Jack Ma said that the first step in developing new finance is to establish a credit system, which is completely different from what traditional finance does.

Just like a bank lending, it still requires the customer's assets to be pledged. To put it bluntly, this is not much different from the practice of ancient pawn shops. The traditional financial operation method imposes high costs on customers. This also indirectly illustrates the imperfection of the credit system. As a result, banks do not dare to lend to customers easily. The first worry is that they will not be able to recover funds at all, resulting in bad debts. If customers want to borrow money from traditional banks, they need to mortgage their real estate and redeem it after paying off. The traditional operation method has been going on for a long time, and at that time, there was no system on the market that could truly represent the customer's credit. Alibaba and Alipay founded by Mr. Jack Ma have become like a machine for collecting big data since they entered the daily life of the public, capturing all kinds of people's consumption data and naturally forming a complete credit system.

Alipay interacts with people every day and has become a good friend of people's basic necessities. Every order made with Alipay or the amount paid will accumulate into a certain Alipay credit value. These accumulated Alipay credit values ????also represent your personal credit.

For example, in the field of public transportation, it is required to have a certain credit score to enjoy the service first and then pay. This simple point is the beginning of Jack Ma's efforts to arouse the credit awareness of the whole people. Jack Ma’s Alipay has also entered European countries, such as signing a cooperation agreement with Morocco to help Morocco become the world’s first cashless country.

You may not be very familiar with Morocco. Its land area is very small, but this country has a very high number of millionaires with assets. Alipay's operating method is very suitable for them. In today's era of digital payment, conservative European millionaires are also eager to try it.

Taking advantage of Morocco’s success, Alipay has also signed relevant agreements with other European countries. After signing agreements with some major European banks, Chinese citizens can purchase their products at relevant merchants when traveling to Europe. You can use Alipay directly for settlement, which is super convenient.

Conservative Japan has also begun to accept the entry of Alipay. KFC Japan has fully accepted Alipay for settlement.