One we have already commented on, I think it is an increasingly profound evolution in the capital market, via securitization An example we bring is how the BNDS was relevant in granting credit and like the parent company, the capital market grew face to face to BNDS, I think it's a path of no return We saw a huge evolution in investors Many fund managers, increasingly, many family offices but many independent fund managers The private credit market has grown a lot in Brazil, so this encourages a lot of structures and, within that, securitization I think it's a path
that is necessarily correlated with scale There's no point in having investor appetite if you don't look at the scale and security of this over time, more and more standardization of things And that's where standardization comes in in the aspect of structuring documentation So, you have more and more standardized documents, standardized clauses so that you, first, simplify the structuring process, without a doubt But so that you, especially, provide more security for investors, so that mechanisms built in a structure are equivalent in similar structures, so I think standardization is a bit of a one-way path. We have
been fighting a lot for this within Vert, standardization of documentation, operational standardization Another aspect that we see more and more is the use of technology to guarantee transparency, information with increasingly less frequency for the smaller investor in order to disseminate it as quickly as possible to the essentially online investor The investor does not want to wait 30 to 60 days to receive information about his operation He you want to have online access to your information and you will only guarantee this with a lot of technology and standardized things too Offer standardized technological solutions to guarantee
this And I think the last topic that is relevant and is completely in line with you is tokenization I think that tokenization has a fundamental aspect in guaranteeing this standardization not only from a legal point of view Who knows, we don't even need to review contracts of 70, 80, 100 pages but from an operational point of view in an aspect of guaranteeing the uniqueness of things, how the receivable will be created, how it will be securitized What are the registration mechanisms for this receivable? Blockchain structures, for example and with that, a consequence some consequences are
The first is to eliminate intermediaries that have the function that is important, yes today, in the Brazilian market, to guarantee protection, but that are still subject to risks, to flaws and tokenization technology, I think it comes to guarantee this comfort and security for the market, not just for the Brazilian market, I think tokenization will be very important and tokenization, especially of credit itself, I think this tokenization is mega important mainly credit The instrument itself is also important, but this part of credit, how it is born, how it will be controlled, where it will be registered,
this uniqueness through tokenization, I think it is mega relevant, it will give more comfort to the local investor without a doubt. But I think that from the moment we manage to build all this, this standardization with a lot of use of technology, and technology via tokenization, blockchain, in short, I think it opens a way for investors from outside Brazil to have more security to invest here because we will show that it is a market that is using a technology that is safe, that provides comfort, that provides transparency, that provides access to information in real time.
I think this is part of the challenge that exists today With all this delivered I see that it is an increasingly scalable market with access to more and more pockets outside of Brazil
