Jack Ma believes that global financial regulators are slowing down the introduction of innovative technologies

Oct 27, 2020 | News
Jack Ma believes that global financial regulators are slowing down the introduction of innovative technologies

The famous billionaire and founder of the Alibaba Group, Jack Ma, criticized the existing global methods of regulation and urged China to abandon them in favor of a system that promotes the development and implementation of new ideas and technologies.

This statement was made on October 24, 2020 at the Bund Summit in Shanghai, China. According to him, “After the end of the Asian financial crisis and the conclusion of the Basel Accords, the main focus of action has become risk control, not development. And this has seriously hit new startups and projects from countries that are developing. "

Jack Ma also compared the Basel accords to a hobby club for seniors, which is trying to solve the problems of financial systems that have been successfully functioning for decades. He compared China to progressive youth in need of new technologies and ideas to create and develop a healthy and competitive industry.

And digital currencies can contribute to this, since they will definitely play an important role in building new financial systems over the next 30 years. Since they are already have significant value, you just need to figure out how to implement it in practice in the best way.

Jack Ma also said, albeit without much detail, that Ant Group Co, a giant financial technology project, is planning an IPO in both Shanghai and Hong Kong. And that the listing price in Shanghai has already been set. According to many experts, this is one of the most anticipated IPO events in the past few years, which will surely surpass the sale of shares of Saudi Aramco, which brought in about $ 29 billion in 2019.

We couldn't say that Jack Ma said something unexpected - the regulation of the financial sector in China is one of the most stringent, especially regarding cryptocurrencies. And yes, it is extremely difficult for young companies to go through all the stages of verification, installation of control and so on. But the easiest way to test new technologies is to test them on startups, which can then be implemented into more stable and reliable systems. That is why, perhaps, the Chinese billionaire actively sponsors large cryptocurrency projects, for example, the TRON platform in Singapore, where regulation is much easier.

Published on the EXBASE based on materials from bloomberg.com