What's the beat and why did Jack Ma say it?

Yun Ma criticized traditional finance at a financial summit packed with bigwigs.

He stated: the existing financial regulatory system is too old for the times; given that the regulatory system is too old, it should be deregulated. Avoid the more regulation, the more likely to hinder innovation; to use blockchain, cloud computing, big data and other "technological means" to build the future credit platform, abandon the traditional financial institutions of the means of collateral pledge.

The theme of this speech centers around e-finance, the regulatory environment. And industry innovation. Jack Ma called for not thinking about filling the industry gap in Europe and the United States in China, and learning from the Basel Accord on financial regulation and risk management in the old capitalist countries.

Of course, Jack Ma's speech at the Bund conference has energized tech companies and infuriated the traditional financial sector, and the polarized public sentiment suggests that the conflict between tech companies and financial institutions over competition and cooperation has reached a new level. Technology companies have never been more vocal, which also shows that times are changing profoundly, and the underlying logic of the financial market is being subverted.

The recent rapid advancement of digital currencies means that regulators are focusing on building a new fintech infrastructure. It is conceivable that Chinese society will usher in an era of digital technology.