"Since this year, a total of 64 individual-to-person (P2P) online loan platforms have experienced cash withdrawal difficulties or bankruptcies. Among them, Zhejiang ranks first with 16 homes, followed by 9 in Guangdong, and" problem platforms "in Anhui, Hubei and Inner Mongolia account for the local More than half of the total number. "Zhu Mingchun, Secretary General of the Guangdong Internet Finance Association (preparation) said a few days ago.
The recent "tide of bankruptcy" of the online loan platform has aroused great concern from people in the internet finance industry. Since October, after experiencing explosive growth in P2P online loan platforms across the country, they are now facing the embarrassment of successive failures. "After the National Day holiday, almost one bank closed every day, and there was an average of one platform per day in November." An industry insider said, "Generally, the bank loan platforms that have recently closed down are newly launched. The main reason is that they cannot control their own. risk."
No entry barriers, no industry standards, and inadequate supervision ... Many people in the industry pointed out that the P2P online loan platform "congenital deficiency", the risk of the P2P industry is increasing, the industry self-discipline and strengthened supervision are urgently needed to "acquire" Make up.
In this regard, the P2P industry itself has begun to establish industry standards. It is understood that the Guangdong Internet Finance Association (preparation) has elected an organization and is awaiting government approval and will be listed soon; Beijing also plans to establish an Internet Finance Association, and the P2P industry is an effective component of it. In addition, the China Microfinance Alliance has now established a P2P institution industry self-regulation convention. According to a person familiar with the matter, the recent investigation of the P2P industry by regulators is intensively carried out. The results of the previous survey have been reported to the supervisory authorities. In the future, relevant regulatory policies may be introduced at the national level. At the same time, some representative old and new P2P companies are also trying to build their own unique network loan risk prevention and control systems, actively exploring ways to build an Internet financial credit system.
P2P industry reshuffle acceleration
As one of the main models that constitute the Internet financial system, P2P is very different from third-party payment, crowdfunding and big data financial styles. According to industry definitions, P2P online loans refer to the use of third-party Internet platforms for fund borrowing and matching between lenders and lenders. The platform's profits mainly include one-time fees from borrowers and assessment and management fees from investors.
At present, there is no strict definition of the concept of P2P network loans, and its operating model has not yet been fully finalized. Some insiders have classified it into three types. The first is the pure online mode, which is characterized by the fact that fund lending activities are carried out online, without combining offline audits. The audit measures are usually video authentication, viewing bank bills and borrower ID cards. The second is the combination of online and offline mode, that is, after the borrower submits the loan application online, the platform will be reviewed by the agent in the city where it is located to take the household survey. The third is the creditor's right transfer model, that is, the platform acts as an intermediary to screen the borrower, lend in the name of an individual, and then transfer the creditor's right to the wealth management investor. However, some insiders believe that the mode of transferring debts is still in doubt.
In fact, since the first domestic P2P online loan company appeared in 2007, the attention and doubts have not left the P2P industry. In the past 6 years, this industry has achieved rapid growth in the number of platforms and total loans in the process of concern and doubt. According to statistics, the number of P2P online loan platforms has grown at a rate of 400% in the past three years. Since 2013, it has entered an accelerated growth period.
"In 2010, there were only 20 online loan institutions nationwide, and by the beginning of this year, the average online loan platform increased by 1-2. It is expected that by the end of this year, the national online loan platform is expected to exceed 800." The largest third-party online loan in China Xu Hongwei, founder of the Information Platform Online Loan Home, said, "The total transaction volume of the online loan platform is growing at a rate of 500% per year. In 2010, it was 600 million yuan. It is expected that the total transaction volume in 2013 will reach 100 billion to 120 billion yuan. The volume of online loans in China may exceed 10 trillion yuan after the year. "
However, while the number and size of loans are growing rapidly, the reshuffle of P2P online loan platforms is also accelerating. According to the survey statistics of Internet Loan Home, the number of P2P online loan platforms that have recently experienced problems has accelerated. Most of the 64 "problem platforms" have been in crisis within 4 months of being online, and only one survived for more than a year.
"There are currently more than 500 P2P online loan platforms in the country. Although the total number of failed platforms is not large and the popularity is not high, the negative impact on the P2P industry is not small." Du Xiaoshan, chairman of the China Microfinance Union, said.
A P2P insider in Shanghai believes that with the increase of online loan platforms, the number of closed platforms will also increase, and there may be only dozens of them after the reshuffle. Xu Hongwei said: "The failure of the online loan platform may be further intensified, and 100 companies may be closed in a month."
Preventing and controlling risks is the first priority
"The Internet finance concept is hot this year, and the P2P online lending industry has exploded, even leaving the role of intermediary." Industry insiders said that the current P2P online lending platform has developed different operating models and is more deeply involved in lending transactions, which has increased invisibly. Credit risk and operational risk of the platform. At the same time, high interest rates have become the first feature of the death of online loan platforms.
"The core competitiveness of the P2P online loan platform is risk control." Dong Jun, founder and CEO of Beijing Lerong Duoyuan, said that as a P2P online loan platform launched in August this year, Lerong Duoyuan's "building block box" "The annualized income of projects that have passed the product review and put on the line basically remained at around 10%. The reporter learned that this is almost twice as low as some P2P online loan platforms with a high yield of nearly 20%.
"The Internet is just a platform for display and sales. Financing parties and investors can fairly conduct investment and financing transactions on the platform, and the platform only receives some service fees from it." Dong Jun said that the building block box adopts the connection between financial management and financing parties The business model together emphasizes high quality and low risk. The principle is to only provide information services, not to participate in capital transactions, and not to participate in risks. It is a pure P2P "end-to-end" platform.
Although not involved in the transaction, as the builder of the P2P network loan platform, it is still necessary to establish a strict risk control system, otherwise it is likely to repeat the same mistakes as the closed P2P platform. Dong Jun said that more than three months after the building block box was launched, it has successfully matched more than 100 million yuan in financing. In order to ensure safety, Lerong Multi-source has designed a two-tier risk control system. One is to introduce two third-party guarantee companies to provide guarantee for the financing party. Once the bad debt occurs, the guarantee company will compensate for it. The second is to set up a mutual guarantee fund pool. A certain percentage of the deposit must be provided as a guarantee for the interests of the investors. At the same time, the mutual guarantee funds are frozen in the special account, and the building block box will periodically publish information and be audited. The building block box's risk control system is expected to prevent systemic risks of 10% -15% default rate and ensure that investors' interests are not lost.
"Failed P2P platforms are mostly weak in terms of letter review." This view has been generally accepted by the industry. Dong Jun said that the building block box will do an independent risk control audit survey on the project, usually it takes 3-5 working days to visit the project company on the spot, collect data through shooting and other methods, and then transform it into data center for analysis and comparison. The data, and then bring these data into the risk control model built by itself to evaluate and judge, and get the corresponding risk audit results.
"The core link of the P2P platform is risk control." Li Xinhe, founding partner of Renrendai, a representative company of Zhongguancun Internet Finance, said that Renrendai ’s risk review and credit control staff account for 30% -40% of the company ’s total Li Xinhe said frankly, compared with foreign P2P companies, China's personal credit system is still not perfect, which is why domestic P2P companies are currently involved in offline.
Looking forward to accessing the central bank credit reporting system
The chaos in the P2P industry has attracted the attention of regulators.
On October 14, the Internet Finance Development and Supervision Group, led by the People ’s Bank of China and composed of eight ministries and commissions of the State Council, went to Shenzhen to investigate and listen to reports from people in the online loan industry such as No.1 Online Loan and Hongling Venture Capital. Industry insiders predict that relevant regulatory policies for the online loan industry may already be in the pipeline.
On November 25, at the inter-ministerial joint meeting on the disposal of illegal fund-raising by the nine ministries and commissions led by the China Banking Regulatory Commission, online lending was listed as one of the six risk areas that must be highly concerned about. The relevant person in charge of the central bank said that while encouraging the innovative development of the P2P network loan platform, it should reasonably set its business boundaries, draw a red line, and clarify the intermediary nature of the platform.
The reporter learned that as a new type of financing, the country currently has no clear regulations on P2P online loans, and there are still great risks in the operation of online loans. Industry insiders suggest that online loan companies should be connected to the central bank credit reporting system as soon as possible. In this regard, Liu Shiyu, deputy governor of the central bank, said at the “Internet Credit Special Symposium†held in July this year that the online loan records were included in the central bank ’s credit reporting system and allowed online loan companies to make inquiries.
In August this year, Shanghai Credit Information, which is controlled by the Central Bank Credit Information Center, announced that the nation's first online financial credit information system was officially launched, and online credit enterprise credit information data will be shared on this system. According to industry analysts, this may be a preliminary preparation for the incorporation of online lending into the central bank's credit reporting system. It is also understood that one of the responsibilities of the first domestic online credit service enterprise alliance established in Shanghai last year is to establish the basic standards of online credit business risk management, which is regarded by the industry as a small-scale credit information sharing and sharing. Kind of try. According to members of the alliance, the alliance hopes to link online loan-related information with the central bank's credit reference system to promote the establishment of a complete online credit service system.
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