if you look at certain other metrics, we chat has overtaken alipay.ouru need to change strategy, and how concerned are you over competition? , finance is very far from inclusive, but payment is the starting point. in the future, everybody will have financial lives, so wealth management, consumer loans, credit services, so there is a long way to go. for us, there could be competitors, but we see the space potentially as a notion, so what we care about is to provide services to our customers. in the future probably when people think about financial life, they would think about us. i think that is what we are aiming at. david: hold that thought. i'd like the ocean reference there. we will continue the conversation in a few minutes. stay with us. we will be back live in just a few minutes. stay with us. this is bloomberg. ♪ ♪ live out of the milken institute asian summit in singapore, where we are joined by the chief strategy officer financial. one last thing on alipay, you mentioned it is a blue ocean out there for online payment. you are not concerned t

alipay has been running around for 10 years, no competitor, which is good for alipay, but not good forission we want to do. linkedin sent came in, at the sentning, i -- when 10 encent came in, t think alipay said wow, we have a competitor. but you ask today, they know we are somebody we can work together and influence more people, and make the market maker. this is the fun part. i think tencent pay is learning a lot from us, we are learning a lot from them. those two companies, if we keep working together, getting inside the whole society of cashless pay, the whole society of trust and credit, that will make the market much bigger. stephen: what is going to be the criteria for you, and as you compete against tencent and the likes, for your russian and -- rush into southeast asia? that is your new horizon. you've gone into indonesia, india, you are a lead investor there. i hear you are looking at big baskets. there seems to be a land grab in southeast asia. are you really going to get the penetration and the growth there through the payments infrastructure and alipay, or is it to get th

it is good for alipay but not good for the mission we want to do.in, at the beginning, alipay we have a competitor. when you are asking people today , they know there's somebody who we can work together with an influence more people and make the market bigger. this is the fun part. i think tencent pay is learning a lot from us. we are learning a lot from them. if we can work together getting thewhole society cashless, whole society will trust him credit. that will make the market much better -- bigger. >> what will be the criteria for you for your rush into southeast asia? that is the new horizon. you have bought stakes in one that has stakes in singapore. you are an investor in indonesia. you have gone into india. i hear that you are looking at the basket. there seems to be a land grab in southeast asia. will you get the penetration and growth through the tema or istructure and alipay it to get the e-commerce platforms because penetration is so low in southeast asia? it is not a globalized alibaba. we have globalized infrastructure. in goingt inter

pay has beenali around for 10 years, no competitors, which is good for alipay but not the mission weant to do. alipaybeginning, i think said wow, we have a competitor. -- you ask today, we know they know we are somebody we can work together and make the market maker. this is the fun part. they are learning a lot from us, we are learning a lot from them. those two companies, if we keep working together, getting inside trust and credit, that will make the market much bigger. stephen: what is going to be the criteria for you, and as you compete with others, for your russian and southeast asia? that is your new horizon. have took a peta, you are a lead investor there, indonesia, i hear you are looking at big baskets, there seems to be a land grab in southeast asia. are you really going to get the penetration and the growth there through the payments or istructure and alipay, it to get the e-commerce platforms because penetration in these -- in southeast asia? jack: i have been saying again and again, internally -- the thing is, alibaba should going outside. e-commerceobalized infrastruct

they will be part of the alipay hk round launched in may.will allow people to make payments to thousands of retail outlets. listing -- allowing female drivers, they will be entitled to a license, starting next year. the kingdom is the only country in the world to ban women from driving. they are trying to liberalize saudi society. the crown prince is behind the change as he has pushed back from powerful religious conservatives. its lowestell to since march, tracking declines in east asian currencies as tensions rise in north korea. the rupee-denominated government sold almost $100 million monday. the longest run of outflows since mid-august. there is concern that deficit may widen. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am emma chandra. this is bloomberg. ♪ to move on toant the big intraday moves on wall street, especially for bonds, the dollar and bank stocks. strong suggestion of a rate hike in november is a very likely behind these moves. su keenan, what is going on tod

he said alipay spent 10 years on competition is welcome.omberg spoke exclusively to the alibaba founder as the company marks 18 years in business. we are learning a lot from 10 and they are learning a lot from us, so if we can work to get the whole society based on the trust and credit, that will make the market much bigger. rosalind: global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. david: thank you. back to our top story. north korea has fired another missile over japan before 7:00 a.m. tokyo time. it flew over the northern island. it landed 2000 kilometers in the pacific ocean. the un security council will meet friday 3:00 p.m. local time. the u.s. secretary of state is calling on china and russia to act as well. we have yet to hear from those two countries. indid hear from shinzo abe tokyo that the launch is not acceptable. >> if north korea follows this way, it will not have a bright future. this is a message which should be sent to north korea to make a change

which is good for alipay, not good for the mission which we have.ning, alipay was -- when i think when you're asking people nowadays, we know that there is somebody who is working together to influence more people. we can make a market bigger. this is the fun part. is learningent pay a lot from oz and we are learning a lot from them. if alibaba and tencent can work together, get the whole society , based on trust and credit, it will make the market bigger. >> the speed of the internet era oftentimes blurs the lines of regulation. you push the boundary and then regulators overreact or whatever. how do you stay ahead of that, and also not overstep your boundary. >> we always stay ahead of regulators, we have to. otherwise, we go nowhere. we don't have any difference between other companies. we go ahead of the regulators, there is always a painful thing, they say hey, wait a minute, my job is to regulate, it is not about innovation. my job is not to improve the other people's lives, it is your job. a is another profits -- it is painful process that ali