much more fun if you play as a team but we we look at our player player base like still almost half of the players they have been playing the game they enjoying the game but they only play solo they never really reach out to other people say let's play together or let's team up together so and now with this B feature we just uh pair with them with a B if you are kind of a you are antisocial you're a little bit nerdy you don't want to reach out to other people at least you you pair with the bot with AI you just experience the the team based play and then this is a way to encourage people. So, actually much more fun of this game and to encourage to have them have a more social interaction with other other gamers, other players in the in the community. >> Those are great great examples. Okay, the time has flown by, but I have I have some fun questions I want to ask you. You run a multi-billion dollar company and yet you decided to become president of the Football Association of Singapore and you own the Lion City Sailors.…

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