Among the many innovative capital market interventions we have pioneered, one is of particular significance. Necessity they say is the mother of invention. It was the nature and requirements of our client originators that gave birth to MOSEC (multi originator securitization). We were working with a large number of small and mid-sized institutions who needed finance. None of these had ever accessed capital markets before because of their small size. We decided to combine multiple such originators into a single structured product. The outcome was a deal that was of a size of interest to large commercial investors, with the added benefits of diversification across geographies, individuals, businesses, and originator institutions. The big challenge now was to convince investors who had never invested in so called “informal” sectors to invest in the MOSEC. We decided to lead the way by being investors ourselves and by demonstrating our skin in-the-game. We co-invested in these transactions. It made a big difference. It incentivised us and aligned us with investors we were trying to attract. By structuring, rating, investing and placing such transactions in mainstream capital markets, we created a market for debt to these underlying sectors and borrowers that didn’t exist thus far. The same sectors considered ‘informal’ or ‘risky’ were now being looked at as sound commercial investment opportunities. Till date we have placed more than a 100 MOSEC transactions in the market directly enabling a large number of institutions and indirectly enabling millions of underlying borrowers and businesses to access capital on tap. These rated transactions have exhibited remarkable performance and no investor in them has lost any money; ‘poor borrower’ or ‘informal sector’ does not necessarily mean ‘poor credit’. Many individuals and businesses across the world are excluded from the formal financial sector not because they are risky, but because people like us haven’t yet found ways to provide them access to capital in a way that is most suited to their needs. The problem lies with us, not with them.