China-Singapore Jingwei Client, December 23 (Song Yafen) Recently, many financial technology platforms have removed Internet deposit-related products that have attracted attention.
What are the reasons behind the platform's active withdrawal of Internet deposits?
After slamming on the brakes, does it indicate that the space for survival and development of Internet deposits has been closed?
Internet deposits are delisted or related to supervision
On December 18, Ant Group took the lead in delisting Internet deposit products.
Subsequently, JD Finance, Lufax, Tencent Licaitong and other platforms also removed Internet deposit products.
Although the supervision has not publicly introduced regulatory measures to require companies to remove related products, many experts analyzed that the company's initiative to remove products should be related to supervision.
Zeng Gang, deputy director of the National Finance and Development Laboratory, told the Sino-Singapore Jingwei client: "The platform's initiative to remove Internet deposits must be driven by supervision."
Zheng Zhigang, a professor at the School of Finance of Renmin University of China, believes that it may be related to the recent public opinion environment and the strengthening of regulatory measures, including the statements of central bank officials and platform antitrust measures.
Recently, Sun Tianqi, director of the Financial Stability Bureau of the People’s Bank of China, pointed out many problems in Internet deposit products on several public occasions and criticized him for “driving without a license” and “increase the deposit interest rate in a disguised manner, disrupting the deposit interest rate market mechanism”, and emphasized “high-risk banks By absorbing deposits through the Internet platform, drinking pigeons to quench thirst, liquidity risks are prominent."
Therefore, Zheng Zhigang said that in this context, companies may have to adjust their strategic directions to adapt to the corresponding demands of the regulatory authorities.
"This is a wise move, but also a pragmatic move. We need to make such a strategic adjustment."
Zhou Kunping, deputy general manager of the Bank of Communications Financial Research Center, also agreed.
"As the central bank is a macro currency management department, the supervisory department must take its voice very seriously. Although the supervisory department has not issued a clear notice, it does not rule out window guidance."
This speculation seems to be verifiable from the corporate side.
In response to this delisting, the platforms have expressed that they "strictly implement the relevant regulations and requirements of supervision."
How to avoid internet deposit risks?
The regulation of Internet deposits seems to have already begun.
In March of this year, the Central Bank issued the "Notice of the People's Bank of China on Strengthening the Management of Deposit Interest Rates", requiring banks to rectify in accordance with regulations and requirements for early withdrawal of fixed deposits, such as "innovative" products such as irregular deposits.
Internet deposits mostly adopt the method of calculating interest on files to attract investors.
As for the related risks mentioned by central bank officials, Zeng Gang analyzed that Internet deposits may have certain non-compliance and potential risks from different angles.
First of all, whether the platform itself requires qualifications for selling financial products is a topic worth discussing.
Under normal circumstances, the sales of public funds and insurance products require a license.
This requirement is also put forward in the new asset management regulations.
At the level of financial institutions, banking institutions are involved in some breakthroughs in the supervision of existing deposit businesses, and in fact there are certain regulatory arbitrage behaviors.
On the other hand, it also determines the stability of the entire fund.
If the supervision does not properly manage interest rates and allows financial institutions to "get the higher prices", it will have a serious impact on the entire banking system.
On the one hand, it raises the cost of banks. On the other hand, the stability of deposits will also affect the steady operation of banks.
From a macro point of view, because of the increase in the cost of capital, the cost of bank loans will increase, which is also detrimental to the current reduction of financing costs in the real economy.
So, is there any way to circumvent these problems in Internet deposits?
In this regard, Zhou Kunping said that risks always exist and there is no way to avoid them.
The Internet is a business model, it cannot eliminate risks.
In view of the problems pointed out by central bank officials, Zeng Gang predicts that in the future, there may be some corresponding regulations at the regulatory level to put forward a requirement for access, and the Internet platform may have a licensed compliance issue.
In this way, it can be included in the regulatory framework, reduce the space for regulatory arbitrage, and promote standardized competition in the entire deposit market.
Zheng Zhigang believes that since the new finance has many characteristics that are different from traditional finance, the supervision itself may also need to innovate, or the traditional financial approach that relies on external supervision, and more emphasis on the first person responsible for the platform itself Role, allowing the platform to play an active role in preventing risks.
Is there still room for development of Internet deposits?
With the brakes on the new business of Internet deposits, it is doubtful whether there is still room for the development of Internet deposits.
In this regard, Zheng Zhigang believes that under the current policy background and social public opinion environment, it is reasonable for companies to remove Internet deposit products from their shelves.
But in the long run, there is still good room for cooperation between Internet platforms based on high-tech and traditional banks.
"Cooperative loans are a good example. Cooperative loans are also called loans. On the one hand, traditional banks absorb deposits and provide credit funds. On the other hand, high-tech platforms use their own information recognition capabilities and technologies, and even related blackmail List risk control management models to help traditional banks develop more financing channels and improve the financing efficiency of traditional banks."
Zheng Zhigang emphasized that at the current stage, the compliance management of risk control and the regulation of excessive expansion behavior in the previous period may be a top priority.
But after solving this problem, everyone still has to sit down and calmly think about how new finance should develop, how Internet finance should develop, how traditional banks should develop, and what cooperation space is there for everyone to cooperate and win-win in the future.
(Zhongxin Jingwei APP)
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