According to glonghui, in June 2007, paipaipai loan, Chinas first online lending platform, was announced to be established. It has learned from overseas P2P companies and is engaged in the business of matching borrowers and borrowers.
After sprouting, many people found the business opportunities.
Downing is one of them. He once worked on Wall Street and joined several overseas companies to officially launch the online loan function of pleasant loan in March 2012. However, it is different from the pure matchmaking of paipaipai loan. What it does is a kind of shadow bank, which takes money from multiple borrowers, packages them and then issues products, and finally sells them to investors.
Sorting out some internet financial policies
Taking advantage of the spring breeze of mass entrepreneurship, innovation and Internet finance, P2P institutions are springing up in China and blooming everywhere. In addition, the rate of return on P2P investment is generally more than 10%, or even more than 15%, and it also claims to keep capital and interest. More and more people have joined this new financial outlet.
Venture capital institutions, entrepreneurs, and ordinary people joined the game. P2P became famous for a time and became the most beautiful boy in the Internet Financial tide at that time.
During the peak period in 2017, there were 5000 P2P online lending platforms. At the end of May of that year, the balance of online loans was close to 1 trillion yuan, and the transaction amount of that month was as high as 248.8 billion yuan.
If God wants to destroy people, he must first make them crazy. There is nothing new in history.
In 2018, the macro policy is to deleverage and add international trade frictions. As a result, a shares fell into dogs and investors suffered heavy losses. Of course, P2P is also ushered in liquidation.
During the Dragon Boat Festival in 2018, Tang xiaoseng, a famous high return platform, suddenly got thunder, which triggered the explosion of P2P thunder.
The collapse of the 100 billion Ponzi scheme made everyone panic, and the panic in the market began to spread.
The first one to suffer was Lianbi finance. So far, all the Four Heavenly Kings of gaohui were killed.
Of course, rational investors have not been much impact, because this batch of going down is under the banner of P2P fraud platform. However, with the explosion of mines, the seemingly normal P2P also began to have an accident.
On July 3, niubanjin, a second tier large platform, announced that the 98 million yuan asset project was overdue. This platform has a good reputation. It fell down, which made investors panic more and began to examine the issue of whether their principal in other platforms can come back.
As of the end of December 2018, there were only 1034 platforms in normal operation nationwide, and 848 problematic platforms were exposed in the whole year, an increase of 42.7% compared with that in 2017.
Investor confidence has plummeted. At the same time, at the end of last year, the number of active lenders and borrowers in the current period was 3.717 million and 6.02 million, respectively, with a decrease of 6.865 million and 6.89 million respectively in December 2017, of which the number of borrowers dropped significantly, with a drop of 46%.
The number of normal operating platforms has dropped sharply, the number of investors has also dropped sharply, and the turnover has also dropped sharply. Before June 2018, the monthly trading volume was about 300 billion yuan, and the great rout caused by the explosion of thunder by Tang xiaoseng had dropped to about 100 billion yuan. The monthly transaction was reduced by 60%, and the overall cake of the industry also shrank sharply.
In January 2019, the regulatory authorities issued the opinions on the classified disposal and risk prevention of online lending institutions (jjbh  No. 175, hereinafter referred to as No. 175 document) and proposed that online lending institutions should return as much as possible, and close down.
Until November 27, Liu Fushou, chief lawyer of the China Banking and Insurance Regulatory Commission, said in an open forumu2014u2014
The risk of Internet finance has dropped sharply. The number of P2P online lending institutions in operation nationwide has gradually decreased from about 5000 during the peak period to zero in mid November this year.
According to the securities times, at that time, from the perspective of the industry at that time, the document issued by the regulatory authorities in 2019 also pointed out the possible direction for the transformation of the online lending industry, that is, to obtain the business license qualification of small online loans or consumer finance companies, and become a lending platform.
Senior practitioners of a financial technology platform listed in the United States in East China estimated that only 1% of the platform cleared online lending business and completed the transformation, only a small number of platforms can survive by relying on the strong strength of shareholders.
Whoever transforms early will survive. The transformation of the above-mentioned platform business people in East China refers to that the former platform mainly engaged in online loan intermediary matchmaking business has turned into a financial technology platform, which provides risk reserves through cooperation with banks and other institutions, or simply relies on the technical output of risk control and customer group operation to cooperate with institutional funds to help loan to earn profit sharing or business income.
Recently, financial technology platforms listed in the United States, such as Xinye Technology (paipaipai loan), Jiayin Jinke (you and I loan), 360 Digital Technology Co., Ltd., have successively disclosed the clearing of P2P business. At the same time, the assets of these platforms from licensed financial institutions such as cooperative banks and trust have reached nearly 100%, and these businesses have gradually contributed most of the revenue.
For example, Jiayin Jinke, the parent company of you and I, reduced the loan scale in the second quarter of this year, resulting in a loan amount of 2.238 billion yuan, a year-on-year decrease of 55.7%. However, the institutional capital accounted for 98.6%, and the agency cooperation service fee was 159.6 million yuan, with a significant increase of 107% compared with the same period last year. After more than a year of transformation, by May this year, institutional funds accounted for 100% of the newly increased funds of Jiayin Jinke.
There are three modes of loan assistance business. One is the purest mode, which is also known as diversion mode. The platform side only provides risk control data without increasing credit, and outputs it to the institutional capital side; the other is that the platform side obtains users through various scene channels, conducts preliminary screening, and classifies the labels such as joint venture product quality, credit record and scene consumption preference, and then gives them to the institutional capital side At the same time, the platform also needs to pay a certain proportion of margin, that is, financing guarantee, to share the risk with institutional investors; the third is the joint loan mode understood in the market, in addition to the platform sides technology output, it is also one of the financing parties, which can also be understood as a risk sharing. In addition, in the process of loan assistance business, the platform will generally undertake the functions of customer operation and overdue collection.
In this process, we can see that the head platform, especially several financial technology platforms listed in the United States, have financing guarantee licenses. (financing guarantee license) is not necessarily the standard configuration of the platform, but with the license, the platform side will be more legal and compliant to carry out loan assistance business with institutions, on the other hand, it will be easier to cooperate with institutions. Wang Shiqiang disclosed that for risk control, the bank will focus on the financing qualification and strength of the platform side, so as to effectively reduce the risk of overdue bad debts of loan assistance business while standardizing the business.
In fact, judging from the recent three quarterly reports released by China Financial Technology Corporation, it is the general trend that many companies continue to make efforts in the consumption field during the epidemic period and cooperate with financial institutions to expand business, which has also led to the recovery of performance.
Head enterprises are always strong
It is not easy to transform the loan assistance platform
Although after the dark hour, the performance of some online lending platforms listed in the United States is dawning, people in the field of digital financial technology platforms are still cautiously optimistic about the challenges after the transformation.
After the platform transformation, first of all, there is a new identity change. The assets and logic of the loan assistance platform and the online loan platform are completely different, which has become the focus of the platform business transformation. In the opinion of the above-mentioned East China platform, one department that did not have before is the institutional capital cooperation department, as well as the supporting product design and business innovation capabilities of the institutional cooperation departments. How to expand channels to obtain lower cost funds and better assets is the most important.
Another problem is how to expand new users and how to retain and transform some old customers? The reporter of Securities Times has noticed that it has realized the retention and transformation of old users through self built scenes and membership system, and the platform with business foundation has preempted the opportunity. At the end of the third quarter of this year, Lexin promoted a 69.6% year-on-year increase in the total number of users through various new services such as Le card and Lok Hua card. At the same time, it opened up online and offline consumption scenarios, and the total number of orders reached 84.4 million, with a year-on-year increase of 49.9%.
However, in the view of the above platform personage, the customer group behind the loan assistance platform is different from that of the online loan platform, which means that many of the customers facing the platform are first loan users, which will test the customer operation ability of the platform.
The organization of loan assistance business is completely different from that of online loan business. The former is funded by financial institutions such as banks, while the latter comes from individuals. The staffing of operation and customer service is completely different. In Wang Shiqiangs view, this means that the platform does not have a flow. For example, for the proportion of margin, some platforms only need to pay 1%, while some platforms need to pay 10%. This has nothing to do with the large and small scale of platform traffic, but depends on the credit qualification of the platform, such as the loan scale of the main body strength, overdue rate and post loan management ability.
In his opinion, although the current performance is getting better, it is difficult to say that the platform which used to be the main business of online loan business has successfully turned around, because it will take a cycle to comprehensively test the capital scale, risk control level, operation ability and post loan ability of the platform. Similar to his view, the above platform business personage thinks, the market is still accelerating shuffling, and the effect of constant strength of the industrys top strong will be more obvious.
We should also open a way for private capital
After the release of P2P clearing news, Guangming Daily commented thatu2014u2014
Looking back on the growth history of P2P online lending platform in a few years, we can find that the risks of P2P online lending have been constantly exposed since the emergence of P2P online lending institutions. It can be said that the actual operation of P2P online lending institutions has climbed to the peak of 5000 with the continuous thunder. It is worth thinking about why there are so many online lending institutions who can follow the thunder in the roar of thunder, so as to develop the whole business form of entertainment to death? What is the responsibility of a new format that has been innovated in the Internet Storm and killed itself in just a few steps in just a few years?
Of course, on the contrary, it is more worth thinking about why there are so many people who are afraid of others to pay their hard-earned money with a click of mouse or finger in the thunder? In the face-to-face credit environment, why do so many people believe in the dialog box on the computer or mobile phone screen, and then give their own and familys savings for many years? What are the causes of this mentality and the way to alleviate it?
After entering the ranks of moderately developed countries, residents demand for financial assets will be greatly increased. Residents investment channels are not smooth, and currency hedging means are limited, resulting in a large number of hot money scattered among the people. To find a way out for this part of the private capital is not only to meet the needs of the residents to improve their personal needs, but also to make full use of the funds to lubricate the economic operation. From the actual situation of economic operation, there are a large number of private capital that needs to find a way out, as well as a large number of market entities that need funds. What is lacking between the two is channels. The existing banking services and the performance of the current capital market have intensified the tension between the two demands. Judging from the current situation, P2P network loan is dead, but financial innovation should not stop. Open the way for private capital, which is the growing demand of residents and market. In this regard, it is not enough to control death and release death. Source: gelonghui, Securities Daily, Guangming Daily. Source: Netease Financial Editor: Chen Hequn_ NB12679
Judging from the current situation, P2P network loan is dead, but financial innovation should not stop. Open the way for private capital, which is the growing demand of residents and market. In this regard, it is not enough to control death and release death.