Santiago Suárez

The first one is,

extreme amounts of technological adoption.

And, you know, you're on our board, so, you know, see, we have these metrics and we say, hey, there's more smartphone per capita than Brazil and Mexico, which is incredibly powerful, right?

75% of Colombians have a smartphone.

But more than that, I remember in a three-year period from 2014 to 2016, smartphones went from being the thing that my banking friends had locally and always three years behind the models we had in the U.S.

to being something everyone had.

I was like, okay.

And when you think about banking in particular, right, distribution has always been the issue with banking.

That's why branch networks are so valuable.

And that's why neobanking in the U.S.

has been so challenging.

You have these very embedded distribution networks.

particularly in consumer, I should say.

But I was like, wow, we now have a distribution device in everyone's hands at zero marginal cost of distribution.

So I was like, inside wine, I was like, this is incredible.

And then the second thing to your point was, this is a country that has this very strong pay over time tradition, but no real work around it.

The only thing was Visa and MasterCard had actually changed their switches and rails to enable installments

handful of countries, right?

Brazil, Korea, Turkey, us, where that is the default.

So it was like those two things.