Home » Jack Ma, Alibaba Group: Stanford GSB 2015 Entrepreneurial Company of the Year (Transcript)

Jack Ma, Alibaba Group: Stanford GSB 2015 Entrepreneurial Company of the Year (Transcript)

How much you buy? What you buy? Is that you pay the money in time and then you sell? All the system. So what my agenda for the first is try to build up a credit system for China, a trust system. Without that, small business cannot do business, so today my agenda — oh my god it’s a private company. It’s so big It’s almost, if not big then Alibaba, the same size and I’m happy, because this thing is changing China financial system and we are also applying for licensing in the states. We are going to a career, Japan and the Indian and we think this is going to help millions of people in the world. By the way, I’ll give you one example how powerful it is.
We got a small loan license four years ago, giving loans. We don’t have deposit, giving loans. Within four years, we have given 1.5 million small business loans and average borrow only $5,000. We make decision, whether we should give you money or not, lend you money within three minutes. You can borrow $0.01, borrow for one minute, which all the banks got scared about that, because the cost is so low and how many people work for their loan department? 200 people. So 200 people giving loans for 1.5 million business. And this thing, I think in the future is going to help millions of small businesses get a loan online based on credit and the credit system we built up called Sesame Credit. You buy, you sell, the credit, all the things you get it and the Sesame Credit today, good thing is a lot of government are giving visas to Chinese based on Sesame Credit. And if you’re in to rent a house, people check your Sesame Credit. And the funny thing is last month, people finding boys and girls. See your Sesame Credit. And this something will change in China, I feel proud for that, but we will definitely be in Thailand. Yeah, this is what we want.

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JERRY YANG: Jack, on behalf of the Stanford Graduate School of Business Alumni Association, we want to congratulate you and present you the award for the Entrepreneurial Company of the Year.

JACK MA: Thank you so much.

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