August 24th, the P2P network loan supervision rules that were waiting for half a year, "Interim Measures for the Administration of Business Activities of Internet Lending Information Intermediaries (Evaluation Draft)" finally appeared. The most noticeable of the measures is the provisions on the borrowing ceiling :
The maximum balance of borrowings of the same natural person on the same network lending information intermediary institution platform shall not exceed RMB 200,000, and the total balance of borrowings on different platforms shall not exceed RMB 1 million; the balance of loans of the same legal person or other organization on the same network lending information intermediary institution platform The upper limit does not exceed RMB 1 million and the total balance of loans on different platforms does not exceed RMB 5 million.
The China Banking Regulatory Commission believes that online lending is a supplement to traditional finance and the amount should be mainly small.
To achieve a multi-platform borrowing limit, it must also involve the sharing of industry information. By sharing information between P2P platforms, P2P organizations can help more information about the credit recipients and prevent credit risk such as malicious fraud and over-indebtedness of borrowers. This is a good thing for improving asset quality.
However, what is embarrassing is that the domestic credit information system is not perfect. Compared with commercial banks that can obtain the credit information of borrowers and guarantors from the central bank's credit information system, the current P2P platform's borrowing cannot be included in the central bank's credit information system. They are on limit control. It seems powerless.
In January of this year, the Internet Financial Risk Information Sharing System, led by the Central Bank of the Clearing Association, was formally launched. The first batch of P2P organizations that have access to the system has 13 companies, including block boxes, credit cards, Renren Credit, and Hong Ling Venture Capital. Loan, letter and rich. Just as compared to over 2000 P2P platforms, the shared information is really insufficient.
However, the quota is no room for negotiation.
Zhu Jianguo, the CEO of the mutual lending network, told Lei Fengwang (searching for the "Lei Feng Net" public concern) that "the supervisory authorities have obvious meaning, that is, they do not want positive PK for online lending and traditional finance, and do not want the inherent financial structure to be broken." The future of the loan industry will inevitably be "scattered by small amounts."
However, although the benefits of information sharing are obvious, the implementation process is doomed to difficulties. One of the questions is who should bear the responsibility of verification?
Xue Hongyan, a senior researcher at the Suning Financial Research Institute, told Lei Fengwang that Article 12 of the new regulations stipulates that borrowers should fulfill their obligation to “provide unpaid borrowing information on all online lending information intermediary agenciesâ€. In the future, the platform can be exempted according to this provision, which also makes it less motivating to promote information exchange between platforms.
“ Clearly require the borrower to provide information on outstanding borrowings on other platforms, and provide the feasibility of landing for the loan quota regulations. With regard to the current information exchange conditions, there is no channel to verify the accuracy of information. Therefore, the borrower provides Whether or not the information is credible requires a question mark. If the accuracy of the information is not guaranteed, the corresponding total borrowing requirements will inevitably fall into the form."
At this stage, even if the total amount exceeds 1 million, the platform cannot know the borrower's situation. For the sake of business development, the platform can only choose to trust the information provided by users. There is no institution that can punish the borrower. This also makes the implementation of the rule become awkward.
Xue Hongyan also told Lei Feng that the biggest challenge for interoperability between platforms is data resource asymmetry. For example, A has 1 million data, B has 10,000 data, and A has any incentive to swap it? And loan data is the core competitiveness of the platform.
Zhu Jianguo believes that "the biggest difficulty in information sharing lies in the docking of the platform and the docking of information." What kind of platform can be settled? What form of platform information is shared? What is the shared content standard? There are no clear standards for these, so it will take time to really advance. However, he is optimistic about this attitude. He told Lei Feng:
“From the contents of the conference, it can be seen that the supervisory level is not only the formulation and issuer of policies, but also the implementer of the policies. To better implement the policies, the supervisory level must do a lot of work around policy requirements, and information sharing is a lot of work. The more important one is, so the information sharing of the entire industry will surely be established. At present, the China Internet Finance Association has already begun to build the system in this area."
This provision is also good for credit companies, but it has little impact. What has been done in the past is to continue to do it now. There will be no sudden major improvement.
On the other hand, while discussing information sharing is difficult to achieve, perhaps it should first consider its necessity. Some practitioners believe that the amount that is stipulated is too small and may not meet the needs of the current market. It is far from being used by SMEs.
According to Zhu Weiming, the founder of Jinyuanbao's financial management, a simple and direct quota will lead to SMEs that contribute the most to employment and become financially uncovered areas.
RMB 1 million For enterprises, especially for first-tier cities, they may only be able to meet the day-to-day operating needs of small and micro enterprises, and it is of little significance to the tens of millions of SMEs with the largest financing needs. In the process of enterprise development, it is necessary to increase human and material resources, and it is necessary to improve production equipment and production processes in order to win more orders. The demand for funds will increase. It is hard to imagine how companies can generate large profits with small investments.
He said that setting a loan limit directly on a single borrowing entity does not hit the point. Setting a credit limit is a matter of corporate behavior. It should be based on the qualifications of the industry and the business dynamics of the company.
The starting point of the regulatory approach is to meet the investment and financing needs of SMEs and individuals. However, this emerging industry, Internet finance, is not suitable for a one-size-fits-all regulatory model. Regulators need to carefully study industry characteristics and regulatory methods.
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China Banking Regulatory Commission: P2P positioning is small and scattered, and the Internet cannot solve the problem of large-scale financing