Winning the new financial era

Chapter 336
On August 2016, 8, the China Banking Regulatory Commission held a press conference on the "Interim Measures for the Management of Business Activities of Internet Lending Information Intermediary Institutions".

It means that the first business regulation policy in the P2P online lending industry is officially launched.

The "Interim Measures" were jointly issued by the China Banking Regulatory Commission, the Ministry of Public Security, the Ministry of Industry and Information Technology, and the Internet Information Office. The regulatory requirements still continue the core content of the information intermediary, small amount dispersion, and negative list system proposed in the draft for comments.

After Zhang Yida received the news, he rushed back to China immediately.

There are two P2P companies under him, Yimin Wangjin and Ruimin Wealth Management, and they both need to take corresponding countermeasures.

In a conference room, Zhang Yida called together people from the two companies for a meeting.

"What do you think of the Interim Measures?"

Facing Zhang Yida's question, Fan Hongyang and Fang Yuhan looked at each other, and finally Fan Hongyang spoke first:

“I noticed that an item was added to the negative list, which explicitly prohibits P2P from transferring creditor’s rights, that is, P2P is not allowed to engage in asset securitization business or realize creditor’s rights transfer in the form of packaged assets, securitized assets, trust assets, fund shares, etc.

In addition, the prohibition of related party transactions has been cancelled, and it has become the prohibition of self-financing and self-financing in disguise; offline stores are also prohibited, and offline promotion and promotion of financing are prohibited.

Note that the "offline store" here refers to the fund store, which means that offline P2P wealth management promotion is not allowed. "

Zhang Yida nodded and sighed, "What specific impacts will it have on Yimin Wangjin?"

Fan Hongyang said with a straight face, "We don't have offline capital stores, and it doesn't have any impact on us.

But the prohibition of P2P issuance of ABS claims would have a great impact on us. We were all ready to issue the first ABS claims.

This is all right, all the preparatory work done in the early stage has been done in vain.

Handling fees for losses and audit fees are trivial matters. The biggest problem is that cheap funding channels have been cut off.

In addition, trust funds cannot be docked.

Rongcheng Bank also called and said that the funding cooperation has been slowed down. "

"If it really doesn't work, form a separate company as the main body of bank financing."

Fan Hongyang shook his head violently, "It's useless, our main business is P2P, and we have the title of the first P2P stock.

Any small action will be observed by media reporters, and even colleagues, under a magnifying glass. "

Zhang Yida couldn't help but smile wryly after hearing this, he has won the title of Hujin's first stock, which has indeed strengthened the brand's appeal.

But if you want to wear a crown, you must bear its weight!It can be regarded as suffering backlash!

"If there is no issuance of ABS claims, and funds from banks, trusts and other financial institutions.

It will cause us two problems, the first is insufficient funds for lending, and the second is high cost of funds. "

Zhang Yida took a long breath and asked, "How much is the funding gap? And what is the current cost of funding?"

Fan Hongyang replied: "At present, our company's outstanding balance is 412 billion yuan, and the annual loan amount is more than 600 billion yuan. There is a credit gap of nearly 200 billion yuan.

In terms of capital cost, excluding online advertisements, and only calculating the interest issued by the platform, as well as various interest rate coupons and red envelopes, the average capital cost is between 10% and 10.5%.

Counting online advertising, the cost of capital is more than 12%. "

"12%, plus employee salaries, various research and development expenses, and provision for bad debts.

The interest rate must be set at least above 20%, right? "

Fan Hongyang nodded, and said: "Actually, 20% interest is not considered high. Many peers have already reached [-]-[-]%, or even more than [-]%.

This does not include the group of people who issued online IOUs. I am referring to peers of some scale, such institutions with a monthly loan amount of hundreds of millions. "

Zhang Yida waved his hand and said: "We can't compare with them, they just run away after making a fortune, and don't think about the brand at all.

We want to become a century-old store, among other things, at least surpass Ahli, who "claims to have survived for 102 years, running through 3 centuries"! "

Fan Hongyang laughed, Mr. Zhang was fucked by Ari last time, and now he likes to use Ari as an example to make fun of him.

"Yes, we have to consider the brand, but also the user life cycle."

Speaking of this, Fan Hongyang's face changed, and he said solemnly: "Mr. Zhang, the interest rate must be raised for some users."

"What's the situation? Tell me."

Zhang Yida also knew that Fan Hongyang was a prudent and purposeful person who would not raise interest rates for no reason.

"P2P started to rise in 13, and online loan borrowing started in 15.

Strictly speaking, users of consumer finance are secondary users that banks do not want.

These people have very weak ability to resist risks, and basically rely on wage income to support early consumption.

Once something happens, such as unemployment, industry downturn, or economic downturn, their repayment ability will have problems.

Even if these situations do not happen, the life cycle of a consumer finance user will not exceed 3 years.

If a person has too little self-control, it is easy to lose himself after falling into the trap of consumption upgrade.

Constantly borrowing money for consumption, the repayment ability is getting worse and worse.

After the salary could not support the monthly loan repayment, I started to borrow new ones to repay the old ones, and cashed out credit cards.

Until the debt is getting higher and higher, and finally "explosion".It would also create a big credit bubble.

Because loans from banks and other financial institutions will be recorded in the central bank's credit investigation, while P2P and general online loans are not eligible.

It is very likely to become the last taker!
My brother borrowed money from institutions like ours, and used it to repay bank or credit card loans..."

"Then what do you mean, raising the interest rate is also to ward off the subprime mortgage crisis that may erupt in the future?"

Fan Hongyang waved his hand, "It's not that serious, as long as the manufacturing industry and low-end jobs are still in our country, we can always find a job.

What I mean is to squeeze out the last bit of use value for this part of users who borrow frequently, and then dump it to other financial institutions.

Otherwise, it is impossible for a borrower to use it only once when the cost of acquiring customers is high. "

It's too blatant to say it!Although this is true, including banks, it is inevitable that there will be some cruelty.

But this road is also chosen by some young people who do not know how to control their desires.

Borrowing once or twice a year may also be for starting a business or encountering some difficulties.

People who borrow every month either really have endless consumption desires, or they are really desperate.

Seeing that Zhang Yida was silent, Fan Hongyang reminded again: "Mr. Zhang, in our business, we must not be idealistic.

If you want to talk about feelings, go for Huinong Loan.

To do consumer finance is to make money.At the same time, as a P2P company, we are also responsible to the lender at the other end. "

"Fine!"

Zhang Yida specifically reminded: "Pay attention to the interest rate, it must not exceed the red line of 36%.

Even now, many people use the method of equal principal and interest, beheading head and interest to play a side ball.

We can't do this either, it's the last line! "

"I know this. For customers who are too risky, we will not even grant them a loan with a 36% annual interest rate, and we will directly reject it."

Zhang Yida looked at Fang Yuhan again, and asked, "What about you?"

Fang Yuhan said with a wry smile: "The upper limit of the loan balance of the same natural person on the same online lending information intermediary platform shall not exceed RMB 20;

The upper limit of the loan balance of the same legal person or other organization on the same online lending information intermediary platform shall not exceed RMB 100 million;

The total loan balance of the same natural person on the platforms of different online lending information intermediary institutions does not exceed RMB 100 million;

The total loan balance of the same legal person or other organization on different online lending information intermediary agency platforms shall not exceed RMB 500 million.

This means that P2P companies can grant up to 20 yuan in loans to individual borrowers, and up to 100 million yuan in loans to corporate borrowers.

Personal borrowing customers cannot borrow more than 2 million yuan from all P100P companies, and corporate borrowing customers can accumulate 500 million yuan.

This policy has a great impact on Ruimin Financial Management's supply chain finance.

Our customers are all corporate customers, and loans of no more than 100 million yuan can only be granted to very small and micro enterprises.

The survival of such small companies is a problem, and it is very dangerous to issue loans to them.

The state has issued repeated orders, asking banks to do small and micro finance and support small and micro enterprises.

Why, all this has fallen on deaf ears?
It is because the bank is more willing to grant a 100 million yuan loan to a large enterprise than to grant a 100 million yuan loan to 1 small and micro enterprises.

Moreover, it is best for this large enterprise to be a state-owned enterprise, and if anything happens, the meat will be rotten in the pot.

The risk control of small and micro enterprises is too difficult to grasp, and the financial system at the beginning of establishment is not perfect, and there is no way to carry out effective risk assessment.

In addition, the survival rate of domestic small and micro enterprises within three years is basically only 10%.

Such a low survival rate cannot be adjusted by risk pricing.

If we can determine which small and micro enterprises can survive, what kind of loans should we make, and we can go directly to angel investment. "

Zhang Yida said with a smile: "The purpose of the state's regulations is to allow P2P companies that specialize in enterprise loans to cultivate small and micro enterprise loans.

Only when small and micro enterprises develop can the national economy be active. "

"However, there is no way to avoid it. As far as I know, many colleagues have already started to deal with it.

If the loan amount of a personal family platform does not exceed 20, the wife and the elderly in the family will also be brought, and there is also a way to make up the amount.

For enterprises, it costs less than a few dollars to register a company. "

Zhang Yida shook his head, "This is all crooked way, I still want Ruimin Financial Management to cultivate small and micro finance."

Fang Yuhan spread his hands, "But apart from financing, we don't have any outstanding skills in the field of corporate loans."

"How is Xinglong Loan doing?"

Fang Yuhan was silent for a long while before saying: "Not yet, the data is not perfect at all.

Xinglong Loan is a corporate loan product. At present, apart from cooperating with upstream and downstream suppliers of several large manufacturing groups, it is difficult for us to break away from the supply chain system and carry out retail business.

The small and micro tax bank platform we launched currently has not enough enterprises and cooperative banks.

There is no way to collect too much corporate data, and the resulting risk control model is just empty shelf.

It's superficial, and its practical ability is not strong at all. "

"In any case, this small and micro tax bank platform must be implemented."

Fang Yuhan said: "Actually, there is no need to do this kind of wheel-making work. There is a company in Pengcheng that does tax, bank and credit big data very well.

I think we can acquire them as a supplement to our business. "

"Have you ever had contact with them?"

Fang Yuhan nodded, "I have had an exchange, I think Mr. Zhang, you can make an appointment with their team."

"Okay, you can arrange it."

(End of this chapter)