P2P a variety of letter mode or co-exist

Each journalist Zhu Dandan came from Beijing

Since the beginning of this year, along with the continuous occurrence of P2P platform running and collapse events and gradual clarity of industry regulation ideas, the network loan platform "to guarantee" the voices are rising.

Recently, Yan Qingmin, vice chairman of the China Banking Regulatory Commission, pointed out at the "2014 Shanghai New Financial Annual Meeting and Internet Finance Bund Summit" that the P2P platform can not be a capital pool in the future, nor can it go to any guarantee company and turn it into a new collective society organization.

According to a number of industry insiders, in order to attract investors, most of the online loan platform guarantees the investors' financial commitment of principal and interest, leading P2P to evolve into a "shadow bank" from the original brokered transaction. The profit model is also driven by the original service without risk Income, into a risky guarantee income. At the same time, the P2P platform itself is high-risk. If the rigid payment is made on this basis, it will increase the financing cost of the enterprise and hurt the entire financial system. In view of this, P2P to guarantee or for the general trend, many platforms have to test the water.

According to "Daily Economic News" reporter understands, Lu Jin, you and I loan a number of P2P platforms have already begun to "guarantee." In this voice, some P2P platforms also began to jointly insurers to increase credit.

In this regard, a number of P2P industry pointed out that the advantages of the introduction of insurance companies is to invest a layer of strong protection, effectively reduce the risk of investors, but the introduction of insurance is only one of the means of risk hedging, and can not completely replace the security company Role, the future must be a variety of ways to guarantee the coexistence of credit.

"To guarantee" the call goes high

"In order to diversify risk and win the trust of investors, most P2P platforms have introduced a guarantee mechanism to cooperate with domestic guarantee companies that have financial licenses. The specific mode is that the guarantee company recommends the loan enterprise project to the online loan platform to provide guarantee and post-loan management , Assume 100% joint and several liability and guarantee, the borrower enterprise needs to provide the security company with the full value of fixed assets as a counter-guarantee.If there is any problem in the project, the guarantor will pay first and then recover the funds. "Huiji Financial CEO Hui Yi Introduction said.

However, it also said, "P2P itself is high-risk, on the basis of this rigid payment is unreasonable, so that the cost of financing increased, the entire financial system also had a great harm at the same time, the security company The risk is getting higher and higher, the income is getting more and more mismatched with the 3% guarantee fee income and the deposit is not enough to bear 100% of the risk.On the face of a large area of ​​the financial chain rupture, the security company will bankruptcy.Therefore, P2P platform needs a more reasonable risk hedging structure, with guarantee system can not hedge P2P own risk, but will exacerbate the risk.

In fact, the constant propaganda of regulators is also pushing the platform to "guarantee."

As early as April of this year, Liu Zhangjun, director of the office of the Inter-ministerial Joint Conference on Handling Illegal Fund-Raising, provided a "four red lines". One of them is that P2P regulation must not provide a guarantee for the platform itself. Recently, Wang Yanxiu, director of innovation department of China Banking Regulatory Commission, also pointed out clearly that in order to ensure the safety of investors' funds, the P2P platform can not guarantee itself, nor can it promise to repay the loan principal and take no credit risk or liquidity risk.

Ping Ma Mingzhe, chairman of Ping An recently announced at the shareholders meeting to gradually cancel the security of Lu Jin. He said: "Now we plan to gradually withdraw the guarantee.Lu Jin to establish the risk of assets standards, using five-star, four-star, Samsung marked this way for investors to judge and choose.For traders, will establish a similar credit standard."

"To guarantee" or "to platform security?"

Yang Hao Hao in Anyi investment CEO seems to go to security, or to platform security, which is the crux of the problem.

At present, there are several modes of P2P guarantee system in our country: one is an independent professional third-party financing guarantee agency; the second is that the platform provides guarantee for all projects; and the third is a small loan company, a pawn shop, an individual or even other enterprise guarantees.

From these several ways, independent professional third-party financing guarantee agencies need to charge a lot of security costs, will increase project costs, reduce project returns, objectively dispersed platform profitability.

However, due to the lack of access threshold and the lack of regulatory measures, the platform's self-protection approach is likely to become a means of reducing the difficulty of online fraud and increasing the probability of Ponzi schemes. In addition, due to the limited platform risk identification ability and risk mitigation measures, if the profit is not enough to make up for the loss of risk, it will cause the systematic risk of the platform, resulting in difficulties or even closure of the platform and affecting the investors' rights and interests. Therefore, from the beginning of the net loan, regulators repeatedly proposed to prohibit self-protection platform. The third way due to the guarantee of individuals and businesses without warranty qualification, the financial strength and liquidity of funds can not play a security role, and may eventually disappear.

Beijing Micro-off Technology Co., Ltd., Deputy General Manager Huang Chang, in an interview with the "Daily Economic News" reporter also said that do not misread the regulatory statement, the platform shall not provide security, refers to the platform can only be done in the middle of matching transactions The medium, that is, the company to which the platform belongs, can not guarantee the loan. However, this does not affect the guarantee provided by the external agencies for the loan and the external credit enhancement for the loan. The reason why Lu Jin canceled the guarantee is because the business has developed rapidly and has surpassed China Ping An's guarantee limit.

Huang further analysis, China P2P industry more problems, such as security model, may encounter bankruptcy security companies, etc., the mortgage model may be subject to collateral mortgage issues. However, P2P industry should not be fully guaranteed. In the case of unsound credit information in our country, this is very unrealistic.

Part of the platform to test the water "to guarantee"

"Daily Economic News" reporter noted that recently Ping An Lu Jin's special financial management released a new product, "Rainbow - Tai Yuexi 01A", the expected annualized return rate of 7.7%. Luk Fook's V8 money management platform launched "Rainbow - Poly Chen Rui 01I", the expected annual rate of return of 8.7%. Both products are canceled warranty, a non-guaranteed financial products. In the meantime, you and I have plans to launch unsecured products in the third quarter, completely bringing the risks to the market.

"From regulatory perspective and industry development, it will surely happen in two years, but surely it does not mean that investment will be stamped on, and there will be other hedging measures after the guarantee, helping investors to minimize the risks." Hui Yi pointed out.

In addition, he further pointed out that to guarantee the platform and the security company cooperation will not have a great impact, but other means of risk mitigation to guarantee the joint guarantee company to replace it. In the future, from a regulatory perspective, P2P will be more like a trust, emphasizing "the seller is responsible, the buyer conceited," and more like the U.S. derivatives market or the lending market, under the premise of "buyer's conceit," the market will have Other companies provide services to buyers. Such as buying insurance, after the problem can be credited to the insurance company, according to the scheduled proportion of payment.

Co-rich CEO Sui Anning CEO also pointed out that the net loan platform to guarantee and eventually the formation of "seller responsible, buyer conceited," the pure information intermediary platform is the trend of the times. However, due to the immature credit market in China and especially the imperfect credit information system of borrowers, the platform can only understand the credit conditions of borrowers offline. The ordinary investors are even less aware of this and can only rely on the offline control of the platform . Therefore, platform security has become a matter of course.

In Sui Anning's view, the platform to guarantee, first meet the national regulatory requirements; secondly to help reduce the risk of the platform. Platform security in fact the risk to the platform, once the economy downturn, a large area of ​​default by borrowers, there may be a systemic risk, investors will probably lose everything. At the same time, the platform to guarantee also reduces the moral hazard of the platform, to avoid "self-financing", "capital pool" and other issues, more importantly, to guarantee, investors will focus on the analysis of borrowers to make investment more rational And mature.

Chen Zhongkai, president of Zhonghong United Guarantee Co., also analyzed and pointed out that although the guarantee is a good thing for enterprises and investors, it also virtually diminishes investor's risk awareness and strengthens investors' appeals to third-party guarantees. With the development of P2P industry, the platform to guarantee or become a trend, the platform will no longer provide investors with principal and interest security and legal joint and several liability, security companies and platforms will usher in a new mode of cooperation. Of course, the role of the guarantee company may change in the future due to the large quantity of quality resources held by the guarantee company, from the current joint and several liability guarantee to the one recommended only for non-guarantee.

Risk hedging instruments will be diversified

Recently, the mode of cooperation that insurance companies intervene with third-party guarantee agencies began to receive attention. "Daily Economic News" reporter was informed that in May of this year, Choi Tong-tong and China Life Insurance Beijing branch formally signed a "business cooperation agreement" to start in the insurance, credit insurance and other property insurance in the field of cooperation, which is the domestic For the first time, the traditional peer-to-peer lending platform in internet finance market cooperated with the property and casualty insurance institutions. At the same time, China Life Insurance Beijing Branch intends to cooperate with Credit Suisse in the credit loss insurance business of financial institutions.

Sui Aning believes that the essence of Internet finance is financial, financial control is the core of risk control. Insurance is based on actuarial data, and Internet finance has a large database, both of which share commonalities. Insurance companies working with Internet financial institutions can innovate more products through big data analytics.

Hui Yi also believes that insurance will be P2P one of the means of hedging the future risk, but not all. Can not think that insurance will replace the guarantee company, the means of risk hedging will be diversified and diversified. Future net loan platform products will become a relatively simple structure of claims, you can choose a third-party insurance companies or asset management companies to provide related services, to hedge the risks out.

Huang Chang pointed out that compared with the guarantee, insurance is also a measure of increasing external credit, but it is pessimistic about the insurance model. In the guarantee mode, the guarantee company provided excellent customer resources for P2P enterprises on the one hand, and another layer of risk control assessment on these borrowed customers, finally providing guarantee for the loan projects. However, in cooperation with insurance, insurance companies can only provide credit enhancement services, can not introduce high-quality borrowers resources, and can not provide project risk assessment.

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Sample Analysis First, introduce insurance

P2P insurance platform to protect insurance platform or preservation project controversial

Each journalist Zhu Dandan came from Beijing

To guarantee the high hikes, insurance companies to third-party institutions involved in the model began to receive widespread industry attention.

Daily Economic News reporter recently learned that following the May 2005 Choi Road and China Life Insurance Beijing Branch started in the insurance, credit insurance and other property insurance in the field of cooperation, the number of platforms are intended to start with insurance companies Business Cooperation. Among them, China Life Insurance North Branch intends to carry out financial credit risk loans and credit cooperatives with financial institutions, a total of rich network and insurance companies on the issue of risk protection had negotiated.

However, the P2P platform to introduce insurance companies, whether it is security platform or security project, the industry is not the same view.

Several platforms to introduce insurance companies

Choi Lo-Tong and China Life Insurance Company Limited Beijing Branch of the specific cooperation is: By the insurance company on the road of the core business system, credit rating system and risk control system to conduct a comprehensive assessment, and Choi Road will be insured Borrowers within the scope of information and the basis of risk control approved by the system docking synchronization to the insurance company. Insurance companies on the wealth of P2P platform risk control links throughout the monitoring. When the borrower on the P2P platform overdue repayment situation, the insurance company to verify the information, will pay Choi Road platform.

"In Yixin and China Life Insurance North Branch of the cooperation, by the letter companies, trust companies and insurance companies to provide services to customers three. Yi Xin is a micro-credit trust trust program set by the insurance company under the trust program Borrowers default risk of repayment provide insurance protection services, provide multiple credit enhancement for investors' fund safety, and explore more and deeper cooperation mode with insurance companies. "

Co-op CEO Sui Anning also confirmed to the Daily Economic News reporter that a total of 50 million U.S. dollars have signed a strategic cooperation agreement with state-owned controlled property insurance and reached a strategic cooperation. According to reports, a total of rich network to do Internet supply chain finance, in the business sector can introduce some of the insurance companies, such as auto insurance, real estate insurance.

Talking about the difference between the introduction of the above types of insurance, an industry analysis pointed out that the insurance company and Choi Lo-cooperation is the insurance company's entire platform for the operation of the entire monitoring, participation in business processes, and the specific business targets batches underwriting , Is a large number of probability underwriting. Credit Suisse is also the subject of credit insurance coverage, but each insurance company and the actual cooperation programs are different. Since 2006, Credit Suisse and AVIC Trust have been cooperating with the Trust Company to issue serialized mini loan collective trust plans and raise funds for trust plans from qualified investors. The trust plans are used to issue small loans to natural borrowers. Small, scattered features greatly reduce the investment risk of the trust plan. After the introduction of credit insurance cooperation, an authoritative insurance institution with a third party credibility provides services and investors will be more assured of buying trust products.

In addition, the source introduced CCF's cooperation model as a third-party guarantee agency where the insured person is the borrower and the beneficiary is the platform.

The Yixin personages further pointed out to reporters that the combination of credit insurance and P2P industry is a very new concept. Before the credit guarantee insurance was mainly used in financial institutions such as banks or other large commercial trade exchanges, with the development of P2P industry, internet finance, Big data and other areas of development, but also to the domestic credit insurance breakthrough development has brought unlimited possibilities. However, with the deepening of cooperation, more problems need to be solved, such as establishing a better risk prediction model and developing insurance products that are more suitable for P2P.

Paul platform, or security project?

From the pattern of cooperation between CaiTongTong and insurance companies, it can be seen that its guarantee is the whole platform, while Credit Suisse is itself as the applicant, with CNAC as the insured and the loan loss to the north of China Life Insurance Credit insurance, relatively speaking, belongs to the cooperation in the financial field.

"Platform is the information service intermediary, does not promise the loan principal proceeds, does not assume the credit risk and the liquidity risk, the insurance company safe platform is meaningless, did not have the definite target.Therefore, the platform and the insurance company cooperation is through the data and Experience accumulation, determine the level of risk, set the scientific rate of the product, should protect the project rather than Paul platform. "Sui Anning think.

Anyi investment CEO Yang Hao pointed out that the analysis from the P2C platform, I hope insurance companies Paul platform. However, from an insurance company's point of view, the project should only be insured because different projects have different risks and can not be cut in accordance with the standardized product model. There are also some technical obstacles. If it involves counter-guarantee arrived pledge procedures, then there is no real difference with the guarantee company model, change the course without changing medicine.

According to Yang Hao, compared with P2C, traditional P2P has the relative advantages of cooperation with insurance companies, but on the basis of accumulating big data, the current platform data volume is not enough to support it. In practice, when the project is at risk, the threshold of insurance company claims should be higher than the guarantee company's compensation threshold.

Lu told reporters on the "Daily Economic News" Paul insurance platform or security project, and the P2P platform business model, business model directly determines the transaction structure, for different transaction structure can take different modes, such as making a small credit micro Loan products, P2P platform, the platform can only be insured, otherwise, the insurance company's high operating costs, insurance rates can not be reduced, it does not have operational. And if the operation of P2P platform business is a large loan business, you can insure the project under the circumstances.

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Sample Analysis 2. Completely to guarantee

People's Livelihood Credit: Pledge of financial assets lead the way

Zhang Wei by reporters from Beijing

To guarantee the platform is approaching, in this regard, the recent livelihood of the people just live on the line called a typical case.

Minsheng is easy to livelihood Minsheng e-commerce is its peer-to-peer platform, to the security of the model is: excluding the traditional P2P platform by guarantee companies, insurance companies and other third parties, or the platform itself to provide security, the current platform to launch the project is mainly used Financial instruments such as bills and deposit receipts are used as the risk control model for financing.

Why people's livelihood easy to completely give up security guarantees, insurance and other credit model? How to control its platform? Recently, the "Daily Economic News" reporter interviewed Minsheng e-commerce P2P Division Renhong Wen, general manager of the above questions one by one answer.

A total of two financing projects

According to Ren Hongwen introduction, the platform initially considered and third-party security company cooperation, but most require third-party counter-guarantee, higher financing costs, but efficiency is not high. They also consider working with insurance companies, but after the platform audits the financing side, the insurance company will conduct another review and the expected result is not satisfactory. "In addition, the platform if their own subsidiaries set up to guarantee investors, limited ability, after all, Minsheng e-commerce registered capital of only 3000000000 yuan."

Therefore, people's livelihood easy to implement a platform without guarantee mode. Ren Hongwen believes that the current financial innovation in the field of risk control is still not out of the traditional financial mortgage, secured thinking, in the field of Internet finance, if only the changes in financing, wind control the same means, you can not get sustained and healthy development.

This reporter has learned that people's livelihood loans are currently only two projects implemented, the first project only 190,000 yuan. Financing side for auto parts traders, financing less than 200,000 yuan. The second project, financing amounted to 44 million yuan, the financing side to its legitimate holders of bank certificates of deposit to investors set pledge.

"Notes is a very complicated financial product. There are a lot of bills to be circulated. There will be a long sticky sheet on the back. Some of them are up to a few meters long. Any problems arising in the middle link will require the issuance of instructions. The risk control measures in this respect Mainly in the acceptance of audit and review of the face elements, in this regard, our business experience is relatively rich. "Ren Hongwen said.

Three business models co-exist

It is understood that the Minsheng loan platform will be the implementation of three main modes: the bill, certificates of deposit and other financial assets pledge mode, the analysis of corporate data + cash flow control, supply chain and core business cooperation risk control mode.

According to Ren Hongwen introduction, the first model of the lowest risk factor, the two projects on the line are used in the first mode. The second model through the analysis of business data to achieve business performance in the past summary of the business and future business judgments. In addition, companies are required to have a stable and controllable cash flow, and to effectively control the cash flow. In fact, the future receivables have been pledged. The current business model is mainly suitable for weak cycle industries, such as services, restaurants and so on. It is understood that the platform will be launched in the near future through the risk control mode to complete the project.

The third model is to cooperate with the core enterprises in the supply chain. Through the upstream and downstream relationship among the core enterprises, the platform examines more about the compliance ability and stable cooperation between the financing enterprises and the core manufacturers. This model, in addition to consider the above indicators, the stability of the core business in the industry, competitiveness is also included in the calculation. Cooperate with the core enterprises and jointly control risks without affecting the platform's independent judgment on the risks of the financing enterprises. This business model is still further explored.

"In the future, we will work with more and more affluent companies through platform financing, and financing enterprises will provide financing products to investors for the daily needs of investors. For example, if a catering enterprise finishes financing through the platform, it will provide funds to platform investors Coupons, financing costs are not increased much, but through physical conversion, investors have increased the relative income, and this is our future direction. "Ren Hongwen said.