Jack Ma believes that the world looks forward to a new financial system of the future and the only criteria for evaluating this system are inclusive, green, and sustainable, behind which cutting-edge technologies such as big data, cloud computing, and blockchain plays a decisive role.

While delivering a speech on Oct. 24, at the “Second Bund Financial Summit” organized by the China Financial Forty Forum (CF40) and the member institutions of the organizing committees, as the co-chair of the United Nations Digital Cooperation High-level Group, he continued that; “take digital currency as an example. If the financial system that the world needs 30 years later is built with a future vision, the digital currency may be a very important core.”

He further added “the digital currency system is not only a technical problem but also a solution to future problems. Digital currency may redefine currency. Although the main function of currency is still there, it will redefine currency, just like Apple redefines mobile phones, not just being a phone.”

Jack Ma is one of the richest people in China, is the founder and former chairman of Alibaba, the largest e-commerce platform in China. But he is keen on finance as well. He has built Alipay, one of the earliest payment systems and now the largest payment platform in China. As the operator of Alipay and an affiliate company of Alibaba Group, Ant Group’s listing could be the world’s largest IPO which will raise $35 billion.

The financial innovation is exciting but we in fact are facing more tightening regulations. The day before the Summit, China’s central bank PBoC sought to prohibit non-official digital currencies in a calling for public opinion or feedback in line with its plans to revise its extant banking laws.