News24
25 Oct 2020, 18:42 GMT+10
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, 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 plans initial public offerings in both Shanghai and Hong Kong. Ma said that 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, on course to make history by surpassing Saudi Aramco's record $29 billion share sale in 2019.
Get a daily dose of Nepal National news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Nepal National.
More InformationNEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
WASHINGTON, D.C.: President Donald Trump says the United States could soon reach a trade deal with India. He believes this deal would...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
The groups combined GDP is $20 trillion greater than that of the Western bloc, the Russian president has said BRICS has already outstripped...
The summit declaration denounced the recent terrorist attack in Kashmir that triggered a military escalation between India and Pakistan...
Prayagraj (Uttar Pradesh) [India], July 6 (ANI): Former Union Cabinet Minister and senior BJP leader Mukhtar Abbas Naqvi on Sunday...
Rio de Janeiro [Brazil], July 6 (ANI): Prime Minister Narendra Modi, during the 17th BRICS Summit on Sunday, asserted that condemning...