The latest product of Ping An Lu Jin "Rainbow - Tai Yue Xi 01A"

Wang Ying

Wang Yan, director of innovation department of China Banking Regulatory Commission, recently said at the "China Banking Development Forum" that in order to ensure the safety of investors 'funds, funds in transit as well as investors' funds must be managed by banks and third-party payment institutions while the P2P platform itself may not Guarantee, shall not promise the loan principal income and does not assume credit risk and liquidity risk.

Just yesterday, Ping An Lu Jin's special wealth management released a new product, "Rainbow - Tai Yuexi 01A", the expected annual rate of return of 7.7%, the investment period of 271 days. Similar to this product, the same as Lufax V8 financial platform launched "Rainbow - Poly Chen Rui 01I", the expected annual rate of return of 8.7%, the investment period of 340 days. With the different products Luk Jin introduced in the past, these two products have canceled the guarantee and become unsecured financial products.

With the recent survey conducted by China Banking Regulatory Commission for the P2P industry, the industry generally believes that P2P regulation tends to be more rational and marketized, and practitioners are optimistic about the insurance industry with a more complete risk pricing mechanism.

P2P itself can not be guaranteed

Due to the rapid expansion of Lujin's scale, Ping An Investment Guarantee Co., Ltd., which had secured it, is about to touch the leverage red line with a guaranteed amount of 10 times the registered capital. Due to this restriction, Lujin initiated the journey of "De-guaranteeing".

"To" guarantee means that the platform itself does not provide security, and let the third-party guarantee agencies settled in the platform.Insurers involved in P2P, a third party guarantee agencies, is the previous insurance companies and small loan companies to cooperate in small loan performance guarantee insurance business Copy mode. "An insider told the" First Financial Daily "reporter said.

Recently, Wang Yan Xiu also pointed out that in order to ensure the safety of investors' funds, P2P platform itself can not guarantee, shall not promise loan principal income and does not assume credit risk and liquidity risk.

"If you are not allowed to platform promised to investors to maintain interest income, then the literal meaning to understand that at present only individual platforms meet the regulatory requirements, if the introduction of third-party security model, then P2P network loan platform compliance will be more perfect. Wang Chengzhang, co-founder and chief operating officer of Guocheng Financial, said that qualified third-party guarantee companies are subject to more regulatory requirements and are conducive to the overall credit enhancement of the platform. Compared with financing guarantee agencies, insurance companies have a good risk The pricing mechanism is more reasonable for third-party guarantees by insurance companies that can reasonably risk the platform risk.

Also agreeing that the insurance company will be introduced into a third-party guarantee, there is Zhang Boyu, Chairman of GZH. "The financing guarantee company is one hundred percent guarantee, and the fees it charges do not match well with the risks it takes. In the investor's mind, the insurance company has more Good trust, at the same time the insurance guarantee mechanism can guide investors' risk awareness. "

Do not rule out the license system

With the increasing frequency of P2P, P2P regulatory model once again hot industry. A number of insiders said that the licensee system, which was not often mentioned before, now has a tendency to grow louder and louder. "Although the licensing mechanism is not yet ripe, it is a recent fact that the license plate is getting louder and louder." One insider told "First Financial Daily."

Some media recently reported that Shanghai Mayor Tu Guangshao, executive vice mayor, paid a visit to the mayor's hotline and pointed out that the risks of Internet finance have started to show some of the risks. Since the second half of 2013, some third-party payment agencies have used merchants to make large cash advances through credit card pre-authorization, difficulties in withdrawing some P2P online loan platforms or the absconding of actual controllers, warning of the normative management and risk in the field of Internet finance Prevention and control urgently need to be strengthened.

"At present, the P2P industry is in a state of warlords and a hundred schools of thought contend for the full market competition to achieve the survival of the fittest, of course, there are platforms in the industry part of the road 'bad money.'" Wang Jianzhang said platform runway from another perspective is risk The process of release, with the increase of road run, the industry bubble will be constantly squeezed out.

"At this stage, regulators or the introduction of more stringent regulatory mechanisms, when the industry expanded, such as a single platform stock in the 50 billion or 10 billion when the situation may be 'big but not down' situation. "First Financial Daily" reporter said the ladder of supervision or a better choice, for example, assuming that the stock below 30 million, more relaxed regulation; stock of about 300 million when the supervision is relatively stringent; and if the stock reached 2 billion , Then the strict regulation is upgraded again. "This kind of regulatory approach, on the one hand, can be bound to the industry giants, to avoid 'big go down' situation, on the other hand can also give the market latecomers the opportunity to participate.

Wang Yan Xiu is still "China Banking Development Forum," said P2P agencies should be clearly positioned as a non-credit intermediary for private credit intermediaries. P2P agencies should not be financial intermediaries, trusted financial institutions, nor guarantee agencies, should clearly define their business boundaries, while cracking down on illegal P2P fund-raising in the name of the act.