Personal credit system turns internet finance into honest finance

At the beginning of the new Year of 2015, the People's Bank of China issued the "notice on the preparation of personal credit service," and asked Sesame Credit Management Co., Ltd., Tencent, and other eight institutions to prepare for personal credit service, preparing for six months. This means that the 8 institutions will become the first commercial credit agencies in our country. This is a substantial step forward in our country's efforts to nurture social credit institutions. It is the implementation of the Party Central Committee, the State Council on the promotion of Social Credit system, the establishment of a sound social information system, such as a series of important measures, for standardizing the development of credit market, service entity economy has a positive significance.

There is a great gap in the construction of personal credit in China. The "Regular Army" that provides personal credit service is only the central bank Credit Center and its affiliated Shanghai credit company. Their credit mechanism is built on the basis of online acquisition, that is to say, through financial institutions such as banks, to collect and register information resources through financial activities such as credit and trustworthiness, credit card overdraft and so on. However, this kind of personal credit service can not meet the needs of the development of China's economic marketization, and can not meet the needs of the construction of social credibility system. Among them, the most obvious performance is that in recent years in China's rapid development of the Internet financial industry, because of the lack of social credit system to support, so that the entire industry's credibility system can not be flattering, and become an important factor restricting the development of the industry.

NET loan home recently released "China Peer-to-peer Network loan Industry 2014 Operation Bulletin" undoubtedly provides a window for people to understand peer-to-peer industry credit problems. "The briefing" shows that as of the end of 2014, the domestic Peer-to-peer platform has reached 1575, up 96.88% from 2013, but the problem platform is soaring, the whole year problem platform reached 275, is 2013 76 problem platform 3.6 times times. An average of about 6 peer-to-peer platforms is a problem platform. The problem platform is surprisingly high. The biggest problem with the problem platform is fraud and running. Some Peer-to-peer platform itself is to circle the money for the purpose, generally to high interest, short-term standard attract investors, issued a large number of false mark, absorbing funds to flee. And in these escape platforms, not only the amount of money involved in the investment of 460 million yuan, there are only one day of operation fraud 100,000, 200,000 Yuan Yuan a venture, Kam Rong Chong investment platform. The credit of the entire peer-to-peer industry has hurt the freezing point of these runaway platforms. Internet finance is thus almost reduced to a synonym for "non-credit finance".

Because of this, it is of great significance for the development of Internet finance to cultivate the Social Credit institution and to establish and perfect the personal credit system. It is not only expected to make internet finance farewell to "non-credit finance", but also conducive to the internet finance to reshape the credibility of the variety, so that internet finance towards the "good faith finance" goal. Specifically, the implications are at least three points.

The first is conducive to the platform side of the credibility of construction. With the improvement of the Social credit system and the sound of personal information, the management Department of the Internet Financial industry can set the threshold for the establishment of the platform or the personal credit of the manager. For example, a person who has a tainted record on a personal letter cannot be the platform's start-up and manager. And for the platform, the platform operators and managers of the credibility of the publicity, to warn investors have a personal credit mark the platform of the potential risk of investment. It can be said with certainty that the adoption of this measure can completely expel a party with a tainted credit from the Internet financial industry. Or simply directly stipulates that a party with a tainted credit may not be engaged in the Internet financial industry. In this way, not only the parties with a tainted letter can not set up a platform to deceive investors, but also the party without a stain, should be wary of the problem of running away, because such a run will become his life's credit record, will make it no longer in the Internet financial industry foothold.

Secondly, it is advantageous to the innovation and development of platform business. As last February, Jingdong Mall launched a personal consumer loan for the "Beijing-East White" business, through the consumer's credit assessment, white-line users can obtain a maximum of 15000 yuan credit line, in Jingdong to buy goods. This is the first Chinese Internet finance for individual users of the credit payment products, but also means that the Beijing-East officially involved in consumer internet finance business. This "Jing Dong White Stripes" is actually a kind of credit consumption, if there is a sound personal credit system to escort, then this credit consumption can be further expanded.

In addition, the establishment of the personal credit system has a positive significance for the development of Internet finance standard. The content of personal credit is actually very extensive. It includes personal identity as well as personal information that reflects personal family, occupation and so on, personal credit information formed by personal relationship with financial institution or Housing Provident Fund Management Center and other institutions, personal purchase and payment information formed by personal credit relationship with commercial organization and utility service organization Other information relating to personal credit. And from the foreign situation, as the customer requirements improve, personal credit system data is not limited to the traditional operations such as the credibility of the category, the focus is gradually transferred to provide comprehensive social data services in the field of business. Personal Credit System contains a wide range of accurate consumer information, can solve the lack of information on the customer's corporate marketing constraints, to help enterprises in the most efficient and most economical way to reach their target customers. This is obviously crucial to the development of the Internet financial industry.

For example, December 18 last year, in order to standardize the stock-raising business, the Securities Industry Association issued the "Private equity public financing management measures" to investors put forward the adaptability of management requirements. For example, the net assets of the unit investors are not less than 10 million yuan, the financial assets of individuals are not less than 3 million yuan or the average annual income of the last three years is not less than 500,000 RMB. The financial assets here include bank deposits, stocks, bonds, fund shares, asset management plans, banking products, trust programs, insurance products, futures rights, etc. If the personal credit system is perfect, the platform will easily find its target customers. But in the absence of a personal credit system, the platform can only be a needle in the haystack.

Source: Gold Rating Media

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