'World focussing only on
risk control, not on development; Basel norms irrelevant for China's phase of
development'
Alibaba
Group founder Jack Ma criticized global financial regulations for stifling
innovation and urged China to seek a system that accommodated development.
“After the Asian financial
crisis, the risk control highlighted in the Basel Accords has been” the
priority for regulators, Jack
Ma said at the Bund Summit in Shanghai on Saturday. Now the world “only
focuses on risk control, not on development, and rarely do they consider
opportunities for young people and developing countries.”
The Basel Accords, which Ma likened to a club
for the elderly, are used to solve problems for financial systems that have
been operating for decades, he said. China, however, is still a “youth” and
needs more innovation to build an ecosystem for the healthy development of the
local industry, according to Ma.
Digital currencies may play
an important role in building the type of a financial system that will be needed
in the next 30 years, Ma said.
“Digital currency could
create value and we should think about how to establish a new type of financial
system through digital currency,” said Ma. Ma’s fintech giant Ant Group Co.
plans initial public offerings in both Shanghai and Hong Kong. Ma said that the
firm set the price of its Shanghai listing on Friday.
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