Your opinion on competition, page-16

From a business point of view, my opinion is that competition is always healthy and welcome.

It was always highlighted in several reports covering Afterpay Touch that competition will pick up, and that another player could also acquire Afterpay Touch to gain market share in this competitive market.

A second facet of my opinion would be the technology associated to the product (Afterpay and others); fraud detection, assessment of credit risk, etc. The technology continuously improves by design. I believe that Afterpay Touch is creating a canvas for innovation in that space, that said innovators might not be the development team of Afterpay Touch hence that competition is very good to have.

I see two avenues for any players in this market; conquer as many retailers as possible and lead the technological advancement. I believe we will see further disruptions.