BUS307: Strategic Management (Section 3)

Comprehensive Case Study 2 Assignment

Submitted to:
Shafayat Hossain Chowdhury
Senior Lecturer
School of Business

Submitted by:
Group 3

Saif Ali (191011155)

Sajid Ahsan (191011077)
Shykh Imtiaz (193011163)
Philip Hans Gomes (191011070)
Sabreen Imtiaz Hussain (193011021)
 Letter of Transmittal

24 August 2023
To
Shafayat Hossain Chowdhury
Senior Lecturer
ULAB School of Business
University of Liberal Arts Bangladesh
688 Beribadh Road, Dhaka, Bangladesh

Subject: Report submission on Comprehensive Case Study 2 Assignment- Tim Hortons

Dear Sir,

It is our utmost pleasure to inform you that the report writing that you had assigned us for the
BUS307 Strategic Management is now complete.

The company whose marketing strategies, financial, and HR we have assessed in this report is
Tim Hortons as per case. We have followed your methodology in writing this report. Thank you
for giving us the opportunity to write a report about the assessment of the different aspects of an
actual company. This has helped us gain practical knowledge of how every model and concept
works in real life.

We appreciate you and your valuable time for reading this report thoroughly. If there are any
questions for us, please do ask. Thank you.

Sincerely,
Sabreen Imtiaz Hussain (193011021)
Saif Ali (191011155)
Sajid Ahsan (191011077)
Shykh Imtiaz (193011163)
Philip Hans Gomes (191011070)
Table of content
Letter of Transmittal.................................................................................................................... 2
Introduction..................................................................................................................................5
External forces.............................................................................................................................6
PEST....................................................................................................................................... 6
Porter’s Five Forces.................................................................................................................9
Assessment of Business-level & Corporate-level Strategies..................................................9
Business Level Strategy.......................................................................................................... 9
Corporate Level Strategy.......................................................................................................10
Assessment of Internationalization Strategy.......................................................................... 11
VRIN Framework Analysis.....................................................................................................12
The Marketing Matrix............................................................................................................. 13
Assessment of Financial Position........................................................................................... 15
Profitability Ratios:................................................................................................................. 15
Liquidity Ratio........................................................................................................................ 18
Long-Term Solvency Ratio.....................................................................................................20
Future Direction......................................................................................................................... 21
Introduction

In 2010, Kamal Quadir established the mobile financial services (MFS) business known as bKash Limited
(bKash). The company's primary goal is to help Bangladesh's massive unbanked population, which
represents a significant portion of the country's population, with creative solutions. For its consumers,
bKash provides a wide range of financial services, such as cash-in and cash-out options, money transfers,
merchant payments, bill payment options, and more. A mobile wallet connected to a customer's mobile
phone number powers its services. Since bKash users do not require bank accounts to use its services, it is
a desirable alternative for those without access to conventional financial services.

Since its establishment, the business has expanded quickly, and it now has over 26 million customers,
making it the dominant force in Bangladesh's financial technology market. By providing unbanked people
with an easy, safe, and affordable way to make financial transactions, bKash has significantly impacted
financial inclusion in Bangladesh. Many people in Bangladesh have used the company's services to open
their first mobile wallet accounts, receive paychecks and remittances, and make purchases of products and
services.

However, bKash has encountered several difficulties along the way to growth and expansion. Navigating
a variety of parties, such as telecom providers, banks, non-governmental organizations, and regulators, to
ensure regulatory compliance, form alliances, and build a strong distribution network, was one of the
major hurdles. Building a technology infrastructure that is scalable and reliable and can support its
expanding customer base has been another major difficulty.

The business model of bKash, the difficulties it has encountered, and its effects on financial inclusion in
Bangladesh will all be assessed in this report. To evaluate the company's existing standing and potential
for the future in the MFS sector, we will also perform a SWOT analysis of it. Additionally, this analysis
will offer suggestions for the company's future development and sustainability, taking into account the
adjustments and chances offered by Bangladesh's developing marketplaces.
External forces

PEST

Political

The political system in Bangladesh was in such a mess that inequality was at its peak. Certain
types of facilities were only reserved for the educated or for the rich people. The poor were
discriminated against in such a way that no proper guidelines or laws were for the people. This
led to seriously affecting the liquidity of Bangladesh's central bank. This was because the
banking system was complex and was only serving the educated and rich people. The unbanked
category was the poor people whose money was just falling idle under the blanket. So this
inequality in the financial system had influenced the government for financial inclusion of
services. This added a huge plus point for bKash and this allowed them to smoothly enter the
market and start this new mobile financing market in Bangladesh. Thanks to the regulatory
bodies in Bangladesh who were supportive of making new financial services like “bKash”. It
was seen that the regulators have allowed these innovations to take place and issued financial
guidelines to enable the growth and mobile services in the country. Because of such openness of
regulators, bKash has been able to flourish and gained 26 million customers in 2016. Moreover,
there might be a conflict if the government allowed mobile services to directly operate the
mobile financing service like bKash. Since mobile services play an important role in mobile,
giving them the authority to enter the market would increase the competitive rivalry and would
seriously disrupt the industry.

This all highlights the political impact.

Economic

It can be said that the economic environment for bKash was quite favorable for them to take over
the Bangladesh market. Several external economic factors have affected the operations of bKash.

For example, it was mentioned that the number of mobile phone users in Bangladesh was
increasing and it was also said that Bangladesh had the highest mobile penetration and was
ranked one of the fourth in the world for mobile ownership. This meant that bKash had a large
potential in the Bangladeshi market. One of the main issues was that the poor people who were
living below the standard lifestyle remained unbanked. However due to the relatively low cost of
mobile device ownership in Bangladesh and the mobile services of bKash accessible even to the
unbanked category. This economic push has led to millions of people adopting the services of
bKash.
bKash had to undertake several economic challenges to operate in the Bangladeshi market. For
instance let's take the example of the liquidity imbalance in the banks. It was tough for bKash
agents to move money in the capital to deposit the money in the bank and for agents to obtain
cash from people. To address this problem, bKash leveraged the existing distribution channels
where agents were able to deposit cash in banks at no charge and the banks imposed interest rates
on bKash on deposits while maintaining the same level of liquidity in the bank. This was only
possible for the economic cooperation of government bodies allowing BRAC bank to give the
privilege to bKash to expand their services throughout the country.

At the same time, it was seen that the growth of the bKash has grown at a fast pace due to the
increasing number of international remittances in Bangladesh. Bangladesh has been one of the
largest exporters of labor throughout the world and bKash managed to take this advantage by
tapping into the growing pool of remittances through partnerships with currency movement and
payment companies like Western Union and Mastercard. The remittance partnership has helped
bKash achieve immense success as it helped them and it was mentioned that 37% of the 287
million transactions processed in the year 2016 were remittance-based. Another economic
advantage for bKash was the labor-intensive garments industry. In the garments industry, the
majority of the workers were women and they were often victims of extortions in front of their
husbands, theft, or mugging. This provided bKash with another opportunity to capitalize on the
growth of the labor-intensive industry in Bangladesh. Moreover, garment companies paid their
salaries in cash and it would take a day off to organize the salary payments to thousands of
employees. bKash helped to minimize the time required and promote transparency towards the
payment procedures.

Social

The external social factor that helped bKash grow was its rapid market growth. The living
standard and cost of living in Bangladesh were increasing and this required services like bKash a
necessity. People could use the service of bKash to pay bills, buy goods online, and remit money
at a lower cost compared to banks. This created a demand for the product and further took bKash
to a greater level.

It was also mentioned that life expectancy rose from 58 to 70 years between 1990 and 2010,
which shows a development in the human development index. This positive social impact can
also benefit the operations of bKash by indicating that the country has developed with improved
standards of living, better access to health, and increased demand for financial services. With the
increase in life expectancy, people tend to live longer and so focus on investments and savings.
And so along with it, the demand for financial services including insurance, loans, and savings
could potentially increase. Eventually, it expanded the market for bKash and other financial
services in Bangladesh.
The literacy rate poses another challenge for bKash. Bangladesh has a low literacy rate which
means most people may find it difficult to comprehend the idea of mobile financing and so may
often refuse to choose bKash. But bKash has utilized the challenge and made it an opportunity
by collapsing with straightforward and easy-to-process interfaces. They collaborated with NGOs
to train their agents and the agents educated the customers. This approach seeks to help
uneducated people with assistance who have difficulty in literacy activities and therefore leads to
greater demand for financial services.

These are the social aspects that influenced bKash.

Technological

A range of technological innovations and infrastructures has helped them to operate the financial
service channel in Bangladesh. The widespread adoption of mobile phones has provided bKash
with a huge push to move forth. This has allowed bKash the ability to build such a robust
structure which allowed them to reach the people who were previously unbanked. bKash
partnered with Fundamo which allowed them to create a highly scalable financial platform that
had the potential to operate from any mobile phone model. They used an interface named USSD
which allowed them to run both on smartphones and normal devices. Then the company started
to work on its app and in 2016 it collaborated with Huawei to develop more new innovative
technologies.

Legal

bKash operates in a country that is regulated by the Bangladesh government and the central bank
so we can say that it plays an important role in how bKash operates.

First of all the government and the regulatory bodies have imposed a certain framework that
ensures protection rights and maintains an ethical competition. The regulatory board also
possesses licensing and permits such as the mobile financing services in Bangladesh need
licensing to get permission to operate in the Bangladesh market. Another compliance is the act of
Anti-money laundering and Know-your-customer regulations. This requires mobile financial
services to adopt AML and KYC to have customer protection and prevent illegal actions.
Moreover, bKash’s business model and technological innovations are protected by the
Bangladeshi intellectual property law and this allows the company to grow without any
competition from copycat or imitative firms.
Porter’s Five Forces
1. Threat of new entrants: Moderate to high. Bangladesh's mobile financial services (MFS)
sector is still developing, so there is room for new competitors. But bKash has developed
a first-mover advantage, a powerful brand, and multiple alliances with
telecommunications companies, banks, and other service providers.
2. Bargaining power of suppliers: Medium. To run its services, bKash depends on several
vendors, including telecommunications companies for network usage and technology
companies for software development. However, the business has developed connections
with these suppliers, and the payments it makes to them are low in comparison to its
revenues.
3. Bargaining power of buyers: Low. bKash serves a sizable yet underserved market
segment with lower incomes, who primarily labor in the unorganized sector. Consumers
in this category have fewer options and less negotiating power than consumers in other
consumer segments because they have restricted access to financial services.
4. Threat of substitutes: Medium. Although bKash has created a distinctive business plan to
serve Bangladesh's unbanked population, other MFS providers and banks also provide
comparable services. But bKash has developed a well-known brand, broad distribution
networks, and exclusive alliances with brokers and financial service providers.
5. Competitive rivalry: High. Bangladesh's MFS market is expanding quickly, and several
participants, including banks, telecom companies, and other MFS providers, are
aggressively competing for market share. Despite being the market leader at the moment,
bKash must constantly innovate and invest because of growing competition, regulatory
risk, and shifting client wants.

Assessment of Business-level & Corporate-level Strategies

Business Level Strategy

bKash is a mobile financial services (MFS) provider with a wide range of customers. They target
women, small businesses, and rural areas, where people have a lot of underutilized money, which
bKash wants to manage for them. They also offer products and services catered to specific needs,
which allows them a wider range of potential customers. Their product and services range from
paying utility bills, money transfers, and merchant payments when buying things from other
businesses. This not only makes it easier for them to manage their customers’ money, but it also
acts like a one-stop shop for providing financial service for the customers. They manage to
accomplish this due to the technology that helps them give their customers a convenient
experience.

So, considering all these factors, we can say that bKash is following a differentiation strategy
because they are serving a variety of customer segments with a wide range of products and
services using technology to make it more convenient. This is more so, as they are offering a
unique offering that no other competitors provide as of yet based on the timeline of this case.
Regardless of how wide the range of products and services they offer to a diverse customer, their
core product, mobile financial services (MFS), remains the same. It’s always related to their core
products and services, so they follow a related differentiation strategy.

Corporate Level Strategy

bKash, as a mobile financial service (MFS), states that its mission is to enable financial inclusion
and empower people through digital financial services. Its vision is to be the leading digital
financial service provider in Bangladesh and beyond. Based on this, the corporate-level strategy
of bKash seems to be mainly market penetration. However, there are also some aspects of
product development. It’s a combination of market penetration and product development.

bKash has a large customer base as the leading mobile financial services provider in the country.
However, they are always trying to increase the number of customers who use their services.
They are also trying to increase the frequency of use of their mobile financial services by
offering new features and services, such as allowing customers to pay their utility bills, services
catering to small businesses, etc., that they have or may apply in the future. The company is also
expanding its reach to rural areas and targeting new customer segments there, mostly women,
small businesses, or people there who have a lot of unutilized money, for their market
penetration strategy.

bKash is not just satisfied with its current array of products and services, as they are also going
for product development in conjunction with market penetration. They are developing new
products to expand their reach further, possibly to a new market, or they may be trying to
increase their sales in the current market. One such product that they are developing is bKash
Merchant, which allows businesses to accept payment through bKash. This is a valuable product
as it may increase the range of customers for those businesses and bKash. Mobile payments to
restaurants, rides, etc., are also possible through this. Other than that, they are also developing
products like apps for mobile banking and microfinance.

So, overall, their corporate-level strategy is to increase the sales of their existing products in their
existing marketing, allowing them to gain more customers. At the same time, they are also
developing new products to compete in the existing market and also expand to new markets.
They have yet to go for market development, but they seem to have an intention to expand in
Southeast Asia.

Assessment of Internationalization Strategy

bKash mainly operates in Bangladesh, with their mobile financial services (MFS) and customers
all based in the country. However, that doesn’t mean they do not have any interaction with other
companies abroad. bKash, like most companies, wants to eventually go global in the future.
Therefore, it is evident that they would also have an internationalization strategy for their future
endeavors of market development in Southeast Asia, as mentioned in the case.

bKash went into a partnership with other financial institutions and mobile operators in Southeast
Asia to expand their reach to a new market. They partnered with Axiata Group, a
telecommunication company in Malaysia, planning to launch a mobile financial services
platform. This is just one example of their partnership, there may be more that have not been
highlighted in the case. Since not much has been mentioned about how exactly they are
collaborating, it is unknown whether this partnership will fall under the greenfield or brownfield
strategy.

However, bKash seems to have also gone into joint ventures, which falls under the greenfield
strategy. A Chinese financial technology company, Ant Financial, seems to have collaborated
with bKash, a joint venture for a mobile financial services platform in Myanmar. Based on the
case, it is also possible that there may be other foreign companies with whom they have gone
into a joint venture, other than Ant Financial.

Therefore, it is evident that bKash has an aspiration to go international from these two strategies
that bKash has used. Although, they may go for other internationalization strategies in the future.

VRIN Framework Analysis

Valuable:
bKash's MFS platform is undoubtedly valuable as it provides a convenient and accessible way
for users to perform financial transactions, including money transfers, bill payments, mobile
recharge, and more. This convenience is especially important in regions with limited access to
traditional banking services. The platform adds value to both individuals and businesses by
offering a quick and secure means of handling financial activities.

Rare:
The uniqueness of bKash's MFS platform contributes to its rarity. In many developing countries,
there might be other mobile financial services, but bKash's comprehensive platform and its
extensive network of agents and partners give it a unique position. The combination of a
user-friendly app, widespread agent distribution, and integration with various merchants is not
commonly found on other platforms.

Inimitable:
bKash's MFS platform has certain characteristics that are difficult to replicate, making it
somewhat inimitable. The company has invested heavily in building a vast network of agents and
partners, which would take time and resources for competitors to match. Additionally, bKash has
established a strong brand presence associated with reliability and trust in the minds of its users,
which is not easy to replicate quickly.
Non-substitutable:
The convenience and accessibility provided by bKash's MFS platform make it non-substitutable.
While traditional banking services could be considered substitutes, the ease of use and the reach
of bKash's platform set it apart. Users who are looking for quick and efficient ways to handle
financial transactions might not find direct substitutes with the same level of convenience.

Therefore, bKash's MFS platform fits well into the VRIN model:

It offers convenience and accessibility for various financial transactions.

The unique combination of a user-friendly app, extensive agent network, and strong brand
presence sets it apart.

The investment in infrastructure, brand building, and partnerships makes it challenging for
competitors to replicate quickly. The platform's convenience and reach provide a unique
proposition that traditional banking services might not directly match.

The Marketing Matrix

Product

bKash provides a range of mobile financial services (MFS), such as payments between
individuals, bill payments, money transfers, and payments to businesses. Even for those with
limited literacy skills, the goods are made to be easy to use. Their goods are created to satisfy the
needs of Bangladesh's underbanked and impoverished population. For instance, the P2P payment
system enables individuals to transmit money quickly and conveniently to one another without
having to visit a bank or ATM. The bill payment platform enables users to pay their cell phone,
utility, and other bills from their smartphones. Additionally, customers in Bangladesh can pay for
goods and services at stores and merchants by using the merchant payment solution.
Place

To reach its target customers, bKash makes use of the widespread use of mobile phones in
Bangladesh. No matter where they are in the country, consumers can access the service.
Customers can easily access bKash's services thanks to the company's extensive agent network
throughout Bangladesh. Agents can be found in both cities and villages, and they are easily
recognized by their bKash signboards. Customers can now easily deposit and withdraw money,
send money, and pay bills thanks to this.

Price

This affordability factor has made bKash a game-changer in the financial services landscape of
Bangladesh. By offering such low transaction costs, the platform has effectively democratized
financial access, allowing individuals from all economic backgrounds to participate in digital
transactions, money transfers, and bill payments. This not only reduces the burden of high fees
associated with traditional banking methods but also empowers the unbanked and underbanked
population to conveniently manage their financial affairs.

The nominal fee of BDT 2 for a P2P payment is particularly advantageous for small-value
transactions that are common among lower-income individuals and small businesses. The
cost-effectiveness of using bKash has encouraged more people to adopt digital financial
solutions, thereby contributing to the country's overall economic digitization efforts.

Promotion

bKash employs a range of media, such as print, radio, television, and social media, to advertise
its services. To reach underprivileged communities, it also collaborates with NGOs and
government organizations. As a result, more people are using bKash's products and services,
which has helped to build brand recognition.
Assessment of Financial Position

Profitability Ratios:

1. Return on Asset (ROA)

Year 2010 2011 2012 2013 2014 2015

Net -0.33 -0.46 -1.02 -2.63 2.43 3.05

Income

Total 0.53 2.55 18.95 70.5 122.5 185.4

Assets

ROA -62.26% -18.04% -5.38% -3.73% 1.98% 1.65%

The graph shows that over time, bKash’s Return on Asset (ROA) improved exponentially. In
2010, the fin-tech company had a negative ROA of -62.26%, which stood at 1.65% within five
years. bKash started in 2010, so that explains the negative return on assets as the company had
expenses associated with start-up costs, For example, at the start they had to invest in the R & D
area- hiring Fundamo to make them a compatible software. Additionally, the idea of mobile
banking was largely new in Bangladesh. As time went by, they managed to build a customer base
(58% market share reached by 2015 according to Exhibit 5 of the case) and raise their ROA.
2. Return on Equity (ROE)

Year 2010 2011 2012 2013 2014 2015

Net -0.33 -0.46 -1.02 -2.63 2.43 3.05

Income

Total 0.41 8.33 3.2 12.65 25.91 28.86

Equity

ROE -80% -6% -32% -21% 9% 11%

Return on Equity (ROE) illustrates that albeit a start-up, bKash is quite efficient in making.
Starting in 2010, their ROE was in the figures of -80% and they took it to a company record of
11% in 2015 i.e., for every Tk.100 of investment shareholders are getting a return of Tk.11.
Since, bKash was a rather unknown corporation, till 2013 they were reintegrating their earnings
as part of the plan for market growth, as shown in the financial statements in Exhibit 3, this led
to a negative ROE. 2014 was the year when bKash first posted a positive ROE, this is largely
owed to the increasing revenue, year by year (82% increase just from 2013 to 2014) as a direct
result of a surge in customers.
3. Profit Margin

Year 2010 2011 2012 2013 2014 2015

Net -0.33 -0.46 -1.02 -2.63 2.43 3.05

Income

Revenue 0 0.01 4.66 40.61 73.88 110.26

Profit N/A -4600.00% -21.89% -6.48% 3.29% 2.77%

Margin

The bar chart shows that the profit margin was 0% in 2010, -4600% in 2011, -21.89% in 2012,
-6.48% in 2013, 3.29% in 2014, and 2.77% in 2015. As mentioned in the case, bKash had
recuperated all its losses by 2016. However, looking back, bKash’s first five years were negative.
This is quite normal, for the mobile financial service company which was the first of its kind in
the nation. At the start, it can be seen there were no profits made due to a handful of customers
and high investments but every year this became better as the company gained customer’s trust
and loyalty through service education programs. Moreover, bKash hired agents which made it
easier for common people to open and transact money thus increasing their revenue and net
income.
Liquidity Ratio

1. Current Ratio

Year 2010 2011 2012 2013 2014 2015

Current 0.49 1.1 16.67 65.97 117.47 175.95

Assets

Current N/A N/A 15.66 57.76 96.47 155.7

Liabilities

Current N/A N/A 1.06 1.14 1.22 1.13

Ratio

The bar chart deduces that bKash has maintained a steady current ratio- 1.06 in '12, 1.14 in ’13,
1.22 in ’14, and 1.13 in '15. This means that for every 1 taka of liability, the MFS provider had
enough liquidity to pay its short-term obligations. A current ratio of 1 proves that bKash had
gained a foothold in Bangladesh and gained traction by 2012. Revisiting, 2010 and 2011, the
balance shows that the corporation had no current liabilities, thus no current ratio.
2. Operating Cash Flow

Year 2010 2011 2012 2013 2014 2015

Current N/A N/A 15.66 57.76 96.47 155.7

Liabilities

Operating -0.23 -0.72 -0.95 -1.06 41.3 57.7

cash flow

Operating N/A N/A -0.06 -0.02 0.43 0.37

cash flow
ratio

The operating cash flow ratio is applied to understand how well a company can generate cash
from its operating activities. Exhibit 3 illustrates 2010-11 where there have been no current
liabilities since bKash was a startup during this time. In 2012 and 2013, it was -6.07% and
-1.84% respectively; during that time, transaction volume was low and they used the entirety of
the 16% (their share) for operational activities which decreased their net operating cash flow
amount, as shown in the cash flow statement. Nevertheless, according to the case, by the end of
2013, the Fintech company boasted 11 million accounts and that is when their operating cash
flow climbed drastically. Although less than 1 it has to be taken into account that 92 percent of
the revenue came out of cash-out fees (a source of operating activity) of which bKash only had
16 percent share, this shows bKash is becoming financially strong.

Long-Term Solvency Ratio

1. Total Debt Ratio

Year 2010 2011 2012 2013 2014 2015

Total 0.01 1.62 15.71 57.85 96.53 156.55

Liabilities

Total Assets 0.53 2.55 18.95 70.5 122.5 185.4

Total Debt 2% 64% 83% 82% 79% 84%

Ratio
The bar chart shows that bKash’s total debt ratio was a mere 2% in 2010 and then it skyrocketed
to a mammoth 64% (an increase of 62%) in the following year. It had another 19% increase in
2012 (83% debt) and from there maintained a stable ratio of 82%, 79%, and 84% in 2013, 2014,
and 2015 respectively. Even though it had a 2% debt ratio in the initial year which means it used
2% debt to finance its total assets, the reason it had such a low debt ratio in 2010 is because it
had no accounts payable one of the contributors to liabilities as it had very little customer base.
In 2011, it can be seen, the Fintech company has taken on more debt to increase their growth as
evident in the balance sheet (from 0.01 in 2010 to 1.62 in 2011- in US$ millions). The company
increased its debt even further (15.71 US million) for purposes such as marketing activities to
attract customers. Since it had a rapid growth in 2013 this explains the stable high debt ratio and
it should not be worrisome as the company is still in its growth stage. With that being said, the
high debt can affect the bKash’s financial resources.

Future Direction

bKash’s current strategy and direction have been talked about thus far, but it is also important to
find out what could be their future direction. bKash is already the leading mobile financial
services (MFS) provider in Bangladesh, but it’s not like their growth has stagnated. There are
still many other market segments that they can target. So, they still have room for growth in
Bangladesh. They can continue to expand their reach to rural areas and target the unserved
populations who need financial empowerment. At the same time, they can expand to new
markets in Southeast Asia as mentioned before. This can be done by partnering with other local
financial institutions and mobile operators, which they seem to have done according to the
internationalization strategy. They can continue their research and development (R&D) of new
products and services and find new ways to use technology to serve their customers and remain
ahead of their future competitors. They have partnerships with Ant Financial and Axiata Group,
and they can strengthen their partnerships with them or other financial institutions and mobile
operators, allowing them to have greater reach and more service offers for their customers.
Finally, they can also go public, which would make their financial records and operations more
transparent to attract more investors to raise more capital and expand their further.