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11/22/2024 11:10:42 pm

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Ma Yun:China is not Short of Banks, the Financial Industry Need Amateurs’ Reform

6-24-2013(1)

Ma Yun, the chairman of the board of directors of Alibaba Group

Ma Yun put that the financial sector owns two opportunities in the future, firstly, financial networkingw, secondly, networking finance. Innovations in many industries are initiated by amateurs, so is the financial industry.

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The financial system should open to the public, China's finance is over-supervised, while the American finance is in a totally different condition with weak supervision. Over supervision will turn the ecological system into a farm, only cultivating something you want and killing ones you don't like. However, a true farm should be open and blooming with hundred kinds of flowers. As to China's finance, it is more important to let more people participate in but not set more rules.

According to Ma Yun, there always exists risks, and we must learn to challenge these risks in innovative ways, we should bear in mind that our goal is solving living, commercial and trade issues. China's financial sector, especially the bank industry, only serves 20% of its total clients, and 80% clients (or companies) do not receive services. If you serve all of them well, then China's huge economic potential will be stimulated. We must serve them with new thoughts and new technologies. This is possibly the prospects of Chinese fiance.

Ma Yun commented by saying that,"I, as an amateur of almost knowing nothing of fiance, am curious about this industry, this is not because how much money it can make, but it can make many people rich, and change them. I do hope people who are not professionals in this field could participate in, not only play the role of "spoiler", but also co-create the future. 

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