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If the year of 2013 was marked the first year of Internet finance’s development， 2014 is when the regulation of this innovation rises in China.
“To combine the openness of the Internet and the prudence of the finance – two completely different things– made the regulation and control of Internet finance， as well as its innovation and development， the top priorities for us to think over，” said Fan Shuangwen on May 10， when he was present in the Wudaokou Global Financial Forum sponsored by Tsinghua University. In his opinion， the functional regulation is a requirement that must be followed in the time of Internet finance.
Challenges beyond Business
As of the second half of 2013， the most popular and debated words concerning Internet finance are none other than financial products like Yu E Bao， third-party payment， P2P lending and crowd-funding.
Ma Weihua， board chairman of Hong Kong Wing Lung Bank and a member of the Academic Council for the Wudaokou School of Finance， said that the watchdog had supported and tolerated the emerging things and let them develop to a certain level before setting up systems and standards to lead them onto the path of healthy development. This is a fundamental reason for the fast development of Internet finance in recent years.
The rising Internet finance has unnerved banks and other traditional financial institutions. In Ma Weihua’s opinion， the Internet finance challenges the traditional banks in four aspects： function， fundraising， wealth management and balance sheet.
The first challenge comes from the function. One of the initial functions of the traditional banks is to make the payment. In that sector， the third-party payment grows 100% yearly and now has become a colossus with the size of 5 trillion yuan. The second challenge targets the fundraising： the rise of P2P lending has weakened the banks’ ability in raising capital. The third challenge affects the assets management： Yu E Bao and other similar products have drawn clients away from the traditional banks’assets management products. The fourth challenge aims at the balance sheet： since the banks are bound by the benchmark interest rate， they cannot increase their interest rate willingly and flexibly to handle the threat from Yu E Bao – the depositors are more willing to put their money into Yue E Bao instead of saving it in banks， which is thought to be a huge threat against the the balance sheet of the banks. According to Ma Weihua， these things will have a negative influence over the banks’ profits. Even though the influence is small since Internet finance still takes a rather small share of the financial market in China， Ma believes that the Internet finance should not be downplayed and need to be understood beyond that.
This is because that the four challenges that only aim at the banks’ businesses and performance camouflage the other four – and more serious –challenges： the third-party payment cuts off the connections between clients and banks； the Internet finance changes the consumption pattern of traditional finance； the Internet finance’s openness is more acceptable than the closed channels of traditional banks； and eventually， the Internet finance is easier to get， more user-friendly and more favorable for individuals and small companies.
These four challenges are the resorts that Internet finance might use to strangle traditional banks and they need to be addressed by banks with seriousness and carefulness.
Fortunately， the banking industry has already recognized the challenges and made preparations for the threats.
“The biggest feature – and advantage – of Internet finance is that users can get into and quit the business quickly. The speed brought by the Internet has already caused troubles for many industries，” said Fan Dazhi， president of Huaxia Bank. The most terrible thing is that the banks do not know who the competitors are even though their attack is fast and strong.
“The banks need to think over the homogenization of risk management for different types of products，” Fan Dazhi said. Simply speaking， the banks have the same risk review system work for the deal valuing 100 yuan and the one worth 1 million yuan. This has made it impossible to realize the situ- ation where efficiency comes first for small-value deals while safety is prioritized for the big deals.
Meanwhile， many banks’ financial products have the features of Yu E Bao and other online financial products， but these features are not integrated and upgraded based on the traits of Internet finance and clients’ need. Apparently， the banks have a large space for the improvement in these domains.
Functional Regulation as a Tough Problem
When the Internet finance showed the first hint of prosperity， it was considered to be the archenemy of the traditional financial institutions. However， Fan Shuangwen believes that the two things are not opposite against each other. In his opinion， so far there is no new pattern coming out that is completely independent from the banking system. The Internet finance in the present day still needs to rely on the banks – the users must connect their Internet accounts to their banking cards， for example. That means the so called “disintermediation” of the financial industry is hard to be realized in a short while. The finance should be “awed” –this is what Fan Shuangwen repeated during his speech. He holds the belief that， no matter how the Internet finance is defined， the risk management should be the core of this pattern since the best way to promote the healthy development of Internet finance is still to follow the basic principles and intrinsic requirements of the financial industry.
The real enlightenment the Internet finance has brought to the traditional financial institutions is the balance between safety and efficiency. For the watchdog， it is about keeping the balance between “regulation and innovation”. Just as Fan Shuangwen has concluded， the regulatory system， idea and method of the financial industry should keep up with the time. This is a requirement that must be met for the functional regulation.”
As the integration and combination are becoming a common thing inside the financial industry， the watchdog in China still follows the pattern of “different rules for different sectors”. This leaves some cross-sector businesses unwatched. The Internet finance is just one of them. Therefore， some experts put forward the requirements about the functional regulation. But from the present functions and categorization of Internet finance， it might be a problem to realize the “functional regulation”over the Internet finance.
“In the time of Internet finance， the improvement of the efficiency， the decrease in the cost and the expansion of the consumer group greatly increased the speed of the formation and spreading of risks and made the risk management more complicated. So， the financial regulation needs to be enhanced instead of being relaxed，”said Fan Shuangwen.
The regulation based on the “negative list” that is highly expected is， as Fan Shuangwen believes， to be able to cause more harms to the financial industry than the benefits it can bring about. He puts forward the idea of keeping the uniformity of the regulation over the similar businesses in one market.
“There will be more regulators than the central bank of China in the future when the regulation over the Internet finance is gradually divided for different sectors，” said Liao Li， Vice Dean of the National Financial Institute at Tsinghua University. The Internet finance can be sub-divided into different sectors and regulatory rules should vary to these sectors. The more meticulously the industry is divided， the better the regulation can be done.
“To combine the openness of the Internet and the prudence of the finance – two completely different things– made the regulation and control of Internet finance， as well as its innovation and development， the top priorities for us to think over，” said Fan Shuangwen on May 10， when he was present in the Wudaokou Global Financial Forum sponsored by Tsinghua University. In his opinion， the functional regulation is a requirement that must be followed in the time of Internet finance.
Challenges beyond Business
As of the second half of 2013， the most popular and debated words concerning Internet finance are none other than financial products like Yu E Bao， third-party payment， P2P lending and crowd-funding.
Ma Weihua， board chairman of Hong Kong Wing Lung Bank and a member of the Academic Council for the Wudaokou School of Finance， said that the watchdog had supported and tolerated the emerging things and let them develop to a certain level before setting up systems and standards to lead them onto the path of healthy development. This is a fundamental reason for the fast development of Internet finance in recent years.
The rising Internet finance has unnerved banks and other traditional financial institutions. In Ma Weihua’s opinion， the Internet finance challenges the traditional banks in four aspects： function， fundraising， wealth management and balance sheet.
The first challenge comes from the function. One of the initial functions of the traditional banks is to make the payment. In that sector， the third-party payment grows 100% yearly and now has become a colossus with the size of 5 trillion yuan. The second challenge targets the fundraising： the rise of P2P lending has weakened the banks’ ability in raising capital. The third challenge affects the assets management： Yu E Bao and other similar products have drawn clients away from the traditional banks’assets management products. The fourth challenge aims at the balance sheet： since the banks are bound by the benchmark interest rate， they cannot increase their interest rate willingly and flexibly to handle the threat from Yu E Bao – the depositors are more willing to put their money into Yue E Bao instead of saving it in banks， which is thought to be a huge threat against the the balance sheet of the banks. According to Ma Weihua， these things will have a negative influence over the banks’ profits. Even though the influence is small since Internet finance still takes a rather small share of the financial market in China， Ma believes that the Internet finance should not be downplayed and need to be understood beyond that.
This is because that the four challenges that only aim at the banks’ businesses and performance camouflage the other four – and more serious –challenges： the third-party payment cuts off the connections between clients and banks； the Internet finance changes the consumption pattern of traditional finance； the Internet finance’s openness is more acceptable than the closed channels of traditional banks； and eventually， the Internet finance is easier to get， more user-friendly and more favorable for individuals and small companies.
These four challenges are the resorts that Internet finance might use to strangle traditional banks and they need to be addressed by banks with seriousness and carefulness.
Fortunately， the banking industry has already recognized the challenges and made preparations for the threats.
“The biggest feature – and advantage – of Internet finance is that users can get into and quit the business quickly. The speed brought by the Internet has already caused troubles for many industries，” said Fan Dazhi， president of Huaxia Bank. The most terrible thing is that the banks do not know who the competitors are even though their attack is fast and strong.
“The banks need to think over the homogenization of risk management for different types of products，” Fan Dazhi said. Simply speaking， the banks have the same risk review system work for the deal valuing 100 yuan and the one worth 1 million yuan. This has made it impossible to realize the situ- ation where efficiency comes first for small-value deals while safety is prioritized for the big deals.
Meanwhile， many banks’ financial products have the features of Yu E Bao and other online financial products， but these features are not integrated and upgraded based on the traits of Internet finance and clients’ need. Apparently， the banks have a large space for the improvement in these domains.
Functional Regulation as a Tough Problem
When the Internet finance showed the first hint of prosperity， it was considered to be the archenemy of the traditional financial institutions. However， Fan Shuangwen believes that the two things are not opposite against each other. In his opinion， so far there is no new pattern coming out that is completely independent from the banking system. The Internet finance in the present day still needs to rely on the banks – the users must connect their Internet accounts to their banking cards， for example. That means the so called “disintermediation” of the financial industry is hard to be realized in a short while. The finance should be “awed” –this is what Fan Shuangwen repeated during his speech. He holds the belief that， no matter how the Internet finance is defined， the risk management should be the core of this pattern since the best way to promote the healthy development of Internet finance is still to follow the basic principles and intrinsic requirements of the financial industry.
The real enlightenment the Internet finance has brought to the traditional financial institutions is the balance between safety and efficiency. For the watchdog， it is about keeping the balance between “regulation and innovation”. Just as Fan Shuangwen has concluded， the regulatory system， idea and method of the financial industry should keep up with the time. This is a requirement that must be met for the functional regulation.”
As the integration and combination are becoming a common thing inside the financial industry， the watchdog in China still follows the pattern of “different rules for different sectors”. This leaves some cross-sector businesses unwatched. The Internet finance is just one of them. Therefore， some experts put forward the requirements about the functional regulation. But from the present functions and categorization of Internet finance， it might be a problem to realize the “functional regulation”over the Internet finance.
“In the time of Internet finance， the improvement of the efficiency， the decrease in the cost and the expansion of the consumer group greatly increased the speed of the formation and spreading of risks and made the risk management more complicated. So， the financial regulation needs to be enhanced instead of being relaxed，”said Fan Shuangwen.
The regulation based on the “negative list” that is highly expected is， as Fan Shuangwen believes， to be able to cause more harms to the financial industry than the benefits it can bring about. He puts forward the idea of keeping the uniformity of the regulation over the similar businesses in one market.
“There will be more regulators than the central bank of China in the future when the regulation over the Internet finance is gradually divided for different sectors，” said Liao Li， Vice Dean of the National Financial Institute at Tsinghua University. The Internet finance can be sub-divided into different sectors and regulatory rules should vary to these sectors. The more meticulously the industry is divided， the better the regulation can be done.