Jack Ma, the face of China’s largest internet company, was the undoubted star of the recent two-day Global Transformation Forum in Kuala Lumpur.

Ma, Alibaba Group’s founder and executive chairman, was in town for the launch of the Digital Free Trade Zone and gave an energetic keynote speech last Thursday.

Here are excerpts from his talk which focused on the third technology revolution, his philosophy on life and business as well as his advice to the youth.

On the third revolution

The first technology revolution — the industrial revolution — changed the world. The second technology revolution — the energy revolution — also brought a lot of opportunities. This is the third — the internet revolution.

A lot of people are complaining that the internet destroys a lot of business. It is not the internet that destroys business, it is backward thinking and attitude [of wanting to] close themselves, wanting to keep yesterday, that destroys business.

On the five trends that will change the world

There will be several new trends that will change the world: new retail, new financing, new technology, new manufacturing and new energy. It’s going to change every industry, every business, in the next 10 to 15 years.

What is new retail? In next 10, 15 years, there will be no online business and no offline business. It will be online and offline plus logistics working together.

What is new manufacturing? I think this century is about tailor-made and smart-made … Today, if your industry is based on assembly line, standard, large scale, low cost, low value, low price, you have no future.

New financing is [about] using data and new technologies to empower that 80% of small businesses, consumers that they [traditional financial institutions] have never been able to reach. The internet will change this. I am sure a lot of big banks and traditional banks will cry.

Next is new technology. Last time, Asia lost in IT (information technology). Today we are in DT (data technology) … IT is to make yourself strong, DT is to enable the others.

Last but not least is new energy. The first technology revolution, the energy was coal. The second technology revolution, the energy was oil. This century energy is data. Without data, nothing can be done.

On why data analysts are out

Today’s white collar [sector] will see a lot of jobs disappearing. They say data analysis will be a hot job. I tell you, there will be no data analysis job in the next 10 years.

The machine can remember a lot more than you, the machine can calculate faster than you. Machines never get angry, machines never get tired. They can always do a better job than you.

I don’t like the word artificial intelligence … If you tried to teach a machine to do things that people can do, it’s an insult to people! Machines are supposed to do things humans cannot do.

On solving problems

If you want to be accomplished and more successful, you have to know what big problem you are solving for society. The bigger the problem you solve for society, the bigger the opportunity you have and the more successful you will be.

If you solve a problem for a whole village, you’re a village company. If you solve a problem for a province, you’re a provincial company. If you solve a problem for a nation, you are a national company.

Advice for young people

Let them be optimistic but let them know the future is not easy. [Being] optimistic does not mean you don’t see the future … tell the young people to face reality.

If you are 20 years old, follow somebody. If you are 30 years old, do something yourself. If you are 40 years old, do something you are good at. If you are 50 years old, spend time on young people. If you are 60 years old, spend time with your grandchildren.

Don’t complain you have no opportunities … If you start to prepare now, you can succeed in 10 years. You will never succeed tomorrow. But if you prepare, you have a chance. If you believe in the future, if you believe in technology, if you believe technology will change the world, start doing now.

On being customer-driven

[Eighteen] years ago, when I started the business, my friends said “You can make money from government jobs”. They say it’s easy money to make. Anything that is easy can never last long. If it is using dirty ways, it gets worse.

So I said to myself, let’s focus on the customer. It’s the customer that gives you money. So we become very market driven … Today, we are at this size. Last year, our gross merchandise value was US$580 billion.

On focusing on people

In the past 19 years, we have tried to make the people who believe in us happy. Customer, No 1; employee, No 2; shareholder, No 3 … If customers are happy, word of mouth is the best reputation and the best thing you need to have. If employees are happy, it is the best compliment you have.

On women

The next 30 years is not going to be a competition of muscles or knowledge. It’s a competition of user experience and care for others. And women are going to be more and more important.

One secret sauce of our company is women: 47% of our employees are women and 33% of senior management are women.

Men care for their own power, promotion and pay. Women care for the parents, children, husband, everybody at work. If you have that quality, you are a leader… If you want your company to be sustainable, please hire more women.

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