Li Zhi: Digging money, my asset steward

December 12, the world's first large-scale conference to explore the industry Internet, 2014 CVW. The industry Internet conference was held in Beijing and was synchronized through the big screen of New York Times Square. The conference was made by the Asia Letter Group, the cloud base and the Chuang-Zhuang economic and Technological Development zone jointly hosted more than 5,000 global it and traditional industry leaders and elites who are concerned about the development of Internet and traditional industries, and explored the evolution of "Internet access to traditional industries", "traditional industry internet" and the technological model and business innovation of industrial Internet.

In the afternoon of the Financial @ internet forum, Li Zhi, chairman of the money-digging, brought the keynote speech, "Digging up money, my asset steward."

The following is the full text of his speech:

Li Zhi: Good afternoon, ladies and gentlemen, I am still very excited, just now the director of Chen said is good faith and credit, I very much agree. I was at the end of 99 to join Alibaba, 2001 we in Ali Dad Business-to-business released the first product, then called the good faith Pass, probably a lot of understanding Peer-to-peer colleagues know. At that time, in fact, the earliest generation called (English), and later is paid members what, later Ma said no, this product is called good faith, Chinese enterprises must be honest business. Where should honesty start? The work that can be done at that time is really limited, we have done a thing has been held down, to the enterprises at that time, although only 1800 dollars, we give others, is the corporate witness, there is no registration and annual inspection, such a simple witness in the Peer-to-peer industry no one has done, and then added a good faith through the file, These are all advocates of need. Why do I need this file, because the above can be evaluated by people, what if someone is bad comment? Later said no this must insist, you have a bad comment on the elimination, do not you. So this is our 919 Integrity Day released this product, and then has been doing it down, now see peer-to-peer in this respect to do things very limited, because there is no way to control, monitoring transactions. After doing Taobao we actually a lot of ideas will soon follow to pay and Taobao, this is why Alibaba has Alipay, we also say that we have some contribution to peer-to-peer. Our Chinese Internet companies have always had credit in terms of honesty and credit, private personal credit everyone knows, I think one of the biggest obstacles is credit, who can solve this problem is a very big topic, but also will be born very large enterprises, here are very big opportunities. I said something else before.

My main speech today is a brief introduction of digging money now do things, we call the people's assets housekeeper. Let me briefly introduce a demand that we do when we do it, I don't know how many people in this room know how much money they have, you may have to take out your wallet, but I want to ask you how many debit cards, credit cards, beauty salons, etc., all of the cards added up, including the points of each site, How much money do you have, I think that 99% of people may not be clear. I know that there are individual people with a very large form, I have seen a lot of people do this, all the assets down, but can be updated every day? This is a time-consuming and energetic task. It is also because of this demand we dug wealth was born 5 years ago, we think should let a person put their own accounts are clear, before the currency when we take this account, have a computer and computer accounting, I demerit, but can not go on. The smartphone developed 5 years ago, so I invested in a company that was digging for money. We use mobile phone accounting, this thing at least accounting conversion rate will be much higher, mobile phone in the pocket, anytime can take out, this is the original intention of digging money.

Until now, we found that the real challenge to complete this mission is very great, indeed we proved on the phone, we have just broken through 100 million of the download, but there are many people do not go on. Every day there may be a millions, but it's a very small number in 1.4 billion people in China. How do you do that? Now it is in front of us that so many cards, including credit cards in the explosion of growth, even if the Chinese only 150 million people in the use of credit cards, and more than 1.2 billion in the use of cash consumption, these problems how to solve, this is the problem before us.

So how do we get here? We are manual accounting, and then feel that we have to do voice accounting, say a word automatically can be accounted for, the amount of recognition, recognition rate in the improvement, not to 100%, but there is a great progress. And then we tried to take a photo-accounting, this identification is more difficult than the business card or more difficult, the bill has a long and short, often roll up, we asked the relevant technology, this investment is very large, not necessarily solved very well, until now there are individual business cards will identify the wrong. Even for a while, the cloud to give you the manual processing, which is done in the United States, but in China, the demand is not too big, so temporarily did not continue this matter.

What do we do then? The automated import of billing, if you like we have lazy people function, you can import the bill from the mailbox and other places. So we keep thinking and innovation every day how to reduce the threshold of our accounting, to help everyone to control the threshold of money.

So around the future of our direction, we think the real needs of ordinary people is the first to know their money spent where the left how much money, the last remaining money is want to finance and value-added. There is another is to go out today suddenly forget to bring wallet can borrow money, can be unimpeded, there are some pay the basis of the facilities, is around these three points. Now our position is that the people's asset stewards, to help you clear up these problems, what the real housekeeper needs to do, when you really lack of money, the housekeeper know you, to help you borrow money, or find other companies can borrow money to help you solve this demand, and ultimately need to borrow the demand, money is the same. Especially many financial management business is to the rich business, how to put a dollar, 100 dollars to buy wealth management products, now a lot of people in innovation, we are also around this aspect in the walk.

We think that in fact, internet finance, Internet finance, in fact, these two things are indispensable, just like the future of the innovative blue strategy is around the value chain, or even two different companies do things how to unify to a company, this becomes your core competitiveness, Apple developed fast because it put software and hardware engineers, Two different kinds of animals can make them work together. In fact the internet, like us, internet people may not be accustomed to wearing a suit and tie, but the financial people may travel every day will wear a suit, tie. Alibaba went to a traditional big company, including Wanda, peace and so on, found that they have a lot of places do not adapt, the first is to wear a suit, tie, and now similar to the peace of the company is also allowed not to wear a suit and tie, or even outside to find a small building so that everyone in the innovation, these aspects are changing each other, It is not the financial change of the Internet, or the Internet to change finance, is actually learning from each other. We emphasize the support experience, the balance treasure popular is to emphasize the user experience, financial people never feel that this is the demand, the Internet to achieve the ultimate. The internet to do more differentiation and so on the thing is a lot of financial professional to embody, these two things are not contradictory, can be combined together. This page is also about the integration of the Internet and finance.

So how do we solve it? First, we start from the team, I was in the end of 1999 to join Alibaba to now 4 years, the middle of the venture has done O2O Word-of-mouth Network, has been the experience of the Internet, not very understanding of finance. I know about finance because I study finance, start doing this thing, plus more than 10 years ago have done good faith, the past four or five years also cast a number of angel projects, some are related to finance. But I know I'm doing a good job today. I think we do the internet to set up a group of sales team is not the threshold, because Alibaba in Peer-to-peer also built a sales team of 10,000 people, the integrity of the sales team from zero to thousands of scale up, this can learn, can quickly go in. But to finance must find a partner complementary, last year we merged a first round of investment to buy a company, is Shanghai's car data. Their CEO, now a money-digging president, can see his experience in the United States, the fifth largest retail bank for 8 years, after returning to the beginning of innovation, but also for China's banks, including Bank of communications and other large banks to provide strategic advice and other services. So it's Beijing is a completely past 20 years in the financial industry.

So now we have to achieve the growth of users, but also to achieve the financial industry in depth excavation, this is our challenge, but also today we are positioning ourselves. Later I feel that I will not speak, just talk about some of our products. The first product released 5 years ago, is to dig a wealth accounting, a big click on the home page is a large button to write down, the consumption will be recorded, and then see your consumption trajectory. This is a consumption (English), there is a word (English), digging money is what? Digging a fortune is to write down every consumption of each person, many times these places and consumption are extremely meaningful to remember, so the time can take pictures, if the day and boyfriend eat rice must be recorded down, and remember how much money spent. The credit card Butler has the next page, and you don't want to remember that you can import it in. Our financial management, just in the accounting will see a small entrance has a wealth management supermarket, financial products, we and partners can make it easy for everyone to buy the fund's products. Now China's financial management is still in the first level, is the financial supermarket level, the future will combine investment and family planning, we believe that today's asset stewards should also help you make a combination of compounding. Although the Chinese began to learn financial management, but many times is still relatively early stage, so the next page also. In fact, we published a Discovery forum two years ago, we built a forum, and later found that the popularity is very strong, every day nearly 100,000 people visit. They're asking a lot of questions about what a money fund is and what is peer-to-peer. So we found that in fact, we are doing the people's financial education, so that people understand what products are useful to him, what products are risky, what is the risk, now the market situation.

This stage is no longer detailed, starting from 2009, after 5 years of development, from last year we really caught up with the internet finance this gale. And why? Originally here everyone can only record, last year began to pay, we can buy money on the phone products, so slowly formed a closed loop. A lot of people do not insist on accounting, because after the completion of the Do not know what to do, probably know that every month consumption is so much money. Now is not the same, you have data, you can personalized to help you make financial recommendations, when you are short of money to help you borrow money, this is to dig wealth asset Butler to do things for the people, thank you.

(Responsible editor: Mengyishan)