It's been a year since Jack Ma disappeared into obscurity


 In October 2020 a year ago, Jack Ma gave a speech criticizing China's financial system. Since then, it can be said that he has mysteriously disappeared without sufficient clarity as to where he is and how he is doing. He only appeared a few times, mostly in cyberspace.

Initially, his harsh criticism of the financial system in China angered the Chinese government, even according to sources, President Xi Jinping himself ordered the IPO of Ant Financial, a Jack Ma company that was going to be listed on the stock exchange, to be stopped. Not only that, Alibaba was then fined heavily for alleged monopolistic actions.


Jack Ma spoke at the Bund Summit, an event in Shanghai attended by hundreds of bankers and representatives of the Chinese government. In essence, he said that the current financial regulation and banking system in China is outdated.



According to Ma, the banking system of rules called the Basel Accords, which is used as regulation in the world and in China, was created by a group of old people. He questioned whether China still needed him in the midst of rapid development at this time.


Ma added that China's financial system is still dominated by large state banks and actually requires other technologies. "Big banks are like big rivers, we need ponds, creeks and small canal systems. Without them in the ecosystem, floods and droughts will always occur," said Jack Ma, for example.


In fact, he said the bank's business in China was run like a pawnshop, where banks always asked for sufficient collateral for loans. As a result, many small businesses have difficulty getting loans. In the future, according to him, the decision to give loans should be decided by big data and credit track records.


He continued, the banking system was generally designed for the past industry, but in the future it will need to use new technologies including big data, cloud and blockchain. "Innovation always comes with risk, there is no innovation without risk. But the biggest risk is if you try to minimize risk to zero," continued Jack Ma.


Jack Ma's speech was also heard by top officials including China's central bank governor Yi Gang, Deputy Finance Minister Zou Jiayi and Wang Qishan, President Xi Jinping's right-hand man. According to sources, they seemed slapped by it and immediately took action.


"Jack Ma has become too arrogant. So they really need to tie the knot to Ant who has become a monster," said an international bank boss who asked not to be identified.


"The Chinese Communist Party again reminds all private businesses that no matter how rich and successful you are, they can rock you at any moment," said Bill Bishop, China analyst.


Since October 2020, Jack Ma has never spoken as much as he used to and his exact location is not known.


"Jack Ma hasn't been seen since late October, if the so-called sightings are actually observable, verified by photographers, in public and in a free state. We know better where and what conditions Alexei Navalny is in Vladimir Putin's prison, than Jack Ma's. Ma," said News.com.au.


Last January, Jack Ma appeared when he met 100 rural teachers in China through an online video meeting, but it was not known where he was. In mid-April, he appeared with Vladimir Putin, attending an online meeting of the Russian Geographical Society. But he didn't speak at all.


In mid-May, Jack Ma finally made a physical appearance where he was seen visiting Alibaba's Hangzhou headquarters to coincide with the company's annual event for employees and their families. But not much footage of him being there.


"What we don't know is what happened to this man. Nothing of his appearance indicates his true destiny, only the fact that he may still be alive," said Forbes columnist George Calhoun.


In mid-June, Alibaba's Executive Vice Chairman, Joe Tsai, who is also Jack Ma's friend, revealed his fate, perhaps to reassure the public. "He's avoiding the spotlight at the moment, I talk to him every day," Tsai said.


He added that Jack Ma currently likes to do his hobby. "He's actually doing well, really good. He's painting as a hobby, his painting is pretty good," said Tsai.


Even so, imagining that Jack Ma would return to the stage giving such a visionary and inspiring speech as before, seemed inconceivable so far.

It's been a year since Jack Ma disappeared into obscurity It's been a year since Jack Ma disappeared into obscurity Reviewed by thecekodok on 9:03:00 AM Rating: 5
Powered by Blogger.