The birth of Kimbobe

When the balance treasure ignited the internet business financial dream, the birth of Kimbobe, is undoubtedly in the opening up a new battlefield.

At the beginning of December, Jingdong shun with the balance of treasure, Baidu in the consumption of the correct face, small step around the supplier side, announced its Beijing-Bao-Pui online for the Beijing-East suppliers to provide 3-minute financing services, according to NetEase Science and technology, on-line one week, has eight suppliers signed formal financing

In the supplier to grope for a year of the Beijing-East financial map, the ideal is through the Beijing-Bao Pui this wedge to open the situation, and from the outset through to the bank recommended to credit customers, "trafficking" credit, to their own operating credit, Beijing East began to go their own financial way.

Dismantling accounts receivable play

December 6, the Beijing-East announced its name "Beijing Bao-Pui," The 3-minute financing to account business officially online, according to Wang, director of the Beijing-East Financial Development Department, the design concept of "Beijing-Bao-bei" is based on the supplier's data on the east of Beijing, providing 3-minute financing service through the credit rating of the suppliers.

"First, suppliers to obtain a qualification for financing, the need for suppliers in Jingdong at least one months after a stable procurement, can apply for financing." "Wang Introduction, the Beijing Insurance Bay will be based on the data situation, coupled with the corresponding mining sales personnel interviews, to the supplier to make A-E five levels of rating, so as to obtain the corresponding financing limit." In the whole process, only signed written contract is under the line, the other links are completed online.

In addition, the amount of financing is dynamic adjustment, will be based on suppliers in Beijing and east procurement, warehousing situation, the system will automatically calculate.

and traditional banks to personal real estate, such as housing, automobiles as a personal credit credentials, the credit base of the Beijing-Bao-PUI loan is based on accounts receivable.

Wang revealed that, because the supplier and the Beijing-East has a cooperative relationship, once Jingdong has purchased the goods from the supplier, it will form accounts payable to Jingdong, "We are based on this accounts payable, because it is the future of the cash flow can be foreseen, we all know to see the financing, you are not to a business loan, Mainly depends on the enterprise's qualifications, solvency, this is a predictable cash flow. ”

This can not be avoided to create a problem, since the accounts receivable as the basis for credit evaluation, then, whether the accounts receivable has become the Beijing-Bao-pui to provide loans to the secret channel?

In other words, because Beijing insurance has a large number of suppliers of accounts receivable data, Kimbobe's own financing system through the occupation of vendor a accounts payable, to the supplier B loan? So the circulation, Jingdong is accused of taking up small business profits.

To this question, Wang explained, Kimbobe is through the Beijing-East small loan company operation, according to NetEase Science and technology, the small loan company in Shanghai Jiading received a small loan license.

On the Shi of money, Wang said, all borrowed money is to take the small loan company's account, are the company directly corresponding suppliers of customers, and for the supplier of accounts payable, it is through the Beijing-east of its electrical business settlement system.

"The settlement system and the financing system are only interacting on the supplier's data, and the funding is being isolated between the two systems," Wang said. Kimbobe's product is decoupled from the settlement.

A large banking industry to tell NetEase technology, if the financing subject is the small loan company is responsible for the small loan company's capital flow will be supervised by the Supervision Department, and the non-small loan company's operating entity to carry out risk isolation.

Wang revealed that the small loan company registered capital was not particularly large, "may also be considering the recent increase in capital."

Strategic deficit play Finance

In fact, as early as March 2012, Jingdong began to plan supply chain finance, in June with BOC, ICBC and other banks to reach a formal online supply chain financial system. As of 2013, supply chain financing accumulated 8 billion yuan.

Simply said, at this time, Jingdong in the supply chain finance in the role of a similar intermediary, suppliers by virtue of their orders in Jingdong, warehousing list, etc. to the Beijing east to apply for financing, the approval of the bank, and then the bank to lend.

The bank people to NetEase technology analysis, in this model, such as the bank to release 7% of loans, suppliers to obtain loans is 10% of the interest rate, jingdong in the middle to earn 3% intermediary costs.

"If the Beijing-East led the supply chain finance, then the role of Jingdong is the type of banking nature," the person said, in this model, suppliers to Beijing to apply for financing, if 10% of the interest rate, then 10% are owned by Jingdong.

However, this involves the core issue, that is, the capital of Beijing and east to come from? Wang told NetEase technology, Kimbobe all the funds are the capital of Beijing East.

An unavoidable fact is that last July, Jingdong Mall CEO Liu on micro-blog, the first half of the 2012 report, "only a relatively ugly figure: Net profit is negative!"

More grim is, the beginning of this year, February 27 this year, the founder of the "Carving Ye", "Liu" published nearly thousand words Weibo-"three asked the", to the Jingdong mall separation reminder account. Micro-blog said that the oil has been withdrawn from Jingdong Mall 4 months, still owed millions of yuan payment, the default time of more than hundreds of days, in the meantime Jingdong Mall has been for various reasons not to knot.

At the same time, the European Time Force, Jansonwood and other businesses have also foreign said, Jingdong mall kidnapping brand to promote compulsory.

To this question, Wang's direct reply is: "Jing Dong does not lack cash", Wang said, the initial period of the Beijing insurance is according to a few billion scale, the fund part comes from the revenue, the other part comes from the company financing.

Earlier this year, Jingdong Mall confirmed that it had completed a new round of about $700 million trillion of common equity financing, including new shareholder Canada's Ontario Teacher Pension Fund and Kingdom Holdings company. This is Jingdong mall's D-round financing.

Jingdong Mall has been in the previous rounds of financing. 2007, Jingdong Mall won tens of millions of dollars from today's capital financing; At the end of 2008, today's capital, Bull's capital and Asia's leading investment banker Leung private companies a total of 21 million U.S. dollars in a joint injection; early 2011, Jingdong Mall obtained Russian investors Digital Sky Technology (DST), Tiger Fund, such as a total of 6 funds and social well-known people to finance a total of 1.5 billion U.S. dollars.

For the Beijing-east is not profitable, Wang that, "the company did not make money, you want to see what it is, the company can always be on the top of the break-even, but its growth is very high, this is a strategic not to make money, if a company grows fast, but it is far from the break-even point, such companies are dangerous companies ”。

Wang Frankly, in the past few years, for the BoE, growth is the most important task, "Now is the electric dealers in the construction of the time, some small electric dealers are not all, they vacated market share by these do the whole category of the electric dealers to take down."

"Jing Dong does finance, and now has not looked for the bank to borrow money, or is also did not do the asset securitization the thing, goes to turn our already formed debt into the capital infusion", Wang repeatedly said, "Jingdong already has the cash to do the finance this matter is more than sufficient".

Supply Chain scramble for upgrades

As a self-made E-commerce company, Kimbobe is only the basis of the Beijing-East financial map, the future to do is a larger territory.

In fact, in 2012, Jingdong bought a third-party payment company online in 2012. The latter was incorporated in 2003 with a registered capital of 100.5 million and received a licence for payment by May 3, 2011. After a year of consolidation, the net bank was online again and received a licence to pay for the fund.

After the Beijing-East Financial tentacles began to expand financial services, it is reported that Jingdong has with a number of fund companies to discuss the cooperation, the end of the year will be a batch of financial products. Beijing has already started selling insurance products and is applying for an insurance consignment licence.

And for consumer finance, Jing Dong is based on user credit card consumption statistics data, intervention in individual consumer financing business. Like installment payments. Wang revealed that the phased purchase mode the fastest to the Chinese New year or so can be online.

However, and the market understanding of the financial classification of different, Wang introduced, Jingdong Finance from the big division is the proprietary business and platform business, the self-employed according to the customer divided into the enterprise and the consumer individual two large chunks, for enterprises, such as Kimbobe, for individuals such as instalment.

Platform business, Wang said it can be understood to be a similar platform for financial dealers, "proprietary business can enter this platform, other fund companies, banking can be settled."

Wang Introduction, Beijing-East finance in the next year, several steps: First of all, to provide financing services to Beijing-east suppliers; will then provide to the Beijing-East partners financing, financial services, on this basis, and then to the Jingdong eco-circle in the upstream and downstream to provide financing, financial services, the best is to jingdong outside the eco-circle enterprises to provide financing, financial services.

Nevertheless, Jingdong's supply chain financial tentacles can still only be limited to suppliers, in fact, whether traditional banks, or electricity, the supply chain at the end of the financial layout has long been quietly cast a net, market competition has shifted from a single customer competition between the supply chain and supply chain competition.

CITIC Bank 16th released data show that as of the end of last year, its "supply chain finance" cumulative financing amount has exceeded 450 billion yuan, while driving deposits more than 100 billion yuan.

China Resources Bank, which relies on China Resources Group, is also exploring the combination of production and integration + Supply chain finance mode, trying to achieve the multiple docking of core enterprises, credit clients, logistics supervisors and banks through one-stop service of the whole flow of supply chain finance.

For similar electric business enterprises, Ali and Su Ning has already begun to exert the supply chain financial services, which, in June 2012, Suning Yi Bao received the central bank issued a third-party payment license. In the same year December, Suning created "Chongqing Suning Microfinance Co., Ltd.", facing the national upstream, consignment suppliers to fully push the supply chain financing business, the maximum amount of single financing up to 10 million.

Tencent Holding group vice president and its Xun network CEO Bu Guangzi recently also put it, the future will consider the integration of banking, insurance and other financial resources, the establishment of Tencent's supply chain financial platform.

Independent Electric business analyst Li Chengdong told NetEase Technology, Kimbobe model and suning and other models there is no fundamental difference, are through the small loan company license, plus the previous payment license, to provide financing services to suppliers.

The core is the data

Wang revealed that just come back to Liu, the financial layout of Jingdong two point requirements, the most basic is to pay the layout, on this basis, perfect category.

Jingdong is just the newest member of the turbulent Internet financial Army, in many electric business enterprises, Peer-to-peer Enterprises have to test the water, the recent, bat-led internet predators successively into the internet financial sector: November, Alipay Purse announced the operation of Independent brands; at the end of October, Baidu Financial Center launched the "Hundred-fat Financing", To the annual profit of 8% of the selling point to face up to the challenges of the annual return of nearly 5% of the balance treasure;

Subsequently, NetEase also announced formally joined the field, recently, NetEase announced the official launch of the online financial platform "NetEase financial", and will be on December 25 to open the sale of financial "bonus plan", the users involved in the program can not only enjoy a substantial and stable investment income, will also be given by netease up to 5% of the activity subsidy.

Unlike the traditional financial field, the main feature of internet finance is to carry out value-added business with high value-added through data mining, and then design different financial products according to different customers and market demands. In the age of Internet finance, whoever owns the data gets the right to speak, The value of data comes from the deep excavation and research of transaction behavior and information data, and the development of Internet finance relies on the analysis ability of large data to a great extent.

Obviously, after 10 years of development, to Alibaba as the representative of the electric dealers have accumulated a huge number of retail customer information and transaction behavior information, and high data concentration, usually across a variety of industries. And to Baidu, Tencent, NetEase representative of the Internet companies also have a variety of user data accumulation. Therefore, in the large data age, many internet companies if the establishment of financial services, than the current financial institutions have a better advantage.