How did Ma Yun reshape the credit system?

Ma Yun said that the first step in developing new finance is to establish a credit system, which is completely different from what traditional finance does. Just like bank loans, customers' assets still need to be mortgaged. To put it mildly, this is not much different from the practice of ancient pawn shops. The traditional financial operation mode makes customers pay a high cost, which indirectly shows that the credit system is not perfect, making banks afraid to lend to customers easily. The first worry is that they can't recover their funds at all, resulting in bad debts. Customers who want to borrow from traditional banks need to mortgage their own property and pay it off before they can redeem it. The traditional operation mode has gone through a long time, but at that time, there was no real system that could represent customer credit in the market.

Ali and Alipay, founded by Mr. Ma Yun, are like a machine to collect big data after entering the daily life of the public, capturing people's various consumption data and naturally forming a perfect credit system. Alipay deals with people every day and has become a good friend of people's food, clothing, housing and transportation. Every order made with Alipay or the amount paid will accumulate into a certain Alipay credit value. These accumulated Alipay credit values also represent your personal credit.

For example, in the field of public transportation, you are required to enjoy the service first and then pay. This simple point alone is the beginning of Ma Yun's awareness of national credit.

Ma Yun's Alipay has also entered European countries, such as signing a cooperation agreement with Morocco to help Morocco become the first cashless country in the world. You may not be familiar with Morocco. Its land area is very small, but there are many millionaires in this country. However, Alipay's operating model is very much in line with their appetite. In today's digital payment, conservative European rich people are also eager to try.

With this Moroccan Dongfeng Alipay, it has also signed relevant agreements with other European countries. After signing agreements with some big European banks, China citizens who travel to Europe can directly settle accounts with Alipay in relevant merchants, which is super convenient.

Conservative Japan has also begun to accept Alipay's entry, and KFC in Japan can fully settle accounts with Alipay.