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P2P Regulation Becomes A Problem, License Regulation Is Not Conducive To Innovation

2014/4/30 22:04:00 4

The regulation of P2P is both a general trend and a popular aspiration. For a long time, the P2P platform has been closely linked to the three "no" hat with no barriers to entry, no industry standards and no regulatory agencies. How difficult is P2P supervision? For example, the old P2P industry is like an oversized self-study classroom. There are no teachers. There are naturally disruptive and troublemakers in the teachers, and there are also students who want to study seriously, and even a variety of students are ready to enter the classroom. However, because the environment is too noisy, it is inevitable that bad money drives out good money. Therefore, as a P2P enterprise, we hope to have a quiet and clean development environment. 
 regulatory innovation is the key. 
The regulation of P2P is not only the requirement of the public opinion, but also the hope of the P2P industry. The mainstream P2P companies in the industry have expressed their wish to be regulated in public. The call for "regulation" is also over the wave. As risk events escalate, will P2P be cut across the board? Which regulatory department will be responsible for the regulation? Will licensing be used as a form of regulation? Can supervision effectively solve the current problems in the P2P industry? 
 first, P2P is not likely to be "one size fits all" because P2P is essentially an evolutionary form of private lending, and private lending is protected by law. From a market perspective, since the financial turmoil in 2008, domestic investment and financing demand has been seriously depressed. In the first quarter of 2009, only 9 small and micro enterprises collapsed in a single province of Zhejiang. Under this background, there is a huge market for financing of small and micro enterprises. This is also why the P2P industry has been showing explosive growth for 10 years. On the other hand, China's banks occupy 86% of the domestic financial resources, but in Europe, America, Japan and South Korea and other developed countries, this proportion is basically around 50%, because the banking industry has a monopoly on financial resources, the systemic risk is concentrated in the banking system, resulting in low efficiency of money, and the central bank can only make money again and again. If China can really use the Internet financial tools represented by P2P, it can import funds into the small and micro enterprises with real demand and promote the development of the real economy. On the surface, it is an effective complement to the banks. In fact, it is actually an important mosaic of our financial system. In the future, it may take part in the risk of some retail businesses for the banking sector, and separate some financial risks from the banking system and digest them in a decentralized way. 
 social investment and financing demand has been seriously depressed since the financial crisis. Under such circumstances, new things will inevitably meet the needs of the market. P2P is such a thing. So even if P2P is cut across the board, as long as market demand exists, there will be other forms of investment and financing, and market demand will not be cut off. Although the compliance of some P2P companies is controversial, the result of one size fits all can not solve the problem. It will only make a large number of P2P companies develop online and even become underground banks. This is even more unfavorable for regulation. 
The regulation of P2P can be said to be a worldwide problem. From the current regulatory experience abroad, the SFC SEC regards P2P as a platform for issuing valuable securities. Taking lending club as an example, in the specific process, webbank first puts the funds to the borrowers of lending club, and lending club is the asset of securitisation of webbank. P2P is essentially a product of financial disintermediation. Borrowers and investors are direct trading, but because of strong regulatory intervention, companies including lending club are no longer P2P platforms. On the other hand, in the cooperation between lending club and webbank, if lending Club buys securities from webbank and transfers to investors, lending will bear liquidity risk. European countries are more stringent in regulation of P2P and can only be operated by holding bank licences. 
 compared with foreign countries, the US asset securitization mode is not feasible in China. The CBRC issued the notice on risk warning for everyone in 2011 as early as 2011. Banks will not intervene in the trading link of P2P. The European demand for P2P is even more unlikely to land in China. At present, the license of private banks is still being tested. Some of the future P2P companies may turn to this direction, but at the moment, they can not see such a trend. Whether China's Internet finance can lead the world and whether P2P can develop in a healthy and orderly way depends on whether the regulation can be innovating. 
 licence spell .
 we < a href= "http://www.91se91.com/news/index_c.asp" > P2P < /a > platform for regulation, but we do not ask for licence. Because the license means a disguised monopoly, means exclusiveness, also means non market competition, it means P2P or for others to do the wedding dress. 
 at present, many P2P companies have put forward licences in the process of seeking supervision. After all, license plates mean legalization. However, at present, banks, third party payment, insurance, electricity providers, and BAT giants are eyeing the P2P industry. Once the license plate is used to promote P2P supervision, a large number of companies that are not engaged in the industry will inevitably enter the industry, which will definitely affect the normal development of the whole industry. In 2011, the first third party payment companies received payment licenses, including China Mobile, China Unicom, China Telecom and other giants. If a licence is granted to P2P, a similar scenario is likely to happen. 
 in fact, even if the third party payment has been legalized, more than 250 have obtained the payment license, but there are not many companies that really stand out. According to statistics, the annual payment volume of the third party is less than 100 billion, which basically can not make profits. Many third party payment companies are barely supported by the strong background of their parent company. Under the upsurge of Internet finance, grab license has also become a consensus among various non-financial companies. Baidu CEO Robin Li said that the tide of Internet finance is irreversible and should accelerate the implementation of relevant licences. In foreign countries, the already marginalized factoring licences are being fought at home by tens of millions of companies. If there is a licence for P2P business, there will be a licence fever, but the company that will eventually survive is not a licence. In addition, many companies that were not originally engaged in P2P business may buy shell for license in order to obtain licences in the short term. This will inhibit P2P companies who are now trying to innovate and implement Inclusive Finance. 
 moreover, P2P is still in the stage of learning and exploration. Just like students who are still studying in schools, if they issue a license now, it is equivalent to sending their diploma to students. This is harmful to students' further exploration of their business, and it will be a spoil of growth. The P2P mode starts from the Internet, and ultimately needs to be returned to finance, especially the return to market oriented finance. China's P2P has the pure online mode represented by Pat lending. It has the combination of online and offline under the mode of "everyone loan" and "new loan". There is a line transfer mode under the letter of Yixin, which has a small loan company channel mode represented by Kaixin loan. It has a guarantee mode represented by Lu Jin. There are different models among P2P companies, and the business process has not been fully established. There may be many changes in the future. Under this background, < a href= "http://www.91se91.com/news/index_c.asp" > license regulation < /a > is not conducive to innovation. 
 < a > href= > http://www.91se91.com/news/index_c.asp > regulation > /a > three suggests /p >
 no matter at home and abroad, the supervision of P2P is a worldwide problem, because this model is not yet qualitative, and there are various possibilities for future development. If P2P is included in the regulation, the first step in regulation must be a better platform. The innovative capability of these platforms will be suppressed, and the originally disordered platform may still be barbaric. Even some P2P companies will change their faces to bypass regulation by other names. For example, some platforms can call themselves the third party risk control of private lending, doing the same business mode, even introducing the more transparent Internet mode into line, but making it difficult for supervision. 
 in fact, the regulation of Internet finance is regarded as a whole. In the near future, the supervisory behavior of the third party payment can be regarded as a signal. The third party payment is the cornerstone of Internet finance. If we regulate the other innovative modes such as third party payment, P2P and crowd raising, it is also difficult to break through this hedge. For regulators, P2P regulation costs, investor education, and how to define the business scope of P2P are also the reasons why regulation can not be implemented in a short time. 
 P2P's controversial fund safety problem. Shanghai P2P company, including Xinxin loan, is actively completing capital trusteeship through bank channels. But there are still many problems under the iceberg in the whole P2P. These problems need to be supervised in appropriate ways. 
 first, supervise the people first. Most of the founders did not have the financial background, or even long-term borrowers of private lending. The primary task of supervision is to examine the qualifications of senior executives, set up corresponding entry barriers, and apply the filing system to those who have the right to divert customers' funds, such as company legal representatives, founders and financial executives, to a certain extent, to improve the safety of P2P funds. 
 secondly, improve IT construction. At present, the SFC has made use of monitoring transactions to obtain massive data and set warning indicators to monitor fund managers. If similar methods can be used to monitor P2P transactions at the right time, it can reduce regulatory costs, and can also see whether P2P companies have such illegal activities as capital pools, time mismatches, dismantling and self financing. It is believed that regulators will also consider using interface to monitor the transaction process of P2P. 
 since the end of last year, P2P has been attacked by all kinds of hackers. Whether the network security work will be done well in the future will be the top priority of P2P company. 
 finally, strengthen the education of practitioners and investors. 
 in fact, the practitioners and investors of P2P industry are more or less speculative. The essence of P2P is private lending. Practitioners and investors will inevitably be exposed to the trend of private lending. In the process of development, it is necessary to standardize them gradually according to financial requirements, which is the way to improve the credit of private lending. Internet finance can go far, but it ultimately depends on the tolerance of risk to ordinary people. At present, there are two kinds of unhealthy mentality of P2P investors. First, the "depositor mentality" can not take risks. Secondly, it is the mentality of investors. It is committed to fighting new, coveted high yield, not making the last stick of drums and spreading flowers, and diversifying investment on high interest platforms, but the actual situation is only one high interest rate. Platform guarantee and high interest rate are also caused by unhealthy investment mentality of investors. 
 for the development of P2P industry, we should consider the way of combination of regulation and market mechanism. If the market is full of competition, investor education can make progress and strengthen risk disclosure. P2P company itself can regulate self-discipline development and properly disclose the necessary information. At present, our country has already had the qualification of securities business, and teachers who have qualifications in banking and insurance qualifications, if there is an examination of Internet financial practitioners, will help P2P companies to select talents. 
 P2P industry is an evolutionary form of private lending. The development direction of P2P in the future should be scientific, standardized and transparent. P2P should conform to the requirements of regulatory authorities, develop orderly and orderly, provide fair financial services to borrowers, do not pass on financing costs, provide investors with professional risk control services, and guide investors to diversify small investments. At present, the P2P industry is very nervous. The demand for the excellent platform is to accelerate the polarization of P2P under the rule of "survival of the fittest" and develop the Internet Finance with the concept of "fair finance", so that P2P can truly serve the development of the real economy.