In 2017, it once again experienced an extraordinary year for the growing Chinese financial technology industry. Of the top 10 landmark events in the financial technology sector in 2017, selected by the interface news, 70% are related to regulatory policies, and stringent regulation has become an unavoidable issue in the financial technology industry. In addition, China’s financial technology companies have also ushered in a good harvest year, public safety insurance, fun stores and other six financial technology companies listed. At the same time as expanding their influence, how these companies have become socially responsible leaders must think about the subject.
The following are the top ten events of symbolic significance of China’s financial science and technology selected by the interface news in 2017.
1, March 2017: “Network Alliance” on-line trial run selected reasons: the state-level financial infrastructure beyond the expected completion
March 31 this year, “non-bank payment agencies network clearing platform” to start the trial run and successfully completed the first verification of capital transactions, the official access to the central bank payment and settlement system. The trial operation of China’s unique state-level financial infrastructure, which is referred to as “Internet of Things” for short, marked the countdown to the direct-to-bank mode of third-party payment agencies.
Clearing houses have traditionally been strictly regulated as financial infrastructure in all countries. However, payment agencies represented by Alipay and TenPay do not have a liquidation license, and there is a violation of the rules of over-operating. In order to solve this problem, from 2016 In October of the same year, the central bank formally approved the establishment of the joint network until June 30, 2018, and all of them were transferred to the online platform for processing. The central bank exceeded this expectation to set up this state-level “clearing center” and demonstrated its firm determination in financial supervision.
In addition, the regulation in the digital age also requires close cooperation between regulators and technology companies. As a result, technology companies also have a place in the shareholders’ structure of the Internet companies, paying 9.61% of each of the two giants in the industry – Alipay and TenPay.
2, June 2017: Jingdong Group formally disassemble Jingdong Financial Selected reasons: Jingdong financial valuation of “unicorn” can be expected
In the second quarter of this year, the Jingdong Financial Restructuring has completed the delivery. The financial data will no longer be included in the JD Group’s consolidated financial statements. It will formally split and complete the privatization transaction and become a financial technology unicorn with a valuation comparable to that of the Lujiazui Fund. Currently, Valuation of more than 50 billion yuan. Prior to the A round of financing agreements in 2016, Jingdong Finance promised to be listed within 5 years with a market capitalization of not less than 93 billion yuan.
And Alibaba split Alipay exactly three years ago, but “split” has given Jingdong financial “domestic companies” identity to carry out the domestic financial business, after which, both in obtaining financial licenses, or the choice of place of listing, have More space. Jingdong Financial CEO Chen Shengqiang said publicly that Jingdong Finance has positioned itself as a technology company serving financial institutions and has been continuously “exploring verticals and limits” in all areas of finance to explore its own financial territory.
2017 is also a very active year for Jingdong Finance. In respect of payment, online banking under Jingdong Finance officially became a member institution of China UnionPay for acquiring cash and carried risk information sharing with UnionPay, and also became a shareholder of “Internet of Things.” On the banking side, Jingdong Finance and Bank of Beijing conducted a joint modeling of wind control, Bank launched the “ICBC White” digital bank; securities, hand Guo Yuan Securities to expand financial technology cooperation.
At present, Jingdong Finance already has four financial licenses for third-party payment, online small loans, fund sales and commercial factoring. Private banking, consumer finance, credit and internet insurance licenses are also under application.
3, July 2017: Hongling venture capital liquidation network credit business selected reasons: net loan industry large standard and rigid mode of payment declared bankruptcy
July 27, Hongling venture capital founder, chairman Zhou Shiping said in the next three years will liquidate the net loan business, the formal restructuring of investment banks. For a time, aroused heated discussion in the net loan industry.
Although the net lending industry has the third largest transaction size on a transaction scale of hundreds of billions and millions of investors, its rigid credit for “founder credit endorsement” Leverage of “net standard” products, in apparent violation of the network credit industry in 2016 released “824 new regulations” information intermediary, the subject of quotas, not to enlarge the lever and other provisions, the model can not continue. Meanwhile, as much as 800 million yuan of bad debts became the last straw that crushed Hongling Venture Capital.
4, September 2017: ICO bubble disillusionment Selected reasons: the central bank’s most decisive shot “across the board” to close ICO
In 2017, a tokai coin originated from the concept of bitcoin and blockchain and called “ICO” (Initial Coin Offering) swept many countries in the world. With a concept, a white paper and a team, the sponsor of an ICO project often starts to raise tokens and promises to give investors hundreds of times the return. Behind the price increase is not based on the real value of tokens, but by the team speculation a tempting “overnight fortune” to achieve myth. As it turns out, most of the ICO projects in China proved to be worthless fraudsters.
At a time when the “feast” of ICO in China was in full swing, the central bank started decisively and shut down the ICO “across the board.” On September 4, the central bank and other seven ministries jointly issued the “Notice on Preventing the Financing Risk of Token Issuance”, noting that issuance of tokens is essentially an unlawful and unlawful public financing and seriously disrupts the economic and financial order. ICO bubble full of carnival, this came to an end.
5, September 2017: Public On-line listing Reason for selection: “new economy” cardiotonic and valuation benchmark
In September 2017, Zhong An Online, the first internet insurance company in China, successfully landed in HKEx with a market cap exceeding HK $ 100 billion on the first day of listing. Founded in November 2013, the internet insurance company Mahjong, Ma Huateng and Ma Mingzhe, headquartered in Internet Insurance Company of China, started out as the reinsurance company that originally settled the return disputes on the Taobao platform. It has completed the projects of health insurance, auto insurance, consumer finance, etc. Nine business lines to build.
In just four years, Public Security Online out of an exciting financial capital of science and technology. At present, the number of listed financial technology companies in the world is still relatively small, and the market still lacks an intuitive and effective reference standard in this field. Li Xiaogang, chief executive of Hong Kong Exchanges and Clearing Limited, used “a new-economy IPO” to describe the meaning of public safety landing on HKEx. Its successful listing brought a tonic boost to internet insurance, insurance technology and other fields.
6, October 2017: Bitcoin prices skyrocketed Reasons: the most avid asset of the year
From less than $ 1,000 in early 2017 to less than $ 15,000 at the beginning of October to as high as $ 15,000 at the end of the year, bitcoin prices nearly tripled in less than a year to become the “most fanatical asset” of 2017.
Around bitcoin concepts, be it mining, bifurcation, regulation, or the listing of bitcoin futures, Bitcoin holds the hottest investment assets. In the eyes of backers of Bitcoin, he represents a decentralized “beautiful new world,” while in the eyes of opponents bitcoin is a worthless asset under the control of the makers of the 17th century, “tulip fever “Is repeating.
Will bitcoin be crazy in 2018?
7, October 2017: Fun store listing reasons: opened the cash loan industry profits corner
Following the pleasant loan, the letter and the rich, in October 2017, the capital market called the “ant gold clothing” concept stocks hit the NYSE, shares soared 43% on the first day, a time became the darling of the capital markets.
Fun IPO IPO prospectus also opened a huge cash loan industry profits, coupled with the founder of Fonterra, CEO Luo Min response to media controversy triggered controversy, fun shop “capital feast” plot plunged to cash loans as the core business fun store Encounter a lot of questions, the company’s share price from the highest point of listing 10 billion market value fell Liu Cheng. Since then, cash credit regulatory storm struck.
This risk control technology and traffic are heavily dependent on ant clothes, more than half of the funds from trust products, banks and other credit companies, how to transition in the storm of cash loan regulatory crisis, become a rare peep specimens of China’s financial regulatory and corporate restructuring.
8, November 2017: Regulatory Storm Assault Cash Loan Reasons for Choosing: Trillion-scale Cash Debt Mortgages
Cash loan industry profits collection, long debt, loans to support loans, abnormal rates and other issues finally exposed in the spotlight. On November 21, the mutual-aid rectification office issued a document in an expedited mode to stop approving the microloan microloan license, which opened the curtain of cash loan supervision.
In these four documents, the supervision is gradually clear: the cash loan should comply with the comprehensive cost of funds should not exceed 36%, unlicensed operation of the cash lending platform will be eliminated, prohibit all types of transactions, P2P platform, cash loans to provide funding to prohibit violence , Banning banking financial institutions to qualify for non-lending business institutions jointly funded the basic regulatory principles such as loans, but how to define the scope of loans and third-party cooperation in business loans and other cash loan business regulatory details remains unclear.
Under the supervision of the cash loan system, many platforms also face the final “life and death.” In addition, cut interest rates, transitional staging Mall has become a lot of cash lending platform rectification and transformation of the direction, but there are unscrupulous platform to start the last crazy – violence collection, as soon as possible before the outage to recover the losses.
9, December 2017: P2P net lending industry rectification open acceptance Reason for selection: net loan industry into the record “life and death” countdown
In December 2017, the “Notice on Doing a Good Job in Rectification and Acceptance of P2P Internet Loans and Risks” made the online loan industry finally usher in a crucial step toward rectification and acceptance. The document also finalized the final deadline – the first half of 2018.
Supervision is also clear, rectification and acceptance in accordance with the “clear standards, strict control, active and prudent” principle, one by one policy, the rectification and acceptance of a qualified, a filing, orderly carry out rectification and acceptance of the internal memory network credit record and filing, return information The nature of the intermediary, adhere to the function of small and scattered, positioning online operation, establish a reasonable pricing mechanism to serve the real economy and small and micro enterprises.
Since 2016, the net loan industry “824” new regulations, the process of net loan retreat dragged down during the period also issued a campus loan, down payment loans, gold exchange, cash loans and other consolidation programs, a clear rectification of the record schedule , Which means that regulators have basically mastered the situation in the industry, follow-up work will obviously speed up, the entire network credit industry into the record “life and death” countdown.
10, December 2017: brewing “letter of credit” Reason for selection: another state-level financial infrastructure gradually clear
The fiery cash loan industry has undoubtedly become the catalyst for “credit union”. Over-lending, repeated credit granting, and insufficient protection of personal information, which are common in the cash loan industry, all call for a complete, real-time and personal data sharing platform for personal credit information.
According to “Caixin” report, the central bank has decided to set up a personal credit information platform led by the Mutual Fund and will formally raise funds by the end of 2017. The main purpose of establishing this platform is to include the financial data of individual customers not covered by the Central Credit Information Center and to build a national basic database to share information in the industry so as to effectively reduce the risk cost.
However, the personal information of “Credit Union” comes from? How to define the criteria for the collection of personal data? How to locate the organizational role of “Credit Union”? All these issues have yet to be solved. The latest news is that the founding of the letter has entered a countdown, “letter of credit” or soon opened the mystery.