What did Ma Yun say wrong at the Bund Summit?

Ma Yun criticized the traditional finance at the financial summit.

He said that the existing financial supervision system is too old to adapt to the development of the times; In view of the outdated supervision system, supervision should be liberalized. The more you avoid supervision, the easier it is to hinder innovation; It is necessary to use these "scientific and technological means" such as blockchain, cloud computing and big data to build a future credit platform and abandon the mortgage pledge means of traditional financial institutions.

The theme of this speech revolves around e-finance and regulatory environment. There is also industry innovation. Ma Yun called on us to stop thinking about filling the gaps in European and American industries in China and learn from the Basel Accord financial supervision and risk management in old capitalist countries.

Of course, Ma Yun's speech at the Bund meeting inspired technology enterprises and angered the traditional financial sector. This polarized public opinion shows that the contradiction between technology enterprises and financial institutions in competition and cooperation has reached a new height. The right to speak of technology companies has never been so high, which also shows that the times are undergoing profound changes and the underlying logic of financial markets is undergoing subversive changes.

The recent rapid development of digital currency means that the regulatory authorities are making great efforts to build a brand-new financial technology infrastructure. It is conceivable that China society will usher in an era of digital technology.