Our reporter Zhang Zhiwei

  Trainee reporter Yu Junyi

  From January 1, 2022, some new management regulations in the banking industry will be officially implemented, which will not only have a direct impact on the operation of commercial banks and promote the pace of bank transformation, but also have a close relationship with bank wealth management customers.

  The first year of the new asset management regulations has officially arrived

  On April 27, 2018, the People’s Bank of China, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (hereinafter referred to as the "New Asset Management Regulations"), self-promulgated It will be implemented on the date of implementation, and the transition period will be until the end of 2021.

According to the new regulations, starting this year, capital-guaranteed wealth management products with rigid redemption will no longer exist.

  Wang Yongsheng, a researcher at the Beijing Institute of Understanding and Understanding, told a reporter from the Securities Daily that after the formal implementation of the new asset management regulations, bank wealth management products will be fully netted. The biggest challenge for banks is how to do a good job in customer service. Professionalism.

However, the new asset management regulations will reduce the pressure on the bank's asset side after the "recommendation".

Bond-type net worth of bank wealth management products and fixed income + net worth of bank wealth management products will become the new development direction of bank wealth management.

Banks need to strengthen their investment and research capabilities to compete with other institutions such as public funds.

  Previously, cash management wealth management products with high liquidity and high profitability were once a powerful tool for bank wealth management's transformation to net worth. However, with the end of the transition period, this dividend will gradually disappear.

  On June 11, 2021, the China Banking and Insurance Regulatory Commission and the People's Bank of China jointly formulated and issued the "Notice on Regulating the Management of Cash Management Financial Products" (hereinafter referred to as the "Notice"), which will come into force on the date of issuance, and the transition period will be until 2022 The end of the year.

The "Notice" clarified the definition and issuer of cash management wealth management products, and clarified its investment scope, asset duration, operation and management requirements, etc., and comprehensively complied with the regulatory requirements of standard currency funds to achieve regulatory consistency and block Arbitrage space.

  The deputy director of the CITIC Securities Research Institute clearly stated to the "Securities Daily" reporter that the current cash management banking wealth management products still face three major challenges: First, there is greater pressure on the configuration side to rectify and reform, and there are a large number of non-compliant assets that need to be dealt with and adjusted; The investment is restricted, the yield is lower, and the attractiveness to investors is weakened; the third is that the overall competitiveness is not as good as the cargo base.

In accordance with the requirements of the "Notice", it is expected that the yield of cash management banking wealth management products will drop to the level of currency funds.

  Remote Internet loans are restricted

  In addition to the implementation of new regulations related to wealth management products, the "Notice on Further Regulating the Internet Loan Business of Commercial Banks" (hereinafter referred to as the "New Internet Loan Regulations") will also be officially implemented on January 1, 2022.

  The new online lending regulations impose restrictions on the proportion of capital contribution standards and cross-regional operations of banking institutions’ Internet loans, as well as requirements for the quantitative standards for concentration risk management and limit management, and require institutions to make orderly rectifications before July 17, 2022 complete.

  The new online lending regulations point out that local corporate banks that carry out Internet lending business should serve local customers and must not carry out Internet lending business across jurisdictions where they are registered.

Non-physical business outlets and businesses are mainly carried out online, except for those that meet other requirements of the China Banking and Insurance Regulatory Commission.

  Analysys Senior Analyst Su Xiaorui said that the new online lending regulations have a direct impact on commercial banks, and put forward requirements on the concentration, cross-regional operations, and core risk control capabilities of commercial banks; the impact on the Internet platform is Indirectly, it can restrict the business operation behavior of Internet platforms with small-scale investment and leverage.

This reflects that while the supervisory authority supervises the institutions involved in the financial market, it also supervises the business operations and transactions of institutions in an all-round way.

In the long run, the continuous standardization of commercial banks' Internet loan business will help guide banks to help the healthy development of the real economy and better meet the growing financing needs of small and micro businesses and residents.

  Looking to the future, in 2022, banking institutions will embark on a new starting point for development, and bank wealth management subsidiaries will be on a higher stage of competition.

Su Xiaorui told reporters that, on the one hand, banking institutions can strengthen their investment and research capabilities, provide customers with more competitive financial products, and find new models suitable for their own business development.

On the other hand, bank wealth management subsidiaries are expected to give full play to their own advantages, and benign competition and cooperation with other asset management institutions such as funds, insurance, brokerage firms, etc., to jointly build a new pattern in the asset management industry.

(Securities Daily)