Internet finance has tasted sweets and bitters and is expected to enter a new stage of normative development

The Government's work report proposes to promote the sound development of internet finance.

The internet financial industry is rich and developing rapidly, but there are also risks in the innovation tide. Gongsheng, deputy governor of the National People's Political consultative committee, said recently that the guidance document regulating the development of internet finance would soon be issued. Industry insiders expect that 2015 will be the Internet financial industry, especially Peer-to-peer Network loan industry development process in an important watershed. Taste the ups and downs of the internet finance is expected to enter a new stage of normative development.

Acid: Banks are also enemies and friends

The emergence of internet finance was once questioned, and now face the traditional financial institutions of the Bank to protect the active net of the attack, this "sour" perhaps only the people in the Bureau can understand.

On the one hand, financial holding group, traditional state-owned enterprises and other capital will be accelerated into this field, the whole industry caused by the "extrusion effect" is more obvious; On the other hand, the supervision of the boots landed, many internet financial enterprises, especially Peer-to-peer network lending enterprise polarization intensified, the industry reshuffle accelerated. 2007, the first domestic Peer-to-peer network lending platform, "Pat Loan" was established. From the beginning of the bank to pick up the gap between the development opportunities, in recent years gradually sit big, as of last year Peer-to-peer industry total turnover reached 300 billion yuan. Industry insiders expect the 2015 Peer-to-peer industry total turnover will exceed 600 billion yuan. But at the same time, the controversy began to rise, in addition to the general investors on the platform for the quality of concern, the original based on small micro-financing projects, to do the financial Peer-to-peer platform in the transition to try to large financing business is encountering a lot of turmoil and market disputes.

Did banks feel threatened when internet companies launched a financial war? National People's Congress, Bank of China's former governor Lihui told the Chinese Securities News reporter, Peer-to-peer and other Internet financial industry in the entire financial market to absorb the money is not too much, the ratio is not very high, commercial banks themselves do not feel too much pressure.

"There may be some overlap between the models of Peer-to-peer platforms and banks, but virtually everyone in the industry has reached a consensus that the peer-to-peer sector is a complement to the traditional financial sector," he said. We will not challenge the role of traditional finance in the entire economic system. "Internet debt investment and financing platform in Financial management CEO Sho Rongqiang to reporters." Compared with the bank's traditional core deposit and loan business, internet finance is not mature enough to let the bank bones the stage.

Peer-to-peer companies, which consider themselves to be different from customer groups, are not a threat to the banks, but the rapid expansion of the industry and the "bank-like model", which partly favours large projects, have also made the traditional financial firms tremble. In fact, with the marketization of interest rate, banks have been confronted with the problems of declining bargaining power, insufficient credit liquidity and excessive capital occupancy. At the same time, the private bank development speed up, its energy cannot be underestimated. As a result, banks have been defending their territory and speeding up the distribution of internet finance at a moment when the bank's profit model has not changed radically.

In Peer-to-peer industry, the Bank network loan platform represented by Lu Jin relies on the abundant funds and the customer source, grows especially rapidly. Although the central bank proposed to clarify the intermediary nature of Peer-to-peer, the platform itself should not provide security, but for most investors, the bank is a peer-to-peer bank of the innate advantage itself is an implicit endorsement. "Because of the wind control mode, liquidity management more or less absorb the advantages of banks, and most of the project from the original bank customers, the risk is relatively low compared to other peers, some of the color of the regular army, so although their yield is not our high, but more easily get investors hot." "Shenzhen, a private department of Peer-to-peer company marketing people talk about Lu Jin, such as peer to the tone of the envy of the meaning."

In the Bank of the network lending platform sniper peers, the bank's attitude has become ambiguous. Recently, the company and Citic Bank, you and I loan with China Merchants Bank, building block box and people's loans and Minsheng bank and so on announced will be in the Fund for cooperation. It is clear that peer-to-peer platforms and banks are becoming more and more closely related to the fund-hosting business. In fact, Peer-to-peer fund-hosting has been the world of third-party payment agencies. It is understood that only the world and Yeepay pay the two companies in the net loan platform hosting market share up to 60%. However, with the Government's policy on Peer-to-peer platform, the Peer-to-peer platform favors the commercial Bank's credit enhancement function and the policy supervision background, many platforms have "abandoned" the third party payment, turns to the commercial bank.

Sweet: Quick Capital

The reason for the active net of the traditional financial enterprises is the broad prospect of internet financial market. Only Peer-to-peer network lending industry as an example, according to the net loan home statistics, despite the spring festival factors, the February 2015 Peer-to-peer Network loan industry overall turnover reached 33.514 billion yuan, a decline of 6.34% compared to January, but the same time last year 3.18 times times the data.

NET loan home analysts are expected to enter the March network loan platform will resume normal operation, is expected to peer-to-peer network lending industry turnover will be a sharp rebound. In the future, with the introduction of regulatory policies, peer-to-peer Network loan industry rapid development can be. After March, the new platform on line speed is expected to accelerate to 2015 end of the net loan operating platform number or breakthrough 5,000.

In this huge blue sea, the rules of the game have not been enacted, the past year has become the capital of the wild to occupy Peer-to-peer industry year. In this year, everyone voted for tens of millions of dollars in financing, building blocks, including millet, the number of institutions million dollars a round of investment, Pat credit for the speed of light An Zhen China venture capital, Sequoia and Noah (China) Holdings Limited Million dollar class B-round investment.

Baidu is also involved in internet finance as it pays for the big heat of the Alipay wallet and the micro-credit purse. During the two sessions, the CPPCC member, Baidu CEO Robin Li said the internet and financial integration is very natural. The concept of finance is very broad, and internet finance has many things to do. Baidu recently launched the application of the stock, using Baidu's big data to help users select shares, will soon launch a loan service.

With the continuous influx of private enterprises and wind investment, all over the country with the background of enterprises have set foot in, the public finance received the Beijing Haidian District state-owned Assets Investment Operation Co., Ltd. Capital injection, Jinkai loans by the state-owned enterprises Shanxi Financial holding group wholly-owned, Germany and the financial sector by the Anhui Province Beijing Jin Lian and other platforms have also received state-owned equity participation.

Bitterness: trust puzzles to be solved

Internet finance is a wind and wind, but it has not yet become a true pu-hui finance, because investors ' trust is hard to essay.

"Even if the platform is credible, their wind control capacity compared to the bank has always been a gap, some of the larger standard I still do not dare to vote." "Investors in an established Peer-to-peer firm told the Chinese securities news that investors ' lack of trust in the platform was always a problem.

According to the net loan home statistics, February 2015 new on-line platform 77, a total of 58 problem platform, the chain last month reduced nearly 16%. The problem platform rate continues to fall to 3.4%, but it is still far above the same level as last year's 0.73%. In addition, the average operating time of the problem platform reached 11.32 months, the old platform began to focus on problems. Problem platform, the operating time of more than 1 years have 19, more than 2 years have 5. If the operation of nearly 5 years of the old platform Chang Credit network, in the replacement of the new system, there are users can not query to the account information, and the emergence of difficulties; On line four years old platform Sheng-Rong online also fell into the crisis, Online repayment amount of more than 920 million yuan, involving nearly 20,000 investors; in Hengsheng, with the help of the registered capital of 100 million and High-yield false mark, fraud more than 50 million, now the site has been unable to open. Analysts pointed out that the problems exposed this month, the running platform accounted for an increase of 45%, because of the Spring Festival holiday, the platform to suspend business increased, but also because of a large number of platforms last month difficulties. Some of the high level of registered funds to choose to run more, indicating that the registered capital and platform of the actual capital strength does not have much relationship, because most of the platform registered capital is only the amount of payment.

Sho Rongqiang that investors generally have a wrong understanding of internet finance, that all products should be 0 risk, not a single default. "In fact, this is an impossible requirement for the financial sector, and finance itself is a combination of risk and income." Public recognition and acceptance of the industry will take time, investors education can not be ignored. ”

Spicy: Look forward to the development of norms

How to balance innovation and risk has become an unavoidable problem for Internet financial supervision, and it has become a hot topic for members of the NPC and CPPCC. Mechingbao, the former president of the CPPCC and China Oriental Asset Management Corporation, suggested that the construction of Social credit system should be strengthened, and the legal system should be perfected, and the boundary between Internet financial business and illegal fund-raising should be clearly defined in the form of law. "The establishment of information collection and sharing system, the realization of credit database open to private financial institutions, to help private financial institutions to apply large data technology for customer identification and authentication, to prevent financial risks." ”

Zhou Xiaoming, deputy general manager of Tianhong Fund, said internet finance written into the government work report, is the affirmation of the market has been innovation, but also shows that the internet finance as a new thing, for traditional finance to reduce costs, improve efficiency has a great potential for China's financial reform, investment and financing system reform has a positive significance. Zhou Xiaoming that the standard development of internet finance should first encourage positive innovation, through market-oriented competition, so that markets and customers to choose products, services, so that more and better products and services emerge; Secondly, to standardize, in the full use of the Internet platform, technology, thinking and other advantages to bring better customer experience, Adhere to the essence of financial positioning, to do law-abiding, compliance, strict risk management, which for the promotion of Internet finance development has very important significance. At present, the idea of "strengthening supervision and deregulation" in the supervisory layer has great practical significance in the regulation of Internet finance.

In addition, the promotion of healthy development, more depends on the industry's self-discipline. Zhou Xiaoming said, Tianhong fund in pioneering the Internet financial innovation business, always strictly abide by laws and regulations, the user needs as the first, compliance operation, which is conducive to access to the user's trust.

Internet finance is a good financial platform and should be developed healthily, but the open bank credit system should be further studied. Lihui that internet finance is essentially a financial business, but it needs to focus on how internet finance can better protect customers ' information security and fund security.

Ma, chairman of the CPPCC, has submitted a proposal to expedite the implementation of Peer-to-peer Industry regulation and guide the sound development of internet finance. He suggested that the rules of access and exit of Peer-to-peer network lending platform should be formulated and implemented, and the regulatory departments should consider the characteristics of different operating modes to set different admittance conditions respectively, and supervise the operation of Peer-to-peer network lending platform, loan products, source of funds, trusteeship and settlement, etc. To monitor the information disclosure of Peer-to-peer network lending platform, encourage and guide the development of industry self-discipline organization and third party organization, strengthen investor education, cultivate rational investment concept, raise risk precaution consciousness, promote the healthy development of Peer-to-peer network loan industry.

2015 will be an important watershed in the development of internet finance industry, especially Peer-to-peer network loan industry. On the one hand, listed companies, financial holding groups, state-owned enterprises and other parties to the capital will be accelerated to enter; On the other hand, the supervision of the Boots Landing, many peer-to-peer network lending enterprises may also be polarized, the industry reshuffle accelerated. "Sho Rongqiang said.