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Every reporter: Hu Lin, Xie Jing Every editor: Chen Xing
A few days ago, Alipay did offline processing of bank deposit products on the wealth management page for users who did not have deposits on the Internet.
Just a day later, many Internet financial platforms successively removed depository products from the Internet.
On the 20th, a reporter for the “Daily Economic News” discovered that the JD Finance and Duxiaoman platforms deal with deposit products on the Internet. At the same time, Tencent Licaitong no longer has the option of banking products in its stable financial management.
JD Finance and Du Xiaoman delist Internet deposit products
Upon inquiry, the reporter found no online deposit products on the Du Xiaoman platform. The day before, there was still a large quantity of this product available for purchase on the Du Xiaoman platform.
Du Xiaoman said that it will strictly comply with relevant policies, regulations and regulatory requirements, adopt supervision, and adhere to compliance operations. For the online deposit business, the online deposit products have been removed from the platform. After the product is removed, it will only be visible to users who have purchased the product and users who have purchased related products will not be affected. In the future, related businesses will be continuously improved in accordance with the requirements of regulatory policies.
On the JD Finance platform, the journalist clicked Bank Selection. The product interface currently only has a Beijing Zhongguancun Bank Internet deposit product, which has a savings deposit interest rate of 4.3%, a 5-year maturity, and dividends every three months. You cannot continue shopping if it is out of stock.
Just the day before, when the journalist logged on to the JD Finance platform, the online deposit products of many banks, including Yealink Bank, Blue Ocean Bank, and Zhenxing Bank, were up for sale.
JD Finance platform on the 19th (left) and the relevant situation on the 20th
It is worth noting that, unlike Ant Group and Du Xiaoman, JD Finance has not opened an entry channel for users who buy and hold. On the JD Finance platform, users who have Internet deposit products still cannot purchase Internet products.
JD Finance responded that at present, in accordance with the regulatory authorities’ attention to the Internet deposit business, the JD Finance application has stopped adding new online deposit products, has prevented new users from purchasing related products, and has made constant and orderly adjustments to existing customers and businesses: related The product will only be visible to users who have purchased the product, and users who have purchased the related product will not be affected. In the future, JD Finance will pay close attention to the relevant regulatory policies and guidelines and implement them seriously.
It is worth mentioning that on the 19th, the reporter did not find any Internet deposit products among the banking products in the stable financial management on the Tencent Licaitong platform. On the 20th, the stable wealth management classification on the Tencent Licaitong platform changed to the currency, debt, insurance and brokerage categories. There is no longer a classification of banking products.
Tencent LicaitongThe situation on the 19th (left) and 20th
The bank’s official WeChat account still has online deposits
In fact, the main Internet deposits on Internet financial platforms have always come from private banks, local city commercial banks, and rural commercial banks. Certainly, for local banks and private banks that do not have the advantage of offline business locations, the inclusion of internet deposit products on major internet financial platforms has earned them enough traffic.
Liao Zhiming, chief analyst at Tianfeng Securities, once analyzed WeBank’s smart deposits and said that there are no offline operating outlets, but with Tencent’s huge traffic, WeBank’s deposit growth can only depend on product. Special: “Smart Deposit is generated +”.
Although WeBank phased out smart deposits in late 2018, this model has been copied by many banks with no traffic and no offline perks.
Sun Tianqi, Director of the Office of Financial Stability of the People’s Bank of China, noted in an article titled “Online Platform Deposits: A Product Case for Digital Finance and Financial Supervision” that the Internet Platform Model Provides Customers a deposit buying interface, which is essentially deposit marketing behavior. Regulatory requirements require commercial banks to further regulate deposit-taking behavior and not receive deposits through third-party intermediaries. Such Internet financial platforms provide information viewing and purchasing interfaces for customers to purchase deposit products, which is essentially marketing behavior.
The journalist noted that although internet financial platforms have removed the internet deposit products of major banks, internet deposits can still be viewed on official channels, such as official WeChat accounts of many banks.
In fact, with the rise of Internet deposits, local corporate banks have overcome geographic restrictions and their deposit business has expanded nationwide. Small and medium-sized banks have overcome the space limitations of traditional channels to absorb deposits on the Internet. From the perspective of financing sources, they have become a national bank, different from positioning in the local market to serve small, medium and micro enterprises.
The unique attributes of online deposits that are not geographically restricted also pose challenges for managing liquidity for small and medium-sized banks.
Sun Tianqi stated in the article that Internet platform deposits are something new for banks to conduct debt business with the development of Internet finance and platform economy. In-depth research on new business models of this type of traditional finance requires clarifying business access conditions and risk management requirements, and establishes business thresholds and upper limits of business scale based on regulatory ratings, operating conditions, capabilities. capital and risk management, etc. It is necessary to clarify what types of banks cannot do this type of business. At the same time, in view of the new features of the new business model, improve prudential supervision indicators and related rules, and study countermeasures to abuse the legal standard of refund of 500,000 of deposit insurance and participate in competition of capital prices. Strictly regulate various behaviors related to financial products and services on digital platforms such as the Internet and APP. Study the different features and removal plans for online and offline tours.
Furthermore, the rise of deposit products on the Internet is related to its own characteristics of low thresholds, high interest rates, and strong liquidity. And this feature is not good for banks.
Sun Tianqi noted that some high-risk institutions accept deposits through internet platforms and some account for 70% of deposits. These high-risk institutions are relatively weak to resist risks and the excessive share of deposits on Internet platforms further increases the instability of their debt funds.
Huang Dazhi, a senior fellow at the Suning Institute of Finance, once told the “Daily Economic News” reporter that whether smart deposits or other high-cost debt deposits are essentially high-interest savings. Currently, in the context of promoting financial services to the real economy, banks must reduce interest rates on loans for small and micro enterprises. Small and medium banks are the main force serving the real economy and small and micro-enterprises. To reduce the interest rate for financing small and micro enterprises, we must consider the cost of bank funds. The most fundamental purpose of the high-interest savings model of smart deposit suspension supervision is to lower the cost of bank liabilities and pass them on to bank loan interest rates. At the same time, it can also curb financial risks to some extent and curb malicious competition in commercial bank deposits.
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