唐凌 区块链,唐启航区块链

今天，让我们一起来了解一下唐凌和他的区块链技术，以及他的唐启航区块链技术拓展的三个相关关键词：去中心化，智能合约和加密货币。

去中心化

去中心化是区块链技术的关键特征。去中心化是指没有一个中心化的机构或者实体来控制系统的运行。去中心化的系统是由多个节点组成的，每个节点都是独立的，而且都可以对系统的运行有影响。去中心化的系统更加安全，因为攻击者不能通过攻击一个中心化的机构来攻击整个系统，而只能攻击一个节点。

智能合约

智能合约是一种特殊的区块链合约，由一组自动执行的规则组成，可以在区块链上运行。智能合约可以用来实现自动执行的交易，可以用来实现去中心化的应用，也可以用来实现分布式计算。智能合约可以让开发者构建一个安全可靠的去中心化的应用，而不需要依赖中心化的机构。

加密货币

加密货币是一种使用加密技术来保护交易的货币。加密货币的交易是通过分布式账本（例如区块链）来实现的，这些交易是不可更改的，可以追溯的，而且可以在全世界范围内进行安全的跨国交易。加密货币的出现也使得去中心化的应用变得更加容易，让用户可以自由地进行跨境支付。

以上就是唐凌和他的唐启航区块链技术拓展的三个相关关键词：去中心化，智能合约和加密货币的介绍。唐凌和他的区块链技术正在改变着我们的世界，让我们拭目以待，看看它将带来什么样的变化。

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⑴ There are several p2p platforms under CreditEase

The p2p platforms under CreditEase include: Yirendai, Yichedai, Yixuedai, Yinnongdai, Yixindai Xin Leasing, Zhiwang Financial Management, Toumi.com, Nongshangdai, CreditEase Puhui Huinong.

Among them, Yirendai is very well-known in the P2P industry, with its comprehensive rating ranking firmly among the top three in the industry. It is a person-to-person online lending service platform launched by CreditEase in 2012. On December 18, 2015, Yirendai was successfully listed on the New York Stock Exchange in the United States, becoming the first financial technology stock in China and currently a listed company.

(1) Tangning Blockchain Extended Reading:

CreditEase was founded in 2006 and is headquartered in Beijing. It has developed into A financial technology company engaged in inclusive finance and wealth management. It has actively deployed in cutting-edge fields such as payment, online lending, crowdfunding, robot investment advisory, smart insurance, and blockchain, and participated in global financial technology innovation through business incubation and industrial investment.

Tang Ning, founder and CEO of CreditEase. Tang Ning studied in the Mathematics Department of Peking University in his early years, and later went to the United States to study economics. He worked at DLJ Investment Bank on Wall Street in the United States, and was engaged in the listing, bond issuance and mergers and acquisitions of financial, telecommunications, media and high-tech companies. In 2018, he was awarded an honorary doctorate from Southern University in the United States for his achievements in the field of financial technology.

⑵ What kind of person is Tang Ning?

Tang Ning has a magical power, and his words exude the brilliance of thought. Tangning came to the office early as usual. He is a rigorous person who will pay attention to the next day's weather, major public events and other information in advance to judge road conditions and arrange travel time and routes to ensure that he is not late no matter what the occasion.

As for the future, Tang Ning likes to chat with young people. He respects the ideas of young people and always modestly says that he hopes our chats can inspire each other. He has expectations for young people.

On his recent trip to the United States, he suddenly discovered that compared with the FinTech entrepreneurs in New York, “New York is much older in terms of age, and even all of them are Silicon Valley entrepreneurs. At an age like their parents’ generation, they are definitely veteran drivers.” “Old drivers are oriented towards institutions and are aimed at improving infrastructure; young Silicon Valley entrepreneurs are more oriented towards individuals and innovate at the consumer level.” Downing focuses on what millennials are thinking and doing. He regularly meets and chats with young classmates who graduated from Princeton, Harvard, and MIT. Most of the nine classmates this time were engaged in quantitative-related work. But 20 years ago, Tangning saw more young people on Wall Street who supported the back-end systems of large financial institutions. "(Looking at it today) technology , big data, data mining, artificial intelligence, and quantitative strategies have indeed given a huge boost to asset management and wealth management."

Tang Ning has a magical power, and his words exude the brilliance of thought. heLike a preacher who constantly repeats the importance of logic in the financial field, and like a dreamer who inspires people to move forward with passion. He can make you believe that every word he says will come true bit by bit in the future. He has this patience and perseverance. However, I think the reason why he became Tangning is because he retained his original intention. This is also his innocence.

Eleven years ago, Tang Ning planted a seed with her original intention. Now, he is leading a group of people to search for the seeds of the future. Taking root, blossoming and bearing fruit, "I hope Yixin will be a bigger flower." And Tang Ning was always the same Tang Ning.

⑶ Is CreditEase Puhui on the credit report?

As long as you have not repaid the loan by the repayment date, it will be recorded as overdue, and penalty interest will be generated. The overdue record will be Your future borrowings from CreditEase will be affected and may be included in the credit reporting system. It is recommended that you develop good repayment habits to avoid personal credit losses.

⑷ What is the specific year, month and day when CreditEase was established?

In 2010, CreditEase received a capital injection of tens of millions of dollars from the investment institution Kleiner Perkins Caufield & Byers (KPCB) China Fund; In October 2011, IDG Capital and Morgan Stanley Asia Investment Fund (MSPEA) reached a strategic cooperation with CreditEase, and joined hands with KPCB to jointly inject tens of millions of dollars into CreditEase; in December 2014, CreditEase was elected as the "Beijing City Network" The president unit of the Loan Industry Association.

In January 2015, CreditEase was elected as the vice-president unit of the "China Small Loan Company Association"; on December 18, 2015, Yiren Jinke (formerly Yirendai), a subsidiary of CreditEase, Listed on the New York Stock Exchange (NYSE stock code: YRD), becoming the first Chinese Internet finance stock on the New York Stock Exchange.

In March 2016, CreditEase was selected as the first batch of board members of the China Internet Finance Association; on December 19, 2016, CreditEase Bocheng was officially listed.

(4) Tangning Blockchain Extended Reading:

CreditEase was founded in 2006 and is headquartered in Beijing. It has developed into a company engaged in inclusive Fintech companies in finance and wealth management are actively deploying in cutting-edge areas such as payment, online lending, crowdfunding, robot investment advisory, smart insurance, and blockchain, and participating in global fintech innovation through business incubation and industrial investment.

Founder’s profile: Tang Ning, founder and CEO of CreditEase. Tang Ning studied in the Mathematics Department of Peking University in his early years, and later went to the United States to study economics. He worked at DLJ Investment Bank on Wall Street in the United States, and was engaged in the listing, bond issuance and mergers and acquisitions of financial, telecommunications, media and high-tech companies.

In 2018, Tang Ning was awarded an honorary doctorate from Southern University in the United States for his achievements in the field of financial technology. In 2006, Tang Ning founded CreditEase in Beijing.

Tang Ning once went to Bangladesh during the summer to study with Nobel Prize winner Professor Yunus and learn the operating model of the Grameen Organization he founded. In 2000, she returned to China and served as the head of AsiaInfo Technology.fo, a Nasdaq-listed company) director of strategic investments and mergers and acquisitions.

Tang Ning is currently the director of the Strategy Committee of the China Microfinance Alliance Council, a member of the Mentor Organizing Committee of the China Entrepreneur Training Camp at Tsinghua University, an expert consultant for the Social Entrepreneurship Training Course at Peking University, and an entrepreneur at the Business School of Central University of Finance and Economics. Mentor, Entrepreneurship Mentor of Beijing Institute of Technology Entrepreneurship Center, MBA Social Mentor of Beihang University, etc.

Reference source: Internet - Yixin

⑸ Yixin What kind of entity is CreditEase? Is it approved by the state? What is its relationship with banks?

CreditEase was founded in 2006 and is headquartered in Beijing. It has developed into a financial technology company engaged in inclusive finance and wealth management. , is approved by the state.

CreditEase Yirendai has opened three types of accounts: transaction fund custody account, risk reserve custody account and service fee account at Guangfa Bank. Guangfa Bank will handle every transaction of users on the CreditEase Yirendai platform. Each transaction is fully managed to achieve effective isolation of user funds and platform funds.

CreditEase is actively engaged in cutting-edge areas such as payment, online lending, crowdfunding, robot advisory, smart insurance, and blockchain, and participates in global financial technology innovation through business incubation and industrial investment.

1. Business scope: inclusive finance and wealth management consulting service organization.

2. Founder: Tang Ning.

3. Customer groups: high-growth people, mass affluent people and high-net-worth individuals.

4. Corporate culture: Pleasant to others and a good life.

(5) Tangning Blockchain Extended Reading:

Core Competencies

1. Business Model

Yiren Daixinxin realizes the entire P2P process online operation from customer acquisition, risk control, transaction conclusion to customer service. Yirendai focuses on urban white-collar workers with a sense of credit maintenance. This group has a good education level, credit awareness and stable repayment ability.

2. Online risk control

Yirendai carries out risk control innovation based on mobile Internet and big data technology, extensively collects multi-dimensional information and user authorization data for cross-reference, and collects information through automated collection. The trust system and anti-fraud system enable intelligent decision-making, and the cloud technology data processing center provides powerful data support.

3. Technology drives the industry.

Yirendai intelligently captures and analyzes massive user authorization data as the basis for credit, comprehensively analyzes the data in a multi-dimensional matrix, and uses intelligent technology to guide product optimization and operations. The underlying technology supports safety and efficiency, deploying multiple monitoring services to achieve 360-degree security. [2]

4. Security and transparency

In June 2015, Yirendai and Guangfa Bank reached a P2P fund custody business cooperation.

Guangfa Bank monitors and verifies that the CreditEase Yirendai platform starts from the user’s real-name account opening and closing process.The entire process includes signing and filing, matching review of transactions and contracts, transfer of transaction funds, and risk reserve monitoring. China Guangfa Bank will synchronize with CreditEase Yirendai to check the matching of the loan information with the contract, and trigger fund transfers based on the contract information to ensure the authenticity and security of the transaction.

Guangfa Bank will issue fund custody reports regularly, and users can check the fund custody status on the official website of CreditEase Yirendai.

⑹ Is Xiaoying Puhui legal?

Introduction
After the Spring Festival, Gou Sheng, Tiezhu and Cuihua in the village returned to the city and transformed into Tony in the CBD , Andy, Lucy. Presumably they should feel particularly relaxed at this time, finally surviving all the holiday routines again. I don’t know since when, the joyful family dinner has turned into a wedding scene for seven aunts and eight aunts; the class reunion where they reviewed the past and learned new things has turned into a competition to show off their wealth; the sincere New Year greetings messages in the past have turned into requests for WeChat The subtext of red envelopes. Many people complained on the Internet: The Spring Festival has changed.
In fact, it’s not just the Spring Festival that changes. Many things that are supposed to be beautiful have gone bad in the process of development, and the consequences are thought-provoking.
For example, bike sharing, which was originally intended to facilitate travel, has been transformed into a money-burning game by Mobike and OFO. Online education, which was originally intended to break spatial barriers and improve the quality of Chinese people, has also been changed beyond recognition by chaotic teachers and routine loans. Focusing on the inclusive financial industry that benefits the country and the people, some deviant companies are even more disruptive. The illegal operations of Xiaoying Kadai, Xinerfu, Yirendai and other companies have caused constant complaints from customers. Faced with the high complaint rate and the frequent regulatory red lines, how to break the situation?
Author: Yang Can
Source: Rhodium Finance-Rhodium Finance Research Institute
Spring is warm, flowers are blooming, and everything is recovering. The P2P industry, which was plagued by thunderstorms last year, is also recovering.
Such a boom in the industry is due to the country’s inclusive policies. At the beginning of the new year, the People's Bank of China issued an announcement that starting from 2019, it will adjust the assessment standards for targeted reserve requirement ratio reductions for inclusive finance to guide financial institutions to better improve the loan needs of small, medium and micro enterprises.
The development of small, medium and micro enterprises has ushered in a new spring.
Practitioners are also gearing up to take advantage of the general trend to boost long-lost morale and performance. Under the bonus, strong companies that have been cultivating intensively for a long time are the first to receive rewards, and some companies that are plagued by problems are also trying to benefit from a wave of dividends.
There is nothing wrong with this move, but you still need to be tough on yourself. If you complain frequently and chaos continues, it will violate the original intention of Puhui. If you continue to use the popularity of inclusiveness to harm the interests of consumers, you should be condemned and severely punished.
Don’t be confused by the hot water in the industry.
What is the "benefit" of Xiaoying Kadai?
Among the many companies that label inclusive finance, Xiaoying Kadai is a relatively high-profile one. One is because its parent company, Xiaoying Technology, is a company listed on the US stock market; the other is because Cheng Shaoyong, the president of Xiaoying Technology, has stated on more than one occasion that Xiaoying TechnologyThe positive contribution of card loans to inclusive finance.
At first glance, Xiaoying Kadai seems to be the "vanguard" of inclusive finance.
What about reality?
Customers have the most say. Clues can be found in some media reported cases.
According to reports, Mr. Liu from Chengdu is a self-employed person who runs an Internet cafe. When he had insufficient working capital, he paid 20,000 yuan on the Xiaoying Kadai APP. The APP showed a monthly interest of 0.83%. But in fact, the loan interest rate is completely invisible from the stage of filling in the information to uploading the ID card. It was not until after the payment was made that he discovered that the one-year loan interest was 7,299 yuan, and the annualized interest rate was as high as 36%.
The 36% interest rate, not to mention whether it complies with the basic principles of inclusive finance, is questionable as to whether it is legal. You should know that according to the "Regulations of the Supreme People's Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases", interest with an annual interest rate of less than 24% is protected by law, and 24%-36% is a natural debt zone. If it has been paid, there will be no liability. , unpaid, and not protected. More than 36% of the money is not protected by law and can be forced to be returned if paid.
Obviously, the interest rate that Mr. Liu bears for the Xiaoying Card loan settlement is 24%-36%. If this part is not paid, it is not protected by law.
Mr. Liu’s experience is not unique. According to media reports, the official website of Xiaoying Card Loan advertises an interest rate of 9.96%, but the actual interest rate is about 27%.
What is interesting is that in the online entry of Xiaoying Kadai, there are product features such as "it can help users pay off credit cards quickly, quickly restore credit card limits, and has multiple installment repayment methods, low interest rates, etc. "Effectively balancing repayment pressure", can interest rates that are not within the scope of legal protection be called "low interest rates"?
As we all know, inclusive finance literally means that “inclusive” refers to a wide range of service targets, including small and micro enterprises, farmers, urban low-income groups and other vulnerable groups that cannot be covered by traditional finance. Key service objects. “Benefit” refers to the financial costs that all classes and groups in society can afford.
It is not difficult to find that if the legally protected 24% interest rate is the red line for inclusive finance, then the above-mentioned products of Xiaoying Kadai obviously do not meet the requirements for inclusive finance.
This also means that Cheng Shaoyong, the president of Xiaoying Technology, once claimed that Xiaoying Card Loan "takes inclusive finance as the starting point", or it may be just a publicity stunt.
When it comes to gimmicks, maybe it’s a bit evasive. If you look at the complaints from consumers, you will know how serious the problem of Xiaoying Card Loans is.

The picture is transferred from the Internet
High complaint volume and low resolution rate
According to the "2018 Internet Consumer Finance Industry Complaint Ranking" released by the 21CN Jucomplaint website, Xiaoying Kadai In 2018, the number of complaints was as high as 1,844. In addition to high interest rates, complaints mainly focus on three aspects.
The first is the lack of pre-loan education for users.
According to China Net Financial Report, Mr. Yang complained about Xiaoying Card Loan"You still have to pay liquidated damages for early repayment," which he believes violates laws and regulations. The customer service of Xiaoying Kadai informed him that Article 12, paragraph 1, of the "Loan Contract" clearly stipulates the rules for early repayment, that is, the platform allows early repayment, but liquidated damages are still required.
Indeed, since early repayment will prevent financial institutions from collecting subsequent interest, many banks and online loan platforms will choose to charge liquidated damages for early repayment. This itself is not illegal.
Zheng Liang, a contract lawyer at Dongyan Law Firm, said: "If the contract clearly stipulates that early repayment requires the payment of the original principal and interest in full, the repayment should be in accordance with the contract."
However, as Should lenders such as Xiaoying Kadai remind users of the corresponding rules before lending?
According to Xiaoying Kadai customer service: All pre-loan regulations are carried out in the form of "showing the entire contract to the user." There is no manual phone call mode to prompt the terms before the loan is confirmed. Some users receive manual customer service calls after applying for loans to review their qualifications.
In other words, Xiaoying Kadai does have deficiencies in pre-lending education. If users are clearly informed of this risk before lending, I believe some users will not suffer losses.
The second problem is that the credit card cannot be unbound.
A user, Mr. Zhang, said that he failed to apply for a loan from Xiaoying Kadai and wanted to unbind his credit card, but the customer service said that "there is no unbinding function" and asked him to wait 1-3 months to continue borrowing. Mr. Zhang believes that this action violates his privacy rights. At the same time, Xiaoying Kadai's continued application for loans after the suggestion was suspected of "disguised forced borrowing."
Another user, Mr. Ou, also said: I bound my personal bank card and credit card to my Xiaoyingkadai account, and called the customer service of Shenzhen Yingzhongtong Financial Information Services Co., Ltd. to cancel the account. However, customer service informed me that I cannot cancel my personal account. I no longer use my Xiaoying Card Loan account because I am worried about the security of my personal information being used fraudulently. First, you need to cancel Xiaoying Card Loan and unbind your personal bank card and credit card.
The above phenomenon is illegal.
Hu Gang, a lawyer from the China Consumers Association Lawyers Group, said: If the relevant operators directly refuse our consumers’ request to terminate the contract, it is obviously a violation of the consumer’s right to choose under the Consumer Rights Protection Law. Because it prevents us consumers from voluntarily and actively terminating a service.
In addition, Article 9, Paragraph 4 of the "Regulations on the Protection of Personal Information of Telecommunications and Internet Users" also clearly stipulates: "Telecommunications business operators and Internet information service providers shall, after users terminate their use of telecommunications services or Internet information services, Stop collecting and using users’ personal information, and provide users with the service of canceling their numbers or accounts.”
If the above two problems only result in losses of funds and privacy, then vicious debt collection is a physical and mental devastation to customers. .
Ms. Liu Chaoxue complained: Last year when she took out a loan from Xiaoying, she had to repay it every month. If it exceeded the first day, she would violently collect the debt. This was the case every month. This month was the last installment of the debt, and we couldn’t negotiate for several days. ,He also maliciously bombarded the phone book with extremely bad tone and attitude, causing mental harm to family and friends.
Ms. Sun complained: Xiaoying Card Loan’s collectors abused me, insulted me, and made harassing phone calls regardless of the occasion and time. They called my relatives and friends, and called my father’s phone number. My father therefore Being hospitalized, this kind of loss is really adding insult to injury. I am heavily in debt, and now the hospital bills are weighing me down. I still have to come to the door. I am really scared to death. The phone numbers starting with 029 are calling to harass my family. My father is still calling him in the operating room. What do you want to do if he brings his mobile phone into the operating room?
Even Mr. Qian, who is not a Xiaoying Kadai user, was harassed by Xiaoying Kadai on the phone every day, saying that he owed money to a friend (borrower user) and urging him to repay. He thought Xiaoying Kadai could not find him, so he scolded the communication. His behavior has seriously hindered his normal life. He hopes that the company will stop improper collection and apologize.
The problem of vicious collection has long been a commonplace. According to current regulations, online loan platforms and their entrusting institutions are not allowed to collect loans through violence, intimidation, insult, slander, harassment, etc.
Obviously, Xiaoying Kadai’s various vicious collection practices have violated relevant laws and regulations. In fact, it can take legal action, file a credit report, etc. to resolve the debt issue in accordance with the law.
Why do you choose such a despicable means of urging? It is inevitable that people will question whether the interest rates on these collections are within the legal protection range of 24%?
The root cause of many chaos cannot be hidden from the word profit. How can such a profit-seeking enterprise be linked to the concept of inclusive finance? It makes people laugh.
It is worth noting that the resolution rate of these 1,844 complaints was only 7.5%, which means that only 138 complaints were resolved. Such a low resolution rate directly reflects Xiaoying Kadai’s negative and arrogant attitude when facing problems. It also conflicts with the service concept of inclusive finance.
These individual complaints from specific companies are not a good thing for inclusive finance. For example, the "Quanjian" incident that has been making waves has shocked the entire direct selling industry. Good soup often ends in one or two bad rice.
From this point of view, the high number of complaints and low resolution rate of Xiaoying Kadai is not only disrespectful to consumers, but also disrespectful to the industry and regulators. Indifference will also have a negative impact on inclusive finance. How to adhere to industry ethics, how to operate in compliance, and how to truly implement the concept of inclusive finance are worthy of consideration by Xiaoying Kadai.
Vicious cycle?
Similar to Xiaoying Kadai, Xinerfu is equally high-profile in promoting inclusive finance.
Wang Zhengyu, founder, chairman and co-CEO of Xinerfu, once said: We hope to use our efforts to improve technology, such as big data and blockchain, under the framework of inclusive finance, Internet finance, and financial innovation. To create a path for blockchain, cloud computing and other application levels. At the same time, we will continue to upgrade our technologies, products, and services, steadily expand our market share, and help achieve the country’s dual goals of “universal access” and “benefit”, and achieveNow the company's efficiency increases and a win-win situation is achieved.
Wang Zhengyu’s remarks are very beautiful. However, if he sees the number of complaints against Xinerfu in January this year, he wonders if he can still say similar Zhuang language.
Similar to Xiaoying Kadai, there are also many online complaints against Xinerfu. On the Jucomplaint platform, Xinerfu’s data in January 2019 was 414 cases.
It is worth noting that according to public information, the total number of complaints against Xinerfu in the first quarter and second quarter of 2018 was 399 and 342 respectively. From July to September, when online lending exploded, the number of complaints against it were 196, 334, and 263 respectively, with a total of 793 in the third quarter. From October to December 2018, there were 240, 235, and 304 cases respectively, with a total of 779 cases in the fourth quarter.
It is not difficult to find from the above data that the number of complaints to Xinerfu has been on the rise since last year. It accelerated again in January this year, and the number of complaints was already higher than the highest number of complaints in a single month during the online loan boom last year.
The area where complaints are concentrated, in addition to the same high interest rates and vicious debt collection issues as Xiaoying Card Loan, there are also complaints about bundled shopping.
For example, a borrower complained that he needed to shop before borrowing money from the Xinerfu platform. The shopping price was 383.05 yuan, and he received a loan of 2,036.26 yuan, totaling 2,419.31 yuan. The loan period was 14 days. The borrower believed that this was a "disguised head-cut interest rate" and "disguised loan sharking" and hoped that relevant departments would intervene to rectify the situation.
The user Mr. Li pointed out: I want to borrow money on the Xinerfu mobile app, but I have to purchase items before I can borrow it. Then I purchased a Southeast Asia travel card. After the successful purchase, the credit card was still black and could not be used at all. I asked customer service to return the product, but they said they would not refund it. They keep saying that it’s because of the system, and I can’t return it if I don’t want it. The problem is that I can’t borrow money after buying it. Isn’t this a lie? Where can I find this thing that doesn't offer returns? And my loan has always been black.
A large number of complaints have had a significant impact on Xinerfu's own brand image.
According to public information, in the third quarter of 2018, the number of loan transactions that Xinerfu matched fell by 54% from the previous quarter; the amount of loan transactions fell by 52% from the previous quarter; the number of new borrowers dropped by 30% from the previous quarter
Cash flow The situation can better reflect its unsatisfactory performance. Its financial report shows that as of September 30, 2018, cash and cash equivalents were US$39.2 million. At the end of the second quarter, the end of the first quarter and the end of 2017, cash and cash equivalents were US$58.8 million, US$71.7 million and US$94.881 million respectively; in the third quarter, second quarter and first quarter of 2018, this indicator shrank by 33.33% and 17.99% respectively. , 24.43%; while at the end of the third quarter of 2018, it decreased by 58.69% compared with the end of 2017.
As a listed company, it is difficult to conquer the capital market with such performance. As of March 5, 2019, Xinerfu’s share price was only US$1.25, 1 month away from the highest stock price in history.The drop from $2.86 has reached more than 90%.
2301 complaints posted by Yirendai
The same phenomenon also appeared in Yirendai, the “No. 1 P2P online lending platform in China”.
Wall Street investment bank Morgan Stanley even lowered the target share price of Yirendai from US$8.46 to US$6.5 on December 11 last year. Its stock price even reached a high of $53.08 in mid-October 2017. As of March 5 this year, Yirendai’s share price was only US$14.08.
The reason is also due to poor performance. According to the third quarter financial report, Yirendai’s net operating income was 1.12 billion yuan, down 26% from the same period last year; net profit was 150 million yuan, down 50% year-on-year; the total amount of borrowings contributed to decreased by 46% year-on-year; the number of investors decreased by 24% year-on-year; The number of borrowers decreased by 50% year-on-year.
These are ultimately closely related to specific businesses. It is worth mentioning that on the Ju Complaints platform, there were as many as 2,301 complaints about Yirendai (data as of March 5, 2019).
Xiaoying Kadai, Xinerfu, and Yirendai can be said to be representative companies in the industry. The occurrence of the above chaos will obviously have a negative impact on inclusive finance and will also set a bad example for other practitioners.
So, here comes the question, why do these problems appear repeatedly in these representative companies? What are the reasons and where do they get the confidence to repeatedly step on the red line and challenge the market and even the bottom line of the regulators?
In fact, these problems are not the fault of Xiaoying Kadai, Xinerfu and Yirendai, and their illegal operations may not be their original intention. The widespread problem of bad debts in the industry is an important consideration.
For these companies, if they do not set high interest rates and use various means to touch the red line, they will not be able to cover high bad debts and will not be able to operate normally.
Based on this logic, these behaviors have also formed a vicious cycle, that is, they continue to use the money of latecomers to make up for the previous bad debt holes. Due to the high interest rates and irregularities of P2P companies, latecomers have difficulty repaying the money, forming bad debts again. P2P companies can only repeat their old tricks, leading to high levels of bad debts and forming a vicious cycle.
How to break this vicious cycle?
Promising prospects
In the just-concluded two sessions, Premier Li Keqiang gave clear instructions for the development of inclusive finance in 2019 in the "2019 Government Work Report": improve the internal assessment mechanism of financial institutions, strengthen incentives Inclusive financial services can effectively improve the tight financing situation of small, medium and micro enterprises, and comprehensive financing costs must be significantly reduced.
It is not difficult to find that even if there are some problems, the government’s overall tone of encouraging and supporting the development of digital inclusive finance, including compliant P2P, has not changed.
The question is how to make the wildly developing P2P enterprises embark on the path of compliance and healthy development. According to Chai Yongqiang, executive director of the China Institute of Finance and Industrial Development, the key to breaking the vicious cycle lies in improving risk control. waterflat. He pointed out: Risk control is an important core competitiveness of a P2P platform. The so-called P2P is essentially person-to-person, and the essence of the P2P platform is an information platform, and it should return to the essence of an information platform. Strengthen risk control capabilities and increase investment in financial technologies such as big data and artificial intelligence to accurately identify customer profiles and provide them with reasonable, orderly, and precise services. Only by truly integrating financial technology into the three links of pre-loan, mid-loan and post-loan can we effectively avoid risk accumulation, improve customer satisfaction, and achieve truly inclusive finance.
In Rhodium Finance’s view, financial technology is an important way to address industry chaos. At present, the core technical level of some financial technology companies needs to be improved, and the concept and operation of compliance operations are also key. In the past, the problems of excessive profit-seeking and brutal industry development have made many companies impetuous and aggressive. They want to make quick money and make big money. They lack the patience to delve deeply into the market and understand their customers deeply, resulting in constant chaos. Against the backdrop of tightened supervision, these phenomena have reached a time when they must be addressed. Any company that does not respect the market and industry standards will be punished. From this point of view, practitioners need to truly start from customer needs, design diversified quality products, use technological innovation to reduce risks and enhance consumer experience, so as to embark on a path of high-quality development. This is what inclusive finance should be. Justice is also a question that Tang Yue, chairman of Xiaoying Technology, Wang Zhengyu, chairman of Xinerfu, and Tang Ning, chairman of Yirendai, need to think deeply about. How to change it will continue to be a concern of Rhodium Finance.
This article is original by Rhodium Finance
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