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Oct 26, 2017 @ 21:29

Embrace technology or be left behind, Jack Ma tells Filipinos


Chinese business magnate Jack Ma is urging Filipinos to think ahead and embrace technological advancements which will benefit their businesses in the long-term.

The Alibaba Group Holding founder and executive chairman said embracing the digital future would help businesses compete with other companies around the world that also rely on new technologies.

” A lot of people worry about technology. The new technology is a challenge to everybody and we should make full use of technology it is the solution for sustainable growth,” Ma, the world’s 23rd richest man according to Forbes, said in a speech delivered at the De La Salle University Wednesday.

“It’s not the technology that changes the world, its the dream behind the technology that can change the world,” he added.

According to Ma, companies who make full use of technology will win in the next 30 years.

“In the next 10 years there shall be five billion to six billion people using the internet,” he said.

He noted that only less than three percent of the Philippine population use credit cards, while 70 percent do not have bank accounts.

Ma said the country’s internet speed is “no good” but he sees opportunities for telcos to invest more in infrastructure for improved coverage.

“Opportunities exist in areas where most people complain. When we started Alibaba, the internet in China was much worse than the internet in the Philippines,” he added.

Ma also wants to see the Philippines become a “cashless society”.

“When everything is cashless there will be no corruption,” he said.

” I think you (referring to the Philippines) have the opportunity to make the world’s best fintech (financial technology) because you have so many mobile phones. You have more than 7,000 islands. It’s impossible for banks to have offices in 7,000 [islands] covering everywhere. But mobile phones [can] cover everywhere,” the Chinese billionaire said.

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