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Speaker 1: Please to say for some more perspective here on the

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Speaker 1: ground of what's taking place at the APEX Summit. We're

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Speaker 1: joining right now by Al Kelly. He's the executive chairman

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Speaker 1: over at Visa and he is there at the APEX

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Speaker 1: Summit in San Francisco. Now, first of all, appreciate you

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Speaker 1: being here on the program today. I do want to

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Speaker 1: start off here with the summit. You actually had a

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Speaker 1: chance to actually take the stage here at the opening

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Speaker 1: ceremonies for this summit. Give us a sense here of

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Speaker 1: the mood of what people kind of expect to accomplish,

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Speaker 1: even beyond just the big meeting between Jijimping and Joe

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Speaker 1: Biden Romane.

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Speaker 2: It's great to be with you. Look, this is very

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Speaker 2: important for the city of San Francisco. The city's had

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Speaker 2: some issues over the last number of years and recovering

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Speaker 2: from COVID, and I think this is a real positive

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Speaker 2: shot in the arm for the city of San Francisco.

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Speaker 2: And this city has a lot of energy, more so

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Speaker 2: than I've seen probably since the beginnings of COVID, and

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Speaker 2: I think there's a lot of a sense of hope,

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Speaker 2: hope that discussions not only between China and the US,

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Speaker 2: but discussions amongst the twenty one economies that are represented

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Speaker 2: here will lead to various breakthroughs in terms of helping

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Speaker 2: small businesses around the world, driving increases in digital trade

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Speaker 2: and digital and enablement. So I think it's a very

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Speaker 2: very positive mood so far in terms of what I've seen.

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Speaker 1: I have to ask you about your expectations with regards

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Speaker 1: to the relationship between US and China and whether this

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Speaker 1: meeting that we're all obsessing over could actually produce some

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Speaker 1: sort of material results, some sort of material improvement I

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Speaker 1: should say in relations between the US and China.

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Speaker 2: Well, I'm not in the room, but I can tell

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Speaker 2: you this. I think there's no substitute for dialogue. I'm

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Speaker 2: thrilled that the two leaders and their key folks around

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Speaker 2: them are getting together and talking. I don't think it's

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Speaker 2: realistic to think at a four hour meeting you're going

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Speaker 2: to solve all the problems of the world. But I

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Speaker 2: think that it is a very very healthy sign that

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Speaker 2: they're sitting together and we'll touch on a various levels

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Speaker 2: of discussion, and my hope is that this becomes a

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Speaker 2: jumping off point for more and more dialogue on specific

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Speaker 2: issues amongst the most appropriate and relevant people in each

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Speaker 2: administration to get together and see if we can make progress.

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Speaker 2: But there seems to be a sense of hopefulness and

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Speaker 2: energy that I'm feeling in terms of this meeting that

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Speaker 2: just started to take place about twenty miles south of

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Speaker 2: me and al.

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Speaker 3: Of course, Visa did make some news at this conference.

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Speaker 3: I'm reading a press release from this morning that Visa

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Speaker 3: is basically accelerating its support for small and micro businesses

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Speaker 3: when it comes to both the APEC reason and globally.

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Speaker 3: Could you give us some context there. What countries are

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Speaker 3: we talking about when we're talking about this support.

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Speaker 2: Well, the countries were talking about were the US, Mexico, Peru,

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Speaker 2: the Philippines, Vietnam, and out of the shoot, Indonesia as well.

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Speaker 2: Those are the initial areas of focus. And Katie, the

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Speaker 2: announced we made today really had three parts to it.

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Speaker 2: One is we're making a one hundred million dollar pledge

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Speaker 2: from the Visa Foundation to help underserved and women led

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Speaker 2: businesses in the APEC economies. Secondly, we announced that a

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Speaker 2: goal we set in twenty twenty to digitize fifty million

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Speaker 2: small businesses and micro businesses around the world, that we've

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Speaker 2: significantly exceeded that and we've reached sixty seven million businesses

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Speaker 2: that we've helped digitize. And thirdly, we're not done. We're

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Speaker 2: announcing we announced today a Small and Micro Business Accelerator

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Speaker 2: program where we hope to take many, many more small

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Speaker 2: businesses around the world and help get them digitized. As

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Speaker 2: I think you well know, small businesses are the backbone

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Speaker 2: of virtually every single economy, not just an APEX but

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Speaker 2: around the world. They're very very important in terms of employment,

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Speaker 2: they're very very important in terms of creating real main

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Speaker 2: street hubs in communities in which we live, and they're

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Speaker 2: just very important to the economies of these countries.

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Speaker 3: And now, looking through the statement, you make the point

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Speaker 3: and that if over the last three years you've really

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Speaker 3: seen small business harness the basically digital payments. And given

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Speaker 3: that you know you are speaking to us from APEC

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Speaker 3: taught to us a little bit about the cross border

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Speaker 3: payment ecosystem and how that's evolving right now.

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Speaker 2: Well, I think that you know, data is a very

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Speaker 2: very important fuel around the world, and what happens if

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Speaker 2: you can digitize payments, you can actually open up the

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Speaker 2: world to small businesses beyond just the village that they

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Speaker 2: sit in. If you can have a website and expose

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Speaker 2: your products beyond that little village you live in, you

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Speaker 2: just have a greater opportunity to reach more of the world.

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Speaker 2: But digital elements that come into place and countries are

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Speaker 2: becoming increasingly important. Governments are realizing that if they can

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Speaker 2: about their subsidy programs and via digital means, it's much

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Speaker 2: better than vouchers. It also creates more transparency in the

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Speaker 2: collection of taxes. Working very closely with transit authorities around

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Speaker 2: the world seven hundred of them, where we if we

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Speaker 2: create open loop payment systems, it makes it a much

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Speaker 2: greater and better experience for the consumer and a much

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Speaker 2: more operationally efficient for the transit authorities. So and then

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Speaker 2: I think in general that whole point about opening the

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Speaker 2: world to a greater audience of consumers. All of these

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Speaker 2: things happen when digitization of payments, both domestic and cross

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Speaker 2: border are accelerated around the world, and it is something

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Speaker 2: that we certainly are talking to many many of the

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Speaker 2: participant nations and economies about.

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Speaker 3: Well, Al, we really appreciate you taking some time for

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Speaker 3: us our thanks to Al Kelly. He is the executive

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Speaker 3: chairman of Visa