Internet finance: Repression and support

Wen/Su Yi

I hardly believe that any of the views of the central bank series "Payment agencies network payment management (draft)" (hereinafter referred to as the "Bill") caused by the point of view or even public opinion.

The point here is, just because of the traditional financial perspective, implicit in the economic sense of the opposite plot, in the internet finance and other emerging areas, easy to check blind spots; On the other hand, because of the overall market, the easy to promote the Internet effect of a long time, when it faced efficiency downtime, it is inevitable that the collective fall into frustration.

The reason I do not believe is that in this era of utilitarian, there is never a lack of people who can say right from wrong, but lack of it in the right and wrong, to reflect and discern--perhaps to forget emotions and opposites--that today's Internet finance requires a renewed interest in the central bank and the broader market, to be able to have a comprehensive, Reasonable understanding.

Third party payments: hovering doubts

The two sides of the bill have evaded the real part of the storm: financial markets have never been a sensitive nerve for any country to be able to heal at the first time, as a realistic measure of the central bank's intensive regulation, does the draft have a reasonable estimate of the market rebound triggered by a "moratorium" decision? With internet finance, mobile payment as the core of the third party payment behavior, it can be divorced from the tools of blind praise, whether to meet the current market demand, in the service relationship of the re-establishment of neutrality?

Up to now, from the two big giant Alibaba (Alipay), Tencent (micro-letter) of the original business strategy, you can probably see the trilogy of Internet finance: first, the interest rate marketization, then the virtual credit card, the last Qi refers to mobile payment. These three, respectively corresponding to the balance treasure and other in the interest rate temptation; financial credit way of the construction, and based on two-dimensional code (O2O) of the market imagination space. The competition between the two go together, of course, each has a focus: Ali is more willing to deep interest rate market-oriented part, and Tencent is obviously intended to match the Beijing-east after the mobile electric business (payment) field.

Along the lines, we can keep an eye on the central bank, once made the reality of feedback: During the two sessions, internet finance also in the "2014 Government work Report" widely discussed, central bank governor Zhou Xiaochuan clearly said the balance treasure and other financial products will not be banned, but to encourage and support this innovation, but also need to improve interdepartmental coordination and supervision.

It doesn't count whether the central bank speaks. It does not understand that the beginning is good news, why they let themselves into the "oolong": The reason is that the central bank's so-called "departmental supervision", it is difficult to connect the Internet finance can present the geometrical, iterative, multiplier effect.

Central Bank: The feast has not changed the bitter feast

Whether it is information, technology or market awareness level of asymmetry, the central bank issued a draft of the request for comments, are actually made people laugh and cry: It is proposed to require individuals to pay account transfer a single pen does not exceed 1000 yuan, the annual cumulative can not exceed 10,000 yuan. Individual single pen consumption shall not exceed 5000 yuan, the cumulative monthly can not exceed 10,000 yuan.

Whether the central bank is in conflict with the Banking Act I am not interested personally, nor dare to delve into it; at least, it is certain that there is a conflict between the established strategy of expanding domestic demand with the state: it is related to investment demand and consumption demand, only in this amount of units, in today's level of current domestic electric business demand and consumer demand, it is more difficult to meet Asymmetric。

Since it is an opinion request, the central bank will naturally adjust and change the market demand of the real available data. Gathered together, it was the internet finance, perhaps according to the concise point: The central bank does not need to fear is, the interest rate marketization, is still the electronic Commerce tool extension in essence, because it is convenient to cater for, optimizes, gradually only then has the financial attribute; The central bank may be wary because it is difficult to read two-dimensional codes, The frontier innovation of "out of the first definition", such as virtual credit cards, led the central bank to halt.

May be available for less obvious retrogression, open market Conclusion: Internet finance, the feast has not become a bitter feast, the central bank needs to be mature enterprises and market demand, must be more convenient assurance; On the other hand, the storm is far from being suppressed by the central bank, but by its current security. Lack of support from the overall market.

In brief, the central bank, and the Internet financial story, is a metaphysical analogy: even back to the slash and burn of the age, when parents do not understand the child, will only know Hu Dozen, the workshop people, will not easily for the tools of frustration, only for hungry cry.

The conclusion is always the old saying, the hope that the market brings to us is that we always expect change to happen.

Author Introduction: Sue One, technology brand critic. Public micro-letter, Sohu client search author name.