Zhao Guoqing: Why Do I Do Internet Banking?

Zhao Guoqing founded the company called the instant consumer finance Limited by Share Ltd (referred to as "instant consumption"), is one of the ten new pilot companies approved by the China Banking Regulatory Commission. "Immediate consumption" was formally approved in December 31, 2014.

The "instant consumption" team, with Zhao Guoqing as its core, has rich experience management team in risk control, product development and data analysis. Its background is not small. Shareholders include banks, insurance and wholesale and retail businesses, and there are four shareholders of listed companies.

Among them, Chongqing department store accounted for 30%, Beijing Zhi run accounted for 20%, Chongqing bank accounted for 18%, sunshine insurance accounted for 12%, Zhejiang commodity city accounted for 10%, and Wumart holding accounted for 10%.

Zhao Guoqing is the sole shareholder and legal person of Beijing run company.

Why should we join the Internet financial field?

When it comes to why we want to join the Internet financial field, Zhao Guoqing said that his choice criterion is whether the industry is big enough, and whether it is wide enough or deep enough in terms of user level.

Another criterion is whether there is any pain in this industry.

From the perspective of Internet finance, its development prospects are enormous, but there are obvious pain points.

The pain point is that the cost is very high, the efficiency is low, and the user experience is general.

The Internet as a tool and means can bring about lower cost, higher efficiency and better user experience.

Zhao Guoqing said, after analysis, we found that the consumption finance industry is linked to consumption, and the financial scenario is centered on consumption and rigid demand.

There are 400 million credit cards in China, 1 billion 400 million people get rid of duplicate cards, no active cards or dead cards, only 150 million active cardholders.

This means that consumer finance has great prospects for development.

While banks can not provide solutions, although banks can increase risk tolerance, bad debt tolerance can also be raised, but faced with a lot of regulation, which left much room for consumer finance.

The current reform also provides space for entrepreneurs.

Before the revision of the Consumer Finance Companies pilot management measures, consumer finance existed in the business area which could not cross the province, unable to absorb deposits, unable to issue cash loans, and could not enter the interbank business.

After the revision of the measures, some policies were released.

Zhao Guoqing pointed out that after the revision of the "measures", the geographical restrictions of Consumer Finance Companies were abolished, which made Consumer Finance Companies no longer have geographical restrictions, which was equivalent to nationwide and there were no physical outlets.

Consumer Finance Companies sources of funds are also widening.

In the past, it only depends on its own cost. After the revision of the measures, the Consumer Finance Companies can carry out interbank lending, absorb shareholder deposits, and issue corporate bonds for asset securitization.

This solved the problem of Consumer Finance Companies's source of funds.

Zhao Guoqing said, this is why we need to define the "immediate consumption" company as large deposit and small loan bank, which can absorb shareholder deposits indirectly.

It can also absorb the deposits of other large enterprises, and sell products of loans several times to further enhance their liquidity.

The "instant consumption" company can also connect the resources and needs of many Internet finance to the society through the channels of insurance companies through the design of financial products.

Another is the whereabouts of loans.

In the past, Consumer Finance Companies management regulations only allowed individual consumption loans to be linked to commodities. The new method gave Consumer Finance Companies more flexibility to issue direct cash loans to customers.

Zhao Guoqing said,

Now we can continue to make commodity loans, and we can also make cross loans for commodities and cash. Once the cash loan is issued, it will mean a credit card once there is a circulation.

The new company officially opened at the end of April.

According to the plan, the "instant consumption" company is operating rapidly. It will be set up in January. It will start the business meeting internally, and the company mascot will be released in February. The products and businesses will be launched in April, and the whole company will officially open at the end of April.

When it comes to why "immediate consumption" can leverage such a large number of listed company resources, Zhao Guoqing said that this is the accumulation of contacts in the past years.

No matter whether he is an important member of the Jingdong, those who helped him in the past are still giving support today.

"When I was vice chairman and chief strategy officer of Jingdong group, I met with many mayors and entrepreneurs. It is easy to see that I am moved that I am no longer an important position in Jingdong, and many of my old friends are still the same for me."

This enabled Zhao Guoqing to pry Chongqing's department store, Chongqing bank, sunshine insurance, Zhejiang Commodity City, Wumart holdings and many other enterprises, and these strong enterprises are willing to be small shareholders.

The "immediate consumption" company did not introduce strategic investment at the beginning of its establishment.

Why does this happen again?

Zhao Guoqing said that the company must have strong resource synergy in the initial stage. The company has the greatest shortage of money. Any shareholder has enough money to support the company to scale up to 100 billion. At the beginning of its establishment, capital, data, users and channels are more important than anything else.

"Next step, we may consider introducing venture capital. This venture investment is to help companies define value. When the reputation, brand, credit and products of the company are fully recognized and certified by the market, we can introduce industrial capital and venture capital capital."

For enterprises such as Wumart holdings, it is important to integrate relevant data. If "immediate consumption" can bring higher conversion rate, it is more important than attracting external investment.

At present, "instant consumption" companies are also facing challenges.

Zhao Guoqing believes that the biggest challenge is that the current credit market construction is imperfect, leading to a very high rate of bad debt in the early stage. Only when we develop to the late stage, will we accumulate users and accumulate data to reduce this damage.

For the outside world, we are more concerned about why Zhao Guoqing left the business on the eve of Jingdong listing.

For Tencent technology continues to ask questions, Zhao Guoqing said, there are two points not to talk about today, one is the milk tea sister and Liu Qiangdong matter.

The second thing is not talking about why you left the Jingdong.

Zhao Guoqing is very protective of Liu Qiangdong.

"I sent email to strong east two to tell him that I was promoting" immediate consumption "and approved by the CBRC.

Zhao Guoqing said that when everyone asked Zhao Guoqing what was the relationship with Liu Qiangdong, "I said we were brothers, blood is thicker than water."