1. Policy legal risks: including legal risks and policy risks. Policy risks mainly come from the uncertain risks brought about by the adjustment of national Internet financial policies. One of the legal risks is the criminal administrative legal risk, which refers to the criminal legal risk caused by illegal fund-raising crimes or administrative violations, illegal business administrative violations or criminal acts, and illegal securities administrative violations or criminal acts. The second is civil legal risk, which refers to all kinds of civil legal risks caused by the transaction structure itself, leading to the outbreak of group litigation cases.
2. Regulatory risk: mainly due to the mismatch between the separate supervision mode and the mixed operation mode. The characteristics of cross-industry, cross-department and cross-business generally exist in the field of Internet finance. The business scope of internet finance enterprises may include banking business, securities business and insurance business, forming a deep integration model of several financial businesses based on the Internet. At present, the implementation of separate supervision mode in China's financial industry will inevitably lead to the phenomenon of water control and supervision vacuum in Kowloon. The mixed operation mode of Internet finance further strengthens regulatory risks, and risk reserve, bad debt rate, information disclosure, risk rating and investor rights protection are not included in the scope of supervision, which may lead to accelerated cross and aggregation of regulatory risks.
3. Trading risk: Trading risk includes trading system risk and trading characteristic risk. Trading system risk refers to the inability of institutions to provide security products or services, such as phishing, virus threat, system interruption or other unforeseen events, which exist in every Internet financial product or service. The characteristic risk of Internet financial transactions comes from the decision-making of economic entities, mainly from the credit risk caused by information asymmetry among traders, and of course it also includes market risk and liquidity risk. Among them, credit risk mainly refers to the lack of network credit information system, opaque information and lack of credit information, which leads to trust crisis and risk accumulation.
4. Technical risks: Internet technology itself has technical risks, including technical security and technical capabilities of trusted information systems, hacker attacks, password leakage, and theft of account funds. It is difficult to confirm the identity and authenticity of traders, and there is a high risk of consumer information disclosure, fraud and deception. Compared with the closed business system of banks, the sensitive information of users and personal property of internet finance have greater security risks, which also accelerates the spread of risks such as payment and liquidation, and makes the risks transfer between non-traditional financial institutions and traditional financial institutions.
5. Cognitive risk: The innovation of Internet finance lies in creating new business technologies, trading channels and methods. Its main functions are still financing, price discovery, payment and settlement, and the two core words of the financial industry are capital and risk. However, because the Internet has expanded the possibility of financial transactions, a large number of people not covered by traditional finance have been included in the scope of financial services. These people are relatively lack of risk identification ability and risk tolerance, and are more prone to individual and collective irrationality, which increases the probability of risk occurrence.
Legal basis:
Measures for the administration of payment services of non-financial institutions
Article 2 The term "payment services provided by non-financial institutions" as mentioned in these Measures means that non-financial institutions, as intermediaries between payees, provide some or all of the following monetary fund transfer services:
(1) online payment;
(2) Issuance and acceptance of prepaid cards;
(3) Bank card receipt;
(4) Other payment services determined by the People's Bank of China.
The term "online payment" as mentioned in these Measures refers to the transfer of money and funds between payees relying on public or private networks, including currency exchange, Internet payment, mobile phone payment, fixed telephone payment and digital TV payment.
The term "prepaid card" as mentioned in these Measures refers to the prepaid value of goods or services purchased outside the issuing institution for profit, including prepaid cards issued in the form of cards and passwords by using technologies such as magnetic strips and chips.
The term "bank card receipt" as mentioned in these Measures refers to the act of collecting monetary funds for special merchants of bank cards through POS terminals.
Article 3 Non-financial institutions providing payment services shall obtain payment business licenses in accordance with the provisions of these Measures and become payment institutions.
Payment institutions shall accept the supervision and administration of the People's Bank of China according to law.
Without the approval of the People's Bank of China, no non-financial institution or individual may engage in payment business or in disguised form.