So, the agenda for today. I'm going to break it up into three parts. Starting with the key features of the VCC. Secondly, I'm gonna compare between the VCC and another well-known structure in the region, the Kaman SPC. Lastly, the VCC is being touted as a game-changer. So, what's the hype all about? How can we make use of VCC to our advantage? Let's begin with the key features of the VCC. This is a new corporate structure launched on the 15th of January 2020 by the Monetary Authority of Singapore (MAS) and the company registrar, what we call the Accra in Singapore. The addition of VCC to complement the existing suite of investment vehicles is key to increasing value proposition as an asset and wealth management hub both in the region and globally. By introducing a number of special features, this customized corporate structure will overcome the shortcomings of existing company laws. Next slide, the challenges of company from a fun. Before we go into the VCC proper, let's take a step back to understand why Singapore had to do this. Singapore, as a country, offers a wide range of investment vehicles in the form of limited partnership unit trusts, private limited companies, real estate investment trusts. So why VCC? What are the current challenges? Number one, the lack of a variable capital structure. The Singapore corporate vehicles will fix capital. Typically, an investment fund should offer shareholders the freedom to invest in or out of the structure through subscription or redemption. The notion of variable capital provision is critical to the operation of the investment fund, which, under the Singapore Corporation Act, being a fixed capital structure, doesn't allow. Number two, solvent set-up as corporations are required a careful solvency test before any repayment of capital, and...
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