Re:China, Not Silicon Valley, Is Cutting Edge in Mobile Tech
by jomamaxx on Wednesday August 03, 2016 @02:33AM
(#12216040)
Credit is very different than bank accounts.
For example, even in countries like Spain, buying a new car and making payments is a new concept.
Without functioning consumer credit, some industries have a hard time.
A functional credit system is fairly essential.
Alibaba in some ways solved that problem by providing guarantees, escrow-ish stuff. More than anything 'credibility' is the value add in a region wherein there is/was little.
For example, even in countries like Spain, buying a new car and making payments is a new concept.
Without functioning consumer credit, some industries have a hard time.
A functional credit system is fairly essential.
Alibaba in some ways solved that problem by providing guarantees, escrow-ish stuff. More than anything 'credibility' is the value add in a region wherein there is/was little.