2014-03-22

More Pro-Internet Banking Comments From Chinese Official

Former PBOC deputy governor Wu Xiaoling made the news last month when she said the government should allow trust products to fail. She's back in the news today with comments on Yu E Bao, stating that banks have no one to blame for Yu E Bao's success except themselves. She called for regulation, but also the encouragement of online banking innovation.

吴晓灵:余额宝高息是商业银行自己给的 怪不得别人
Phoenix Financial News "China Development Forum 2014 - Economic Summit" on March 22 morning held in Diaoyutai State Guesthouse. Vice chairman of the NPC Financial and Economic Committee Wu Xiaoling that balance is the treasure of high interest to the banks themselves, the commercial banks had Costly solicit depositors high interest rates, no wonder they balance treasure. Need to regulate the interbank market distortions, and solve problems from a system perspective.

Wu Xiaoling comes to Internet banking essential first need to have a common understanding, I personally think, in fact, the essence of the Internet is to use Internet banking big data cloud computing, mobile payment and other information technologies to complete the financial business, because it's efficient and convenient, making the past Many businesses and individuals are not entitled to financial services, which they provide it. But this does not change the nature of finance.

Wu Xiaoling considered from three angles to understand the original intention of the introduction of the policy of the regulatory authorities.

First, we have to consider the creation of Internet services for money is not affected. Recently stopped virtual credit card, such as Jingdong IOUs, historically, first invented the credit card business enterprises, commercial enterprises when issuing credit cards for granted in the law to give them support, but there are companies issuing credit card payment functionality, will create new currency, this is an issue we need to study. Money is paid on the deposit system. In addition, the balance of deposits to impose their treasure reserve considerations, should consider various non-bank financial institutions, what are their roles in the creation of money in the bank deposits.

Second, the third party can not be well protected safety of customer funds, regulators detect flows of capital, and maintenance of the social and economic order. If a large amount of third-party payment, then the safety of customer funds will be affected.

Third, the network of financial investment and financing behavior at the same time convenient, can well protect the interests and rights of investors, P2P, and the key to success lies in whether the public to raise the financing Information do better, improve the credit system, you can protect the interests of investors.

Regulatory authorities introduced the policy is not focused on who moved the cheese, but rather focus on what is the impact on society, financial security for investors, customers are not well protected.

The following are all of Record:

Wu Xiaoling: In recent days, the regulatory authorities have also introduced a number for the Internet financial advice, the community also preach, saying regulatory authorities what measures will be taken, how to look at these issues? I would like to take this opportunity to talk to you some of my personal views, first of all, I think we should be on the internet banking, the essence of what he is? Probably still need to have a unified understanding, because now there is that Internet banking community, but also said financial Internet, but as far as I personally come that the Internet banking, in fact, he's the essence of the Internet is to use big data, cloud computing, mobile payments such as information technology, to complete the financial business.

Because he's efficient and convenient, making the past a lot, because the cost is relatively high, many companies and individuals are not entitled to financial services provided by them out, so it caused great repercussions in the community, but this does not change financial nature, so I think it is good internet banking, internet banking or, in fact, that IT in itself a use of the financial industry, but we are willing to put the community on these points made outside of the traditional network of financial These financial business called Internet banking, so I talked about today is relatively narrow, stand at this point on this issue.

So, for the regulatory authorities, recently introduced a few policies or legends of the community, the regulatory authorities will be what kind of policies, we consider how to do? So I think from the perspective of the three regulatory authorities to understand the original intention of the introduction of the policy, right, first, that we have to consider an Internet business, in the end of the money creation function will not have any effect, because the most important group of financial organization is commercial banking, commercial banking, he most basic function, what is it? When in deposits, loans and apply for settlement, the three combined, he will create new money, this is the most essential features of the commercial banks, because he can create money, and he has absorbed a large number of public deposits therefore regulatory authorities to conduct strict supervision of his recently stopped virtual credit card payment system, such as Jingdong IOUs, he is actually a virtual credit card payment system. So how to treat this problem? It should be said in history, is the first invented the credit card business, which is the product of credit, credit card issuing business enterprises should therefore be justified, we should be given support from the law. However, a payment function to release the body of an enterprise a credit card, he will create new money? This is the question we need to study, because it is both do the settlement, while the credit card itself is a loan is a credit loan, then you pay the money on this system is the deposit, he also has the three characteristics that deposits , settlement, loans, so the money creation business in the end will have any effect, I want to carry out some research, is not it!

Then everyone is talking about a more current, that central bank officials have come to treasure for the balance of deposits in commercial banks to impose reserve requirements, I would like to consider this question is also what should be considered? Should consider the types of non-bank financial institutions, their deposits in commercial banks in the end what kind of role to play in money creation, the first few times when I interviewed said that if the policy should not be a policy on babies, should What is it? Should be the future of all non-bank financial institutions to open accounts at commercial banks on their deposits can produce what kind of effect do the assessment on this basis that the policy came out, so I think the regulatory authorities to consider the policy when the first point of departure, is that you are not generate new money, or that will have an impact on the creation of money.

The second angle is the third-party payment mechanism for convenient and efficient completion of the transaction, while the media can not be well protect the safety of customer funds, regulators, monitoring and maintenance of the flow of funds to the social and economic order. Three aspects, one is the safety of customer funds, a regulatory authority to have this flow of funds may monitor, there is the maintenance of social and economic order. In the majority of third-party payment accounts are opened weak real-name system account, a bank account in real-name accounts are strong, that he is completely real-name system, and this weak real-name system account yet, that did not Commercial Bank signed an authentication protocol, can not for the true identity of each account to make very sure of this understanding. So in this case, it is possible to have a false account, it is possible to make money inhabitants damage, or is there some illegal financial activities, then when a small amount of this money when you can basically say to individual residents will not have much damage, but also for the social order will not have much interference, so the first period, when all kinds of third-party payment agencies in this development process, regulatory authorities have not put forward any questions, Because the amount is relatively small, but then if the amount is big, once a problem, the loss of customer funds, and interference with the social order is relatively big. So how to balance efficiency and safety regulatory policies to measure, which is the second angle.

The third perspective is the network of financial investment and financing behavior at the same time easy and can not be well to protect investors' interests, and the interests of investors, which is a very important consideration, because P2P and all the reward he is in fact A direct financing, he built a platform for investors and financing directly financing his key to success lies in this platform can not be able to finance Information, authenticity, his credit assessment of credit financiers These efforts can be better, if these things do, and can do symmetric information that investors and financiers of information between them is symmetric, it can well protect the interests of investors. Thus, those who have long-term development vision of the business, enterprises and the public is P2P reward companies that they now have the next great efforts in improving his credit system, because in our country there is no complete personal credit information system and a complete collection of small and micro enterprises communication systems, P2P companies and the public need to reward companies to do this work themselves, then this is a great investment, a very difficult task. Some P2P and platforms for reward in the rush to expand public services, the pursuit of profit, he is no longer the credit rating aspects to work hard, but to do some pool of funds business, and to split the bonds and then sell the business, thus on suspicion of entering into what, into the illegal deposits and securities issued illegally, is stepping on the red line so, in this case, the regulatory authorities to warn that you can not step on the illegal deposits, disguised the illegal fund-raising. Regulatory authorities should prompt can not step in disguise illegal fund-raising deposits and the red line.


I think I just talked about these three is what I understand, the regulatory authorities in considering the policy, instead of focusing on who moved the cheese, but this business depends on money creation have any effect on customers safety security and social order, the funds have any effect on investor protection have any effect. Financial development of the Internet has been a great challenge to traditional finance should say it can be a good promotion for the traditional financial and better service in the past he does not have to provide good service to these customers.

So while we have the encouragement and financial development of the Internet, we should look down on certain principles of innovation, and some can not touch the red line, the relationship between them, we have a common principle, the basis of common principles discussed up Relationship innovation and regulation. In this case the relationship is positive interaction, I take this opportunity to say a few words, I am an idea in this regard, thank you!

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