Internet finance: The inclination of scales depends on their position.

Breaking the shackles of the millennium's traditional business empire, the two-year-old internet finance has not been kidnapped in the instant of a nap at a traditional commercial financial institution. This means that, after nearly two years of rapid growth, internet finance is beginning to be incorporated into China's financial system and regulatory framework.

Behind the different viewpoints is the entanglement of the interests of all parties. Like "Balance Treasure", in the provision of High-yield wealth management products for savers, promote money market funds development at the same time, brought the commercial bank debt cost promotion. Here, the user, Alipay, Tianhong Fund, Commercial Bank interest pattern was reorganized. Financial regulators are also faced with the problem of how to regulate and how to coordinate security and innovation.

Respect for market regulation

In the long history, the change of financial system has always been the conflict of interests subject, finally reached a compromise process. Should the development of internet finance be so? Does the artificial imposition of regulation mean that the market has a "self-purification" environment? For the Internet financial supervision, perhaps there is no optimal solution or the ideal system structure, only possible to achieve a game equilibrium, But the premise of this kind of equilibrium is most definitely not the human factor, but the market automatic regulation.

There is no absolute security, there is no absolute risk, the tilt of the scales depends on their respective positions

Internet finance does face a certain degree of regulatory and legal vacuum. The State Council's report on the work of the Government has proposed to promote the sound development of internet finance, improve the coordination mechanism of financial supervision. We see clearly, is to promote the healthy development of internet finance under the premise of improving the regulatory coordination mechanism. But what do they see in the traditional commercial financial institutions? There is no absolute security, there is no absolute risk, the tilt of the scales depends on their respective positions. In order to facilitate understanding of the problem, the famous commentators continue to analyze. The traditional commercial Bank's offline payment mainly take the UnionPay channel, the main application is the 7:2:1 profit-sharing mode. But paying on the internet, bypassing the link of UnionPay, makes the rate lower. At the same time, Alipay and other payment companies in cooperation with the Bank, the adoption of "alliances" method, access to a very low rate. If the two-dimensional code to pay a large number of spread out, and gradually the offline payment conversion into online payment, will be the existing receipts and benefits pattern of a larger impact. The development of two-dimensional code payment may subvert the existing pattern of online receipts, while virtual credit card will impact the credit card business of commercial banks. Traditional commercial banks have achieved a regulatory mechanism to limit the development of Internet finance based on the current unfavourable factors. In other words, you come to play the edge of the ball can also shake my "core economic value" such as smashing the way they are sure to shoot the table.

Internet technology has become the bottleneck of internet finance development?

Analysts in the industry, the traditional banking sector questioned the balance of the treasure through the Group purchase agreement deposit, the depositors of the money to concentrate on the banking system after a circle, turned over to the bank to higher prices. Their queries mainly focus on the following points: One, is not the balance Po pushed up the price of the capital market? Two, the balance treasure has so many users, if you encounter centralized redemption, will there be liquidity risk? Three, whether the balance treasure to consumers fully carried out the risk hint? There is already a positive answer to the traditional commercial Bank's submissive stride. In fact, these risks are all low-level data flow risk, then I have to doubt: whether the Internet technology innovation still determines the Internet financial development model, but also restricts the development direction of internet finance.

Regulatory chains

The guidelines for Internet financial supervision, drafted by the central bank, have already completed two rounds of consultation, according to the basic spirit of the drafting phase of the document, the regulatory layer divides internet finance into five aspects, such as third party payment, Peer-to-peer, public financing, internet finance and Internet insurance based on the business model of domestic internet finance, The principles are stipulated separately. The draft document proposes to uphold the principles of moderate supervision, classified supervision, coordinated supervision and innovation supervision. Peer-to-peer by the CBRC supervision, the Securities and Futures Commission supervision by the SFC, before this, the Third-party payment has been centralized supervision of the People's Bank. The scope of Internet finance is often across multiple regulatory areas, such as the regulation of "balance treasure" involving the central bank and the SFC, which requires regulatory co-ordination.

An analysis, the regulatory agencies still follow the traditional line of supervision thinking to consider the supervision of online payment, ignoring the mobile Internet development background offline and online convergence trend. Mobile Internet large background offline and offline began to integrate. The regulatory body uses open and inclusive Internet thinking to understand the merged new business and to prevent systemic risk with the bottom line thinking. And can not be simply limited to the previous line of the way to hard new business, which is not in line with the trend of development, and can not really manage the risk.

If the traditional commercial financial institutions and the Internet Financial Union, the commercial bank as a woman, you want the bride price is a little too much? If it's true, your constitution is more than three chapters, right? Does the man who cares for him control his "defiant" heart? At the wedding scene, commercial Bank would you like, internet finance willing? Should be the rhythm of the runaway?