The following is the full text of the speech:
First of all, congratulations on the publication of this report. From the daily information feedback and my own thinking logic and experience, I fully agree with the analysis and conclusion of the report. My speech will link digital financial management with consumption upgrading from another angle through the connection between several scenes in history.
The first scene of 1, the scene of digital 2C terminal, is the highlight of global attention in social, e-commerce and search fields.
The three major domestic companies and some later echelons have experienced typical differentiation. The logic of the differentiation of the first three companies is that whoever uses digital finance earlier, from payment exposure to wealth management, to credit, to risk data analysis, will really advance into the financial field and achieve greater and faster growth. This not only expanded the original platform, but also grew a new platform on the basis of the original platform, and Ali derived the Ant Group. If a company's financial and digital 2C development is slow, the scale is small, and there is no achievement, even if the original cash flow and profit rate are good, the company's future growth will be strongly affected, indicating that the company's market value has already had a big gap.
Looking back at the achievements of these companies in digital finance, will other domestic 2C companies also enter relevant fields to redistribute the cake of digital 2C finance? This is the most fundamental problem in the new ecology. If 2C finance is the only way to become more powerful, then today's new 2C terminal must be competitive, subversive and in line with the logic of the Internet. Companies should have a strong sense of consumption patterns, consumption operations, digital 2C scenarios and consumers, which is a picture and logic of the competition of the times.
Interestingly, American Express recently signed a bank card clearing business with Hangzhou, which is also a cooperation between global digital financial institutions and China digital cross-border frontier institutions, marking that even if there is no data accumulation in other scenarios, it will enter the market in the most professional, vertical and subdivided way.
In digital financial management, digital companies, especially digital financial companies, use endogenous technology, endogenous interests and endogenous needs.
After the cost of financial services falls, data accumulation, business growth and profit growth are endogenous to market transactions, while the original state-owned and large financial institutions are exogenous. Without the participation of the Internet, the original bank's cash management will bring excessive costs to users, and Internet companies will bring them competitive pressure. The fundamental difference between digitalization and past finance lies in making financial services the granularity of the market behind big data. Financial granularity has the most dimensions, which can be cash, wealth management, risk analysis and credit. The granularity in each dimension can be the smallest. In the past, other financial institutions were too rough, and it took 5 million yuan to be a trust. Now they can do it without that much money. Why is the profit of private finance high? The first is high risk, because there is no centralized guarantee; Secondly, the cost is low, and you don't need to run a lot to prove your credit, but add these to the interest. This has a lot to do with the granularity of financial services.
3. Digital finance has truly achieved the minimum granularity of financial services and achieved thoughtful and profound services.
The National Social Security Fund invested in Ant Financial Services, first Alipay, then Yu 'ebao, and then money market funds. At the beginning, all cash management of money market funds could achieve an annualized rate of return of 6%, and now it is still around 3%. This allows the real C-end public, regardless of particle size, to obtain daily income through money market funds and use the income for consumption. After the expansion of consumer finance and credit market, consumption upgrading is inevitable.
When I went to adjust the ants, I saw Sesame Credit. From the perspective of real-time credit, commercial credit is recorded through digital business logic, and timely payment of goods is regarded as financial payment ability. When credit becomes infinite, it can be used as proof of various assets mortgage when individuals go abroad. In this dimension, the financial field is everywhere for everyone, and only through digitalization can financialization be effectively applied to the underlying assets.
From the perspective of social welfare, small public welfare can contribute to society.
The more benefits a company brings to its customers, the faster it will develop. Internet financial institutions change their original licensed institutions through competition, so banks have to be cash management platforms. Today, the appreciation and risk-free return of RMB in China also determine the yield level of inter-bank 10-year bonds, which is closely related to internet finance in China. The annualized return that China Internet finance can achieve as a monetary wealth management port among residents is the guarantee that China's more than 20 billion monetary flows and numerous cash flows will not generate inflation, and it is also a powerful arbitrage point and a powerful stabilizer for small and medium-sized customers to acquire the financial system. At present, the risk-free return of 3% on investment, plus the risk return, is due to the growth brought by the market financial ecosystem formed by digital currency's payment, money management, money management and money investment. Because of such internet financial management tools, working families and even low-income families can guarantee a certain return, thus promoting consumption and achieving stable expectations, which has a strong relationship with digital logic and financial applications.
The first thing Hangzhou did after the outbreak was to subsidize some money to Alipay, a digital payment platform. After Alipay is acquired, there are no optional objects allocated to the account, including subsidies from users and merchants. In the past, subsidies, government transfer payments, social security and other aspects involved huge social costs in cash flow and expenditure, and the results were not accurate, so there has always been the problem of fraud. The data of transaction volume and consumption port with subsidies this year are the most representative in 65438+ 10. Because the epidemic spread from Wuhan to the whole country at that time, offline payment and consumption of all low-income groups were interrupted, but they could spend online after receiving subsidies. Platform subsidies and commodity discounts are synchronized, and consumption is stable.
There are two logics behind the key issues: local governments have changed from actual subsidies in the past to online subsidies, which not only reduces the cost of finding objects, but also increases the total retail sales of social goods after subsidies. In all tax systems, the turnover tax of in-price tax will not exceed the line, but it will be recovered more. This is a form of Internet digital payment, which is conducive to the stability and sustainability of consumption. If all forms of poverty alleviation are changed to subsidy payment platform, general consumer goods can only be paid from the perspective of digital currency, and only rent, basic necessities, tuition fees and student loans can be paid, which will profoundly affect transfer payment, poverty alleviation and social security, especially the social security to be paid in the future. From the management point of view, when all the five or six trillion social security can achieve T+0, everyone can manage it within the system. Getting enough returns from financial investment has a positive effect on various social security such as pension payment and medical payment. This is an area that can be expanded through coupons during the epidemic. Consumer vouchers are "artifacts" that support consumption upgrading, consumption stability and consumption growth, especially public services, education, rent and pension accounts!
From the perspective of consumption upgrading and development, the Internet age is the link connecting everything, especially when distinguishing the Internet age from the digital age.
In the future, there will be more ways to link in the Internet of Things era, and data can be perceived with a new "brain-computer" interface. It is not enough to open it now. It should be digitized into code, which is divided into source code and extended application code. If the source code is open, the conclusion of the research is not exclusive to researchers and practitioners, but shared by the whole society.
In Internet financial logic, through financial data and non-financial data, credit behavior, cash flow, payment behavior, financial preference and future education background are mined at 2C end. The extension of these data can lead to more research and practice scenarios, and fully tap the application in finance. After consumers understand the data, they can not only help them manage their finances, but also provide stronger consumer support after the digital consumption link. At this time, financial management has achieved the stability of income, wealth and cash flow, while the consumption field has gained digital learning and growth. Assets such as cash flow are used in this respect, which is the real consumption upgrade. As a whole, it is linked to human capital, actual happiness and the depth and breadth of family digitalization. If the digital open source code digitizes the wealth management port and the consumption including learning and investment, then today's bank wealth management subsidiaries will all be financial technology companies, because what they have to do is how to put the public's money into wealth management, how to use financial technology to protect risks, open up new investment channels and invest in areas with the most appropriate risk-return ratio. At this time, companies in the digital field have changed from careless heroes to licensed institutions, all of which have become financial holding groups.
At the Politburo meeting, the access of financial holding groups was discussed. After access, what we need to do is to provide the money in the source stream through the platform, provide the best asset allocation advice, and get the best return of its risks and benefits. At the same time, it can also be linked with digitalization, consumption and investment, which is the most important chess game in the whole asset market at present. The tools of science and technology and the technical links of science and technology have become the background color, extending to different dimensions and breadth of finance, realizing cash flow at the best exposure, thus realizing asset realization in the secondary market and realizing digital asset allocation in promoting consumption upgrading, investment upgrading and growth upgrading.
The financial supervision sandbox that Beijing first discussed together was only to supervise the existing licensees. Previous companies have obtained the license of financial holding, so they can make any new products, new applications and new platforms based on financial technology, expand the tools to serve the Internet, and realize the upgrading of financial management and consumption. This is a growing historical picture.
Content arrangement | Jia Xiangfu, Zeng, Wen Xiwei,,, Luo Lin, Li Ang, etc.
Editor Wen Xiwei
Source: WeChat official account: Institute of Financial Technology of the National People's Congress.