“No matter how advanced technology becomes, the culture cannot be replaced.” “The future of Tencent’s development will focus on two terms: the first is technology and the second is culture,” said Ma. Ma has noticed that mobile pay has scaled technological platforms that rely on the technology and increased use in “traditional industries” such as education and healthcare. According to Ma, China has 50% more mobile transactions than the United States. Mobile payments and the competition between Alibaba’s Alipay and Tencent’s WePay led to new technological innovations and caused the market to grow at rapid speed. In fact, he notes that Tencent survived as a company because of the success of WeChat, their mobile messaging and payment app that reportedly has more than 900 million monthly active users. Over the past six to seven years, he’s seen a shift from desktop to mobile and companies have had to adapt their technology for the technological trend. “That’s all because of the mobile Internet.” Yet, the market capital of Tencent and Alibaba have already exceeded $400 billion which can compete with the major United States technology corporations,” he said. “We know that the penetration of technology in China is smaller than that of the world. He used Tencent and it’s rival company, Alibaba, as a case study. Ma believes that all companies, and especially technology companies, will have to continuously develop technological advances or risk becoming outdated.
Here are a few highlights from the conversation: He was joined by Chen Liming, MS ’89, the chairman of IBM Greater China Group Yu Gang, MS ’86, co-founder and chairman of New Peak Group’ and Zhu Jonathan Jia Esq, JD ’92, managing director of Bain Capital Asia, all of whom serve on the new Cornell China advisory board which will provide continuous strategic advice about the development of Cornell’s increasing presence in China. As Ma Huateng, the chairman and CEO of Tencent Holdings, explained at a recent intimate discussion with Cornell Tech students, we are currently experiencing what he calls the “Digital Revolution” in which the digital economy will continue to be paramount.Īt the event, Ma spoke about China’s economy and his company, Tencent Holdings, a Chinese Internet company that ranks as one of the country’s top businesses by market capital. Technology is rapidly changing the global economy. Jacobs Technion-Cornell Dual MS Degrees Application.In our first-of-its-kind, immersive Studio curriculum, all master's students will build solutions for industry partners and develop skills in end-to-end product development and entrepreneurship.
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