Cash loan "life and death robbery"
-A "bloody case" caused by a fun shop
This is the result of unexpected events and a round of regulatory policies. If Luo Min, CEO of the fun shop, didn't respond to everything in a high-profile way and said that "if you don't pay back the money, it will be charity", the problems behind its profit model, such as excessive borrowing, repeated credit granting, improper collection, and abnormally high interest rate, would not have uncovered the last fig leaf of the chaos of cash lending, and the grievances of those cash lending rivers and lakes would not have looked at the world so closely.
Since the beginning of this year, China Internet finance companies have written a series of capital myths after listing in the United States, and fun shop technology is one of the protagonists. 10, 18 on the day of listing, the share price of fun shops rose by 43%, and the market value once exceeded10 billion, which can be described as the limelight. A similar story happened in companies such as Credit, Paipai and Rong360. However, with the concentrated exposure of risks, the supervision of cash loans suddenly came, even more severe than expected.
On the evening of 65438+February 1, the Office of the Leading Group for the Special Remediation of Internet Financial Risks and P2P Online Loan Risks officially issued the Notice on Standardizing and Rectifying Cash Loan Business (hereinafter referred to as the Notice), clearly coordinating supervision and carrying out the clean-up and rectification of online microfinance. Subsequently, on February 8, 65438 and February 3, 65438, notices and regulations on the supervision of the online loan market were issued respectively.
The intensive introduction of policies reveals a strong regulatory signal: the "barbaric growth" of online small loans, cash loans and other businesses will come to an abrupt end in the "rectification".
The four major banks hold hands with BATJ.
-Competing to lay out financial technology
As big data, cloud computing, artificial intelligence, blockchain and other technologies gradually penetrate into the front, middle and back of financial transactions, the role of science and technology in breaking the old financial order, helping financial innovation and helping the development of the real economy is becoming more and more important. "No technology and no finance" has gradually become industry common sense.
Under the strong wind, major platforms have rushed to the beach for technology and finance. Looking at 20 17, BATJ (Baidu, Ant Financial, Tencent, JD Finance) reached cooperation with four major state-owned banks, which shows the popularity of technology and finance. Alibaba and Ant Financial joined hands with China Construction Bank to promote the online card opening business of CCB credit cards, as well as online and offline channel business and electronic payment business; In June, JD Finance and China Industrial and Commercial Bank signed a financial business cooperation framework agreement, which will lay out financial technology, consumer finance, corporate credit and other fields; Tencent and Bank of China launched a joint financial technology laboratory; Subsequently, Baidu and Agricultural Bank of China also announced the establishment of the "Joint Laboratory of Financial Technology" ... The intervention of giants marked the increasingly fierce competition in technology and finance and officially entered the intelligent stage represented by AI.
Industry experts believe that the application of cutting-edge technology in the financial field has just begun, and new technologies will have a lasting impact on the traditional financial industry. Its prospects are exciting, but the risks still need to be highly concerned. ?
Talking from the Debate of "Cash-free Age"
To the establishment of the network
It is worth noting that while China's finance is booming, it has gradually established its global influence, and the application of Fintech in third-party payment even subverts the traditional consumption pattern. In fact, China is now the most developed country for third-party payment, especially mobile payment.
At the beginning of the year, Alipay announced that it would take five years to push China into a "cashless society", and WeChat launched an initiative as early as 20 15. Although this statement detonated the market controversy, the Internet giants proved the popularity of third-party mobile payment in order to seize the crazy competition in the payment market. One problem that can't be ignored is that while online payment brings convenience, there are also some security risks, including the protection of personal information. How to innovate supervision in this fast-developing market is a test of the wisdom of the supervision department.
On August 4th, the Payment and Settlement Department of the Central Bank issued the Notice of the Payment and Settlement Department of the People's Bank of China on Transferring Online Payment Services of Non-bank Payment Institutions from Direct Connection Mode to Online Platform Processing, requiring all banks and payment institutions to complete relevant preparations for accessing the online platform and business migration before 201715.
"After the establishment of the network, the biggest change was to cut off the clearing mode of' UnionPay direct connection' in the past, that is, payment institutions realized inter-bank clearing of funds by opening equipment payment accounts in several banks, which actually bypassed UnionPay." The staff of the central bank's liquidation department told reporters.
According to the plan, more than 200 banks will be connected in June 20 17, and 40 payment companies will be connected before the end of the year.
"Great Unity" of Asset Management
Farewell to the era of rigid redemption
Recently, the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the Foreign Exchange Bureau issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions (Draft for Comment). The Guiding Opinions have made very strict regulations on net worth management, breaking rigid redemption, eliminating multi-layer nesting and channels, and independent custody by third parties, which highlights the current trend of "strict supervision" and aims to unify the supervision standards of similar asset management products and prevent and control financial risks.
Behind unified supervision are many risks and problems exposed in the rapid development of asset management business in recent years. For example, the off-balance-sheet financing of banks, the cooperation between banks and securities, the products invested in non-standardized debt assets in the cooperation between banks and securities, and the investment by insurance institutions in "real bonds with famous stocks" all have the characteristics of shadow banking. This kind of business has low transparency, and it is easy to evade the requirements of loan supervision, and some of them are invested in restricted areas. What worries the outside world even more is that the problems existing in the domestic financial industry, such as regulatory arbitrage, idling arbitrage and related arbitrage, are concentrated in the asset management business. ?
The RMB exchange rate has risen steadily.
Under the strong dollar, the market was once full of worries about the exchange rate of 20 17 RMB. But in fact, such concerns have not come true. On the whole, RMB 20 17 has resumed its appreciation and is expected to remain generally stable in the future.
Judging from the central parity of RMB, at the end of last year, the central parity of RMB exchange rate was 1 USD to RMB 6.9370, while the exchange rate announced by the central bank on the morning of February 25th showed that 1 USD to RMB 6.5683. In the first 65,438+06,438+0 months of 2065,438+07, the bank settled and sold foreign exchange-804.2 billion yuan, and 2065,438+06-224.65 billion yuan, a decrease of nearly 60% compared with the whole year. The phenomenon that foreign direct investment has become the largest capital outflow has also been reversed. In addition, the process of non-residents purchasing foreign exchange to repay debts has ended.
Although the Federal Reserve has raised interest rates four times since the end of last year, it has exerted depreciation pressure on the RMB. However, under the premise of "keeping the bottom line of systemic financial risks", the internationalization of RMB is advancing step by step.
Roadmap for financial opening:
The proportion of foreign ownership has increased.
The reform and opening-up policy, which began at the end of 1978, has brought great changes to China's financial industry. Today, China's commercial banks rank first in the world in terms of assets, second in terms of stock market value and third in terms of private sector bond market value.
Recently, the news that banks, securities funds and futures institutions have liberalized their foreign shareholding ratio has aroused great concern of foreign financial institutions, and some foreign private placements have begun to accelerate the layout of the China market. This will not only increase the vitality and motivation of China's financial market, but also help to enhance the competitiveness of China's financial institutions. The opening of the financial industry will have a more obvious impact on small financial institutions. In the future, foreign-controlled securities, futures and fund companies are expected to be born, and there will be more and more wholly foreign-owned asset management companies.
The State Council Financial Stability and Development Committee was established.
Strengthen supervision and guard against risks
20 17 The National Financial Work Conference decided to establish the the State Council Financial Stability and Development Committee, strengthen overall coordination and supervision, and make institutional guarantee for opening up.
The establishment of the Financial Stability Board will coordinate monetary policy and financial supervision, analyze and judge the international and domestic financial situation, do a good job in dealing with international financial risks, and study major policies to prevent and deal with systemic financial risks and maintain financial stability. At the same time, it guides local financial reform, development and supervision, and conducts business supervision and accountability to financial management departments and local governments.
The financial industry has always been thriving!