Ma Chenguang: it should be to the grassroots finance provides a fair and transparent legal environment, a chance to be a folk financial development rather than traps.

HongFig: network lending platform is a non-governmental initiative, is the bank was unwilling to do, but also do not.

Yan Dinggui: the poor should also have the credit right, we do in the "financial shine".

GuZheng: network lending platform to run in the legal norms, can lock up the risk.

 

Ma Chenguang (host):"Seeing things with the financial law, financial law, more and more clearly." The topic of this period of "democracy and the rule of law, finance and economics edition" is network loan opportunity or trap? This period we invited guests are: the wisdom of Limited by Share Ltd CEO Mr. Hong Rong, Shanghai Jiayin Nationwide Financial Services Inc, Mr. Yan Dinggui, Mr. Gu Zheng, the Industrial Bank Baoshan branch of the Bank of Shanghai. Now online shopping is increasingly affecting our life, more and more goods and services we buy from the Internet, almost can remain within doors to buy on the net, even the remittance, payment, insurance and financial products such as various types of financial services are also available on the Internet, and even the emergence of a network lending platform -- the capital supply and demand both sides can get investment and borrowing information through the website, also can complete the lending service through the website. Financial services into the age of electronic commerce, change not only from offline to online so simple. It changes the transaction mode and the audience, it will also bring a variety of investment risk and regulatory problems. In April 2, 2013, set up only 1 months of the loan network suddenly announced the closure, the loan investment money investors temporarily lost direction, it also caused the wide attention of media. People can not help but ask, through the website to borrow money safe? What is who? Who is in charge of supervision? We take these problems, with the guests talk about network loan opportunity or trap? When it comes to lending, we first thought is a bank. Excuse me, Gu president, in your eyes, network lending is how one and the same?

Ma Chenguang, the famous Shanghai financial law, part-time professor of law firm together senior partner, director, financial law research center of Shanghai Academy of foreign trade law school. Graduated from Dalian Maritime University School of law, Fudan University, master of law.

 

Gu zheng:Network lending platform still should be defined in a service means, should belong to the channel bank product information transmission. However, seen from the news, network lending platform into a bank entity operation. For the banking industry, network lending platform should be based on the role and bank cooperation of the third parties, should be an extension of the bank. Now it has been replaced by a bank, in the bank's credit business. In fact, it can be through the entrusted financial institutions to do the financial products and services, but the main credit product design should or financial institutions, thus, the risk control system which will become more.

Gu Zheng, the Industrial Bank Baoshan branch of the bank, Hui silver capital and service institute researcher.

 

Ma Chenguang.Network lending platform is a folk initiated, it released the information are many folk financing needs, may not accept the entrustment of financial institutions. Hong general, what do you see?

 

Hong Rong.In fact, this is the market emerge as the times require, is the bank was unwilling to do, also can not do, only in the popular. Many small businesses want to use small loans that banks, but ignore you. In addition, some people have money, want to seek more revenue, followed by the development of the Internet, the two categories of people gathered together. This should not be regarded as an extension, more should be said it is a complementary. The extension is a concept of what? Extension is should be the banks do, now the development of network, the network to find the bank, which is the extension, is the concept of a channel.

Hong Rong, Shanghai wisdom Limited by Share Ltd ceo. Vice chairman of the professional committee of analysts and Investment Consultants China Securities Industry Association, Shanghai city science and technology entrepreneurship; Shanghai Advanced Institute of FinanceMBATeacher, the well-known financial commentators, asset management expert, has a wealth of financial, Internet industry and business management experience. Former chairman, securities Star General Manager; China financial online group (NASDAQ:JRJCVice president of research); general manager, electronic commerce ministry deputy director of the Institute of securities companies, asset management headquarters general manager.

 

Ma Chenguang.Two say more professional, so that operators we listen to one network lending platform say, everyone is how to use this platform?

 

Yan Dinggui.The first network lending platform was developed in Britain in 2005, when is the innovation of a company called zopa. With the Internet technology of P2P platform, the exchange of information between borrowers and investors. The bank is not the same, I agree that Hong's point of view, it is the supplement of banking business, is not extended. In the operation of the lender, is more through the credit screening technology, on-site credit etc., to understand the borrower. It is to the credit and banking are not the same, more flexible, general situation is very small, the unsecured loans. In this way for investors to gain stable returns provides a possible. From the parties to the transaction, the business is completed through the platform, the Internet as a medium. But if the platform to absorb funds, even money to lend, then from the concept of P2P, or the business model from the.

Yan Dinggui, President of Shanghai Jiayin Financial Information Service Co. ltd.. In the1996Joined the Nanjing Tongchuang information industry group, vice president of the Northeast regional general manager, group;2007Joined the Beijing topsec network Safe Technology Ltd, Zhejiang, Jiangxi, Hunan region as deputy general manager;2011Year started Shanghai Jiayin Financial Information Service Co., ltd.. Founded by Yan Zong in the company2012The year was issued by the Shanghai City Hall "financial information service" qualification license. A year short time, Yan total led the team I loan you network lending platform solution3000The problem of much home Small and micro businesses financing, financing, financing fast slow.

 

Ma Chenguang.For ordinary people, through this platform to borrow, should enter through what means?

 

Yan Dinggui.Website platform general mode of operation is based on the borrower's credit rating, as the scoring mechanism of bank credit cards, and P2P review the borrower is similar, according to whether or not to get married, have children, education, income, there is no assets, bank credit situation, to assess whether the borrower, sustainable ability in finance from the assets, can give a certain security, audit after the borrower login platform, platform for the borrower to carry on the analysis, if the good fluidity, will be placed in the priority rating position, generally rated level, level two, level three. Platform to tell every investor with the statistical method, what is the risk of each level, such as a customer is less than 1.5%, six customers may be higher than 5%. In this way, the risk is not the same level, his interest rates are not the same, the investor may according to the level of risk and return of investment, comprehensive evaluation to choose what kind of investment way. The risk level is relatively high income is relatively high. Conservative can choose the risk is relatively low, but the income is relatively low.

 

Ma Chenguang.This reminds us of Taobao, you as an information provider, the merchant grade credit rating, for example, you have a few diamonds, several crown. However, if the words to the corporate credit rating, financial institutions should have the qualification requirements.

 

Gu zheng:The bank has its professional level, the real estate transaction intermediary and not just the information asymmetry of information collected all the communication, the bank is through the analysis of the risk evaluation,, but banks still depends on the license plate, a special operating permit, to borrow the double approved bank as the third party professional level. Compared with the financial developed countries, our financial services products also lack a lot, but on loan, we are not lack of service platform, small loan companies, banks and trust can do, just because financial institutions always likes to do wholesale business, the folk microfinance lending requirements, procedures too cumbersome. A few years ago, mortgage loans compared with the development of the situation, a large number of mortgage loans for banks, can do. Only the information submitted to the bank, the bank to provide him with fees or interest amount, it can help solve this thing.

 

Ma Chenguang.Gu think, no license, only to licensed work or the customer. But on this particular live, also have a licence to do. Hong Zong, do you agree with their president's point of view?

 

Hong Rong.I don't think Gu's point of view, in fact, the multi-level capital market small loan companies and countries to build now, in our country is just beginning, the amount of funds from its offer to meet the needs of the community are far away from me. After all, the bank's ratio is very high, high council that will expand the proportion of direct financing. In fact, P2P is a direct financing of a concept. There is a different nature, is always thought this thing is to bank loans, in fact, this sentence is a question mark, why? Because, we have in the Bank of the system, it is the system and function, a complete risk management system, which is how many years to develop. In addition, the development of science and technology, the economy develops to a certain degree, emerge as the times require various loans, investment demand is not the same. Some people think, I don't want to use bank to obtain the benefit, because you have only 3%, a national reputation in, must get it, but I want to get 10% or even to 20%, but I'm willing to take some risks, so that the bank can't do, can't do, some companies are willing to to do this, some borrowers to the banks to borrow money, may be too small, also may be the bank is not worth doing this business, and this time he really needs, he is willing to do with higher cost of borrowing, then a multi-level system will emerge as the times require. The banking system again big, also can not fully meet all the needs of folk.

 

Gu zheng:I want to show is that there must be a professional identification. We talked about a lending mechanism, in fact, is that we need a mechanism to identify, as everyone can do stock? Can't. Network lending platform without qualification, who can engage in lending services, neither conforms to the laws and regulations, and the consequences are difficult to control.

 

Ma Chenguang.Although the two for network lending platform qualification is controversial, but can we reach a consensus: a huge market demand, makes network loan so crazy. Hong general, if you are an ordinary investors, would you consider network lending platform investment?

 

Hong Rong.Must be used, because it needs and I together, unless you have other way to go, but the other way to cost more, I will still use the Internet, like at the beginning we cannot accept online shopping, shopping on the Taobao feel quality will be worse, and now my shirt is online buy, after all, slowly will accept.

 

Ma Chenguang.Comparison of Internet investment with traditional investment, will obtain what different experience?

 

Hong Rong.Characteristic and feature of the Internet is, looking from the lending rate to the target customers are faster. One is the efficiency; two is the strong selectivity.

 

Gu zheng:High efficiency, I agree, but the current network lending to investors, high rate of return is still the main attraction, if the interest rate card in a reasonable degree, the people involved will not be so much.

 

Yan Dinggui.If the bank said, to put the rate card to a certain degree, this is the regulation, in fact, the market will have the role of self-regulation, through market competition, interest rates will come down come very naturally.

 

Ma Chenguang.On the folk lending rate ceiling, the law is required, generally no more than the same period the bank loan interest rate 4 times, more than part of the law does not protect. In fact, within the scope of the law is also much higher than bank interest rates, perhaps this is its living space. Profit and risk is proportional to the total, Yan, you feel at the risk of lending is reflected in what areas?

 

Yan Dinggui.In terms of risk, the risk of borrowing Gu Network put much. In fact, bankers, business institutions or, as you do when a customer, will form a responsibility. The same trade, manufacturing goods should be responsible for the customer, business institutions and bank competition, the bank only through administrative means to obtain a licence. It's like China education system, was admitted to the university may have nothing, in fact, the university is the first step to success, do not have to study on the test. For banks, began to get a licence and not to enter the capital market. From our platform perspective, we adopt the mode of one to many, the investor can lend the money to a plurality of demand for funds, thus, the possibility of collective contract is very small; in addition, borrowers need monthly repayment, repayment period to reduce the dispersion of repayment pressure, allocation risk costs, ensure the safety of funds investors. We will carry on the control in loan amount, are single lines in the basic one hundred thousand.

 

Gu zheng:The license plate than the diploma, no diploma may have knowledge, but a diploma must be the one who has the knowledge of the. Because in the process of financial services, is not only depend on public confidence and self-discipline. The Yan Hong always sum based on its own, your company has set up the public credibility, but other companies credibility? Pass off the sham as the genuine lot.

 

Hong Rong.This has nothing to do with my business. If the place of banking reform, these things should be the bank to do, bank interest rate regulation, banks are in the national reputation in doing things, people think, I must be returned in bank deposits. The bank says a 3% annual interest, then one will not be less. Folk credit evaluation system, if the interest rate regulation, there is no national reputation guaranty, who will do this business.

 

Gu zheng:My point is not regulation, what we want is a legal system.

 

Yan Dinggui.Lending market also should establish the multi-level. The P2P network lending platform for Small and micro businesses of this hierarchy, such as small loan companies, rural banks, commercial banks, with the big four customer groups are not the same, the state of their regulation is not the same. Our country current regulation is a license, no license is the marginal changes in policy, licensed by national reputation in the guarantee, the state to help out.

 

Hong Rong.Banks also have difficulties, the state gave license restrictions, but also many. Last year the Bank launched a lot of financial products, the interest rate change, in fact, is doing the same thing. Some smart banks using this market, turned the Internet into bank line, make it legal. Even many P2P company product is from bank to bank, they are to do segmentation, into small pieces, after all, their customer base strength is relatively small.

 

Ma Chenguang.Network lending platform will appear some problems, for example, how to verify the registration information online? In addition, if the registration is false information, with investors threw money away, appear this kind of problem, the responsibility and the right platform, lenders, investors three party how to distribute? Yan total, how do you check the borrower information?

 

Yan Dinggui.Now verify the borrower information very much, such as check the personal identity information through the public network Chinese, residence booklet can be found through a number of channels. Another example of the central bank credit, in addition to the credit system, the credit system in society is also developed, personal identity, property records, financial condition in these platforms can be found. This is the first aspect. Second aspects, from the transaction, we want to check whether the borrower has sustained financial capacity, bank water is normal. On the other hand, we will also require the borrower to the bank out of credit report, etc.. On inspection, we are very strict, especially in the credit report, whether there are flaws can be see. We also control in borrowing funds. General P2P network lending industry a maximum loan amount of 30~50 million, we generally lend to 8~10 million, we will not notify the parties concerned case, go to the scene investigation, but also understand the downstream of the situation, we have

Customer data is sufficient.

 

Hong Rong.You bad debt rate is the number?

 

Yan Dinggui.The rate of bad debts look how to calculate, we and the bank bad account rate of small loan companies, the algorithm is not the same, the standard distance, such as the bank would take more than 90 days delinquent loans account. But our company's loan default rate is very small, the average time was 9 months, we are in accordance with the monthly payment to count, this is the most honest, our company set the line of life and death is the four point, payment must be more than 96%, just above the four point, our business team disbanded, lost continue to do business qualifications. But in fact, we are far from this point.

 

Ma Chenguang.The difference between network lending platform and bank is the bank as a financial institution, transaction participants, and network lending platform is the information provider, offers the opportunity it provides places. It's like the two of you to go to the people's Square blind date, but can't get married, the people's Square is not responsible for the. So, only information on the platform, if the bad debt, investors, lenders and platform should bear their own responsibility, the responsibility and right between the three of them should be divided clearly. Ask Yan total, through the network lending platform, how to avoid investment risks?

 

Yan Dinggui.Control risk, in relation to our platform of life and death, no one asked us to check the borrower's credit, but we will spontaneously to do this thing. First set up investor investment rules, fees and loan project web site publicity, usually divided into credit, mortgage. And the classification of products, such as small business products, personal products, car loan products etc.. Different products will release their proportion in the website striking position. A product of concern to investors, can learn from the process, the source site on the lender, a screening, some websites are line to find, some websites to find, cooperation, supply chain cooperation, looks like storage cooperation to achieve customer groups. Another is the method of telephone marketing to selected customers, once confirmed customer source, will enter the credit audit link, marketing personnel will be according to the customer's credit audit resources, collected data list, enter the credit review, to judge the authenticity of the information, such as no problem, the method of cross site, see the data is achieved borrowing requirements, how much is able to give him the amount. Also can use the search engine to see whether there is a net negative news, the country is in the situation of the national court, including meals and other research methods, to gather more reliable information, provide to investors, risk can be smaller.

 

Gu zheng:You have every one on one?

 

Yan Dinggui.Investors after registration, through the third party payment platform for qualified borrowers are tender, auction is a bit like the same site. Is many to one. Law is a description of the illegal fund-raising, such as requiring no more than 30 people, more than 30 people on the left, we are required by law to do the number.

 

Ma Chenguang.There is a legal red line, platform for information only, borrowers and investors to complete their lending transactions, not as part of a financial transaction platform, platform there was no legal responsibility of illegal fund-raising. However, in the process of platform development will create a lot of products, for example, some network platform where there are many borrowers registration, to borrow money, then a person or an enterprise, whether he is the actual controller is not the platform, he lends money to the borrower through the platform, then for borrowers, he is a money lender. Then, he threw his creditor's right to many investors, so, for investors, he is occluding or Valet financial side. If his behavior to a certain extent, in fact it isolated the borrower and investor information, and, if it reaches a certain amount, he would walk in the red edge of law. Despite President just concern is actually illegal fund-raising problems. Illegal fund-raising, to meet four requirements in the law: illegal, the state did not send his financial license; public, through the open channel promotion, such as leaflets; commitment, commitment to a fixed rate of interest; social, to the public not specific. If four elements are satisfied simultaneously, constitutes an illegal fund-raising. So, the platform should have a good grasp of their own identity, if both information provider and lenders two roles, there is conflict

Risk breaking the law of line.

 

Gu zheng:So, network lending platform only information providers, for investors, will feel more secure. However, when the service platform of the lenders, even the third party, but the third party unattended, entirely conscious network lending platform, we should face the problem.

 

Ma Chenguang.The shop on Taobao, Taobao the stores sell products, cannot be guaranteed to be cheap goods. You buy a fake, but also because of their responsibility of the parties to the transaction. Of course, Taobao also do some risk control and management of goods, such as Taobao guarantee business credit, shoppers to make money to pay treasure, get the goods after thought the price and goods matching, release the payment confirmation of payment after. But in network loans, using third party payment mainly plays the guarantee liability, the fear is platform Juankuan escape, a risk that is investor.

 

Hong Rong.Investors take all the investment process, collection is how walk?

 

Yan Dinggui.Payment by the third party payment platform, confirm loan let investors issued by the authorized collection, then will the bank card and the third party bound investors repayment, to the time the principal and management fees deduction, through liquidation distribution system, distribution to investors account. Funds are not handled by our platform, such as an investor, is the security guarantee.

 

Hong Rong.The third party payment and pay the third party payment is completely different. The third party payment is the P2P platform to protect themselves, and pay treasure to protect consumers. In fact, my money would lend directly to borrow my people, and hit the third party, a halfway stop, more easily lost, in fact, the risk is very big. Investors should have a simple judgment process, is the risk and benefits, the greater the risk the higher the interest rate, in addition to considering P2P company's strength, size, reputation etc..

 

Yan Dinggui.P2P industry also need to evolve, the customer must provide more and more high quality, low cost more and more ways for the. For the investor should also accept the fact, also cannot expect to have very high income. It is not only the Internet, Micro message also started to do the third party payment, may even start to credit card and so on, apple through App Store, as long as the use of mobile phone people can credit.

 

Ma Chenguang.Folk financing market is so big, the demand for investment and financing so strong, please Hong Zong analysis, the traditional financial industry will bring which influence?

 

Hong Rong.These banks can do, why banks do not, because the banks in a monopoly position, a more profitable business, to do was hard and don't make a lot of money. Who is willing to, when bank profits decline, will do. Last day, Taobao boss said we are small, capillary. Have you ever seen as thick as artery capillary? 190 a night, more than one billion yuan. The bank must reform, before the Internet came to a subversive force banks, banks have to tense up.

 

Gu zheng:But the view is network lending me is no life, just because too many people now have money demand, leading to the borrowing behavior using the Internet platform.

 

Hong Rong.Western P2P company does not belong to the CBRC, CSRC tube, it is the concept of product can be listed, can offer, investors have the account could trade action. A certain extent will lead to market, Internet virtually become a powerful application system, like the global foreign exchange without fixed exchange, each big bank own quotation, naturally formed a city

Field, and on that day, the emergence of a network of people to borrow money and the rich people invisibly, without directly in the face of the bank, as long as the aggregation customers can do lending business.

 

Ma Chenguang.This reminds me of the Wu Ying case, everyone knows what she's doing, our government has not as.

 

Hong Rong.Illegal fund-raising laws are strict, the Wu Ying case in Jiangsu generation, established many be accustomed to, everybody don't think things out, but it is a capital crime.

 

Ma Chenguang.This is the request of our legislation, like the play the market crime, in the era of the planned economy, it is to adapt to the requirements of economic development, but economic development has turned it into a normal trade, you also think he is a crime, which means the legal lag.

 

Yan Dinggui.We practice the speed may be slower, especially around the legal action in the Internet age more slowly, as the illegal fund-raising, our country will appear a die, a place on the chaos phenomenon.

 

Hong Rong.Why the national strategy to increase the proportion of direct financing, as banks in such a development, fluctuations in the economy, will be a lot of damage.

 

Yan Dinggui.The law is lagging behind, supervision.

 

Ma Chenguang.Please guests to summarise this view.

 

Gu zheng:Network lending platform to run in the legal norms, can the lending risk lock, otherwise, no end of trouble for the future.

 

Yan Dinggui.We are unsecured, small network lending, with noble words "finance shines", the poor also have the credit rights. At present the national Small and micro businesses have the appointment, but really can be 15% money to borrow in the banks not to, the remaining 85% no credit rights. In fact, the Small and micro businesses there is a huge demand for funds, as long as the strengthening of supervision, P2P network lending platform can healthy development.

 

Hong Rong.We should care more about who is in debt? It can solve a system of our country financing problems. The bank is to send an umbrella, sunny day I lend you an umbrella, the rain umbrella will come back. P2P is a new financing mode, must be developed rapidly to meet a wide financing requirement.

 

Ma Chenguang.Network lending platform is the folk initiated grassroots financial, should provide a fair and transparent legal environment, let it become a chance to the development of nongovernmental finance rather than traps. Thank you for your participation!