Peer-to-peer Test water O2O price war and reverse forcing platform transformation

Author: Guo Jianhang

Although the CBRC's director of innovation and Supervision Wang recently openly put forward a peer-to-peer industry ten regulatory Principles, the April this year, the CBRC also identified the industry's four red lines, but the peer-to-peer is still in the regulatory vacuum zone.

At the same time, the issue of homogeneity of various platform projects is becoming more and more prominent. What's more, the same project publishes financing information on multiple peer-to-peer platforms after a "makeover". In this case, a number of platforms have to cut interest rate response. In addition to the initiative to cut interest rates, many platforms are exploring new models to enhance the industry's core competitiveness, and thus avoid price war competition.

Recently, the Silver Passenger network and the group's jewelry town Management signed a strategic cooperation agreement, will be targeted at the jewelry small town merchants financing demand for the development of online borrowing projects, while promoting the financing side and investors online docking. Public data show that the silver Passenger network to create a line from the line to the offline model is the domestic Internet financial industry P2P+O2O the first landing mode.

"Financial transactions in Internet finance are the content of Internet finance, and when this content is free, the company must rely on additional things to support it," said Lin Emmin, president of the Bank, "which is an effective channel for avoiding price wars through peer-to-peer services." ”

But there are also the industry's third party organizations disagree, "Peer-to-peer core value is to solve the financing needs of the financial side, the rest of the additional services are based on the financing needs." "According to the net Loan Home platform comprehensive rating display, silver passenger net September Comprehensive index ranked 32nd, among them in volume 25th, financing ability in general, has not yet entered the Peer-to-peer industry first echelon."

Silver Guest net Test water P2P+O2O

Recently, a number of financial institutions, listed companies, large state-owned enterprises have begun to dabble in Peer-to-peer, the influx of institutions has intensified peer-to-peer industry competition.

According to the latest data of the net loan home, the September new on-line platform 103, the industry operation platform reached 1438, the chain growth rate of 5.96%. With the new platform on the line is the volume growth rate and the decline in earnings, September net loan trade volume amounted to 25.728 billion yuan, August growth of 8.71%, less than August volume growth rate of 9.2%, net loan trade volume showed a certain degree of growth weakness. The composite yield fell to 17.14% in September, down 0.32% in August.

It is noteworthy that in September, the mainstream comprehensive yield of net-loan industry is in the 15%~20%, accounting for a total of 30.07%, and more than 30% of the number of platforms accounted for only 22.92%.

In addition to squeezing investors ' earnings, Peer-to-peer platform's own profit space is also squeezed, a peer-to-peer Third-party rating agencies said, "Internet finance is not subject to geographical constraints, whether the financing side or investors can use the Internet to butt multiple platforms, the previous occurrence in the trust and other institutions competing for the same project phenomenon began to appear." ”

Lin Emmin that the current Peer-to-peer industry homogeneous competition is serious, many enterprises blindly copied, did not form the core competitiveness, which hindered the development of industry innovation to a certain extent. The competition between the future Peer-to-peer platforms is not only the scale but also the pattern.

Lin Emmin said, the silver net wants to build the O2O line under the jewelry small town related project has completed the transaction scale is about 30 million yuan, altogether involves 15 financing merchant, involves the investor about 3000 people. Lin Emmin introduced, "The current related projects in the size of the silver passenger network accounted for nearly one-tenth, although the current account is not high, but the future will adjust the proportion of projects, expected to scale in the size of the silver passenger network accounted for more than 60%." ”

For silver Guest NET "P2P+O2O" mode, Lin Emmin to jewelry small town For example explain, here merchants have borrowing demand, small town under the Sea China Group also want to be promoted, willing to provide security for merchants. and the silver passenger net has the corresponding investment channel, and may reduce the borrowing interest suitably. The merchant will then take out some of the lower borrowing interest to provide the local tourism services, while the investors in the process of tourism and inspection of the merchant also can again consume (jewellery, etc.) and bring the transaction to the merchant.

According to the reporter understand, at present, silver Passenger network for investor security risk isolation, mainly through the financing of goods mortgage merchants to achieve, mortgage rate in 50%, at the same time with the CNOOC group's small loan cooperation, signed repurchase agreement, financing merchants appear repayment problem, the Sea China Small loan is responsible for repurchase debt.

In fact, according to the public information of the silver network, investors in the jewelry town related project income of 14.5%, the financing side cost of about 18%, the loan period of six months to one year. In this case, the silver Passenger network in the project to obtain the intermediary management fee of less than 3%, far below the industry average level. In this respect, Lin Emmin said, "We are profiting from the value-added services provided in the future." ”

"This is an eco-chain that attracts some people through finance to form a cyclical business closure." Lin Emmin explained that in the process, merchants not only borrowed money, but also ushered in customers, can do more business, investors not only get low risk, high return on capital returns, but also access to travel opportunities and to meet the cost of cost-effective consumer demand, and the silver Passenger network will be offline carriers for future value-added services to prepare.

Price war is hard to endure

Huang, director of the Financial Law Institute of the Central University of Finance and Economics, told reporters that the current Peer-to-peer platform has four models, in the Peer-to-peer industry at the beginning of the development is the point on the line, personal model, the platform in which does not provide security measures and so on, is still sticking to a pat loan platform And then develop a peer-to-peer platform online to provide security or some additional credit measures in the middle of personal transactions, when the project defaults, the platform to provide advance or through the guarantee to protect investors, the current number of platforms have adopted this model; the third is O2O mode, Investors and financiers complete transactions online, before trading, Peer-to-peer platform to conduct due diligence online, because the current credit system is not sound, this model is based on China's national conditions for improvement and innovation, wing-lung loan is one of the earlier platform; In addition, there is a capital pool model, which is a higher risk, is actually a pseudo peer-to-peer , there are also some Peer-to-peer platform to do. At present the industry is mainly these several mainstream models, in addition to some models are not based on Internet technology online transactions can not even be fake peer-to-peer.

Li Eijun, deputy director of the Financial Law Research Center of CESL, believes that the model of silver passenger network has the characteristics of industry, and the industry to protect investors ' rights and interests and the security of funds, this model tries to meet the state regulatory authorities for the industry to guarantee the development of the concept. Silver passenger NET will fixed the fixed area of industry and peer-to-peer industry grafting to protect investors fund security, the industry to provide financial support for the development of the real economy to provide support.

The Peer-to-peer industry, the third party, said that the future development of silver passenger network will be out of the Peer-to-peer platform source, the future is similar to provide offline services and solve online financing needs of internet companies.

There are also doubts in the industry that this model provides value-added services to the financing side, but for investors, how to attract investors will be a difficult problem in front of the silver Passenger network as the platform increases.

In fact, the second echelon of the Peer-to-peer platform is a question: what is the future direction of development.

Lin Emmin on the blunt, silver passenger network future development will not be completely peer-to-peer platform oriented direction.

However, the industry has different views on how to avoid the problem of homogeneous competition and price war. Fireball Network CEO Mengqingbiao that when the product homogenization will lead to price war, effective solutions are mainly three kinds: to avoid direct project competition, in the vertical industry plowing, through the backing of high credibility of the financial institutions to improve the trust of the product investors.

Many people in the industry said that for Peer-to-peer platform itself, if not out of this industry, in the vertical area plowing is a better solution.

Sino-Swiss Wealth CEO Zhang that the future Peer-to-peer platform to avoid price war key points or to integrate into the industry, and industry, in the vertical field plowing will retain their core competitiveness.

Zhang further explained that only in the platform to provide the product homogeneity of the situation will appear price war, a number of platforms are competing for the same quality assets, the point of competition in the price, because the Internet financial services provided by the difference is not obvious. If the platform can grasp its own high-quality assets, the establishment of barriers can avoid the impact of price war. She illustrates that at present the Peer-to-peer is competing for business or personal business loans, if you do the coal commodity supply chain finance, the coal supplier's receivables creditor's Rights cushion fund This high-quality project, the competitor is very few, simultaneously in this vertical profession thorough understanding, the Peer-to-peer platform to the industry chain understanding controls the strength, will create industry barriers, other platforms for the operation of the industry, the return cycle, risk points and other issues do not understand difficult to enter. In addition, several industry insiders said that at present, most online peer-to-peer platform has not yet realized profitability, price war needs platform funding support, most platforms are currently difficult on the basis of the current price war.