There is nothing ant-like in these numbers. Yes, Alibaba’s affiliate fintech company, Ant Group (of Alipay), does generate more payment volume than Visa & Mastercard combined! Ant does $18 trillion while the American giants bring in $16 trillion. Ant operates primarily in China while Visa and Mastercard run around the world!
China is China. Alipay processed $18T worth of transactions in 2019; Visa and Mastercard combined for $16T. Visa and Mastercard served the whole world, yet China beat them. In the last 10 centuries, China has dominated at least 6 times. Sentiment or not, hate or like, develop a Chinese Strategy, even in your home country.
#1 – Comment 1
Different things for different people, so a certain ‘Chinese Strategy’ may not work elsewhere. America created wealth in ways China can only dream of, and most parts of the world benefited from America’s idea of capitalism.
We need options, neither Chinese nor American can work in our case. We need to create our own template and framework, taking some things from each of the successful economies. Chinese strategy requires Chinese mentality, which neither Nigeria nor continental Africa possesses; so it’s a waste of time modelling after them.
Again, that Alibaba processed more payments than Visa and MasterCard doesn’t mean that American entities created less wealth; a certain Apple and Amazon are busy hovering around two trillion dollars each; none adopted Chinese strategy!
Let me figure out ‘Nigerian Strategy’ first, then we can return to advance the conversations.
#2 – Comment 2
Very interesting to see how China can even be overlooked interms of all round growth of an economy. China in 2017 was producing 2 billionaires per week, and a number of millionaires that would shock even the most industrialised economies.
They clearly have found a way to harness technology to improve the lives of their citizens at exponential scales. Its very similar to the rise of Japan decades ago. I see intelligent collaboration as a tool for any nation trying to emulate the example of the growth of the chinese economy, rather than focusing on their weak points. China like Japan is largely becoming a self sustainable economy, and mandarin may become a basic requirement sooner than later.