Alibaba Group founder Jack Ma criticized global financial regulations for stifling innovation and urged China to seek a system that would accommodate growth.
“After the Asian financial crisis, the risk control exposed in the Basel Accord has been a priority for regulators”, Ma said at the Bund Summit in Shanghai on Saturday. Now the world “only focuses on risk control, not development, and rarely do they consider opportunities for young people and developing countries.”
The Basel Agreement, which Ma sees as a club for the elderly, is used to solve problems for financial systems that have been in operation for decades, he said. China, however, is still a “youth” and according to Ma, more innovation is needed to create an ecosystem for the healthy development of local industry.
Ma said that digital currencies could play an important role in the creation of types of financial currencies over the next 30 years.
“Digital currency can create value and we must think how to set up a new type of financial system through digital currency,” Ma said.
Ma’s fintech giant Ant Group Company is planning initial public offerings in both Shanghai and Hong Kong. Ma said the firm set the price of its Shanghai listing on Friday, without providing details. The deal is one of the most hotly anticipated IPOs in years, certainly to make history by surpassing Saudi Aramco’s record $ 29 billion in sales in 2019.
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