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<body class="body" align="center" style="width: 100%; min-width: 100%; -webkit-text-size-adjust: 100%; -ms-text-size-adjust: 100%; background-color: #BFBFBF; margin: 0px; padding: 0px;" bgcolor="#BFBFBF">
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<span data-entity-ref="preheader">Your weekly briefing on Asia in Transition</span>
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<div style="text-align: center;" align="center"><span style="font-size: 16px; font-weight: normal; font-family: Calibri, Helvetica, Arial, sans-serif;">In conversation with</span></div>
<div style="text-align: center;" align="center"><span style="font-size: 20px; font-family: Calibri, Helvetica, Arial, sans-serif;">Cary Horenfeldt</span></div>
<div style="text-align: center;" align="center"><span style="font-weight: normal; font-family: Calibri, Helvetica, Arial, sans-serif;">Cashing Out</span></div>
<div style="text-align: center;" align="center"><br></div>
<div style="text-align: center;" align="center">
<span style="font-size: 16px; font-weight: normal; font-family: Calibri, Helvetica, Arial, sans-serif;">Click </span><a href="http://www.insideasiapodcast.com/cashing-out/" target="_blank" style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; color: rgb(207, 143, 18); font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;"> to listen to the full </span><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Inside Asia</span><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;"> episode</span>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">In less than 20 years, China has risen to become the world’s digital vanguard. It now leads the world in digital payments and with only 56% smartphone penetration, there’s still lots of upside. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">The reasons for China’s rapid adoption of digital payments is three-fold: For starters, smartphones have been the primary means of accessing the Internet for most mainlanders. They have a level of comfort with smartphones that’s unrivaled by consumers elsewhere. Second, credit cards came late to the market, creating a leapfrog opportunity for digital wallets. And third, Chinese consumers – for better or worse – don’t harbor the same fears of digital fraud as their Western counterparts.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif;">China Sets the Digital Payments Pace</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">The China experience is not lost on other rapidly developing markets. India is quickly following suit, along with much of Southeast Asia, Latin America and the African subcontinent.</span></div>
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<span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">To help make sense of the emerging world of digital payments, I invited onto the </span><a href="http://www.insideasiapodcast.com/" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic; font-weight: normal; text-decoration: underline;">Inside Asia</a> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">podcast </span><a href="https://www.linkedin.com/in/chorenfeldt/" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">Cary Horenfeldt</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, a self-styled digital payments expert. He’s an advisor to Bain & Company and consultant to an ever-growing FinTech community in Asia and beyond. </span>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Based in Singapore, Cary sees growing enthusiasm for digital payments. Regulators are relaxing rules, making way for new entrants, while merchants contemplate ways to drive sales across new payment platforms. The only real loser in this payments frenzy is cash, and no one seems too sad to see it go.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">While Cary does a commendable job navigating the murky waters of global payments and explaining what’s been and what has yet to be, the value proposition for a future world of digital payments remains elusive to me?</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Digital Payments Quagmire</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Like moving parts in a complex engine, I now understand the different layers required to make digital payments work. There’s the network that connects one financial institution to the next and allows payments to flow. There’s the platform that handles the request, creates the messaging, and manages the data and reconciliations. At the merchant level, we have payment portals in an e-commerce world and readers in a store setting that capture credit card, QR and barcode data to initiate a transaction. And lastly there are the cards, payment apps and stored value devices that we carry around in lieu of cash. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Across this payments value-chain, we have different players playing different roles. But rather than getting less complex, it appears to be getting more convoluted. For every new payment option there’s a merchant who needs to invest in a new reader, a new service and a new fraud management solution to safeguard a business. From the consumer’s perspective – as I mentioned in my conversation with Cary – who really cares which payment solution is better than the next. Hell, I just want to pay and go. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">While on the one hand its good news that banks and regulators are loosening up and allowing for new and innovative players. On the other, there’s the danger of too many players with too many options. It only takes one cop up to screw it up for everyone else. One way or the others, we’re headed for a shake-out. Until then, it’s a landgrab for a piece of the global payments pie. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Trialing Digital Payment Options</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Since recording this interview, I’ve loaded onto my phone a half dozen digital apps and wallets, thinking to myself that maybe by testing them I’ll see for myself how one distinguishes itself from the other. There are somewhere        around 50 digital payment providers in Singapore alone. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Wherever I went, I flashed my apps with abandon. Coffee? Denied. Nasi Goreng? No can do. A new pair of shoes? Not possible. </span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Do you take AliPay? ApplePay? Katchme? Fastacash? Paylah? Liquidpay? No. No. And no.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Each time, disheartened, I reached for my wallet. Credit? I’d ask meekly, waving before the cashier a worn and weathered Visa. “We prefer cash,” would come the reply.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">If payments nirvana is the goal – which for me, it is not – this leaves us with one of two choices. Option one: Hold onto the ubiquitous credit card. Or option two: Move to China.</span></div>
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<span style="color: rgb(0, 0, 0); font-weight: bold; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">Article</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">: “MasterCard Approved for Bank Card Clearing Joint Venture in China,” Business Insider, Feb 13, 2020.</span>
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<div><a href="https://www.businessinsider.com/mastercard-approved-for-bank-card-clearing-joint-venture-in-china-2020-2?IR=T&utm_medium=email&utm_term=BII_Daily&utm_source=Triggermail&utm_campaign=BI%20Intelligence%20Daily%202020.2.12&utm_content=B" target="_blank" style="color: rgb(54, 97, 189); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://www.businessinsider.com/mastercard-approved-for-bank-card-clearing-joint-venture-in-china-2020-2?IR=T&utm_medium=email&utm_term=BII_Daily&utm_source=Triggermail&utm_campaign=BI%20Intelligence%20Daily%202020.2.12&utm_content=B</a></div>
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<span style="color: rgb(0, 0, 0); font-weight: bold; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">Article</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">: “9 Payment Trends that will Shape 2020,” Bluesnap, Dec 5, 2019.</span>
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<div><a href="https://home.bluesnap.com/snap-center/blog/9-payment-trends-that-will-shape-2020/" target="_blank" style="color: rgb(54, 97, 189); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://home.bluesnap.com/snap-center/blog/9-payment-trends-that-will-shape-2020/</a></div>
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<span style="color: rgb(0, 0, 0); font-weight: bold; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">Report</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">: “Payments Trends 2020,” Deloitte, January 2020</span>
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<div><a href="https://www2.deloitte.com/us/en/pages/financial-services/articles/infocus-payments-trends.html" target="_blank" style="color: rgb(54, 97, 189); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://www2.deloitte.com/us/en/pages/financial-services/articles/infocus-payments-trends.html</a></div>
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<span style="color: rgb(0, 0, 0); font-weight: bold; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">Article</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">: "Payments in the Digital Era: Who Bears the Risks of High-Speed Transactions?” FTI Journal, Feb 2020</span>
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<div><a href="http://www.ftijournal.com/article/payments-in-the-digital-era-who-bears-the-risks-of-high-speed-transactions?utm_source=ftij&utm_medium=email&utm_campaign=ftij&utm_keyword=transactions" target="_blank" style="color: rgb(54, 97, 189); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">http://www.ftijournal.com/article/payments-in-the-digital-era-who-bears-the-risks-of-high-speed-transactions?utm_source=ftij&utm_medium=email&utm_campaign=ftij&utm_keyword=transactions</a></div>
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<span style="color: rgb(0, 0, 0); font-weight: bold; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">Report</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">: “E-Commerce Payments Trends: China,” J</span><span style="color: rgb(0, 0, 0); font-style: italic; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">P Morgan Global Payments Trends Report</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">, 2019.</span>
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<div><a href="https://www.jpmorgan.com/europe/merchant-services/insights/reports/china" target="_blank" style="color: rgb(54, 97, 189); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://www.jpmorgan.com/europe/merchant-services/insights/reports/china</a></div>
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<span style="color: rgb(0, 0, 0); font-weight: bold; font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">Article</span><span style="color: rgb(0, 0, 0); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif;">: “The Benefits of Virtual Cards for B2B Payments,” PYMNTS.com, Jan 30, 2020.</span>
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<div><a href="https://www.pymnts.com/accounts-payable/2020/the-benefits-of-virtual-cards-for-b2b-payments/" target="_blank" style="color: rgb(54, 97, 189); font-size: 14px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">https://www.pymnts.com/accounts-payable/2020/the-benefits-of-virtual-cards-for-b2b-payments/</a></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Alibaba:</span></div>
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<span style="font-size: 12px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">|</span><a href="http://www.insideasiapodcast.com/richard-vevers-chasing-coral/" target="_blank" style="font-size: 12px; color: rgb(54, 54, 54); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;"> </a><span style="font-size: 12px; font-family: Calibri, Helvetica, Arial, sans-serif;">November 26, 2017</span><span style="font-size: 12px; font-family: Calibri, Helvetica, Arial, sans-serif; color: rgb(102, 102, 102);"> | </span>
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<span style="font-size: 14px;">In 2005, the Chinese eCommerce giant, Alibaba, created the idea of Singles Day as an opportunity to sell online to China's eCommerce enthusiasts. Other eCommerce players soon jumped onboard and the results are hard to believe: $25.3 </span><span style="font-size: 14px; color: rgb(102, 102, 102); font-style: italic;">billion</span><span style="font-size: 14px; color: rgb(102, 102, 102);"> in online sales in one </span><span style="font-size: 14px; color: rgb(102, 102, 102); font-style: italic;">24-hour</span><span style="font-size: 14px; color: rgb(102, 102, 102);"> period—a 40% increase over last year. To put these numbers in perspective: Singles Day grosses five times more spending than US’ biggest retail events, Black Friday </span><span style="font-size: 14px; color: rgb(102, 102, 102); font-style: italic;">and </span><span style="font-size: 14px; color: rgb(102, 102, 102);">CyberMonday combined.</span>
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<div><span style="font-size: 14px; color: rgb(102, 102, 102);">To get a handle on what’s going on in Chinese retail, we paid a visit to Alibaba’s HeMa Department story, a high-tech, cashless, and mobile-enabled store that might just revolutionize the shopping experience.</span></div>
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<div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Jeremy Wagstaff:</span></div>
<div><span style="color: rgb(0, 0, 0); font-style: italic; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">The Alipay Question</span></div>
<div><span style="font-size: 12px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">| January 15, 2018 |</span></div>
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<div class="text-container galileo-ap-content-editor"><div><div><span style="font-size: 14px; color: rgb(102, 102, 102);">It is hard to overstate the massive resources Asia-born businesses have thrown at the technology revolution, the huge amounts brain power and capital committed to developing new products and services in this part of the world. We’ve all heard the stories of how China’s Huawei Corporation has enlisted armies of engineers, packing them into football field-sized warehouses, shoulder-to-shoulder, breaking code and coding new software. My guest this episode gives us some perspective on how we arrived at this moment. Asia tech guru Jeremy Wagstaff is a Technology Correspondent in Asia, a keen observer with a thirty-year history of reporting in the region.</span></div></div></div>
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<div class="text-container galileo-ap-content-editor"><div><div style="text-align: center;" align="center"><span style="font-size: 20px; font-family: Calibri, Helvetica, Arial, sans-serif;">Prefer reading vs. listening?</span></div></div></div>
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<div class="text-container galileo-ap-content-editor"><div><div>If podcasting isn't your thing, or you're just too busy to take 30 minutes to listen, check out my articles <a href="https://www.linkedin.com/in/steve-stine-6124084/detail/recent-activity/posts/" target="_blank" data-segment-action="add" data-segment-id="7527c640-69b8-11e8-ad61-d4ae529a8575" style="color: #597274; font-weight: normal; font-style: normal; text-decoration: underline;">here</a> on Linked-in where I set out to summarize each week’s conversation. We touch on a wide range of topics from healthcare to finance, politics to cleantech. I hope you’ll join us.</div></div></div>
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<span class="article-heading-text" style="font-size: 18px; font-weight: bold; color: #000000;">Steve Stine | LinkedIn</span><br>
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<span>Check out professional insights posted by Steve Stine, Senior Regional Leadership Advisor and INSIDE ASIA radio talk show host</span><br>
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<a style="text-decoration: underline; color: #597274; font-weight: normal; font-style: normal;"></a><a href="https://www.linkedin.com/in/steve-stine-6124084/detail/recent-activity/posts/" style="color: #597274; font-weight: normal; font-style: normal; text-decoration: underline;"><span>Read more</span></a><br>
<a style="color: inherit; text-decoration: none; font-weight: normal; font-style: normal;">www.linkedin.com</a><br>
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<td class="editor-text center-text three-column-text" align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: center; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;">
<div></div>
<div class="text-container galileo-ap-content-editor"><div><div><span style="color: rgb(255, 255, 255);">Follow on Social Media</span></div></div></div>
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</div>
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<table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;">
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<div class="gl-contains-social-button">
<table class="editor-social" width="100%" cellpadding="0" cellspacing="0" border="0" style="width: 100%; min-width: 100%;">
<tbody>
<tr>
<td class=" social-container social-container" align="center" style="padding: 0px 20px 10px;">
<div class="galileo-ap-content-editor">
<a href="https://www.facebook.com/insideasiapodcast" style="display: inline-block; text-decoration: none;">
<img alt="Facebook" width="32" border="0" src="https://imgssl.constantcontact.com/galileo/images/templates/Galileo-SocialMedia/facebook-visit-gray-circle.png" style="display: inline-block; margin: 0; padding: 0;"> ‌
</a>
<a href="https://twitter.com/asiapodcast" style="display: inline-block; text-decoration: none;">
<img alt="Twitter" width="32" border="0" src="https://imgssl.constantcontact.com/galileo/images/templates/Galileo-SocialMedia/twitter-visit-gray-circle.png" style="display: inline-block; margin: 0; padding: 0;"> ‌
</a>
<a href="https://www.linkedin.com/in/steve-stine-6124084/" style="display: inline-block; text-decoration: none;">
<img alt="LinkedIn" width="32" border="0" src="https://imgssl.constantcontact.com/galileo/images/templates/Galileo-SocialMedia/linkedin-visit-gray-circle.png" style="display: inline-block; margin: 0; padding: 0;"> ‌
</a>
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<div class="gl-contains-spacer">
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<div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div>
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<div class="footer-max-main-width" align="center" style="margin-left: auto; margin-right: auto; max-width: 100%;">
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<a href="#" style="color: #5d5d5d">Unsubscribe {recipient's email}</a>
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<a href="#" style="color: #5d5d5d">Update Profile</a> |
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<img alt="Trusted Email from Constant Contact - Try it FREE today." width="160" border="0" hspace="0" vspace="0" src="https://static.ctctcdn.com/letters/images/CTCTFooter/Logo_Blue_Orange.png">
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</table><div align="center" style="background-color: #F3F3F3;"><table width="100%" cellpadding="0" cellspacing="0" border="0" style="background-color: #f3f3f3"><tr><td align="center" valign="top" style="padding: 0px 0px 0px 0px;"><div align="center" style="max-width: 600px; margin-left: auto; margin-right: auto;"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px; width: auto !important; margin-left: auto; margin-right: auto;"><tr><td align="left" valign="top" style="color: #5b5b5b; font-size: 11px; line-height: 1.3; font-family: Arial, Helvetica, sans-serif; padding: 20px 20px 20px 20px;"><div style="color: #FF0000; font-size: 11px; line-height: 1.3; font-family: Arial, Helvetica, sans-serif;"><span style="font-size: 13px; font-weight: bold;">THIS IS A TEST EMAIL ONLY.</span><br />This email was sent by the author for the sole purpose of testing a draft message. If you believe you have received the message in error, please contact the author by replying to this message. Constant Contact takes reports of abuse very seriously. If you wish to report abuse, please forward this message to <a href="mailto:abuse@constantcontact.com">abuse@constantcontact.com</a>.<br /></div></td></tr></table></div></td></tr></table></div></body>
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