May Net loan platform interest rate is 19.6%, the chain April drops 60 basis points

Absrtact: May Net loan platform interest rate is 19.6%, the chain April drops 60 basis points. That is to say, in some usury platform, the investor's income and the risk is not equal: the interest income is only 20%, but has to undertake the 40%, 50% borrowing cost the risk to bring the Beijing one is called the net Jinbao

May the net loan platform interest rate is 19.6%, the chain April drops 60 basis points. In other words, in some "usury" platform, investors are not the same income and risk: interest income is only 20%, but to bear the 40% and 50% of the risk of borrowing costs

Beijing, a network of the net-Jinbao Peer-to-peer Network loan platform boss, once again sounded peer-to-peer industry alarm.

NET Jinbao in the online still less than 4 months after the "deserted", hundreds of investors suffered losses, the initial statistical loss amount has been 20 million yuan.

A number of industry insiders told the International finance daily that more formal peer-to-peer platforms are calling for greater regulation. At present, the CBRC has been leading the study of Peer-to-peer industry regulatory rules, strict supervision will make peer-to-peer industry reshuffle, is expected to 2015 90% Peer-to-peer platform will be eliminated.

The incident of the Getaway

Wu (alias) has always been a supporter of network finance, with a certain experience, he found that the new Peer-to-peer platform will generally launch High-yield projects to attract investors, of course, he also know that Peer-to-peer site authenticity difficult to distinguish, mixed.

May 4, 2014, Wu at home to browse the Web page to find financial products, found this is called the network of the net Money financial platform, for Beijing Majestic Everbright Investment Management Co., Ltd. operation. In order to verify the authenticity of the site, Wu conducted a large number of inquiries. He found that the net Jinbao was included in Baidu, 360, Sogou and other sites of the entry, and Sogou site is on its website to hang the certification mark.

In addition, the website was certified by a third-party organization such as the "Security alliance" and authenticated as a trusted Web site by the network. This gives Wu a preliminary trust in the site.

Wu told the International Financial news Reporter: "Really let me make up my mind to invest is the net Jinbao website claims to cooperate with the central bank, online also hangs the net Jinbao and the central bank contract news and picture." ”

Reporter according to Wu provided Network Jinbao website screen data found, the platform page reads "The model of central bank regulation wind control-the first Internet investment pilot unit, capital Security, industry first, bank-level" and so on, and said that "the repayment record of all the projects will be the source of data of the PBC Credit Center, At the same time, all investment users will be funded by the PBC Beijing branch of the full authority.

But in fact, the central bank's branches are regulators and it is impossible to regulate funds.

The Wu invested in the unknown, the first attraction Wu project is Jiangsu Prefecture-level One highway project, the project investment period is 6 months, the investment income is as high as 17%, moreover because the platform is in the promotion period, the investor can also obtain 3% to 5% return point, calculates this project the annual return rate can reach 20%. "Peer-to-peer platforms are 15% years old, but 20% are still relatively small." So Wu invested 30,000 yuan.

"In the course of the investment process, the project was very small, and a total of 10 million yuan items were broken down into 3 to 5, which the customer service staff introduced to diversify the investment risk." In addition, the website also publicized the guarantee contract, the maximum guarantee letter contract samples, feel very professional. "Wu said.

Since then Wu also fancy a brewery project, invested 20,000 yuan.

May 27, 28th, net Jinbao website to launch 10,000 yuan to win the jackpot, bonuses at least 88 yuan, up to 10000 yuan activities. Wu Recharge 10,000 yuan, really return cash 109 yuan, Wu immediately, so he assured recharge, a total of additional 5 recharge 50,000 yuan, received return 2700 yuan.

However, soon after, Wu found the anomaly.

On June 4, 2014, around 18 o'clock in the evening, Wu in the network Jinbao site found that the site has not opened, "a search on the internet to find a lot of the same situation, I realized that may be cheated." The platform in May also draw activities, is to catch a vote after the run, it is clear that the main purpose of the platform is to cheat money. "Wu said. From May 7, 2014 to May 28, Wu has purchased a total of 103,000 yuan of financial products with salary and savings

"International Financial newspaper" reporter also tried to open the net Jinbao website, Baidu and Sogou are displayed, did not find the URL.

Wu access to the Ministry of Industry and Information technology ICPIP address domain name information filed files found that the network Jinbao organizer for the Beijing Grand Everbright Investment Management Co., Ltd., and through the inquiry to return cash account found that the account of the money to the investors belong to a person named Wang Xhaoqing, and in the 58 city site, Beijing Majestic Everbright Investment Management Co., Ltd. the contact person column in the company information is the name Wang Xhaoqing. But Beijing Grand Everbright Investment Management Co., Ltd. in charge of Xiong to Wu said that the net Jinbao and the company a little relationship, the company last month found that a series of fraud has been reported.

NET Jinbao also declared with Hubei Zhongzhou Investment Guarantee Co., Ltd. to jointly guarantee the principal and interest of investors. However, Hubei Zhongzhou Investment Guarantee Co., Ltd. on the official website has been linked to the statement, said that it has nothing to do with the net Jinbao, the network Jinbao website published in the documents involved in the company's official seal and legal representative signatures are forged.

Reporter learned that at present, more than 200 investors have formed a network of Jinbao rights group, the amount of deception involved has been tens of millions of, some investors have reported to the police.

Forced regulation

NET Jinbao is not the first Chuxian Peer-to-peer platform, is not the last one.

According to the latest monitoring data of the net loan house, May 2014, our country added 29 Peer-to-peer network loan platform, at the same time, 8 platforms run or shut down during the month. Data also shows that this January-May, the National new Network loan Platform 220, and this year, there have been 45 Peer-to-peer platform to run.

An industry personage said to the Reporter: "peer-to-peer industry almost no threshold, some platform only spend 100,000 yuan to do a set of websites, supporting some software, opened." There is no wind control experience, there is no money planning, and ultimately not because of mismanagement is due to the failure of funds to do. Now every day there is a platform on the line, but a large part of less than half a year will not adhere to, and some platform even the beginning of the line is a scam. "Market participants expect more serious" runaway surges in the second half of the year.

Zhang, CEO of Pat, said in an interview with the International Finance newspaper: "The constant running and closing of a peer-to-peer platform is bound to bring stricter regulatory measures to the regulatory level." ”

May 22, the CBRC convened including Lu Jin, everyone loans, Red Ridge venture, Pat Credit, open Xin Loan, Yi Xin, favorable network, point Rong Net, wing long loan and other domestic well-known Peer-to-peer platform, and some banks and Third-party payment agencies held a symposium on the industry Access threshold, investor protection, funds supervision and other issues for advice. May 25, including the Banking Regulatory Commission, the central bank and other regulators to convene a peer-to-peer mechanism to conduct a mapping of the industry.

Cao Shu, an associate professor at the Sufe Institute of Finance, said in an interview with the International financial newspaper: "Peer-to-peer network lending is the use of the Internet for credit industry, should be supervised by the CBRC." ”

The operation also proves that the CBRC is studying peer-to-peer industry regulations and that peer-to-peer industry regulatory policy discussions have entered a critical period.

"The value of Peer-to-peer lies in direct integration and settlement separation, but the sustainability platform cannot touch the regulatory red line, such as the pool of funds," analyst Kim Enting of the research center in Chiang Ching-Ke said in an interview with the International financial newspaper. ”

This meeting of the CBRC to reach some consensus in the industry, the most important thing is that the CBRC will set four red lines for the industry: one is to clarify the intermediary nature of Peer-to-peer platform; Second, the platform itself should not provide security, the third is not to set up a pool of funds;

Pat Loan CEO Zhang in an interview with the International Financial newspaper, said: "The CBRC proposed four red line is actually a threshold standard, peer-to-peer must return to the essence of information intermediary, means that Peer-to-peer plays the role of information matchmaking." Can not engage in capital pool, the so-called pool of funds is a peer-to-peer platform to a fixed return to the investor's funds in, and then put out, phased in the time of the funds stranded in the platform. ”

At present, the CBRC regulatory framework has been basically shaped, including the positioning, access thresholds and funds custody and other aspects of supervision, but there are many details to be explored.

If the CBRC to the Peer-to-peer platform for the implementation of registration system or licensing system is still under study. The registration system is regarded as the means of marketization, and there are many drawbacks in the licensing system, but the effect of supervision is immediate. If a licence system is adopted, the Peer-to-peer platform will be pushed to a financial institution such as a small loan company, with strict supervision.

Although there is news that Peer-to-peer industry management rules will be issued at the end of June, but most industry insiders said that the regulatory layer by the end of June to complete research, the release of the draft time is tight, the end of the introduction of the rules are more likely to come out.

In addition, many Peer-to-peer platform is responsible for the establishment of Peer-to-peer trade association is imperative, and in time will be more than the regulation of the release of faster, after the establishment of the association, will be the form of industry self-discipline, Peer-to-peer platform in the fund trusteeship, information disclosure requirements.

Knockout start

2014 Peer-to-peer industry will be expected to break out of the regulatory vacuum, but the establishment of a regulatory regime will impact on the existing industry structure, the regulation at the end of the year will mean that the 2015 is a peer-to-peer industry reshuffle of the years. 2015, the industry is expected to survive the Peer-to-peer platform will only be 10%, that is, 100 to 200 or so, or even under 100.

Pat Loan CEO Zhang to the international financial news reporter pointed out that the next 95% of Peer-to-peer companies will be "dead", 70% will be under the supervision of the illegal exit, 20% will be eliminated because of its own mechanism.

From the point of view, the current information intermediary to do a few peer-to-peer platform, in terms of capital regulation, about 80% of the platform's funds are "self-insured" and the third payment company trusteeship, perhaps only a few platforms can be changed to the direction of bank custody funds, the platform will not be changed after the regulation was promulgated by the violation of the elimination of the Rules.

And with the threshold of clarity, now spend tens of thousands of yuan to buy a peer-to-peer network Loan website system can operate the phenomenon no longer exist.

With the tightening of regulation, polarization will be more obvious, the tide of escape and collapse, market funds will converge on the mainstream platform, 2015 years later, if not in the form of a major innovation platform, first into the platform I am afraid it is difficult to divide the big cake.

What platform would be more advantageous?

Cao Shu, an associate professor at the Sufe Institute of Finance, said in an interview with the International financial newspaper: "A lot of peer-to-peer platforms just let the financing side find the investors, matching success, but Peer-to-peer do is credit, credit is the core of the screening of credit, which only a small number of platforms can do." ”

Most peer-to-peer platforms are actually a good balance between the online Peer-to-peer nature and the offline traditional credit collection. For example, the source of funds on the line, and the project is from the line, the reason is that many Peer-to-peer platform is under the line of small loans, guarantees, financing companies set up, itself has a relatively substantial experience of the line downwind control.

Cao Shu pointed out: "The establishment of wind control system, will certainly increase the Peer-to-peer network loan industry's total cost, how these costs digest, cannot simply let the cost pass on to the financing side, otherwise the small enterprise undertakes the more and more high cost, will not be advantageous to their operation production, in the economic downward background even appears the systemic risk. The rising cost will test the line under the network with the model of the operating capacity of the net loan platform. ”

Zhang that in the future market competition process, the price must go down, through the user bear high cost to achieve business development platform will face more and more serious cost control problem.

Not only to save the cost of wind control, but also to "eliminate" the risk of investors worry, many peer-to-peer companies introduced a guarantee mechanism. For example, Ping An group's Lu Jin, not only has ping an financing guarantee (Tianjin) limited to provide security, but also the use of Ping ' an group of credit. This is the biggest difference between Lu Jin and other peer-to-peer platforms.

But there are limitations to the security mechanism, on the one hand, because the policy already has a clear red line, especially the guarantee, the state has regulatory requirements for financing guarantee companies: the first must be approved by the financing of the guarantee company only qualified to do the guarantee, the second must accept the supervision of capital, the CBRC and other ministries have jointly formulated the Interim measures for the management of financing guarantee companies, the financing guarantee Company's financial security liability balance shall not exceed 10 times times of its net assets. The maximum lever of guarantee is 10 times times. 10 million of registered capital can only do 100 million of the business.

Tianjin Trade and Industry Bureau registration information shows that the Lu Jin to provide security services point of the Ping an financing guarantee (Tianjin) limited registered capital of 200 million yuan, and its guarantee business has been more than 10 times times leverage requirements.

June 6, in the eighth session of Tianjin Finance Fair, Lu Jin Chairman Jiqu said that the next six months Lu Jin will gradually reduce the guarantee business, will be in the Peer-to-peer Network loan platform to introduce a rating model.

Another mode is only to do online, the financing side of the investors are from the line, the platform loan a small amount of money, which is also conducive to wind control and small recovery, the cost of default is lower. This kind of platform learns the foreign peer-to-peer business model, but needs the social, the electric quotient, the search and so on the service as the foundation which the advance data accumulates.

The imperfect credit system, the lack of the third party system, the isolation of isolated islands between the systems, the lack of retrospective social credit, and the fact that it is very difficult to carry out a full online peer-to-peer business in China.

"This model is the ideal Peer-to-peer network loan model, it is the innovation of traditional finance under the advantage of low cost and high efficiency of Internet, but the Peer-to-peer platform that relies solely on data processing to realize risk control ability, unless it can obtain extremely broad data source and personal credit information, and very powerful credit analysis tool, Otherwise it is difficult to carry out the online peer-to-peer business without any guarantee. This model is more successful is Ali small loans, Ali Microfinance is Ali Financial for Alibaba members to provide a pure credit products, Alibaba this business-to-business online trading market has collected about the user's business transaction data, based on these data can also conduct behavioral model analysis, the foundation is solid. Other platforms to do online, but also have a long time to accumulate data. "Therefore, the Cao Shu will stand out in the future competition." ”

"From the perspective of VCs, the future sustainable development platform has its own characteristics," Kim Enting, an analyst at the research Center in Chiang Ching-feng, said in an interview with the International finance daily. Backed by banks and insurance, the market is more bullish. In addition, Peer-to-peer enterprises that have their own credit system or can borrow large third-party regulatory platform information will be able to compete sustainably. ”

And Zhang insists: "Peer-to-peer businesses that only use offline business to gain access to customers will have increased operating costs, and technology to drive rather than mass labor is a peer-to-peer future." ”