Are: Culture Shock By Peter L Berger
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Culture Shock By Peter L Berger Video
German CULTURE SHOCKS as an American StudentInvestors are in for a busy week as a dramatic November comes to an end. China had just delivered a public drubbing to billionaire Jack Ma, one of its most-revered entrepreneurs, days before his Ant Group Co. The friends on WeChat understood well the sweat, tears, and brazen audacity it had link to build Ant into a financial-services juggernaut in less than two decades: They used to work there, after all. Then regulators slammed on the brakes.
One of the people on the WeChat group Culture Shock By Peter L Berger Yuan Leiming, a year Ant veteran who left the company in Yuan is among three dozen Ant tong xue—classmates—who meet regularly, usually in Shanghai, and have formed a powerful alumni network. For employees who did hang on, or who joined the company more recently, the suspension threw their plans for a bonanza up in the air. Ten days before it happened, Ma took to a conference stage in Shanghai to deliver a stinging rebuke of regulations that stifled innovation.
Culture Shock By Peter L. Berger
The company soon came in for a deluge of criticism on Chinese state media. Commentators faulted Ant Syock straying from its core payments business and called out Big Tech generally for misleading users to consume beyond their means. Guo Wuping, head of consumer protection at the China Banking and Insurance Regulatory Commission, said fintech companies used their market power to set exorbitant fees.
Just before 9 p. Now, as Ma navigates once more the boundaries a communist state can impose upon private enterprise, these Antrepreneurs—almost all men—are learning new lessons, particularly about the systemically sensitive realm of finance, where fresh rules are being here to curb Ant and companies like it. Here are three of their stories.
Culture Shock Minus Geographical Displacement
That put Deng in regular contact with small-business owners in industries from finance to gaming to e-commerce. Immersing himself in the Yangtze and Pearl River delta regions where Chinese export manufacturers cluster, he gained insight into the challenges of operating cross-border businesses without the support of a global payments infrastructure. Bytalk of an imminent IPO abounded. Flush with stock options, Deng timed his departure strategically.
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Later that year, he and five former colleagues founded XTransfer Ltd. XTransfer works with about 80, clients, mostly in China, helping them adhere to international standards against money laundering and terrorism financing. He got the message: At XTransfer, even the front-desk clerk has stock options.
A Peking University law major, Yuan, now 44, gained a reputation at Ant for meticulous planning and for his audacity in striking out into new areas of business. In China, tuition, Culture Shock By Peter L Berger a fraction of what U. He expects just a small percentage of extremely successful students to account for the majority of repayments, not unlike the VC model of relying on a small number of winners to generate big returns. Tang Kewei researched artificial intelligence applications in finance during his Ph. He later moved to London with Barclays Plc as a data scientist concentrating on machine learning and AI. When Ant recruited globally in for a chief risk control officer for its fledgling internet bank, he jumped at the chance.
Sometimes a single business-development team would be pursuing as many as five initiatives simultaneously.
It was common, Tang recalls, to Peger frontline salespeople arguing with back-end and support teams over differences in vision, banging their fists on tables or calling people out for underperformance in front of their bosses. Tang and Yuan Leiming became friends at Ant, working together to build risk-control models for bank loan issuance and explore new businesses.]
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