The risk remediation of Internet platforms in the financial field is still continuing. Recently, Jingdong’s “white strip” upgrade to “white card” action attracted market attention. This is also a major move after Alipay’s “borrowing” and “Hua Bai” rectification, which has a greater impact on the loan function. Industry insiders generally believe that under the constraints of the new regulations on credit investigation management and the online marketing methods of financial products, the rectification of the Internet platform will continue to increase.
Just recently, it was reported that relevant departments are formulating new regulatory documents for the loan assistance industry, including loan assistance institutions or becoming full diversion advertising companies, diversion needs to be through personal credit investigation institutions, and the guarantee fee is limited to about 2%. In this regard, insiders of several loan assistance platforms said that they had not received relevant documents or notices. Other insiders said that if the relevant documents are formulated by the cbcirc, the main constraints should be banking business rather than loan assistance, but if the relevant documents are finally implemented, it will also have a great impact on the loan assistance platform.
A person close to the regulator told reporters that from the rumor content, it really belongs to the management scope of relevant departments of the CBRC. Although the authenticity is still difficult to judge, the trend of continuous “filling loopholes” in various segments is certain.
the compliance pressure of the loan assistance industry is high
The contents of the above-mentioned “documents” have aroused the concern of many loan assistance institutions. It is mentioned in the news that the supervision requires that the loan assistance and lending should be issued directly through the bank, and the loan assistance institution may become a full diversion advertising company, and the diversion needs to be carried out through the personal credit investigation institution. In this regard, people in the loan industry said that from the current regulatory wind direction, the probability of relevant requirements landing is large, but the implementation scale cannot be determined.
According to the first financial reporter, the current business model of the Internet loan assistance platform is roughly “personal application – data upload, identity authentication – platform review and sharing with the bank – the bank makes loans through the platform”. The lender does not contact the actual lending bank in the whole process. Insiders of the loan assistance platform believe that if the rumors are true, the above requirements are based on the adjustment of the personal information protection law and the new credit investigation regulations, which has a subversive effect on the business model of the loan assistance platform, but the information collection authority should not be affected.
As early as July 2021, the credit investigation administration of the central bank put forward requirements on a number of network platforms that users’ personal information should not be directly provided to financial institutions. The measures for the administration of credit investigation business issued in September has been officially implemented since January 1 this year, which also clearly includes the “alternative data” of credit investigation other than traditional lending information into the scope of credit information, That is, those related businesses such as loan assistance carried out on the Internet platform that meet the definition of credit investigation business are within the scope of credit investigation supervision, and it is emphasized that credit investigation business must be licensed.
Under the requirement of “disconnection of direct connection”, loan assistance institutions have entered the adjustment period to seek or prepare to access China’s licensed credit reporting institutions. Recently, ant group, together with Zhejiang Tourism and other companies, applied to the central bank for the establishment of Qiantang credit investigation, which has been accepted. However, according to the first financial reporter, the cooperation between other platforms and credit investigation institutions has made slow progress, and most of them are waiting for head enterprises to “take the lead”. “After all, this subverts the traditional business model, (access to credit agencies) means that many systems and models need to be reorganized, and the business volume will also be affected.” A person from the loan assistance industry said that if the contents of the above-mentioned documents are true, the risk control link of the loan assistance business will also be completely handed over to the bank in the future, and the audit may be more cautious and strict, which will have a great impact on some small and micro enterprises and individuals with poor qualifications.
However, for loan assistance practitioners, the last one in the rumors is more sensitive, that is, the loan assistance guarantee fee may be limited to about 2%. According to insiders, the current cooperation mode between the platform and banks is divided into two modes: guaranteed and unsecured. The latter is borne by the fund provider, that is, the bank, but has high requirements for the borrower, aiming at a few high-quality customers; The former requires a third-party guarantee to intervene, pay a certain guarantee fee and bear some bad debt losses. “The proportion of guarantee fee is now generally 4% ~ 5%. If it is pressed to 2%, guarantee companies can’t stand it, the survival of many small platforms will become a problem. They can’t maintain the asset light cooperation mode with banks, and guarantee can’t increase credit.” An insider of the head loan assistance platform told reporters that at present, the head loan assistance institutions mostly take into account two modes, which will be affected, but the degree is relatively lighter.
At present, the above news has not been confirmed by “documents”. However, a person close to the regulator told reporters that from the rumor content, it does belong to the management scope of relevant departments of the CBRC. Although the authenticity is still difficult to judge, the trend of continuous “filling loopholes” and strict supervision in various segments is certain, and “who is responsible for the loopholes”.
the new regulations on “drainage” of financial products have a wide impact
Just recently, JD’s “white note” announced that it was upgraded to “white note card”, which attracted market attention. The instructions for “white note card” service indicates that before the “white note card” is successfully activated, the user’s white note transaction is applicable to the “JD white note – credit payment service rules”. The loan institution cooperated with JD white note will provide loans and the lender will pay the funds to the transaction counterpart. After the “white card” is activated successfully, the user’s subsequent white card transactions will be paid and settled with the “white card”.
In the introduction of relevant agreements and instructions, the attribute of “white card” is a joint credit card jointly issued by the bank and jd.com, which is equivalent to opening a “white card” in a designated cooperative bank. Before that, the business model of “white note” was loan assistance, and cooperative financial institutions included more than ten banks such as Bank Of Shanghai Co.Ltd(601229) , Bank Of Xi’An Co.Ltd(600928) , Bank Of Jiangsu Co.Ltd(600919) . Although this upgrading method is different from the brand isolation method of ant “Huabai” upgrading to “credit purchase” and “borrowing Bai” upgrading to “credit loan”, the same thing is that the platform’s loan assistance business gradually returns to its origin, and “diversion” has become the main function of the platform.
Some insiders pointed out that whether it is “flower chant”, “borrow chant” or “white note”, it will face great rectification pressure after the issuance of the administrative measures for online marketing of financial products (Draft for comments) (hereinafter referred to as the draft for comments) last December. Article 15 of the exposure draft stipulates that non bank payment institutions shall not provide marketing services for financial products such as loans and asset management products, and shall not take loans, asset management products and other financial products as payment options on the payment page, and sell loans, asset management products and other financial products by means of default opening and one click opening.
However, upgrading to credit card business is not once and for all, and the main responsibility of banks will be more prominent. Similarly, the notice on further promoting the standardized and healthy development of credit card business (Draft for comments) (hereinafter referred to as the notice) issued last year requires banks to clarify the maximum and minimum installment amount, and the installment business shall not exceed 5 years. If customers really need to apply for installment repayment for cash advance business, the amount shall not exceed 50000 yuan or equivalent freely convertible currency, The term shall not exceed 2 years. The notice also makes requirements for CO branded cards. The bank shall ensure that both parties of CO branded card cooperation present their respective brands equally in all credit card related business links, and shall not directly or in disguise exercise the bank’s responsibilities on behalf of the co branded unit or replace the bank’s brand with the co branded unit’s brand.
The above-mentioned insiders believe that the exposure draft will affect the loan assistance products of “credit card like” models such as “Huabai” and “Baitiao” on the one hand, and will also affect financial products such as yu’e Bao on the other hand. Coupled with the “Prohibition of commercial use of personal collection code” to be implemented on March 1 this year, the scale of yu’e Bao may be greatly affected. “Originally, the collection code into yu’e Bao is one of the largest subscription sources. If we face the problem of ‘money can’t come in and go out’, everyone’s choice tendency is bound to change.” The person believes that.
