The Pentium Era - South to North

A thorough investigation of all online lending platforms across the country organized by relevant departments was completed, and the results shocked everyone. By the end of November 2014, there were more than 3,200 online lending platforms, large and small, across the country. Not including large Internet companies like Baidu and 360, they are also using their own funds to lend.

These more than 3,200 online loan platforms have reached a financing balance of more than 500 billion yuan. After more than a year of development, they have reached such a large scale. This is something that the relevant departments did not expect, and it makes everyone even more worried. What is surprising is that among the more than 3,000 platforms, nearly a thousand have already experienced problems of this kind. This proportion is staggering.

The platform with the shortest time has only been open for more than three months, but already a large number of borrowers have evaded their debts, lenders have been unable to get their funds back, and risks have begun to spill over.

Relevant departments organized relevant experts and scholars, industry practitioners, personnel from local financial regulatory agencies and relevant central ministries and commissions to hold several meetings in Beijing, Shanghai, Hangzhou and Guangzhou, cities where online lending platforms are concentrated. Discuss the drafting of the "Interim Measures for the Management of Business Activities of Online Lending Information Intermediaries (Draft for Comments)".

Xiaofang was invited to participate in these meetings. During the meetings, everyone summarized the five major problems facing the current situation of online loan platforms:

First, there is a lack of necessary risk control. Many operators of online lending platforms have no experience in the industry and lack management capabilities. From time to time, incidents such as operators "running away" with money have occurred, seriously affecting the confidence of market participants and the reputation of the industry. , and the security protection of network information systems of many online loan platforms is fragile and vulnerable to hackers and other attacks, and there are potential security risks of customer funds and information being stolen.

Second, there is a lack of necessary rules. Online lending platforms in various places aim to provide accessible and convenient inclusive financial services to most classes and groups in society, further realizing low-cost, high-efficiency and popularization of small-amount investment and financing activities, and providing a platform for "mass entrepreneurship". In the name of providing financial security, "Wanzhong Innovation" has developed rapidly, but the relevant laws and regulations are obviously lagging behind, and there is no unified industry standard.

The third is illegal operation beyond the scope. Many online loan platforms violate the characteristics of their own information intermediaries and provide implicit guarantees for customer loans. They transform from information intermediaries into credit intermediaries and privately establish fund pools and misappropriate funds under various names and means. Customer funds have hidden dangers such as credit risk and liquidity risk, which affect the order of the financial market and social stability.

Fourth, there is a lack of necessary supervision. The main body of industry supervision is not fully implemented and unclear, and there is a lack of effective supervisory measures and means. As a result, many online loan platforms wander between legality and illegality, borrowing network concepts to "package" themselves, and are suspected of False propaganda and engaging in illegal fund-raising activities such as illegally absorbing public deposits harm the interests of the public.

Fifth, there is a lack of a sound external environment, and the imperfect credit system construction and consumer protection mechanisms in the online lending industry have become increasingly obvious obstacles to the healthy development of the industry.

After several discussions, everyone first made it clear that online lending refers to direct lending between individuals through the Internet platform, which is known to the public as P2P individual online lending. It belongs to the category of private lending and is governed by laws such as Contract Law and the General Principles of Civil Law. regulations and relevant judicial interpretation norms of the Supreme People's Court.

It is clarified that online lending business uses the Internet as the main channel to provide borrowers and lenders with services such as information collection, information disclosure, credit assessment, information exchange, and loan matching for direct lending.

Clarify that online lending information intermediaries (online lending platforms) refer to financial information service intermediaries established in accordance with the law and specializing in online lending business. They are essentially information intermediaries, not credit intermediaries. Therefore, they are not allowed to accept public deposits or pool funds for establishment. Capital pool, shall not provide any form of guarantee to the lender, etc.

Xiaofang attended meetings one after another, but her heart went from enthusiasm at the beginning to helplessness, cooling down and some disappointment at the end.

She feels that the relevant departments are too preconceived, and in the current environment, "mass entrepreneurship and innovation" are regarded as a basket, and everything is put into it. When online loan platforms are also put into this basket, encouragement and support become It has become politically correct. Either we do not fully understand its harmfulness, or we are consciously avoiding it.

Xiaofang was anxious and even said with some sadness and indignation at the meeting, "I can guarantee that what we are formulating now will most likely be obsolete on the day it is launched. But in reality, it won't take long." It will slap us hard in the face. I hope everyone will not blush because of it.

At such a meeting and making such a speech, the participants unanimously believed that Xiaofang was naive, had the air of an expert and scholar, was too romantic, naive and idealistic, and did not know that slow things down would lead to smoother things. Such a wide-ranging management method cannot be achieved overnight. Since it is a draft for comments, it can be modified as you go.

Lian Xiaofang has been calling for one of the five major problems that everyone summarized when summarizing the current situation, the construction of the credit system in the online lending industry. In the end, it was ignored and no one took it seriously.

Representatives from the central bank expressed opposition to Xiaofang's proposal to be included in the central bank's credit reporting system. They believed that since online lending platforms do not belong to financial institutions and their business does not accept the guidance of the central bank, how can they be included in the credit reporting system of financial institutions? system?

If this is the case, it means that we have to provide more than 3,000 platforms with access to the credit reporting system. These platforms are still shut down, which brings great hidden dangers to the management of the system and the security of related information.

Xiaofang settled for the next best thing. She suggested that the Ministry of Industry and Information Technology or other administrative departments should immediately establish a unified credit reporting system for all online lending platforms.

We also discussed this issue, but in the end there was no result. The biggest problem is that such a system, from establishment to daily management after completion, requires huge investment. With this budget, no department can do anything about it now. arrangement, and there is no corresponding staffing.

After discussion but no decision, the problem that needed to be solved most immediately became one of the items to be done in the future.

Xiaofang kept shaking her head, but she was helpless. She finally understood how a good book could be read incorrectly.

Xiaofang felt the same excitement when she reported to the comrades in charge in Beijing. After several meetings and compromises and concessions, she finally calmed down and felt powerless. She drew her sword and looked around at a loss.

There was a fire in her heart, but she didn't know who she should direct the fire at.

The last meeting was held in Guangzhou. The Guangzhou meeting finally confirmed the overall principles for the supervision of the online lending industry:

The first is to focus on market self-discipline, supplemented by administrative supervision.

Online lending is a product of the market economy. We must adhere to the market orientation, combine self-discipline with other disciplines, give full play to the role of online lending market subject autonomy, industry self-discipline, and social supervision, stimulate market vitality, promote the healthy development of the online lending industry, and guide its Better meet the investment and financing needs of small and micro enterprises, innovative enterprises and ordinary people.

The second is to focus on behavioral supervision, supplemented by institutional supervision.

Online lending institutions are essentially information intermediaries, not credit intermediaries, but the online lending business they carry out is financial information intermediary business, involving financial financing and related risk management.

The supervision of online lending business focuses on the formulation and improvement of basic business rules, rather than the approval of institutions and businesses. Supervisory departments should focus on strengthening interim and ex-post supervision to protect the legitimate rights and interests of relevant parties.

The third is to adhere to bottom-line thinking and implement negative list management.

Define the boundaries of the online lending business through a negative list, clarify twelve prohibited behaviors that online lending institutions cannot engage in, provide support and protection to online lending businesses and innovative activities that comply with laws and regulations, and prohibit illegal fund-raising in the name of online lending. Illegal financial activities will be resolutely cracked down on and banned.

Strengthen information disclosure, improve risk monitoring, and maintain the bottom line of preventing regional systemic risks.

The fourth is to implement division of labor, collaboration and coordinated supervision.

Give full play to the role of relevant national administrative departments, local people's governments, and industry self-regulatory organizations in the online lending business to promote relevant entities to perform their duties in accordance with the law, strengthen communication and collaboration, and form a regulatory synergy.

Faced with such a meeting resolution, Xiaofang could only sigh secretly. She couldn't keep it. She told herself, "You think this can keep the bottom line of preventing regional systemic risks, but it is simply impossible. In the end, everyone The bottom line will be broken one by one.

In the financial industry, if you place your hope on industry self-discipline, it is tantamount to complete indulgence.

Again, it’s the same all over the world. Even formal financial institutions would be desperate if there weren’t constant whips from regulatory authorities, let alone these online lending platforms.

Xiaofang feels that within a few years, this industry will become a cancer parasitic on the body of society, and it will be impossible to remove it without heavy action.

Xiaofang and Zhao Zheng returned to Hangzhou from Guangzhou. Zhang Chen came to pick them up at the airport. Zhang Chen saw Xiaofang feeling depressed and asked her what was wrong.

Xiaofang told Zhang Chen about her participation in the meeting. Zhang Chen thought for a while and asked, "Do you want me to tell Li Yong about the situation?"

"It's useless. It would be great if he or Uncle Liu could make the final decision on this matter, but unfortunately not. They are not in charge of this industry. If they talk too much, like me, they will become annoying."

Xiaofang sighed and said:

"I was so earnest in person that I almost started arguing with them, but it was of no use. Now... hey, they are still thinking about 'mass entrepreneurship and innovation', and they still focus on encouragement and support. When it is time to put the brakes on, there is no People are willing to put the brakes on, but for an opponent like me, my opinions are only for reference. I am indeed too naive.”

Xiaofang did not go home directly. Instead, she and Zhao Zheng followed Zhang Chen to Zhang Chen's office. She sat down at the conference table, opened her laptop, turned around and asked Zhang Chen:

"Dear, that Mr. Huang you are talking about, is their platform '88 Finance'?"

Zhang Chen was right, "Why do you ask this?"

"I want to pay 50,000 yuan to go in." Xiaofang said.

Zhang Chen was confused and asked: "Didn't you say this is unreliable? Why do you still pay for it? Aren't you afraid of becoming a meat bun?"

Xiaofang looked at him and said: "I just think it's unreliable. You can't feel the risk just from outside. I thought about it on the plane. I want to find ten platforms and give them 50,000 yuan each." Put the money in, so that if there is any trouble, I can know immediately. I told you, if this thing happens, it must be a systemic event."

Zhang Chen nodded and understood.

Xiaofang and Zhao Zheng said: "In your name?"

Zhao Zheng said yes, and she found her ID card from her bag.

Xiaofang and Zhao Zheng were doing this. Zhang Chen was watching from the side. He laughed and asked:

"What does this matter have to do with your company? Even if these platforms are popular, it won't affect you, right?"

"It doesn't matter." Xiaofang said angrily, "I'm just not convinced. I want to verify that my judgment is correct, okay?"

Zhang Chen said yes, but the maximum loss would be 500,000.

"Yes, our money has already been paid in, and now it has something to do with us." Xiaofang said, and both Zhang Chen and Zhao Zheng laughed.

Thank you zdlm001 for the reward of two fishes! Thank you Hu Hu, Lin Du Zhifu, the flame of morality, wandering idlers, wahoji, my heart falls for you, romantic cherry blossoms, Lao Shen Xisang, tonycui, Prince Yao Xun, hydrogen oxide disinfection knowledge bureau, frivolous, dream Flying Toad, Liu Ji, Puo Xiaofan, Tian Wai Wai Wai, He Shi Yi Tan, Book Friends 20191217033238847, Reader 1184447179611103232, Huanyue Cold Eyes, Crush Killer VIP, Major7, Zero Clear, Extraordinary Guest Chang Fei, Quadratic Power VC, Book Friends 161122213501799, Book Friends 20180906223204934, Eight Liang, Free Rain and Clear Sky, Void Broken Dreams, Tie Zhongshang 1, Wu Family Courtyard, Fighting and Jade Silk, Empty and Empty, Fan Pei's Journey to the West, hgxhgxhgx, ZHAO1017, Qingjing Wuwei 2012, End丶hao, w Yuanlai is your w, zpengyong1, very attentive 333 monthly pass! Thanks for all the votes and reading! I wish you all good health!