Please allow me to speak to you without my mask on. Thank you very much for attending today despite your busy schedules and the weather getting a bit colder. Without further ado, I would like to explain the first half fiscal year 2022 consolidated financial results. The numbers have already been announced, but revenue increased 40.7% year-on-year to JPY 417.2 billion, which was historical high for a first half period. The largest contributor was the financial services business. It has experienced an 81.3% year-on-year increase to JPY 403.1 billion. This performance has contributed largely. Profit before income tax expense in the financial service business increased 18% year-on-year to JPY 69.6 billion. This is the basis for determining the amount of a shareholder return, and the profit before income tax expense was very strong. Therefore, the interim dividend for the fiscal year ending March 31, 2023, is going to be JPY 30 per share as the previous year. As for the consolidated profit before income tax expenses, financial service business performed well. However, in the investment business, the listed company in Vietnam, TPBank, we do have the equity ratio of 19.9%, and with 20% and above, we want to make this company an equity method subsidiary. If that is so, the short-term business performance change caused by the market turmoil can be avoided. However, due to the Vietnamese law, we were not able to do that. Therefore, of course, we have been doing a lot of negotiations behind the scenes, and the foreign affiliated percentage opened up to 20%, and we were able to negotiate up to that point. However, TPBank that holds our shares wanted to make this IFRS eligible, which is going to take quite a bit of time. Therefore, with the large drop in the price, we had to accept that as it is. With just this one unlisted company, we have experienced a large loss. It says, due to the overseas-listed stock price declining, in total, there was a value loss of approximately JPY 31.4 billion. Out of that, JPY 28 billion was TPBank. This was the value loss. The performance of TP Bank itself is quite strong. Of course, our ratio, we want to increase that more, and we have no intention on selling it at all, their shares. In addition to TP Bank, the crypto asset business, the first half accumulated basis, profit before income tax expenses was JPY 12.8 billion, with the mining business was JPY 7 billion and B2C2 business, which is the cryptocurrency marketing business, has posted a loss. Those two are the major reasons. Within three or four companies, they have experienced a large loss. As a result, the parent profit attributable to the owners of the company has declined about 90% to JPY 7.9 billion. However, the TPBank that we are making a direct investment, the fair value loss this first half was JPY 24.8 billion. The company that investments is large, which is a crypto asset business subsidiary company, their posted loss was large. The subsidiary company has granted loss. The tax-wise, the amount of favorable tax measures was small. 75 of issues for 4 stocks has declined. What is happening in the United States, we were able to foresee that the stock market something would happen in the stock market. Other than that, we have been doing various measures. Despite those factors, the financial service business is still strong, performing strong, so we were able to keep it this. IFRS basis and consolidated basis between April and June, the July and September have shown a large improvement. The reason why we are performing strong is because when we do an apple-to-apple comparison, we compared ourselves with Nomura Holdings, Daiwa Securities Group, SMBC Nikko, Mitsubishi UFJ Securities Holdings, and Mizuho Securities. When we compare ourselves with them, despite the last net profit, what is the most important is profit before income tax expenses. At that level, how are we performing? We are performing the best. When we look at the quarter basis of comparison, the revenue and the profit before income tax expenses are listed here. Nomura Holdings, compared to first quarter, the second quarter, they have made a large improvement. They have a slightly higher profit before income tax expenses. Daiwa Securities is slightly lower. SMBC, they had various things, so they are making a loss. Compared to Mitsubishi UFJ Securities, we are far better, as well as far better with Mizuho Securities. Looking at the year-over-year comparison, we are competing very well, performing quite steadily. As the steady growth area, which is the financial service business, was performing this way. The reason why I have changed the basic way of thinking regarding the business segments is because at the end of last fiscal year, the first quarter, Mr. Katsuki was explaining. In the interim period, I was going to give the explanation. I will do the interim and the fiscal year-end only. The important end of last fiscal year, I did say that I'm going to change the segment classification. The reason being is because I predicted that there will be a large increase in the interest rate, and the market itself is largely fluctuate. Therefore, the business segments that generate a relatively stable profit, and those that are highly dependent on the market environment and have large performance volatility, and those that advanced and expected to grow in the future. market that's not advanced or the cultivated market that we have not entered, the remaining land untouched, all that together, we wanted to classify it as the non-financial businesses. As I have assumed, changing this market segment classification for the investors, it became easier to understand. As for the management, it has become easier to understand as well. Where we need to focus the most, whatever the environment is, the business segments that generate relatively stable profits, we need to create a structure where we can generate stable profits. Of course, we are a business in making investments, so there are ups and downs. Because if we didn't wanna do that, all we have to do is not get involved in that business. When we think about the future growth, Web 3.0, I did write this in my blog, we cannot ignore this business area. Currently, there's a turmoil occurring in the market. Even though with that situation, if we don't start now, we are going to fall behind the competitors. That is why we are doing it now. Of course, we do understand there will be a loss. The Web 3.0 basic technology is blockchain and non-fungible tokens, NFTs. These type of domains and DLT, distributed ledger technology and decentralized autonomous organization, the DAO area, these three areas is something that is going to comprise Web 3.0, is my thinking. Within all of these elements, DAO, we do have a certain level of the business and investments already are made in these elements. I have mentioned by segment sales. Sales are 81.3%. Year-on-year difference, well, it has grown by 18%. We have landed in this result. In asset management business, it's an asset management, so of course it's going to be impacted by the market slightly. However, compared to the investment business, it's quite stable. The highest volatility occurs in investment business and crypto asset business, followed by the non-financial business. This is the revenue by a segment for the first quarter and second quarter. You will see that the investment business and crypto asset business, under such circumstances, will be impacted. That goes for the profit before income tax expense as well. Regarding the dividend, as I have been mentioning from before, in the financial service business, it will be 30%. We will aim for about 30% of the profit before income tax expense. Therefore, it is going to be 30 JPY. We will be officially making that decision at the appropriate timings. A business overview of the core businesses. Financial services businesses, as I have mentioned before. What are the major constituent companies? SBI Securities, SBI Liquidity Market, SBI FX Trade, SBI Money Plaza, PTS operating companies. Those are included in the securities business. How was SBI Securities' performance? This is under JGAAP. It has resulted in this. Within the current market situation, I think they are performing quite well compared to our competitors. For FX, the higher the market volatility comes, it will be making more profit. Under this situation, they have resulted in the record high, which is a 27.8% increase year-on-year. As for the securities subsidiaries in Thailand and Cambodia, as a business, it's performing well. In the first half, Thai Online, the profit before income tax expense was above JPY 200 million. For Cambodia's Royal Securities, the profit before income tax expense was JPY 29 million. It is a small amount, but it is steadily performing, and the market size in these countries are small. What about banking business? It is under the financial service business as well. When I spoke to you last time, the management resources that we have for foreseeable future, we will be focusing on the banking business and non-banking business. What happens to the banking business? Shinsei Bank Group, this is JGAAP. IFRS, it was about JPY 26 billion. To begin with, our financial results begin today. As for today, it will be after 3 P.M. The reason being is because of the Shinsei Bank. Shinsei Bank because they are lagging. We are ready from a long time ago, but we have to incorporate their results, and that's where it was taking time to make this announcement. Fundamentally, need to change their system, and we need to make improvements that they will be able to make the financial results announcement quicker. That is just the first step at the entrance. A company that cannot do that can't say to another company, "You have to do FX." They have to make improvements as such, and as soon as possible, being able to submit the financial results. Because of them, in various areas, we are negatively being impacted. Put that aside, their performance is in line as planned. Ordinary business profit JPY 41.528 billion, 24.2% year-on-year. Profit before income tax and expense, JPY 30.544 billion, 14.1% increase year-on-year. Profit attributable to owners of the company was JPY 24.895 billion, +7.2% year-on-year. At IFRS, we cannot get a fee up front. We have to level it. The marketable securities, IFRS is valued in market value. Therefore, if you convert it in IFRS, it will be more strict and a severe result will come out. The mega banks in total lost JPY 4 trillion on bonds. If we can offset that, type of a loss under IFRS will be real estate only. The world is now incorporating IFRS, and if we are going to be playing at the same global arena, we need to change it to IFRS as well. Shinsei Bank, as Mr. Kawashima went over there, this transaction balance was JPY 4.3 trillion. Compared to Mr. Kudo's leadership, how much has improved? We have improved to a degree that we are able to open up a regional bank in terms of deposit. It has exceeded JPY 9 trillion. Well, the loan-to-deposit ratio exceeded about 80% to begin with, compared to the other regional banks at a level of 60%. They are increasing the deposit, and they should increase the deposit more and more and provide loans more and more. But even though they increase the loans, they have to find the good loan deals. Kawashima-san will have to put his utmost effort to find such. The reason why we are acquiring non-banks is related to this part as well. SBI Sumishin Net Bank, at the IFRS basis, it showed a 70% decline. Only JPY 1.3 billion. However, based on the JGAAP standards, 35.8% increase year-on-year and JPY 14.3 billion. So IFRS and JGAAP, the numbers that will be generated are totally different. Because such things happen, it's difficult to make the financial results announcements. SBI Sumishin Net Bank as our subsidiary company, we have 50% investment. Sumishin has 50%, so it's a 50/50 joint venture. Therefore, the system is created in a way that can be done quickly. So this is the part, thing that is asked for Shinsei Bank to do as well. This number of accounts and balance of deposits is steadily increasing. Of course, it does not reach Shinsei Bank's JPY 9 trillion, but it has increased to a level of JPY 7.5 trillion, and the account number of 5.73 million. Shinsei Bank, moving forward, the issue that needs to be tackled, they need to find a prime loan deals. SBI Sumishin Net Bank, their largest issue to tackle is this neobank initiative. They need to bring this to a profit-generating business. At the first half, they have achieved product profitability. The BaaS, Bank-as-a-Service. In BaaS area, JAL NEOBANK, T NEOBANK, Yamada NEOBANK, O2 Bank, Takashimaya NEOBANK, Dai-ichi Life Insurance, and Matsui Securities under the neobank concept, they are heading towards implementing such initiatives. By generating such results, the challenger bank and neobank existing quite unique and aligned with the legacy bank will be born. If we want to further evolve this, we need to make this into a digital bank. SBI Savings Bank in South Korea. Marketable securities. They have quite an amount of marketable securities. Therefore, when the stock market goes down, they are impacted negatively in terms of their performance. The interest margin will shrink. They are at a high level to begin with, so it's not shrinking at a surprising level. The stocks that are held by them, the stock price declining is impacting them. By IFRS basis, a year-on-year basis, they have approximately 14.7 billion of a profit before income tax expense. Their total asset has become KRW 10,229.6 billion, JPY 1,066.9 billion. They improved their performance this way and have made this bank into the most profit-making savings bank in Korea. The bank in Russia, SBI Bank, we have shrunk the size in terms of the business size so that we will not be impacted. In Cambodia, SBI Ly Hour Bank, two consecutive fiscal years, it is sure that they will have a full year profit. Profit before income tax expenses as of the third quarter end of 2022 is JPY 522 million. Insurance business, SBI Insurance Group, SBI Insurance, SBI Life Insurance, small amount short-term insurance companies, steadily. The consolidated net revenue of first half increased by 9.3% year on year to JPY 47,897 million. For the policies, CAGR 15.3%. Asset management business, the core constituent company is Morningstar Japan K.K. The revenue steadily grew. However, because of the deterioration in the market of stocks and bonds, there was a 31.3% down by about JPY 600 million. Therefore, we believe that we can recoup on that soon. The Shinsei Investment Management, which Morningstar Japan K.K. made a wholly-owned subsidiary from October 2022, its performance will be incorporated in the business results of asset management business. Morningstar has become very slim, lean in terms of organization, and there will be integration of the management resources such as system, data, and personnel to improve operational efficiency and profitability to strengthen risk management as well as compliance systems. Morningstar Group has been increasing the AUM steadily as approaching almost JPY 4.5 trillion. Mainly the institutional investors, that's mainly the regional financial institutions have reached JPY 2,566.5 billion. Investment business, which is a problematic business, revenue was down 63.1% from a year earlier. The issue here is the fluctuations of the fair value valuation, among which the problem was in the valuation of the listed companies, although there was little impacts on the unlisted companies. TPBank in Vietnam, the VN-Index in Vietnam market has been down significantly. This is the index of the market there, particularly in the financial sector. There was a sharp drop in October on October 17. On the seventeenth of October, if I remember correctly, the fifth-ranked bank experienced a run on its bank, Saigon Commercial Bank. That is the name of the bank. There was the run on the bank accounts at that time. The reason why there was the run was because of the fraudulent act by the real estate dealer. I don't know about the truth, the credibility of that information. Anyway, the stock prices were down. That has dragged down the TPBank share price significantly. However, after the announcement, the financial results, and then, by the end of the third quarter this year, the results was almost the same level as last year's, and also, they have come up with the sound budget for the full year as well. Investee, the companies, IPO and the M&As, our track record is here, and 35 is expected to be done for the full year forecast, which will exceed 22 during the fiscal year 2022, 21. We can say that IPO and M&A's are being conducted steadily. Issue here is the valuation. Sadly and unfortunately, underwriters are not able to give proper valuation. They are scared, offering 30% discounts. Further, they are not able to willingly take that deal, and they would like to see further decline in the valuation. I think this is the big problem in securities companies. By giving such pricing, and then issuers will not follow them, and then over JPY 100 billion market cap expected for, is that any companies which may go for the direct listing. Why do they have to offer 30% discount? The foreigners are not interested in this, and they are not coming to show up in the appointments. Therefore, they're offering further discount. Why do they have to do that? Why do we so flattering to foreign investors given this weaker yen? Don't you think so? I don't think there is any reason in this. There is no any excuse for the doing this. I have to fight against this because there is the problem in the valuation and the pricing. JFTC, I would like to file a suit with JFTC for these dealings regarding our pricing as well. We needed to seek proper way in offering valuation and pricing. That's what we have to do. I believe that the naturally customers will follow us and approach us. In the past, when I used to work for SoftBank, for the first time in Japan, the corporate straight bond issuance in the amount of JPY 50 billion was conducted without having the manager for that. Then there was the syndicated group of Japanese banks. The banking bureau of the MOF opposed to that movement very strongly against which this first ever agency method of this straight bond issuance was carried out. Going forward in this area, this new corporate wholesale area, we would like to bring about the tremendous transformation of the markets going forward. This is about the leasing service and listed now on the growth market of TSE. This is going to be exceeding the IPO price and the crypto assets, as I said earlier, at JPY 12.8 billion and BTC to JPY 4 billion and mining business, JPY 7 billion. During the first quarter, the hedging company in Singapore went bankrupt. Because of that, I have been very strict in managing this business. Therefore, regarding the problematic companies you may have heard have not caused any nuisance, inconvenience to the customers, and these are all minor to our business. Given this trend, we have been carrying out new things one after another, new things that cannot be done by any other companies. In the meantime, we'll be the first in exceeding other companies in offering such new services. Staking service, crypto asset. Just holding the crypto asset contributes to the maintenance of the blockchain and generate rewards. There is no need for application. This is the unique system for crypto asset. This is being done. Also for new crypto assets, Avalanche and Polygon, two new types of crypto assets have been started in dealing, and the total number of crypto assets will be 14. SBI VC Trade is going to be the number one company in crypto asset dealing companies. BITPoint was acquired. Because of that, SBI Group, the number of customers in SBI Group's crypto asset business has increased by 7.8 folds compared to a year earlier. B2C2. Where is the needs? Simply said, in the market, as a market maker, we are not able to just offer services as market maker. CME, Chicago Mercantile Exchange in the United States, according to CME Group, many institutional investors prefer futures and options trading as a risk hedge to the crypto asset market. Therefore, futures and options have to be done, carried out thoroughly. That's the way we have headed for. Well, we are sure that that is the trend going forward. When market becomes volatile, like today, and then there is very increasing needs for hedging. For doing so, options and futures have to be offered. In fact, in CME Group's crypto asset-related products, the trend of the large open interest holders is increasing. B2C2, trying to capture such demand, is now coming up with new services and products. NDF, crypto asset NDF was done for the first time in the world. Also for the sound development of the crypto assets and futures and options, they are trying their best for doing so. Biohealth, biotech, ALA business, both are growing steadily. Biotech as well, the preparation for being listed will be conducted smoothly, and phase II are ongoing. There are four or five phase II trials ongoing, only with BL Bio as well. Kyowa Kirin has licensed in our product and candidate, and Asahi Kasei as well. This is about phase I. This is preclinical. Kalona Bioscience phase I study is ongoing. We are steadily producing new products or candidates. We are not capturing them in-house. We are licensing out technologies. I believe that this is the right way to do so because it will cost us huge amount of money. I think this is the desirable way to pursue. 5-ALA, already we are seeing phase III for bladder cancer, breast cancer, and meningioma. PDT for those patients who are taking ALA, and then the photodynamic therapy will be emitted in order to kill cancer cell. At German University of Münster and LMU Munich and Oxford University, photodynamic phase II are underway. Also at Oxford University, the cardiac ischemia- reperfusion injury is the target disease. When the ALA is taken by the patient, and then once, there will be the clotting of the blood, and then once the blood is reperfused, and then the reperfused blood will move to move the clog to the brain vessel. That will happen. You can relax. ALA Plus TO DOWN Drink. Drink was also developed. This is selling very well at the Ito-Yokado and Seiyu. These supermarkets are regarded as the main channel. It is very easy to drink. That's what we have heard from the market. Many people like to take ALA, but it is in the capsule formulation, therefore, there are elderly people who are not able to swallow. This is in solution type. Milligram volume is little smaller than other formulation, but you can take some ALA. In that sense, it is very good. SBI Art Auction, art auction-related business. This has been growing steadily, mainly in contemporary art dealings. For the first time, non-fungible token is utilized for the digital art auction being held. In the digital area, we are making inroads into this market as well. Centering on the core of the financial business market, we are going beyond the financial. We are fully incorporating Shinsei Bank into the group's overall strategy to ensure business operations toward integration. We are promoting the unity of the SBI and the Shinsei Bank Group. Secondly, thoroughly pursuing business synergies with Shinsei Bank Group. We are taking initiatives to further strengthen the triangle strategy promoted by the SBI Group, Shinsei Bank Group, and regional financial institutions in strengthening non-bank areas through M&A and various other measures. There are four strategies. There are other strategies or initiatives, but I would like to take this opportunity to explain these four for today. In promoting the unification of the SBI and the Shinsei Bank Group, reorganization, and the personnel exchange. On October 11th, SBI Regional Bank Holdings received approval from FSA to become a bank holding company under Article 52-17 of the Banking Act. For us, we have acquired the shares, and our voting right ratio became 50.05%. Literally speaking, in name and substance, SBI Holdings has become the parent company of Shinsei Bank. On January 4, 2023, Shinsei Bank will change its trade name to SBI Shinsei Bank. On January 4, 2023, we will visit there to commemorate that change of the name. The organization between SBI and the Shinsei Bank Group. First, Morningstar will become the subsidiary of Shinsei Investment Management. Shinsei Investment Management, this is the subsidiary of Shinsei Bank. Morningstar has become the subsidiary of Shinsei Investment Management. This means that the asset class which can be offered by SBI Group can be expanded. Shinsei Investment Management has been dealing in active fund of funds. In active arena, we have been able to add further lineup of new products. Now, securities. Shinsei Securities used to be existent as the alliance partner of Monex. In principle, with Shinsei Bank itself and SBI Securities, they have received the transfer of the business of Shinsei Securities, and the remainder of the business will be discontinued, and the Shinsei Securities will be closed. Between the two groups, we are promoting various measures to enhance group-wide unification and improve back-office efficiency. Shinsei Business Services, which is existent within the Shinsei Bank Group, and SBI Group has invested and obtained a 40% stake, making it a joint venture and a cost reduction through bulk purchasing of equipment or labor saving and productivity improvement in general affairs-related operations are being done. Personnel exchange. From SBI Group to Shinsei Bank Group, 5 companies, 22 employees are now sent on secondment, and 91 employees participated in Shinsei Bank's training program. On the contrary, from Shinsei Bank Group to SBI Group, 7 companies, 25 employees are on secondment, and 58 employees participated in SBI Group training programs. Personnel exchange is being activated in order to enhance unification between the two groups. Next, we are thoroughly pursuing business synergies with Shinsei Bank Group, SBI Securities, and Shinsei Bank in the financial instruments intermediary and banking agency services, and we are promoting the collaboration going forward. In August of 2022, SBI Securities and Shinsei Bank launched the financial instruments intermediary and banking agency services. In September 2022, Aplus of Shinsei Group launched an investment trust accumulation service using credit cards provided by Aplus. In October 2022, the Folio, our SBI Group company, launched the SBI Wrap in collaboration with Shinsei Bank, developed and provided by Folio. We are intending to grow by expanding their customer bases through mutual customer transfers, expanding their product lineups, and providing highly convenient services. Furthermore, Money Plaza have established joint branches both in Ikebukuro and Umeda. The business has started. There's a triangle strategy promoted by SBI Group, Shinsei Bank Group, and regional financial institutions, and we have initiatives to further strengthen the strategy. With Shinsei Bank joining in, our relationship between regional financial institutions have become even stronger than before. The other day we had Jukokai. These are the regional banks, 9 of them, which we either have some sort of partnership or capital affiliations with. The heads have come together maybe, and also the management have come together, 50 or so. These are like heads of the branches, the business departments, of, as well as, of course, the presidents and management. We have come together and shared experiences such as best practices and successful cases, so that we can share that information with each other. Rather than us saying, "Do this or that," I think it's more persuasive if the regional banks who have already been successful with their support share that information. That would then we would be able to demonstrate our next step for the next generation. With Shinsei Bank joining in, this triangle strategy has become stronger than before. Up until now, it was just an introduction of Shinsei Bank services and products being introduced. It's not just that, but regional banks are now carrying out customer referrals as well as arranging syndicated loans and coordinated loans as well. The structured finance knowhow that Shinsei Bank has, we will combine that with regional financial institutions network and brand, and we will be able to build new business. Even with the corporate business, we will be able to provide tailor-made financing to venture companies with high growth aspirations and needs. The deposit balance has increased to JPY 9 trillion. How are we going to make sure that we're able to get spread on that? How are we going to invest in it, manage it? This is probably the key to improving the profitability of Shinsei Bank. Utilization of BANKIT by Aplus. We have revamped this over and over, and now we have white label plan, embedded plan. This is for where new developments are required. It's for the regional operators on the right-hand side. Embedded plan is for the ones who want to build it already having the product apps. We have sales expansion of BANKIT targeting local companies. Reducing the need for point cards, it contributes to expanding app users, promoting sales, and attract young users. We will offer white label, and this is how we will continue to target the new local companies. Now, if you look at the operating assets of balance at Aplus, we are encouraging them to continue to increase this. I have met with all the executive officers of Shinsei Bank, all 40 of them maybe, and we were eating Chinese, maybe 10 of them at a time together. We did dine together, and we would talk together. I would share my information. I want to go, one layer of age group younger so that I can talk to the younger generation. In this way, we will be able to communicate. They will be able to understand the way of my thinking. Without communication and change in the mindset, there will be no transformation. I will never forget Suzuki-san from 7-Eleven. Every week, he would gather together the franchisees, and he would talk with them very energetically. That's what built 7-Eleven. Suzuki-san's energy, his passion, that have built 7-Eleven. We will strengthen non-bank areas through M&A and other various measures. It used to be SBI Mortgage, but ARUHI was doing housing mortgage as a bank, and they have made that decision. They made it, decided that this will be their source of investment management. I decided that we will shift home loans to ARUHI. For Shinsei Bank and for regional financial institutions, buying this back will be very positive. I decided that even after I sold off, ARUHI decided to buy this back. It was a voting rights of 51%, and we had actually more, but we had to do pro-rata allocation. If we did that, unfortunately, those people who were not able to sell it would have to sell it in the market, and of course, that would cause lower valuations. That's what we did. If you look at the operating asset balance of Shinsei Financial, we will continue to increase this balance as well. We have 35.34 million customer base. Shinsei Bank has 8.5 million. Together, we have nearly like 45 million in customer base. Up until now, it was SBI giving to Shinsei Bank. Now, going forward, we would have Shinsei Bank Group contribute to SBI. We need to be compensated, commensurated for this. For the first time, we will be able to have a win-win relationship. We have sacrificed many things in order to meet this big just cause of paying down JPY 35 million that Shinsei Bank had in debt. We have made all these sacrifices, and of course, we contributed to the performance improvement. It's not just them, also contributing to your performance, but it's also about how they can contribute to all the initiatives that we have in place, such as regional revitalization program. That's really important. When we start on something new, Shinsei Bank need to put their wisdom together so that they can, we can work together on new things, new initiatives like digital space. Let's work on this together. It has to be mutual. Regional revitalization strategy will now go up to phase II. Measures to further improve profitability of regional financial institutions, where we can support them. You can see that, interest rates has basically gone up around the world, only Japan hasn't really gone up. Of course, the long-term interest rate has gone up slightly. It's really a matter of time. Kuroda-san will be replaced next year. Of course, you ask him, you know, "Do you want to do it again?" He says, "No, no." I mean, governor is a very challenging position to be in. If Japan loosens the reins even slightly, interest rate could really soar up and become uncontrollable. What happens is, FX will change suddenly from weaker yen to stronger yen. We are in that sort of timing. That is why, like I said at the beginning, we need to clarify what's stable and what's volatile. Whatever is stable, make sure that we foster that. We need to make our utmost effort to make sure we develop what's stable. You can see that after the expansion of the pandemic, we can see increase in the loan deposit gap rate. Now the rate of increase has hit ceiling. If you look at the domestic loan book, it has fallen by 1.1%. Since normalization has appeared to regional financial institutions, people used to say that it's normal that lending business is not profitable, but this era really has come to an end. This negative interest rate age was not profitable. That's why net asset ratio was like 1.2-0.2 times or so. That's why they were able to buy stocks, but this was, we're coming to an end of that sort of an era. If that happens, what do we need? Under circumstances like that, we will see increase in business bankruptcies as the pandemic loan repayment starts. Once the government subsidy expires, basically they will not be able to pay back. Even if you look at the default rate, from this April, we're beginning to see increased trend. That is why, what do we need to do? We know, we see it's visible to us what we need to do. With regards to further strengthening capital alliance, in addition to improving profitability and reducing SG&A expenses at each affiliated regional financial institutions, SBI Group will actively promote measures to restructure lending operations. We really need to rebuild it. We need to invest in the businesses if it's necessary. In fact, we are willing to do so. In fact, from this December, this SBI Regional Bank Holdings will plan to underwrite a JPY 1.5 billion issuance of preferred shares that will be issued by Shimane Bank in December 2022. This is without voting rights. I think altogether it was JPY 6 billion. If you look into the other regional banks and the local companies, because they have decided that they will pay the rest, we're only needed to underwrite JPY 1.5 billion. That's because Shimane Bank is beginning to revitalize, and they were able to turn around. That's why the local entities were willing to assist. You know, they can't halt here, so we need to make sure that we monitor them. They need to rebuild their portfolios, their loan book. With the other financial institutions, as long as they are supported by our board or our executive committee, I would like to be proactive in supporting them. Hopefully, this initiative will be helpful in assisting that endeavor. That is why we have decided to acquire 33.4% of Keystone Partners' outstanding shares, and we made it a consolidated affiliate. This sort of initiative, Keystone Partners, their know-how will also be very helpful as well. With measures to further improve profitability of regional financial institutions, so more than anything else, regional financial institutions really need to switch the system costs from fixed to variable. I've been saying this from three years ago, since we have announced this big strategy on regional bank rehabilitation. I have been saying they need to change their cost structure, and also they need to commonize the system. Why is it that everyone has such a completely different system just because their passbooks are different? I've always suggested that they should work on this together. They should commonize. That would significantly reduce the cost. I've been persistently saying this, and finally, they have decided to develop next-generation banking system. The first user will be Fukushima Bank, and there's another bank that has already expressed that they will adopt this. If they do this, it will be profitable. In our plan, by 2030, there'll be 10 financial institutions. It will be adopted by 10 banks by FY 2030 and hopefully profitable by 2031. That's the scheme. If this is realized, this is cutting edge using cloud. Future Architect, this is an amazing company. They are working with us. Their technology is excellent. Hitachi and others have really given up on this kind of technology, but they are working on it, and they have actually made it usable. This is a venture company, but they have such an amazing power strength. Through this, we will be able to levelize the system cost burden throughout the annual fee model. We are now beginning to materialize what I have been saying from three years ago. Now common ATM service, so we have Fukushima, Sendai, Kiritaka have decided that they will adopt us. This is Nakano President. He is now the former president. He's now with Social Future. He has made all these different efforts, and he made this realizable. Also, as I said earlier, this is primarily face-to-face sales. There's 152 branches in 42 prefectures. I think if you have 152 branches, there's different ways you can leverage this. They will be able to handle a variety of products owned by ARUHI, including Flat 35. Also about, you know, marketable securities investment. I have been saying over and over that they need to replace their portfolio. You know, if they realize they can actually improve their profitability through this, and within three and a half years, approximately 3.4 times increase, you can see in the amount of assets under management. If you look at the breakdown, 67 do not have any business alliance or capital alliance with us. Fourthly, support for further evolution of regional financial institutions' business model going from regional to nationwide. I have also been saying about this from three years ago. The regions are really declining, the population decrease, industry infrastructure weakening more and more. In order to revamp that, you can't just depend on that local. Of course, regions have their network that they have been able to build over many years, which they need to value as well, but they have to also look at nationwide, can't just focus locally. That is why if you look at this, you can see the improving deposit account utilization and attracting younger customers are common issues for all strategic capital and business alliance partners. You can see declining trending number of active accounts, new accounts opened, and accounts held by customers below 40, and you can see it's been declining since 2019. We have to stop this decline one way or another. Otherwise, the regional institutions, financial institutions will not improve. That's why it's necessary to have internet and mobile channels with excellent UI and UX. That's why I have been persistent about saying about this. That's what Shimane Bank has done. They have taken initiatives to expand customer base nationwide with this Shimaho smartphone frameworks we recommended, and we supported them, and they are able to develop, and that's why they were able to have JPY 6 billion. The equity ratio is about 9% that we hold, yes. That's a big deal. Internet banking system for individuals. At normal, we have reached the same level as the regular internet banks. We are able to do such thing. FIDO authentication is used, so security-wise is highly reviewed. Next step towards realizing regional revitalization. Two major projects in the intermediate future promote a medium to long-term support for local SMEs by involving each economic entity in the region. This as well, I have been continuing saying this for over three years. The regions will not be revitalized by just looking at the regional financial institutions or local industries. We have to have the local residents and the local governments be involved. All four need to be revitalized or else it is not going to work, is what I have been saying. In order to do that, the regional revitalization partners, this was the main body that will create policies. We have the Yamaguchi Financial Group, DBJ, SBI Holdings, Concordia Financial Group, Bank of Yokohama at the center. Concordia Financial Group have participated. However, the COVID pandemic occurred, so the external activities were difficult to conduct. However, we have gathered together, we had board directors meetings, we had several discussions. We have created two companies, SBI Regional Revitalization Services and SBI Regional Revitalization Investment and Lending. We also created the SBI Regional Revitalization Banking System, development of next-generation banking system, management of related finance partnerships. This regional revitalization services, I served as the President and CEO, but I couldn't take care of all of the businesses that I'm responsible for. We had the representative, the director of CHANGE, Inc. to become as the president. For the regional revitalization investment and loan, I asked Mr. Yoshimura, the representative director of Midas Capital Co., Ltd., to become the non-executive director. We had long time discussions. The two major projects in the immediate future is the involvement of local businesses and local governments to solve problems such as the regional environment and high electricity prices. From urban waste produce biomass-derived fuel. Generate power with a private power generation that has the high power generation efficiency. The venture company called Japan ERI, they have a system called NEKRES. This is a groundbreaking or epoch-making technology, and we are utilizing that. They have received orders, and they are being referred by the regional banks as well. The private sector projects have been also conducted. We have to do something about these municipal wastes. Actually, you have to have a 10-year contract, and it's very expensive. Lots of new technologies are being developed. Why is it a 10-year contract for such waste disposal? That is because there weren't that many companies that were gonna do that. Michi-no-Eki, which is the roadside stores. Europe, US, China, all is going to convert into electric vehicles. In Japan, infrastructures are necessary. We need the recharging stations. The rapid recharging stations are necessary, so we need to make them. Japan charging infrastructure, we made a 53% investment. Right now, there are 244 locations. We are collecting the money as well to increase this number. This, Michi-no-Eki, the roadside stations, were used for just washrooms or restrooms, but that has evolved to become a sightseeing area as well as shopping areas. But moving forward, it is going to become a area that is going to be a base that speeds up regional revitalization and tourism, as well as disaster prevention area. Just the solar power is not enough unless a very good storage battery comes out. Because at the time or the hours that the sun is out is limited, wind power generation, hydroelectric power generation, we cannot depend on them. We need to take care of such situation. That's why we are getting involved in such initiative. Dojima Exchange, I would like to enter the emissions trading field. The regions need to generate these kind of things because they do have forests. The urban cities generate CO2. Between the regions and the urban cities, I believe the trading can be done. I would like this to become a comprehensive derivatives exchange that ranks among the world's best. Promote medium to long-term support for local SMEs by involving each economic entity in the region. This at the company that I have explained to you, we would like to do that SBI Regional Revitalization Investment and Loan. In addition to that, together with the bank that we are investing, we create a joint fund. Also, fortunately, the Japanese government is actually supporting the investments to SMEs and are creating a new special measures to support SMEs or to support the regional SMEs, or training human resources for equity finances or encouragement of entities that seek to support local SMEs. Well, we are contributing to a level that we would like to receive support as well. Also, FSA intends to accept the risk weight of unlisted stocks held through specialized investment subsidiaries from the application of the top-up under the new capital adequacy regulations to be introduced for domestic financial institutions. The 400% risk weight will not be applied. Long-term relationship, and if it is to turn around a company as a purpose and it does not fall under speculative investment in unlisted stocks, then this 400% risk weight is not applied. In these areas, we would like to implement initiatives in various ways. For the purpose of corporate rehabilitation requirements, investments in unlisted stocks for the purpose of supporting rehabilitation through so-called debt equity swaps. This is also within the scope, so this is a very good thing for us and also investing institutions. SBI Investment is supporting the small to medium enterprises by utilizing the joint fund. The regional business succession fund, we have started the initial fund and a JPY 10.9 billion, and fund number two was formed in 2022 July, target of JPY 30 billion and a goal of accumulating up to JPY 100 billion. For Shimizu Bank, excuse me, introduced partner Hamamatsu Beikoku Inc. This was the first project in the wholesale rice sector. With the Fukushima Bank, the collaboration study introduced a partner, Tobu Corporation, which runs a building maintenance business in Miyagi. The fund invested in the business in cooperation with ALSOK. In supporting the growth of local companies through joint fund management, Tsukuba SBI Regional Revitalization Fund has already invested in three. This Tsukuba city is a science city, so they have quite a good seats. We are going to support them by investing them. Towa SBI Customer Support Fund, which was established in 2021. This as well. Prevent as much as possible the potential of bank borrowers turning into non-performing loans and contribute and to promote the revitalization of the local businesses. A new project for revitalization of local SMEs through collaboration of SBI Regional Revitalization Investment and Lending and SBI Regional Revitalization Services. I decided on one target. This is sake. Sake is a region itself in various regions. They have the sake breweries that is filled with various essences of that region. I think this is the area that is best for regional revitalization. They are facing successors issues or cannot go over overseas. I wonder why that wine, that expensive wine is sold globally. However, a Japanese sake, though it's very tasty, it only can be sold at that cheap price, and the market is limited. I want to change such situation. In order to do so, it requires the help of technology. The blockchain technology held by SBI Traceability, we would like to use this support to support them on the distribution side, so this can contribute to roll out overseas. Blockchain and IC tag, by combining the two, this will be. Oh, it's an earthquake now. Can you look at the seismic size and intensity? I'm sure it's not a great deal, but just to be prepared. Using the empty bottles of sake, there are counterfeit products out there, so we would like to prevent such ones to come. Once the bottle's open, that can be detected through the IC tag technology, when, at what time, where it can be detected. Such technology is something that we would like to implement as soon as possible. It doesn't have to be limited to sake. It could be for rice, or it can be for fruits as well. Because right now, all of these are just stolen from Japan. These wonderful Japanese producers, they put their whole effort into their products. It's their blood and flesh. That cannot be taken away by other countries. In order to prevent it, we have to use such a technology. Fortunately, it is used in various areas, various measures in cooperation with local companies and local governments. I think this is wonderful. Chairman Sato of BALNIBARBI, this is accommodation facility in Shimane Prefecture. It looks like a cave like this, but the sunset that you can view from here, it is wonderful. What? It at Mie Prefecture, it was just 4 on the seismic scale. In Tokyo, it was 3. This is the image and illustration of the accommodation facility. There's a restaurant. Behind this, there's a housing. The housing, there's a bit of gardening and farming land, a gardening space. Nothing existed here, but Sato-san had a successful project in Awajishima, but he'll be working on this and making it into a major sightseeing spot. They have the Izumo Shrine in Shimane Prefecture. In November, in Japanese, it's Kamiarizuki, meaning that Yaoyorozu no Kami, eight million gods gather to the shrine. It is the most popular probably sightseeing spot at this time. But this area does not have a sufficient level of accommodations. The food is great, but not a sufficient amount of accommodations. By creating such facility, the overall region will be revitalized and will contribute to the increase of the regional bank's revenue. Izumo Attractive, this is a company that was co-established with the local companies. Now in the 44 regions nationwide. This is a blockchain using Corda Enterprise platform. This is interesting too. This is a company version of the Furusato Nozei. They can get a maximum 90% of tax deduction. 21 local governments and 11 local financial institutions are collaborating and looking for tax-paying corporations. We have this RCG Corporation regional company group holds various patents and has started their activities, and we are supporting them as well. This idea and concept is quite interesting. Number three, which is an important subject. Status of SBI Securities' efforts to implement new securities initiatives. The conclusion first, next fiscal year. In the first half, as for myself, what I have been telling you till now, the domestic stock exchange that is done online, the transaction fee which the investors are paying right now, we would like to make it free of charge. I think from the age of 25 and above, it's free of charge, though we have been decreasing the price, but we would like to make it all at once zero at this timing. In order to do so, for the last three years, we have been preparing in various areas. I will explain one by one. Neo Securities initiative in SBI SECURITIES has steadily progressed towards its realization during the first half of fiscal year 2023. Further decrease the ratio of domestic stock brokerage commissions as revenue from online trading. For example, real estate finance business, SBI MONEY PLAZA enhances sales of real estate small lot beneficiary interests. From 2020, I said the stop doing the structured bonds. In January, I made an announcement, and as a group total, we stopped doing that. We were the first to do such. "So what are we going to generate revenue from?" was asked to me. I said, "Do the real estate small lots businesses." Takamura, Mr. Takamura moved actively. Right now, JPY 101.72 billion is the revenue. We will be increasing it and more. Real estate small lot beneficiary interests are products for receiving income from real estate for rental income and proceeds from the sales in proportion to the number of units held. They can be invested in starting at JPY 10 million, 5 million in units for prime sites within Greater Tokyo. Expanding assets of real estate development for fundraising. In September 2022, acquired shares of The Global Ltd., which operates a condominium business for sale and an income-producing property business, including rental condominium and offices in the Tokyo Metropolitan area. We have acquired 51.95% of the voting rights. Through that, the real estate small lot beneficiary insurance products and also the security tokens backed by real estate, we would like to issue this from here and bring it to the Osaka Digital Exchange. The distribution will start from here. I want to create a structure as such. The REIT that we'll be focusing on moving forward. The company that will be managing REIT, we have acquired such company. Strengthen real estate asset management, we acquired a share of Tosa Asset Management Company as well. Through this, the real estate asset management business is going to largely expand. It will be both the privately placed and publicly offered. Through this, we will surely expand this real estate asset management business. This non-flow business as well, as explained before, we have the support of the government, and also what the government is saying right now is to doubling plan for assets. As long as such plan exists, our main product will be investment trust products. Basically, it's going to continue to increase. Looking at the current situation, the quarterly balance is a record high, and the investment trust fee is year-on-year basis increased by 13.4%. With Sumitomo Mitsui Card, we have the credit card through tie-up with them for investment funds, the accumulation service. From June 2021 up until September this year, since the inception of the service, the total amount of accumulated funds exceeded JPY 13 billion, and 380,000 accounts have been opened with us. This was the win-win tie-up. The fully automated AI investment, SBI Rapid, is very well received, and the applied amount exceeded JPY 20 billion in just seven months. FX business. Trading revenue becomes one of the pillars of revenue by strengthening of FX business. For FY21-22 first half compared apples to apples, almost the same. In the domestic, SBI Group has the largest total number of accounts and the customer margin deposit in the industry. Although the GMO Group has significantly increased because of the acquisition, but the number of accounts is totally different from us. Also the customer margin deposit, we are number one. SBI Securities FX revenue alone exceeds the total revenue of each online securities companies. Rakuten is here. Trend of SBI Securities foreign stock trading value and its revenue is shown here. Foreign stock trading value increased by 6.8-fold, and the revenue increased by 5.8-fold. Now, corporate bonds business enhancement. Over the six months under review, the number of deals was 37. All of these, we have been participating as underwriter or others, and is therefore 100% the underwriting engagement rate and the six IPOs and the utilities corporate bond, including the 24 projects, including Tohoku Electric Power Co., Inc., customers and these companies are approaching to us in order to have us as the underwriters. As a result of this, now operating revenue, the ratio of domestic stock brokerage commission from online trading, which is subject to the commission-free system, is now decreased to 12.3% of operating revenues. Therefore, I believe that this is satisfactory. That's why we have made the decision to do this business. We thought that we could have five percent or so, not so low as five percent, not reaching that level, we believe that we will be able to make it feasible. We have the favorable situation for the implementation of neo securities initiative that is led by successfully established the dominant position in the industries through customer-centric principles and diversification of revenue sources. Now comparing the first half of FY 2021 and 2022, SBI SECURITIES, Nomura Securities and Nomura Retail is now collapsing. Daiwa Securities are making loss. SMBC Nikko Securities, unfortunately, there were some events, therefore, that's why they have this result. Comparing with online domestic securities, SBI Securities, Rakuten, Matsui. Well, Rakuten is saying that they are increasing the number of existing accounts, but their operating income is JPY 86.53 billion, the net income and JPY 50 billion, JPY 57 billion, JPY 11 billion, JPY 50 billion, JPY 23 billion, JPY 28 billion. These large securities and second tier, mid-tier securities share of individual stock trading value for SBI Group, our share exceeded 45% and further expanding the share now. SBI Securities has established the largest number of accounts in the industry, 9,187,000. Per annum CAGR is 12.5%. From the end of the 2000 fiscal year ending in March 2009 until the end of September 2022, Nomura increased by 1.4%. SBI Group customer base by having the Shinsei Bank Group now just under 44 million. I am saying that we have to reduce the commission fees to zero. We thought that this can be viable. Now, SBI Securities, once customers open accounts in this company, and then they can have FX and margin trading and foreign stocks trading, or FX trading within SBI Securities, customers will be able to establish new trading. If all these elements are the best in the industry, if they have the dealings with us, and then they don't have to go out of our group. By utilizing big data, utilizing other companies within our group, as you can see here at the bottom, we are able to refer customers to other group companies. Making the commission to zero, that is the significance. Robinhood and the Charles Schwab made their commission rate to zero. Well, that's only what they say. Robinhood is saying that they are doing their cryptocurrencies. What about their performance today? Liquidity has been concentrated at market maker, and they are receiving money from them. They have been doing that business model so far. Liquidity was used for receiving kickbacks. We are not allowed to do that under the Japanese law and regulation here. That's why we came up with this mechanism. Ecosystem we have created the strengths of our ecosystem. whole SBI Group focuses on NISA and iDeCo as strategic products. I believe that these NISA and iDeCo, when these were initiated, I thought that these should be positioned as strategic products. That's what I have kept saying. Under former Prime Minister Suga, these products were created. Under the administration of Prime Minister Abe, NISA and iDeCo both were developed and created. Since then, I have been saying that these can be strategic products for us. I thought that the steady progress needs to be made, and we have done so. Now the government has come up with the plan to double the asset-based income. NISA, iDeCo system will be enhanced and will be made permanent, so it is too slow. When the ISA was started in the UK, when do you think it was started? Think about it. The Big Bang, which initiated in Japan, was under the administration of Ryutaro Hashimoto. In the United States, that took place 20 years earlier, and compared to the UK, the Big Bang started 10 years later. Why have we been so late? One thing that we are able to evaluate is because of the incident of the Mt. Gox in a cryptocurrency, it was quick for the government to come up with the regulation in crypto assets. Coincheck incident occurred, and after that, there were many self voluntary regulation bodies created. There were unfortunate incidents a lot. That's why that speeded up the government's move. From now on, because of the FTX, the United States will start to move, and the UK as well. Well, anyhow, what is most important here is making this NISA system permanent. For us, the trend of the NISA accounts, 3 million. Nomura and Daiwa are here. Not reaching 100 – 1.5 million. Why there was a decline at the Nomura Securities from March 2022 for SBI and Daiwa Securities from fiscal year 2022, deemed disconnected accounts are excluded from the statistical data. The new customers of the SBI Securities, 79.8% was new customers, out of which 73.4% are beginner investors. Fifty-nine percent of them are the inexperienced investors. Junior NISA, and then accounting for approximately 30% of the entire securities industries. SBI is trying to expand the iDeCo further. May 19, 2017, now administrative fee for iDeCo became completely free of charge. This is the per annum growth rate. CAGR is 43.4%. SBI benefit systems subscribers are increasing. 751,000. Please look at the CAGR of 401 growth. This is because these are regarded as the strategic products, therefore we have to put our utmost focus on this. These areas with high growth rate, this is the area where we have to put much focus on. We are not able to complain that the commission rate is too low, but are there any other ways for us to do our business? The cumulative number of individual defined contribution plan customers, we are the industry leader. Company A, Tokio Marine, in October 2018, we exceeded them. Now company B, Rakuten, has exceeded and overtook, and SBI has continued to be the top company. Going forward, SBI continues to lead the further change in the securities industry. As regards to the future, the other day, Ed of Cboe shook hands, and Cboe acquired Chi-X. At that time, Cboe Japan Limited. Cboe is world-leading PTS operating company. All around the world, they have presence. With them, as chairman of Cboe, Ed has had a very frank conversation, and I have established a very good relationship with him. TSE, together with JFSA, may have colluded in terms of the resistance over many years. At the Diet, Japanese parliament, many times I had contacted the parliamentarians of Japan. I have visited LDP, not parliamentarian or Diet. I contacted Diet members in order to resist such opposition. Why? 90% of the share is held by one company, TSE. TSE was overwhelmed by transactions and then came down to zero transactions. There was no alternative market to trading. You never know when we will see such overwhelming transaction surge. You needed to have alternative business. Why? TSE has been a public company, but why can it be continuing to be a monopolistic company, enjoying a lot of benefits of being monopolistic? Everything, all kinds of transactions such as clearing and also the transfer of shares are done by TSE. When Prime Minister Suga came into the office, and I had a meal with him, and I discussed this. I had a discussion with a lot of parliamentarians. Now, at last, we have started to see the movements, and it's not sufficient yet. Chi-X is bought by Cboe. Therefore, together with them, we needed to change this unequal convention or treaty like the Japan-US friendship and commercial trade, which was uneven, unequal treaty for Japan. I believe that still today we have such a unequal treaty. It is okay if this is the result of the competition. That is fine. However, there has been such a long-term monopoly. In the first place, they were given that status, and they have utilized fully such benefits, and they're enjoying the very high profitability. It is totally unacceptable. By all means, as I said earlier, wholesale underwriting, corporate underwriting, and also attitude of securities firms as well. I believe that we need to put much more energy in order to transform the capital market in Japan. How many, and why the 89% or 90% of the market is held by Tokyo Stock Exchange? Because of that PTS, Osaka Exchange was existent in parallel with Tokyo Stock Exchange. How much is occupied by New York Stock Exchange in comparison? I believe that currently Japanese situation is in violation of the anti-monopoly law. Osaka Digital Exchange PTS was started as soon as possible. We like to take the 10% markets, based upon which. Now, new products, security token. The market should be created for trading security token. In Singapore, at the same time, we are trying to develop one, and this is going to be global market. Therefore, Singapore and Osaka will be connected, and also connection will be made with Europe as well, such system. Also connecting with the U.S. market. We would like to create that. SBI Group provides multifaceted support for establishment of ST market. Japan ST Association was established. This is the self-regulatory with 13 regular members, 59 guest members, and 73 supporting members, and 75 members participated. On the right-hand side, ST Research Consortium, which is led by the Mitsubishi UFJ Trust and Banking, in which we have participated. Track record of ST issuance mainly by SBI Securities. We have a track record already established. Mitsubishi UFJ Trust and Banking. Progmat is based on Corda. We have invested in that, and we have the largest shareholder of the JV. Corda system is used. What is most accepted in ST is real estate-backed STs. As I said earlier, we have real estate-related initiatives, and this scheme can be a good match for that. Now, we are actively seeking to increase the balance of assets under management of the group in Japan and overseas based on the business trend, such as falling asset prices and government policies. Synergy with, and within and outside the group, expansion of overseas development areas and focusing on future growth area, we are going to further develop investments. From savings to investment, that is the policy of the government. Utilizing the organic growth and M&A, we are further expanding assets under management towards JPY 10 trillion. Now, investment business. Our investment business. We are making ventures all over the world, and we will introduce the technology from them. Whatever usable within our group will be utilized, and then we will diffuse such technologies. Investment, introduction, and diffusion. 1,120 investees, 906 companies domestically and 214 overseas. We plan to establish a new fund to invest mainly in the digital space field, which is expected to grow in the future in the amount of JPY 100 billion. SBI Digital Space Fund will be established next fiscal year. As for overseas investment, it is scheduled to utilize global alliances to expand investment in South Asia, like India, the Middle East, and Africa, which the group has still not sufficiently covered. That is why we have decided to partner with SC Ventures, and we announced this on May 6, 2022. SC Ventures is under Standard Chartered, and we have referrals from SC Ventures already. We have Power to SME Pte Ltd, it's called SOL for short. We have made an investment of 9.4%. This is quite an interesting company, actually. Aside from India, they have already expanded to Kenya. They plan to go to Vietnam, Ghana, Malaysia, Bangladesh markets in the future, and they have invited us to go with them. Standard Chartered and our relationship is becoming closer, more intimate. Supporting the innovation of business corporations and alliance through CVC funds. Already we have a total commitment amount of over JPY 118 billion, and we have decided to launch the CVC funds. In first half of this year, we have newly Panasonic and Paramount Bed CVC will be established. The fund size is JPY 8 billion and JPY 5 billion respectively. With regards to asset management, under this current trend from savings to investment, everyone, we're all, the government and individuals like, are now beginning to see that we need to do something about this, so that we already see this trend coming in. Of course, because if you look at this, we have retail household financial assets of JPY 2,007 trillion. That's a breakdown of cash and deposits at 54.9%. We need to deposit your money, invest your money in areas where money invested generates more money. The cost that occurs is enormous. If you look at United States, it's only 13.7%. Even in UK, it's 27.7% in terms of ratio of cash and deposit. Euro average is about 30%, I think if you could just keep in mind, between 30%-35% in Europe. This is how much money is basically dormant. What about companies? Basically, they are building up on retained earnings. Why don't they invest in growing companies or growing markets or areas? No wonder Japan's growth rate is slowing down. We always need to go and finance money because we have so much to invest in targets, available targets. To me, it's amazing if you say you don't have anywhere to invest in. Every day, even if I'm reading newspapers or magazines, I get this inspiration, and if I'm browsing through internet, it's just all inspiring from about 4:30 in the morning 'cause I only sleep about 4.5 hours. I basically browse through internet and I see get so many different ideas. I'm thinking we should do this, do that, and my brain is just working full speed. From savings to investment, doubling asset-based income plan. The government is calling this out, and Morningstar from early days have been offering financial information to the retail investors. We have SBI Asset Management. It's the industry's lowest trust fee rates, and they have worked together with Vanguard to start up with SBI・V・S&P500 Index Fund. If you look at the monthly net inflow for SBI Asset Management publicly offered index funds, even in a situation like this, we're getting a nice inflow like this. If you look at the asset management's publicly offered investment trust balance, you can see it's a steady increase. If you look at public offer index funds, outstanding balance has actually doubled year-over-year. While the overall balance of privately placed investment trust has been declining by 2.4% year-on-year, you can see that we have actually been increasing by 6.2% increase. If you look at the top 10 companies in terms of net inflows into private investment trusts, we're in the top 10. Nomura Asset Management isn't in the top 10. I was surprised to actually see this. I didn't find their name. I'm thinking, "Well, we're now in the era that sees change in the trend." For someone like me who has worked 21 years ago, this is quite moving. Every time I see this, I keep thinking about this. So proactively utilize the M&A opportunities to achieve our goal of expanding our asset under management to over JPY 10 trillion. Okasan Securities Group, we have agreed that we will acquire their shares, and we have decided to invest 51-49 ratio to Okasan Asset Management. I think we would like to continue to have close relationship with the Okasan Group, in different areas. Shin Shiba-san and I get along really well, and he is very proactive. This company is quite unusual in the sense that it's very forward-looking. We would use through organic growth and effective use of M&A, we will expand our AUM. If you include Okasan Asset Management, it's already JPY 6.3 trillion. When I set out a goal of JPY 5 trillion, everyone thought that was not possible. Actually, I already surpassed that goal. We have this new goal of JPY 10 trillion, and Asakura-san doesn't think it's not possible either. He won't say it's easy, but he thinks it's possible too. Because we have the solid strategy in place, and the number will come true. Strategy is everything. SBI Group will endeavor to be a platform in the digital space domain, and these are the different analysis. I have 7 listed here. Now, DTCC in United States, by the way, this stands for Depository Trust & Clearing Corporation. So this is basically a main infrastructure for financial market. In this new equity settlement platform, they have decided to adopt Corda, which is offered by R3, which is an enterprise blockchain. The other day, the top 3 from R3 came to Japan, and I dined with them. We said to each other, "Oh, we're so glad." David and I have become personally very good friends as well. He went back very, very happy and pleased. We are also participating in MAS Project Guardian. MAS is taking initiatives for asset tokenization. They are studying the project to study the feasibility of asset tokenization and DeFi to improve the efficiency and liquidity of the wholesale funding market. It's a project that looks at the feasibility of this. Ourselves, J.P. Morgan, and DBS from Singapore have participated in this project. These are the top notch of the world which we are working together in the project. The other day, we did a test, and we were very successful. If we can be successful, and if we can build something very concrete here, we can bring it to Osaka. Because Japan is slow. I've been saying I will build global financial center in Osaka. Tokyo continues to appeal about Tokyo, so I keep wondering. If you look at Hong Kong, it's a small place, but even as Hong Kong has come to its state as it is today, Japan has not been able to take away its status as a financial center. I'm wondering if Japan doesn't have this intention or will to become the financial center of the world. If it was 10 years ago, I would've had this energy level of more than 10 times today. I would have done much more aggressively. But unfortunately, what can I do today? It's inevitable. There's a subsidiary of Siam Commercial Bank in Thailand. It's called SCB 10X. It does a lot of digital initiatives. They decided to invest in SBI Digital Markets, which is based in Singapore. It's a subsidiary. They have obtained a CMS license from MAS. We are investing in a company called Securitize in the United States, but we are currently building a digital asset issuance and distribution platform in collaboration with Securitize. SIX digital exchange in AsiaNext. We will work together to invest and establish AsiaNext. We will now be connected to Europe. Everything is becoming global. Today, I got a very interesting email. Saudi Arabia is quite interested in our activity. Many people want to meet with me around the globe. I have many invitations. Germany about traceability. Düsseldorf, by the way, this is one of the most important German-Japanese network events, Düsseldorf's evening. Now Düsseldorf is in Germany, and we have used this technology of blockchain and QR code reading, which we introduced, and we have tried to present the process of brewing beer in Düsseldorf and product information. We sort of brought this subject up to the event. It's not just alcohol. Basically, you can apply this to all different types of things. You can do unagi place, restaurant in Shimanto area. We are planning to release FCI Web3 wallet in January 2023. Basically, they will be solving all the issues of Web3 business that we have faced today. I will not go into details because we don't have a lot of time today. Like I said earlier, Web3 technology, key technology is blockchain and NFT and DAO. Autonomous distributed system. That's the three key factors for Web3. TOKEN CONNECT, again, this is for NFT marketplace. It's a service that provides NFT marketplace functionality for content providers. Jungle X, this is another interesting venture company. A company like this, long ago, when Mr. Son invested and I also invested in U.K., there was horse racing. Basically, you know, before the race starts, you purchase the ticket. Here, in this case, you can buy it here and there. Basically, we developed it, and it almost went public, but we were damaged heavily by effects, and so it's no longer there. In this age, we are able to build something very interesting like that. Because in the world of digital space, we can do this. Gaming becomes more interesting because if you use token, it will become far more interesting. We have these contents platform, and we will be utilizing DAO, Jungle X. Very interesting. It's a company that was started up by a very interesting young man, and we invested in it.