The "Intimate exposure" of micro-credit risk is obvious

Partnering with large commercial banks to establish new credit systems or to challenge traditional financial models

Recently, Suning electrical appliances (002024, shares bar) group issued a notice that 300 million yuan to launch the establishment of "Chongqing Suning Microfinance Co., Ltd." (referred to as Suning Small loan company), of which the Hong Kong Suning capital of 225 million yuan, accounting for the total amount of 75%, Suning Electric Appliance Group Capital of 75 million yuan, Accounted for 25% of the total registered capital.

Prior to this, in June 2010, Alibaba, Fosun, Wanxiang, Yintai and other shareholders under the impetus of the Zhejiang Alibaba Micro-loan company was established, registered capital of 600 million yuan, is the country's first fully oriented e-commerce field small micro-enterprise financing needs of microfinance companies, and access to the first E-commerce field of micro-credit company business license. 2011, Chongqing City, Alibaba Small Loans Co., Ltd. was also announced the establishment of a registered capital of 1 billion yuan. Alibaba Group's financial business Plate "Ali Finance" was formally born. November 27, 2012, Jingdong Mall officially released its first financial services products supply chain financial services system, and with the Bank of China (601988, shares) Beijing Branch signed a strategic agreement, the latter pledged to the BoE a hundreds of millions of yuan credit limit to provide the supplier with loan support.

This is also the price war and logistics after the war, E-commerce enterprise giants between the opening of another battlefield.

Similarities and differences of small loan modes of electric quotient

Jingdong's small loan model is to use its own credit as collateral, from the bank to obtain credit, to obtain the credit line of the supplier, in the completion of the east of the delivery, can be reconciled with the BoE, check the correct, the BoE to the Bank directive, the bank will be the amount of money in advance to the supplier settlement. For the date of payment, the capital will be returned to the bank, while the supplier is required to pay the bank's annual interest rate of 7%.

This is a Beijing-east led through the intervention of the bank to improve the supplier turnover rate of the project, is a bank, merchants, manufacturers tripartite win project. Jingdong received sales, suppliers increased the turnover of funds, the bank received interest on loans.

The model is similar to Alibaba's previous model of partnering with banks. May 2007, Alibaba teamed up with CCB to launch credit services, and Alibaba members can apply to CCB for loans by virtue of their trading credit records on their website. Since June 2007, Alibaba and ICBC began to cooperate, for Alibaba and Taobao members to provide loan services. 2009, Ali Micro-credit business split into Alibaba Group, and to this end set up the "Alibaba Finance" division, began the strategic project independent operation.

Suning Electric Group under the purchase of Suning is to take the "super electrical" strategy. Therefore, suning development of supply chain financial services, is conducive to speeding up the open platform to attract more non-electrical suppliers. Suning is also the first to have the line online under the full flow of financial services to the channel business capacity.

and Alibaba Taobao platform of the small merchant model, at this stage of Suning for the merchant and product quality has a more stringent requirements, manufacturers of relatively large scale, which makes it possible in the number of loans may be expanded. If Su ning according to the plan to "super electrical" direction development, the number of agents, small micro-manufacturers increase will make microfinance business development prospects become clearer.

From the source of view, suning small loans and Ali small loans, the same source of funds is not a bank, and jingdong supply chain finance is mainly the financing of banks. The same is, at this stage, the micro-credit of each electric dealer is oriented to the respective platform of the merchant, for small and medium-sized enterprises to provide convenient financing services.

High credit stability of electric dealers

In recent years, the competition in the field of E-commerce has been at a white-hot stage, in the market share has not been fixed, the electric business enterprises will not give up any one to consolidate the existing market position and to seize the market share of the opponent's opportunities.

2012 "Double 11" before, Jingdong Mall and Ali Group under the days of the cat has several outbound competition for suppliers, the demand for businesses "in the" message. The electricity merchant starts to use the financial means service supplier, solves the supplier financing difficulty the question, satisfies the supplier to the fund turnover rate the demand, thus strengthens with the supplier the dependence relations.

In fact, for the moment, whether it is Alibaba finance, suning small loans, or jingdong supply chain finance, is to create a supplier from the supply, sales, financing to the settlement of the closed loop, through the closed loop to the suppliers tightly.

Reporters from the National Development and Reform Commission recently released data learned that China has small and medium-sized enterprises up to more than 42 million, accounting for 99.8% of the total number of enterprises, small and medium-sized enterprises to create the final product and service value equivalent to about 60% of GDP.

However, most of these enterprises face the problem of financing, especially in the last two years, under the macro-control environment of the monetary tightening policy makes the bank loan quota more tense, small and medium-sized enterprises from the bank to obtain loans more difficult. and other investment and financing institutions are inclined to High-tech enterprises such as emerging industries, and private lending has a high cost, high risk characteristics. The most experienced Alibaba, the proportion of its credit users accounted for only 0.3% of the size of the small and medium-sized enterprises, for the electricity business, this is a "blue sea."

Banks are unwilling to develop such business, mainly because the credit of most SMEs is below 1 million, and the credit of small micro enterprises is about thousands of yuan, the loan amount is too low, the credit is more frequent, the credibility is bad, the management cost is too high. Electronic Business enterprise through the Internet Data operation mode, to provide sustainable, GSP-based E-commerce financial services for small and medium-sized micro enterprises and individual entrepreneurs on the platform of Electric commerce, and to provide "small amount, short term, with loan" to these vulnerable groups who cannot obtain loans in traditional financial channels.

Most of the merchants on the platform are engaged in sales or circulation, which is the most stable link in the industrial chain. If the electrical business Credit Service extends to the whole industry chain, through the upstream and downstream industries, coupled with the trend of the small and medium merchants ' electricity, the credit service will become an important profit point of the electric business.

Challenge the traditional financial model

At present, in China, the credit system of individual citizens and enterprises is not perfect, all departments and regions are building credit data system, but because of various complicated reasons, these data are not open to each other, which makes the bank loans have difficulties in the evaluation. Experts said that small and medium-sized enterprises often lack of collateral, real credit loans, credit records and credit evaluation is very difficult, coupled with high human costs, banks are reluctant to engage in small and medium-sized enterprises credit loans.

The most important factor is the cost and risk, and on the electric business platform, the record of transaction and payment is a ready-made platform for evaluating the credit grade, and the electricity trader solves these two problems just by collecting and integrating the data. Under this financial model, both sides of the fund supply and demand direct transaction, to achieve the same as the capital market direct financing and bank indirect financing the same resource allocation efficiency, significantly reduce transaction costs.

The expert said that at present, the micro-credit business and large commercial banks can still complement the credit business, but for the small and medium-sized banks committed to micro-credit business is a small challenge. In the future, it is possible to reconstruct a financial credit system and impact the existing bank credit system.

However, the risk of electricity business credit is obvious, there is no mortgage guarantee, no credit binding, the risk can not be compensated, resulting in large losses. In view of this kind of financial risk, the electric trader already began to develop and perfect the risk control mechanism. Alibaba, for example, has created a more sophisticated risk-control system strictly follow from the pre-loan, loan and loan, multi-level risk early warning, the use of data collection and model analysis, analysis of SME accumulated credit and behavior data on the platform, the repayment capacity of enterprises and repayment will be accurate assessment, And through the combination of credit monitoring and network stores, account closed the way to improve customer default costs.

Industry experts say that the biggest obstacle to the development of micro-credit is the current financial system. The small loan business of the electric dealer has the nature of the microfinance company, which decides that it cannot be deposit and can only make loans through the registered capital, although it can finance the same trade, but it cannot exceed twice times of its registered capital according to the regulations. At the same time, the micro-loan business is also subject to geographical constraints. In 2008, the CBRC and the central bank issued a joint "guidance on microfinance companies pilot" provisions, only in the "Province (district, city) within the county area to carry out the establishment of micro-loan company pilot." Since then, various provinces and cities have issued a small loan company management measures, are also in reference to the above provisions. Experts remind, the electric business platform set up the small loan Company's service object is to the nationwide small and medium-sized micro-enterprise suppliers, if not trans-regional operations, its credit business will inevitably be affected. (Trainee journalist Zhu Yongkang)