□ Looking back at the rectification process of the online lending industry, the supervisory authorities have been adopting an attitude of prudent supervision, tolerance of trial and error, and encouragement of innovation, and gradually and in-depth work in a realistic manner.
□ In the future, the establishment of a modern financial supervision system will be accelerated.
Properly handle the relationship between financial development, financial stability and financial security, and improve the regulatory framework for full risk coverage.
"The actual operating P2P network lending institutions nationwide (hereinafter referred to as online lending) have gradually dropped from about 5,000 during the peak period, and returned to zero in mid-November this year." A few days ago, Liu Fushou, chief lawyer of the China Banking and Insurance Regulatory Commission, disclosed the data in public.
In response to the above data, Zhou Hao, deputy dean of the Wudaokou School of Finance, Tsinghua University, said that financial technology formats that do not conform to economic laws are insecure and impossible to sustain.
"Online loans provide investors with investment opportunities, but there is also the risk of running away with money."
A resilient financial system is of great significance to economic development. In the era of digital economy, the importance of financial security is self-evident.
Li Yang, chairman of the National Finance and Development Laboratory, pointed out that the digital economy has brought many new challenges. The first is that there are many new products, the second is security, and the third is unfair competition.
"The current solution is nothing more than two ideas. The first is a regulatory mechanism, and the second is behavioral supervision." In Li Yang's view, the trend of the digital economy is unstoppable, and all activities will be involved in the digital trend.
Supervision and security systems must keep pace with the times and keep up with the characteristics of the development of the digital economy.
Looking back at the rectification process of the online lending industry, the regulators have been adopting an attitude of prudential supervision, tolerance of trial and error, and encouragement of innovation, and gradually carried out work in a pragmatic manner. "Completely return to zero" means that more than 5 years of rectification work has come to an end. .
In November 2019, the China Banking and Insurance Regulatory Commission set the tone that online lending aims at liquidation, with withdrawal as the main direction, and the "three drops" as the starting point, striving to complete the rectification within a period of time.
In mid-August this year, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said that by the end of June this year, only 29 online lending institutions were operating.
In September, Feng Yan, deputy director of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission, stated that as of the end of August this year, there were 15 online lending institutions nationwide.
On November 6, Liu Fushou stated at the State Council’s regular policy briefing that the number of online lending institutions in the country has dropped to three.
Under heavy supervision, a large number of problematic online lending institutions have closed down, and some institutions have successfully achieved transformation. From the perspective of the transformation direction, some have transformed into lending institutions, online small loan companies, etc., and some have completely changed the track and devote themselves to new consumption And other fields.
A few days ago, the financial performance report at the end of the third quarter of 2020 issued by the financial technology group Xinye Technology (formerly "PaiPaiDai") showed that it contributed to the loan amount of 17 billion yuan, revenue of 1.793 billion yuan, and net profit of 596.9 million yuan.
At present, Xinye Technology's platform funding sources have all been provided through institutional funds, and the company has successfully connected with more than 50 licensed financial institutions such as banks, consumer finance companies, and trusts.
In addition, Lexin, a new consumer service platform, has also got rid of its dependence on its online lending institutions and continues to make new consumption efforts.
According to its latest unaudited financial results for the third quarter of 2020, in the third quarter, Lexin's ToB (to-business) technology services have achieved initial results, with a loan amount of 48.3 billion yuan, a year-on-year increase of 30.6%; revenue of 3.2 billion yuan Yuan, gross profit is 980 million Yuan.
Platform services and technology revenue reached 1.13 billion yuan, accounting for 36% of revenue.
In the eyes of many people in the industry, the zeroing of online lending institutions has taken a big step forward for my country's financial supervision.
"The characteristics of all types of financial behaviors based on the Internet still need to be in-depth observation and research. Therefore, the management of responsibility identification, authority management, risk control, and business continuity in the digital financial business will be more difficult. We need us Keep a clear understanding of the severity of the situation." said Li Dongrong, president of the China Internet Finance Association.
While announcing the return of online lending institutions to zero, Liu Fushou also made it clear that in the future, the construction of a modern financial regulatory system will be accelerated.
The first is to properly handle the relationship between financial development, financial stability and financial security, enhance supervisory capabilities, strengthen system construction, adhere to the principles of marketization, rule of law, and internationalization, and improve regulatory transparency.
The second is to improve the regulatory framework with full risk coverage, enhance the penetrability, uniformity and authority of supervision, and comprehensively incorporate financial activities into supervision in accordance with the law, and treat similar businesses and entities equally.
The third is to effectively protect the legitimate rights and interests of financial consumers.
The fourth is to vigorously promote the construction of financial supervision technology, improve the ability to identify, prevent and resolve cross-regional, cross-market, and cross-industry cross financial risks, and enhance the digital level of supervision.