Jack Ma calls on Filipino-Chinese community to invest and turn PHL into a cashless society

Chinese business magnate Jack Ma urged the Philippines to convert to a "cashless society," saying that an old economy should not fear change.

"We should make the Philippines a cashless society. Cashless society: no corruption, life is easier," Ma told students at De La Salle University in Manila on Wednesday.

In an press conference, Ma said that the Filipino-Chinese community in the Philippines should be the investors in turning the country into a cashless society.

"The Filipino-Chinese here—I think there's a big community here—they can understand Chinese, English and also Philippine culture. So I think they should be the investors of the cashless society, because a lot of people have heard of Alibaba, Alipay but they don't know how to use it because of the language problems," Ma said.

Ma, 53, is the founder and executive chairman of Alibaba Group, China's biggest e-commerce company. He has an estimated net worth of $38.3 billion, according to Forbes magazine.

Alipay is the mobile and online payment platform of the Alibaba Group. In 2013, it overtook PayPal as the world's largest mobile payment platform.

Ma said you can get anything with just the use of a mobile phone.

"In my city, mobile phones can almost get you anything ... There're no pickpockets in the buses because there's no money in the people's pocket, no wallet, only mobile phones," he said.

"So I think the Chinese community here would be happy that you're the ambassadors of the Philippine small business, introducing Philippine products, mangoes and all the great stuff—fruits—introduce it to China and introduce the Chinese products, service and technology. You are the investors and bridges," he added. — VDS, GMA News