#Infrastructure Finance

[iibdevelopmentgroup]

Collaborative business groups offer a strategic path for companies aiming to expand into new markets. By sharing resources and expertise, companies in these partnerships can take on ambitious projects that would be difficult to manage independently. One effective avenue for market entry is through a trade platform program for humanitarian project funding in Washington, District of Columbia. This program aligns financial goals with humanitarian efforts, helping companies gain visibility and credibility as they support impactful global initiatives.

[correllian]

[unpluggedfinancial]

Welcome to the Bitcoin Revolution

Introduction: Welcome to ��Bitcoin Revolution,” a blog dedicated to exploring the seismic shifts set to transform our world through Bitcoin and blockchain technology. As we stand on the cusp of a digital financial frontier, our discussions here will delve into the past, present, and future of money, technology, and societal change. This blog aims to equip you with knowledge and insights about the ongoing revolution in the financial sector and beyond.

The Evolution of Money: Money has evolved from simple barter systems to precious metals, then to banknotes and digital transactions. Each stage in this evolution has been revolutionary in its time, setting the foundations for the next leap. Today, Bitcoin represents the latest transformative phase, promising a future where money is not just digital but decentralized. My Youtube video on Evolution of money.

Technology’s Role in Evolution: The relentless march of technology has continuously reshaped our world. The advent of the internet democratized information; now, blockchain technology is poised to democratize money. Blockchain offers a secure, transparent way to record transactions without the need for centralized authority, paving the way for technologies like Bitcoin to flourish.

The Impact of Bitcoin: Bitcoin isn’t just a currency; it’s a radical new approach to the concept of money. With its decentralized nature, Bitcoin offers freedom from traditional banking systems, introduces privacy and security, and gives back financial control to the individual. As we adopt Bitcoin, we challenge and potentially redesign the global financial landscape.

Predictions for the Future: The potential of Bitcoin and blockchain is immense. We are likely to see impacts on everything from individual transactions to global economic structures. Challenges such as regulatory acceptance and technological scalability are significant, yet the opportunities—for unbanked populations to access financial services, for instance—are transformative.

Call to Action: Stay tuned as we dive deeper into each of these topics in future posts. Subscribe to our blog to not miss any updates, and share your thoughts and questions in the comments below. Let’s discuss and navigate this revolutionary journey together.

Closing: The revolution is not just coming; it’s already here. Through this blog, I invite you to explore, understand, and be part of the movement that might just redefine what money means in our lives. Join me in witnessing and shaping this incredible journey.

[anonymusbosch]

here's a tech tidbit for the day. in large part, the US's current lack of green energy isn't because the tech doesn't exist or that the tech isn't cheap/competitive with fossil fuels - it's because of bureaucratic tangles and permitting delays. Right now it can take new power projects five full years just to get approved to connect to the power grid. (On average, it's taking 3.7 years).

As of the end of 2021, there was over a terawatt of green energy storage waiting to get approval to connect to the grid. That's more than all the energy currently generated in the US. For the most part, these aren't completed projects waiting to connect - they're projects that are ready to build waiting for approval before they break ground, or are partially built and getting their application in so that they're not waiting between construction and transmission. Many requests in the queue will never get built (some because they can't afford to wait in line for five years, or lose land rights, or have their interconnect denied, or require costly restudies after design changes, or for unrelated reasons) but even if the historical rate of 25% of them were to succeed, that's still hundreds of gigawatts of power and enough to more-than-replace all the coal plants in the US.

That's not the only obstacle to construction (see also: transmission capacity, load balancing, environmental studies, permitting, and a host of other factors). To be clear: waving a magic wand and lifting this particular barrier wouldn't mean green energy right away forever. But this problem is a decent representative of the type of obstacle green energy faces. Generation and transmission of energy are - largely - cheap and efficient. Getting systems approved and integrated across a morass of local, state, and federal governments, utility companies, and ISOs? Slow and hard.

[afrotumble]

[cnu-newurbanism]

Great Idea 6: Shock and awe for cities and towns

Charles Marohn of Strong Towns and Joe Minicozzi of Urban3 have been sounding the alarm across America about the financial unsustainability of fragmented development patterns and conventional suburban infrastructure. Read more.

[jcmarchi]

Laurence Sotsky, Founder and CEO of Incentify – Interview Series

New Post has been published on https://thedigitalinsider.com/laurence-sotsky-founder-and-ceo-of-incentify-interview-series/

Laurence Sotsky, Founder and CEO of Incentify – Interview Series

Laurence Sotsky is Incentify’s CEO and oversees all business and technical operations. He is a seasoned technology executive with extensive experience leading high-growth companies and driving innovation in the SaaS application sector. As an accomplished CEO, he has successfully built and managed high-performing organizations, has extensive international experience and has led three prior organizations to successful exits.

Before Incentify, Laurence was the CEO and Founder of Hopscotch, a venture-backed SaaS platform specializing in mobile application development for the sports and entertainment industry.

Incentify is a software platform that helps organizations manage and optimize their tax credits and incentives (C&I) at scale. It offers tools for identifying, tracking, and maximizing federal, state, and local incentives, including those related to hiring, capital investments, and sustainability. The platform integrates with enterprise systems to streamline compliance and reporting, aiming to uncover missed opportunities and drive measurable financial impact.

What does Incentify do, and how does your platform help businesses unlock and manage tax credits and incentives?

Incentify is the leading software platform for discovering, optimizing, and managing tax credits and incentives (C&I). Our AI-powered suite enables corporations, advisors, and accounting firms to fully realize the value of incentive portfolios—without drowning in complexity. Whether you’re identifying credits, managing compliance workflows, or scaling across hundreds of locations, Incentify turns what was once a manual, opaque process into a streamlined, data-driven advantage.

How much capital is currently going unclaimed in the tax credit and incentive (C&I) space, and why is this such a widespread issue?

According to White House estimates, more than $140 billion in federal tax incentives go unclaimed each year—never even applied for. And that’s just the beginning. When you factor in missed opportunities at the state and local levels, and incentives left on the table due to compliance breakdowns, the total climbs to multiple hundreds of billions annually. Most organizations lack the systems and expertise to navigate a constantly evolving C&I landscape.

Which industries or types of companies are best positioned to benefit from Incentify’s platform?

While virtually every business has access to some form of incentives, the largest gains typically come from three categories:

Labor incentives, for companies hiring or expanding their workforce

Environmental incentives, especially those focused on clean energy and retrofits

Capital expenditure incentives, for organizations investing in infrastructure or R&D

Industries like film, semiconductors, manufacturing, and logistics tend to see outsized benefits—but we’re seeing increasing relevance across professional services, healthcare, and tech as well.

What makes tax credit and incentive management particularly complex without software like Incentify? 

Incentives aren’t automatically granted—they’re earned through strict compliance. Once a credit is identified, companies must meet ongoing documentation, employment, and capital thresholds to qualify. Doing this manually is risky and resource-intensive. Incentify replaces ad hoc processes with automated workflows: each program’s requirements are preloaded, responsible parties are assigned, and the system monitors progress—alerting organizations to gaps before they become compliance failures.

How does Incentify use AI to discover and manage incentives more efficiently than traditional methods?

At the heart of Incentify is a private large language model trained specifically on the tax incentive corpus—billions of dollars’ worth of programs spanning federal, state, and soon municipal levels. Our platform continuously scrapes, interprets, and updates this data in real time. Features like Chat With a Program and Leia, our embedded AI assistant, allow users to interact directly with incentive programs, receive instant guidance, and explore options conversationally.

AI also powers automatic recommendations tailored to company size, industry, and geography—replacing outdated methods with intelligent automation.

Why are corporations, especially CFOs, increasingly turning to tax credits and incentives as a source of capital?

We’re seeing a real shift in how CFOs think about tax credits and incentives. What used to be considered a nice-to-have—too complex, too cumbersome—is now being treated as a serious, strategic source of capital. Specifically, non-dilutive capital that can fund key initiatives without taking on debt or giving up equity.

At the same time, the incentive landscape has expanded dramatically, particularly in areas like clean energy, R&D, and workforce development. These programs aren’t just financial bonuses—they directly align with corporate priorities. And thanks to technology like Incentify, identifying and managing these programs is finally efficient, scalable, and transparent. This isn’t about exploiting tax loopholes—it’s about unlocking capital that was already meant to be used for growth.

What safeguards or compliance features are built into the platform to reduce risk from audits, misfilings, or clawbacks?

Our Optimize product was designed specifically to safeguard against these risks. Once an incentive is loaded into the platform, the key compliance events are mapped out, and the appropriate stakeholders are tagged. If something goes missing—like a form that isn’t filed or a requirement that isn’t met—the system automatically flags it for managers.

We’ve seen business units go from a 40% success rate on incentive compliance to 100% after adopting Incentify.  By embedding accountability into the system, we turn compliance from a liability into a competitive advantage.

Incentify recently raised a $9.5 million Series A. What are your priorities for this capital over the next year? 

This round is all about fueling the next stage of our growth across five major fronts.

First, we’re doubling down on product innovation—especially within Incentify Explore—to make it even easier for users to find and unlock incentives. That includes deep investments in our AI infrastructure, which powers both how we curate data and how we communicate it to users.

Second, we’re focused on technical velocity. In a market moving this fast, continuing to build on our engineering team is critical. Bringing in additional top-tier talent will help us accelerate delivery and continue shipping high-quality features at scale.

Third, we’re putting serious weight behind sales and marketing. Our platform serves Fortune 500s, advisors, and SMBs alike, and this funding enables us to tell our story across all those segments more effectively.

Fourth, data. We’ve already built what we believe is the most comprehensive commercial and industrial incentives dataset in North America—and now we’re expanding that reach globally.

And finally, partnerships. We’ve been quietly developing relationships with some of the world’s largest players, and this capital allows us to support and scale those partnerships with the resources they deserve.

What opportunities do you see for scaling the platform across enterprise and mid-market segments?

As our AI improves, so does scalability. Mid-market businesses don’t have teams of tax attorneys—and they shouldn’t need them to access public funding. Our platform levels the playing field by automating discovery, guiding eligibility, and simplifying compliance. On the enterprise side, we’re seeing multi-billion-dollar companies centralize their entire incentive strategy through Incentify. The goal is the same: eliminate friction, maximize capture.

What’s your long-term vision for Incentify and the role it plays in the corporate finance ecosystem? 

Our long-term vision is for Incentify to be the operating system of the C&I economy. Every company, every advisor, every government agency—collaborating, tracking, and delivering incentives through a single, connected ecosystem. We want to make incentive discovery, application, compliance, and reporting effortless and accessible—no matter the complexity, jurisdiction, or industry. Ultimately, we’re here to ensure that no opportunity is lost, no compliance is missed, and every dollar of public funding does the work it was meant to do.

Thank you for the great inteview, readers who wish to learn more should visit Incentify. 

[impact-newswire]

African Development Bank 2025 Annual Meetings: "Making Africa's Capital Work Better for Africa's Development."

The African Development Bank Group’s 2025 Annual Meetings open next week amidst shifting winds of global trade. Forty-seven of Africa’s fifty-four countries have been affected by new U.S. trade measures, with 22 facing tariffs of up to 50 percent on a wide range of exports. In the context of evolving U.S. foreign assistance priorities and reduced USAID funding, African nations are navigating a…

[twentyfirstrealestate]

Why East African Real Estate Is the Next Big Investment Opportunity

In recent years, East African real estate has steadily emerged as a hotspot for both local and international investors. With its fast-growing economies, rapid urbanisation, expanding middle class, and ambitious infrastructure projects, the region presents an unparalleled opportunity for those looking to diversify their real estate portfolios.

Whether you're a seasoned investor or someone looking for fresh markets with high growth potential, East Africa deserves a spot on your radar. Here's why investing in East African real estate is not just a trend, but a smart strategic move.

1. Strong Economic Growth and Stability

East African countries such as Kenya, Tanzania, Rwanda, Uganda, and Ethiopia have consistently recorded impressive GDP growth rates over the past decade. This economic resilience, even during global downturns, has created a fertile ground for real estate investment.

Kenya, the region’s largest economy, has become a hub for finance, technology, and logistics, driving demand for both residential and commercial spaces.

Rwanda has earned global praise for its ease of doing business, transparent government policies, and clean, green capital—Kigali—which is drawing attention from real estate developers and foreign investors alike.

Tanzania and Uganda are seeing urban centers like Dar es Salaam and Kampala evolve into thriving commercial zones with increasing demand for modern housing and retail spaces.

This economic dynamism fuels housing demand, boosts rental yields, and provides stable long-term returns for real estate investors.

2. Urbanization and Population Growth

East Africa is undergoing one of the world’s fastest urbanization trends. According to UN data, the region’s urban population is projected to double by 2040. Cities like Nairobi, Kampala, Kigali, and Addis Ababa are already experiencing strain on existing housing infrastructure, leading to high demand for new developments.

This rapid urban growth is a key driver for:

Affordable housing developments

Mixed-use properties

Retail and office spaces

Modern apartment complexes catering to the middle class

For investors, this means a growing market for both rental income and property value appreciation.

3. Infrastructure Development

Massive infrastructure projects are transforming East Africa’s real estate landscape. Roads, airports, railways, and ports are being modernized or constructed to support economic growth and cross-border trade.

Examples include:

Kenya’s Standard Gauge Railway (SGR) connecting Mombasa to Nairobi and further inland.

The Addis Ababa-Djibouti railway, which enhances Ethiopia’s access to global markets.

Upgrades to airports in Kigali, Nairobi, and Entebbe to support tourism and international trade.

Infrastructure improves accessibility, increases land value, and opens up formerly hard-to-reach areas for new real estate development.

4. Government Incentives and Policy Reforms

Governments across East Africa are actively encouraging real estate development through policy reforms and incentives:

Tax breaks for developers in affordable housing sectors

Public-private partnerships (PPPs) for large-scale housing projects

Digitization of land registries to improve transparency and security of property rights

Such reforms make it easier, safer, and more profitable for investors to enter the East African real estate market.

5. High Returns and Rental Yields

Compared to more saturated markets in the West, East African real estate offers relatively high returns. Rental yields in prime residential areas of Nairobi or Kigali often exceed 7–10%, which is significantly higher than global averages.

Additionally, with the growth in tourism, short-term rental markets (such as Airbnb) are booming in major cities and near national parks or coastal regions. This offers a lucrative alternative revenue stream for property owners and investors.

6. Untapped Markets and Innovation

The East African real estate sector still has vast untapped potential, especially in:

Student housing

Industrial parks and logistics centers

Eco-friendly and green buildings

Smart cities and tech-enabled homes

As the region embraces innovation, tech startups and proptech firms are beginning to transform the way real estate is marketed, financed, and managed. This offers early movers a chance to shape and benefit from the next wave of growth.

7. Regional Integration and the AfCFTA

The African Continental Free Trade Area (AfCFTA), now in effect, will further boost East Africa’s attractiveness. The agreement aims to facilitate trade among African countries by reducing tariffs and increasing collaboration across borders.

This integration is expected to:

Increase demand for commercial real estate

Encourage cross-border investments

Create regional hubs and business parks

Investing in East African real estate today positions you to benefit from tomorrow’s continental growth engine.

Final Thoughts

The East African real estate market offers a compelling blend of opportunity, growth, and stability. Whether it’s residential, commercial, or mixed-use developments, the region presents a favourable environment for strategic, long-term investments.

Investors who act early—while markets are still developing—stand to gain the most. With supportive policies, a young and growing population, improved infrastructure, and promising returns, East Africa is truly positioning itself as the next frontier in global real estate.

If you're considering investing or exploring opportunities in the region, start by understanding the local dynamics, partner with experienced professionals, and tap into one of the fastest-growing real estate markets in the world.

[carlocarrasco]

Nomura trims Philippine economic growth forecasts for 2025 and 2026

As far as the Nomura Global Markets Research is concerned, the economic growth of the Philippines will for 2025 and 2026 will end up weaker than previously expected, according to a BusinessWorld news report. To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface… NOMURA GLOBAL Markets Research has trimmed its gross domestic product…

[r3sustainability]

Solutions for Sustainable Water Investments

R3 Sustainability offers innovative solutions for sustainable water investments, helping industries and communities manage water resources efficiently while promoting long-term environmental stewardship.

[iibdevelopmentgroup]

Trade finance plays a pivotal role in enabling international trade and fostering economic growth. It provides the necessary support for businesses to manage their cash flow and mitigate risks associated with cross-border transactions. One of the critical aspects of trade finance is infrastructure. This element ensures that the necessary financial frameworks and physical structures are in place to support seamless international trade. By investing in robust infrastructure finance, businesses can navigate the complexities of global trade more efficiently and effectively. Innovative solutions in trade finance are crucial to addressing these complexities and keeping businesses competitive.

[quantumleapblog]

Accelerating Digital Infrastructure Development: The Role of DPI Solutions Providers in Inclusive Growth

This blog dives deep into how DPI (Digital Public Infrastructure) solutions providers are laying the groundwork for inclusive digital infrastructure development. It explores their role in building scalable systems like digital IDs, payment platforms, and data-sharing protocols that power citizen-focused services. With real-world examples and impact stories, the post highlights how robust infrastructure, combined with visionary tech partners, is shaping a more inclusive digital future. Discover how this collaboration is not just enabling transformation—it’s redefining how nations deliver services at scale.

[bdigit24]

India is accelerating its journey to a $7 trillion economy by 2030 with major reforms in infrastructure financing and innovative financial instruments that attract both domestic and foreign capital. #IndiaGrowthStory #InfrastructureFinancing #GreenBondsIndia #FinancialInnovation #MSMEFinance #Econom

[bizconsultancy]

Unlock Global Growth: How Indian Businesses Can Thrive in the Export Revolution

India has witnessed a rapid transformation in its export sector, with the country emerging as a global export powerhouse. With exports contributing nearly 22% to India’s GDP and initiatives such as “Make in India” and PLI schemes, businesses are presented with vast opportunities to expand internationally. The Indian export market is set to reach $1 trillion by 2030, driven by manufacturing, services, and technology advancements.

For Indian businesses, thriving in this export revolution requires a mix of policy support, innovation, and leveraging emerging technologies. Let’s explore the key strategies that can help businesses scale globally.

The Growing Potential of Indian Exports

The world sees India as a reliable trade partner, and Prime Minister Narendra Modi has emphasized the need for Indian businesses to take “big steps” toward expanding exports. Several factors are contributing to India’s export boom:

Government Policies & Incentives: India has introduced reforms such as the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, which reduces cost burdens for exporters.

TradeTech & Digital Transformation: Advanced trade platforms and AI-driven supply chains are making it easier for businesses to access international markets.

Growing Demand for Indian Services: IT, pharmaceuticals, and professional services are in high demand globally, making services exports a strong contributor to India’s economy.

1. Key Growth Sectors Driving India’s Export Boom

1.1 Services Sector — India’s Global Strength

India’s services exports stood at $323 billion in 2023, positioning it among the world’s top five exporters. Sectors like IT, fintech, healthcare, and professional services have led the way, with AI and automation further accelerating this growth. The rise of AI-powered trade solutions and data-driven international market strategies allows Indian businesses to reach new global clients with ease.

1.2 Manufacturing & MSME Contribution

The “Make in India” initiative has significantly boosted the country’s manufacturing sector. Indian businesses are now capitalizing on PLI (Production Linked Incentives), leading to record exports in sectors such as pharmaceuticals, textiles, and electronics. MSMEs contribute nearly 50% of India’s exports, with digital tools enabling them to compete globally.

Additionally, the Budget 2025–26 has positioned Exports as the 4th Engine of Growth, introducing multiple initiatives to support key sectors:

Handicrafts: Export timelines extended from 6 months to 1 year, with an additional 3-month extension if needed. Nine more duty-free inputs added to boost competitiveness.

Leather: Full BCD exemption on Wet Blue leather to enhance domestic production and jobs, along with a 20% export duty exemption on crust leather to support small tanners.

Marine Products: Reduction of BCD on Frozen Fish Paste (Surimi) from 30% to 5% and on fish hydrolysate from 15% to 5% to support shrimp and fish feed production.

Railway MROs: Extended repair time limits for foreign-origin railway goods from 6 months to 1 year, aligning them with aircraft and ship repairs.

2. Emerging Trends in the Indian Export Sector

2.1 TradeTech — The Digital Transformation of Trade

Technology is revolutionizing how Indian businesses engage in exports. Key trends include:

AI-driven supply chain management for cost efficiency.

Blockchain-powered smart contracts to enhance trust in global trade.

Cross-border e-commerce allowing small businesses to sell directly worldwide.

2.2 Government Incentives & Policy Support

The Indian government has launched multiple initiatives, including:

Export Promotion Mission: Aimed at facilitating export credit, cross-border factoring support, and tackling non-tariff measures, with joint efforts from the MSME, commerce, and finance ministries.

BharatTradeNet (BTN): A digital public infrastructure initiative designed to streamline trade documentation and financing.

Integration with Global Supply Chains: The government will identify key sectors and facilitate industry collaboration to enhance India’s role in global trade.

Customs Reforms for Trade Facilitation: New time limits for provisional assessment, voluntary compliance initiatives, and extended timelines for end-use compliance to enhance ease of doing business.

These policies enable Indian businesses to reduce costs and penetrate international markets more effectively.

3. How Indian Businesses Can Thrive in Global Markets

3.1 Expanding to Untapped Markets

While the US and Europe remain top destinations, Indian businesses must explore Southeast Asia, Africa, and Latin America, where demand for Indian products is rising. The India-UAE CEPA (Comprehensive Economic Partnership Agreement) is a great example of opening new trade routes.

3.2 Leveraging Free Trade Agreements (FTAs)

India has signed or is negotiating FTAs with the UK, Australia, and Canada, reducing tariff barriers and simplifying export regulations. Businesses that leverage FTAs can access lower import duties, faster clearances, and easier market entry.

3.3 Strengthening Branding & Quality Compliance

Investing in branding & marketing: A strong digital presence on platforms like Amazon Global, Alibaba, and Shopify can help reach international customers.

Ensuring compliance with global standards: Adhering to ISO, FDA, CE certifications can boost credibility.

Sustainability focus: Eco-friendly packaging and carbon-neutral practices are gaining global acceptance.

4. Overcoming Challenges in the Export Ecosystem

4.1 Logistics & Infrastructure Bottlenecks

Despite advancements, logistics costs in India remain high. However, government investment in multi-modal transport networks, dedicated freight corridors, and port digitization is improving efficiency.

4.2 Financing & Export Credit Access

SMEs often struggle with export financing. The enhanced credit guarantee for term loans up to Rs. 20 crore under Budget 2025–26 is a major boost. The Export Credit Guarantee Corporation (ECGC) and Export Credit Insurance Scheme (ECIS) are also addressing this gap, along with trade finance products from banks to ease working capital constraints.

4.3 Global Trade Uncertainties & Geopolitical Risks

India’s exports are susceptible to geopolitical disruptions, supply chain issues, and trade wars. Businesses must diversify markets and adopt risk management strategies such as forward contracts and currency hedging.

Future Outlook for Indian Exports

The global economic shift towards India presents a unique opportunity for businesses to scale internationally. Key trends shaping the future of Indian exports include:

Digital Trade Agreements: India is negotiating trade pacts that will make cross-border digital trade easier.

AI-Driven Export Ecosystem: AI-powered data analytics will optimize trade strategies.

Growth of Services Exports: India’s IT, consulting, and education sectors will see increased demand.

Biz Consultancy: Your Trusted Growth Partner

Biz Consultancy is an industrial platform that helps you make smart business decisions with expert advice from industry professionals. It connects you with the right people, expands your network, and provides valuable insights to grow your business.

With a Biz Consultancy, you can store and share important documents securely, making it easier to collaborate with experts. The platform also connects you directly with machinery and equipment suppliers, helping you find what you need without middlemen.

Want to learn new skills? A Biz consultancy offers online courses on various industries and professional skills. You can learn at your own pace, take assessments, and boost your career.

Whether you’re starting a new business or scaling up, a Biz consultancy provides the right support, guidance, and tools to help you succeed.

Conclusion

India’s export revolution is set to propel the country towards a $5 trillion economy, with AI, automation, digital trade, and policy incentives playing crucial roles. The government’s focused efforts on export promotion through sectoral support, infrastructure development, and trade facilitation are strengthening India’s position in global markets.

For Indian businesses, the time is now to capitalize on export-led growth and establish a strong global footprint.

[ottoshelpfulhacks]

These Technologies Will Move the World's Money – You Better Get Used to It

Blockchain isn’t the future—it’s the infrastructure being built right now to move the world’s money. Stand up on this. Take this in. These technologies are not hype—they’re infrastructure. They’re being built right now to move the world’s money. You just saw it: XDC + JPMorgan Chase + TradeFinex – Real-world trade finance on blockchain. Algorand (TPAOS) – Powering CBDCs. Yes, Central Bank…