Xu Weimin: Internet financial real spring is yet to come
2014 the 12th annual meeting of the China Internet economy held in Beijing on December 18. Internet banking halls, excellent micro-credit financial CEO Xu Weimin noted that Internet real spring to come requires 3 elements, including the perfection of the policy, the quality of employees, as well as the introduction of third-party hosting. Following is a video:
I am the founder and CEO of micro-credit. I have attended many forums, but rarely do today’s Forum is the P2P Forum, only two P2P platform. I have more than 10 years experience in the financial, had been in the Fund, securities and wealth management industry. Resigned out of business this year, the creation of micro-loan company. Company’s business is mainly in two aspects, one hand for some premium small business financing, which is now very important topic was small and micro enterprises ‘ financing difficulties, we want to figure out a way to, especially with Internet Tools. The other side is to provide our customers with an innovative financial management tools, is now hot for P2P.
Because of my own background, has been working in the financial services business, do Fund starting in 2002 and 2003, when mutual funds is a very new industry at home, I go a lot of places do Fund Roadshow, a lot of people don’t know what “funds” are, like my hometown ask me saying “you go to fund companies, isn’t Soong Ching ling Foundation? “Today the industry is reaching out to millions of households. P2P is the stage, now still lack investment channels in China, basic categories of financial assets: cash management balance treasure now is very hot, and then fixed income and all kinds of risky assets, equity, VC, PE, etc. But this several class assets inside fixed proceeds is needs maximum, and development most fast of category, domestic fixed proceeds development good of or is financial, proceeds very low, or is trust, trust products past years development have very clues, this on exists threshold, 1 million following groups inside wants to through fixed proceeds continued obtained excess proceeds of varieties words P2P fill this blank, this two years P2P why so fast development is based on so objective of market needs. Our point of micro-credit is intended in this market with our professional backgrounds to provide better financial services.
1th, the nature of Internet banking and P2P, Internet financial-why so popular in China? This phrase seems not so popular in China in the world. Finance in the history of mankind has been around for more than 400 years, in my more than 10 years, but I have a deep feeling is the typical characteristics of traditional financial despises. But what is the spirit of the Internet? Precisely equal, assist. PTP is the core essence of financial and internal components of the Internet, very few, best known as a pair of wings, but these wings are very tender, not enough to take off at this point.
P2P Internet financial created a new format, like the Internet brokers, funds and is relying on the Internet platform of the Internet, P2P and all the chips are two innovative formats, because of innovative, I think it is not mature enough, not wings via the Internet quickly took off, and now is the time to lay. P2P supplement the underserved by traditional financial institutions, essence is the provision of financial services. Our model for + acquaintance with the city to find a way to solve ‘ repayment attitude problem, address the moral hazard for repayment. Remaining is the repayment ability of professional the ability to understand the repayment capability through Headquarters, it is an act of economic analysis, it is our thinking on the current P2P industry status, we are always going away. Our industry as a whole now looks very hot or very cold, but as a practitioner, we need to be sensible about, really is yourself, and cherish.
2nd, to talk about my views on the prospects for the future development of the industry, I am personally optimistic, why say that? I still think that Internet financial bailout, especially P2P field, real spring is yet to come, why say that? Give you a simple set of data, we will know. China’s real number but millions of investors, would be hundreds of thousands of orders of magnitude, including members who have invested in P2P, I think a small number, we are concerned about P2P, as long as the Internet banking will talk about P2P, but the real vote of P2P are there? There is also a data, data published as of September 30 of tianhong fund balance holder of the treasure is? 149 million. Bao holders are potential users of Internet financial balances, if you look at it, this industry investor’s future space is enormous. P2P value is that it is less than 1 million fixed-income opportunities, tools for groups, this is blank.
3rd, but somehow you do not want to participate? Real spring to come in this industry requires several elements: first, regulation is in place, for the whole industry, P2P industry so far has not issued specific regulations, but has made clear that principles of bank regulation, supervision of the CBRC rules, but has so far not issued.
The second condition, the upgrading of the quality of the employees, from the financial industry nearly a year this is my very profound experience, we see that a number of serious incidents, reflecting industry practitioners on the level of quality in a relatively conventional. Why argue? Line Shang P2P enterprise more than 1000 over has, but according to we understanding of situation, over 80% enterprise of operating team are is small loan, and guarantees even is traditional civil borrowing of groups, real has compared professional of financial background of team actually also is compared less of, so industry of second a conditions is needs has professional of financial background of team to practitioners, to put whole P2P return to it financial of nature to, from investment of people angle, is financial of nature. We should talk to all the wealth of institutional cooperation in the future, because it is the fore-end asset allocation, wealth management, we are back-end configuration of the product, so that the hierarchical nature of P2P only really returned to the financial.
Third a conditions, because I is securities practitioners origin, I on a things of understanding very deep, whole industry must implementation third party funds managed mode, this point I very fancy, two or three years Qian everyone on China stock has deep memory, well-known of securities company South securities, and Huaxia securities, today are see not to has, based on 20th century early industry system of risk, at we stock company of money are can exists securities company, many customer are with securities company buy has bonds, and stock, last with stock plunged money was lost off, We go to the security company for the money when the money is gone, then we regulates the industry and introduce measures? Third-party hosting, our funds to go to a special deposit to the Bank. P2P, too, must make it mandatory that policy requires all P2P actors must put their money managed by third parties, or the industry as there is a great temptation, so that these P2P practitioners motivated or couldn’t help but use the customer’s margin, what should we do? Third-party hosting. Once the elements in place, the industry will usher in the spring.