Xunokin: Internet financial impact can be summed up as nine breakthroughs

The heat of internet finance is increasingly triggering the central bank's attention. Xunokin, deputy director of the Central Bank survey and Statistics department, said at the spring summit of the 2014 China Internet Finance conference that Internet finance must be regulated and unregulated, and that internet finance must have access management.

Xunokin said that internet finance has a huge impact on traditional finance, some shocks are subversive, can be summed up in nine major breakthroughs, including:

First, break through the concept of the concept of the network, completely based on the intangible virtual world, can be no high-rise buildings, can have no outlets, especially in the year-end Tencent red envelopes more obvious, after the red envelopes do not need cash, everything can be done online, this has a special subversive.

Second, break the concept of time. Do not work 8 o'clock in the morning 6 o'clock in the afternoon the concept of work, users want to deal with online business, pending orders, payments, purchase can be completed.

The third is to break through the concept of national sovereignty and currency sovereignty. Now the currency is a fiat currency and a sovereign currency. Bitcoin is a currency, but it is not a legal currency, it is an electronic commodity currency, is the Economist Hayek advocated free competition produced by the currency, equivalent to the original gold payment concepts, Bitcoin currency can break the concept of sovereignty.

The fourth breakthrough, the current high interest rate, high cost. It is expected that interest rates should be lower in the Internet market after the great development of internet finance. Because it is more informative than it is now, everyone knows that interest rates have three or four components, the first is labor costs, the second is the physical dot cost, the third is the cost of risk, the fourth is the cost of information blunt, these costs in the Internet is down, Future supply and demand determines that interest rates on the Internet should be lower than the current average level of interest rates.

The fifth breakthrough is to break through the risk management constraints. Relying on this risk management level is higher on the Internet. The biggest feature of the internet is the use of information resources advantages, large data advantages, the advantages of cloud technology, you can track this person, from the day of the birth of young people to the whole process of a series of records it all here.

Because now after the birth of a person it is an account, in this account all things happen it has a full record, so the user credit, reputation at least than now to scientific and accurate assessment, its risk management ability greatly improved, so this is a big breakthrough.

The sixth one is to break the effect, the resource allocation effect, the fund supply and demand mutually matches the potency to set too high. Now the software to reduce the taxi driver wandering in the road, improve its docking with customers level, the future configuration of funds is the same.

The seventh breakthrough is to break through stereotypes. Now many financial management provisions may not be appropriate on the Internet, such as in the past to do credit card application business, to do the payment business, to the network counter personally signed, some large payments may be limited, payment time has been limited, internet finance appears in this regard to break some stereotypes.

The eighth is to break through the existing competition, that is, through the Internet is likely to trigger some bank mergers, there is likely to be a combination of banks and the Internet, mutual competition, that is, the Internet for financial institutions, financial institutions scramble for banks.

The nineth breakthrough is to break through the industry restrictions, there is no banking, securities, insurance industry strict division.

Xunokin pointed out that there is a change behind the nine major changes, that is, the essence of finance unchanged. The essence of finance is credit, credit is a risk, so the essence of finance no matter how developed the Internet, it is based on the credibility of the risk of strict management, which no matter who is engaged in financial activities on the Internet, want to suck money to come in to let people believe you, to credit out also to trust others, credit is the foundation, And this is actually a risk management problem. So the internet finance has "nine change, one invariable".

Xunokin that the Internet finance must be embraced with an open and inclusive mentality, but internet finance must be regulated, regardless of the possibility of chaos, finance is finance. Open Online Shop in the Internet to register, and finance is a special industry, because it is to take people's money to do business, open an ad there, open a window there, is to bring people's money sucked in, so it must be tube.

First of all, the central bank in the management process to use an open mind to respect the spirit of the Internet, to fully understand the spirit of respect for open and free internet responsibility.

Secondly, to be open to believe that the internet Martian generation of self-confidence, self-care ability, self-protection ability, that is, regulation can not be as excessive protection as in the past, we must believe that the generation of their own protection capabilities, their own decision-making capacity, the ability to take risks.

Thirdly, to open up to meet the subversion of Internet finance innovation, the future of modern banks and financial institutions will have a huge impact, can only embrace the attitude of openness, can not stop, more can not be suppressed.

Xunokin pointed out that to adjust the concept of regulation. This regulatory concept is to carry out Internet finance must access management, someone to control it, this access management can not be approved system, like the reform to be listed as can take the registration system;

Second, what to do, mainly focus on the Internet financial transactions Order of the relevant rules and regulations, in accordance with the "just, fair, open" principle to improve its transparency, so that people fully understand every legal provisions, rules and regulations;

Third, at their own risk, online financial risk to self-absorption online, this one must absorb hundreds of decades of financial regulation lessons. Now many financial risks are converted into social risks, this must be avoided;

Four is to encourage full competition, against monopoly, because internet finance is open and free, so we must compete.