In 2020, the mutual gold industry not only ushered in the listing of lufax, once the largest online lending platform, but also ushered in the frequent introduction of financial technology-related regulatory policies.
"Regulators have formulated policies and guidance documents related to the development of financial technology companies. As a financial technology company, we believe that government regulators have recognized the value that financial technology brings to the financial system, such as online customer acquisition and service, big data analysis and risk control. " Yan Dinggui, director and CEO of Jiayin Jinke, once said this in a conference call in the third quarter of 2020.
Under the supervision and guidance, the light capital model has become the main development direction.
In the third quarter of 2020, the retail credit business of Ping An Pratt & Whitney, a holding subsidiary of lufax, contributed a loan balance of 535.8 billion yuan, a year-on-year increase of 2 1.4%.
In addition, the loan scale reached10 billion yuan, including 66 billion yuan for 360 subjects, 48.3 billion yuan for Lexin and 654.38+0.7 billion yuan for Xinyi Technology. Yiren Jinke and Jiayin Jinke were 3.2 billion yuan and 3.33 billion yuan respectively.
In July 2020, the China Banking Regulatory Commission promulgated the Interim Measures for the Administration of Online Loans of Commercial Banks (hereinafter referred to as the Measures), which put forward corresponding regulatory requirements for joint loans and loan assistance businesses.
In this regard, a practitioner in Shanghai's loan industry previously told this newspaper that the future institutional cooperation model, loan product model and quota, product information disclosure requirements, big data privacy protection, and risk control requirements of all participants have finally settled. In the future, in the loan assistance business, the requirements for the boundaries of rights and responsibilities of all parties will be further clarified, which is conducive to the further healthy development of the loan assistance business.
"These measures clearly verify the business model of the 360 theme and provide detailed guiding principles for the industry." Wu Haisheng, CEO and director of 360 Mathematics Department, pointed out in the third quarter financial report of 2020.
Xiao, CEO of Lexin, said that on the whole, these measures show that the attitude of the regulatory authorities towards the Internet consumer finance business has changed positively. The most concerned point is that the New Deal has pointed out the direction for the compliance of loan assistance business, and the industry is expected to usher in benign and rapid development. The new regulations roughly define the scope of cooperation between banks and third-party institutions, and include various institutions that cooperate with commercial banks in marketing, customer acquisition, joint loans, risk sharing, information technology and overdue collection.
"The industry expects that while the loan industry is developing rapidly, the Matthew effect of the industry will be more significant." Xiao also said.
Lending business can be divided into two modes: the capital-oriented mode in which the platform pays the deposit to the bank, and the light capital mode in which only technology is exported. The promulgation of the "Measures" has further promoted the implementation of the light capital model, because it is more in line with the requirements of the "Measures" for the development direction of financial technology platforms and banks' capital-assisted loan models.
The financial report of the third quarter of 2020 shows that the loan amount initiated by the light capital model of 360 main platform services is 65.438+06.908 billion yuan, up 48.7% year-on-year. The loan balance of light capital mode in platform services was 265.438+45.3 million yuan, an increase of 97.2% compared with the end of September 30, 2065.438+09.
65438+1October 26th, CEO Xiao introduced at the new strategy conference that up to now, the "light capital model" with risk-free and pure technology service model has accounted for 50% of the new transaction volume.
Adjustment of judicial protection upper limit of private lending interest rate
In August, 2020, the Supreme People's Court, China issued "Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases" (hereinafter referred to as "Provisions"), which adjusted the upper limit of judicial protection of private lending interest rate to 4 times the market quotation price of one-year loans (LPR), and the latest LPR was 4 times 15.4%. Previously, the upper limit was "24% and 36% for the second line and the third district".
A person in the lending industry in Beijing believes that the loans generated as a lending platform mainly come from financial institutions such as banks, and it is said that the regulations are not applicable.
Some mutual gold companies, such as Fun Shop, said in their financial reports in the second quarter of 2020 that if the relevant courts or regulatory agencies require the businesses of Fun Shop to adopt the same interest rate ceiling, the profitability of Fun Shop may be greatly adversely affected and a net loss may occur.
Jiayin Jinke also told this reporter earlier: "The new regulations on private lending in the Supreme People's Court only apply to private lending. As Jiayin Jinke has successfully completed the transformation to an institutional fund, it is expected that the impact of this supervision on its operation will be small and controllable. Jiayinjinke is prepared for the chain reaction that licensed financial institutions may have on this regulation. "
Wu Yi1October 26th, President of Lexin, told this newspaper that according to the regulations, the interest rate ceiling for judicial protection is downward, and the potential pricing space may be compressed to some extent. However, he also pointed out that the "Regulations" may not be a bad thing for the long-term development of the industry, because the industry can only develop healthily if it is more standardized.
Lexin's third quarter financial report data shows that the average nominal annualized interest rate of loans promoted by its platform is 15%, which is lower than the latest judicial protection upper limit of private lending interest rate.
Lufax Holdings mentioned in the financial report that the overall cost of adding new credit users is less than 24% (including 65,438+05.4% internal rate of return and 8.6% credit enhancement fee).
It is worth noting that on June 5438+1October 65438+May, this newspaper learned from relevant authoritative sources that the Supreme People's Court's recent Reply to the Guangdong Higher People's Court (hereinafter referred to as the "Reply") showed that after consulting the opinions of the financial regulatory authorities, Seven types of local financial organizations, such as micro-loan companies, financing guarantee companies, regional equity markets, pawn shops and financial leasing companies, commercial factoring companies and local asset management companies supervised by local financial supervision departments belong to financial institutions approved by financial supervision departments, and disputes arising from their related financial businesses are not applicable to the new judicial interpretation of private lending.
The above-mentioned practitioners in the Shanghai lending industry said that from that document, it is true that small lending institutions no longer apply four times LPR, and then it depends on the implementation of the Supreme Law document by local courts in judicial practice.
"It can only be said that the subject with a small loan license can do business," he said, "but not all the loan-assisting business is done through this license subject."
Network small loan license or "reduced to chicken ribs"
On June 5438+065438+ 10, 2020, the People's Bank of China, China Banking and Insurance Regulatory Commission and China issued the Interim Measures for the Management of Online Small Loan Business (Draft for Comment) (hereinafter referred to as the Opinions), which limited the business scope of most online small loan companies to the provincial administrative areas where they were registered. Only a few online small loan companies can operate across provinces after being approved by the CBRC, and the CBRC will be directly responsible for supervision and management. The threshold of registered capital of online small loan companies has been raised to 654.38+0 billion yuan, and the registered capital of online small loan companies operating across provinces is not less than 5 billion yuan; It is required that the single investment ratio of online small loans should not be less than 30% when carrying out joint loan business, which limits the loan scale that online small loan companies can enlarge through joint loans.
Wu Haisheng, CEO and director of 360 Mathematics Department, also pointed out in the third quarterly report that the Opinions aim to limit the leverage ratio in microfinance and joint loan activities. This new set of rules is consistent with the efforts made by regulators in recent years to reduce the leverage ratio of the financial system and alleviate potential systemic risks. More than 360 subjects have marginal risks in microfinance and joint loans.
Wu Yi pointed out that in Lexin's loan-assisting model, most of the loans are not issued through the network small loan model. Therefore, this opinion has little influence on music.
Liu Xinyu, a lawyer of Zhonglun Law Firm, also said earlier: "The Opinions have no special restrictions on the loan assistance business. The core business mentioned in it must not be outsourced, and the requirements of not guiding borrowers to borrow from multiple channels are also in line with existing regulations. "
Chen Wen, director of the Digital Economy Research Center of the School of Finance of Southwestern University of Finance and Economics, also believes that the loan-assisting business recognized by supervision basically belongs to financial loan marketing and customer acquisition business, and risk control should not be borne by loan-assisting institutions, so there is no leverage supervision and the loan-assisting business does not need qualifications.
Zhao Zhidong, a lawyer of Deheng Law Firm, said that after standardizing the loan assistance business, it emphasized the independent risk control ability of microfinance companies and put an end to the operation mode of "taking loan assistance cooperation as the reason and covering the risks". Regarding risk sharing, in the current business operation, banks generally require small loan companies to provide margin, guarantee or cover, but it is strictly forbidden for such small loan companies without financing guarantee or insurance qualification to provide guarantee and credit enhancement.
In addition, most mutual gold companies have online small loan licenses, and the introduction of opinions may greatly reduce the gold content of their online small loan licenses.
"After the introduction of the new regulations, the online small loan license has become a chicken rib, and there is also a' five-year equity' provision. For online small loans, it is tantamount to a kind of' suffocation'. The transfer auction of the online small loan license stock will be frozen, and there will be no new ones. It is expected that players with market strength in the future will be more inclined to choose consumer finance licenses instead of online small loan licenses. " Su, a senior researcher at the Seck Institute, said.
Frequent consumer finance policies
In addition to loan assistance, 360, Lexin and lufax all launched consumer finance business, especially lufax obtained a consumer finance license. Consumer finance companies have also ushered in several policies.
On June 5438+065438+ 10, 2020, China Banking Regulatory Commission issued the Notice of the General Office of China Banking Regulatory Commission on Promoting Consumer Finance Companies and Auto Finance Companies to Enhance their Sustainable Development Ability and Improve the Quality and Efficiency of Financial Services (hereinafter referred to as the Notice), which brought three regulatory support policies to consumer finance companies and auto finance companies: appropriately reducing the regulatory requirements for provisioning, broadening the financing channels for the market and increasing capital replenishment.
In this regard, Wu Haisheng, CEO and director of 360 Digital Department, believes that the Notice clearly stipulates the specific practices of cooperation between consumer finance companies and loan convenience platforms. Such regulatory changes seem to be beneficial to platforms with strong risk management and regulatory compliance capabilities. 360 theme has seen the opportunity to expand the scope and depth of digital platform services supported by data-driven technology to achieve its long-term strategic goals.
202 1 1 65438+3. The website of China Banking Regulatory Commission published the Measures for Supervision and Rating of Consumer Finance Companies (Trial) (hereinafter referred to as the Measures), which divided the supervision and rating results of consumer finance companies into 1, 2 (A, b), 3 (A, b) and 3 (a, b).
The China Banking Regulatory Commission said that the promulgation and implementation of the Measures further improved the supervision and regulation of consumer finance companies, provided institutional support for strengthening classified supervision, helped improve supervision efficiency, guided consumer finance companies to strengthen risk prevention and control, gave full play to their distinctive functions, accelerated the transformation to high-quality development, and better served the real economy.
"It can only be said that the whole industry still has development prospects and space, especially the prospects of the licensees are still good. As far as the feelings of the industry are concerned, the threshold for applying for gold cancellation license has not changed significantly. For the approval of consumer finance licenses, the background of shareholders is still very important. " The above-mentioned Shanghai loan industry practitioners said.
He pointed out that if the threshold for online small loan licenses is still high in the future, more internet departments or banking giants will seek to cancel gold medals, and more gold cancellation institutions will be approved in the future, but it also means that more people are robbing, and many will be eliminated.