Author: Xue Hong Yan, the original title: “The syndicated loan, how should the tube? The title map is from:
In the near term, Internet loans have been tightened in all directions, from data collection to post-loan collection, and they have ushered in centralized rectification and strong supervision from head to toe. In this context, joint loans that have attracted the attention of all parties but have not yet announced uniform regulatory documents have returned to public opinion. After all, the head and feet are in control, and it makes no sense to give a clear statement to the joint loan.
But the joint loan is not only product innovation and model innovation, but also brings deep changes in the financial ecology. The pros and cons are not clear, and the three sentences are unclear. How to supervise is far from “forbidden” and ” Can’t help but cover it.
Too complicated, you need to start from the beginning.
Why is the joint loan born?
Joint loans are not mysterious. Many people think that it is a model innovation of financial technology companies. In fact, it is just a model for syndicated loans.
Regulatory defines a syndicated loan as “a local currency loan or credit service provided to a borrower by an agent bank based on the same loan conditions and on the same loan contract, at the agreed time and proportion.” The same is true for joint loans. Two or more licensed lending institutions arrange joint loans based on agreements.
In syndicated loans, there are lead, participation and agency lines. Under the four principles of “information sharing, independent approval, independent decision-making, and risk-taking”, the division of powers and responsibilities of all parties varies. The lead bank is responsible for the pre-lending investigation, determining the loan conditions and forming a syndicate. The agent bank represents the loan distribution, recovery and unified management on behalf of everyone. The other participants are collectively referred to as the participating banks.
In a joint loan, it is basically an institution responsible for obtaining customers, pre-lending preliminary trials, loan management and recycling. Other licensees participate in independent approval, independent decision-making and independent signing of contracts with borrowers, and also follow Basic principles such as “information sharing, independent approval, independent decision-making, and risk-taking”.
Syndicated loans, also known as syndicated loans, were born for large-value borrowing projects and combined with the strength of a number of banks to meet the loan needs of large infrastructure and group companies. Joint loans are born for small amount of inclusive finance, combined with the strength of multiple institutions, complement each other, reduce costs, and provide new solutions for inclusive finance.It also helps financial institutions to embark on the fast track of technological transformation.
(1) Breaking the financial problems of the general policy
Small micro-group loans have small principals and low profits. Financial institutions do small loans, which are often unprofitable, either abandoned or not. The former leads to financing difficulties, the latter generates financing expensive, and it is impossible to take care of both.
The strategy of breaking the policy is to reduce the comprehensive cost (such as capital cost, customer cost, risk control cost, operating cost, etc.), comprehensive The cost is lower, and the space for inclusive finance is more.
A single financial institution can continue to reduce costs through model innovation and technological innovation, but the scope is limited. In contrast, the joint loan is taken by the directors of various financial institutions, so that they can get the customers who are good at getting customers, good at risk control, more funds for storing and storing, and better than operating for loan management. The comprehensive cost is reduced to the theoretical minimum, and the inclusive financial space naturally comes out.
At the end of 2016, only 427 million people in the central bank’s credit reporting system had loan records; in June 2019, they increased to 548 million. It shows that 120 million people have received credit support from traditional financial institutions in the past two and a half years, and no one has become a creditor. This is the result of inclusive finance, and it is not the credit of joint loans and loan lending.
(2) Helping financial institutions transform technology
Technology has become the first driving force for financial institutions, but technological transformation cannot be grafted in the air and needs to be implemented in business transformation.
National banks have a strong foundation and strong strength. Self-reliance is still a way out; regional banks have weak foundations and poor foundations. In addition to the financial advantages brought by banking licenses, they have difficulties in obtaining passengers, risk control and operations. It’s all about itself, the business can’t move, and the technology transformation is a castle in the air.
Joint loans aggregate the strengths of all parties to provide a bridge for superior resource connectivity. With the help of joint loans, national banks can build their own wheels without turning their own wheels, and regional banks can develop in the open and transform in development.
Speak more here. Although joint loans and open platforms provide better conditions for financial institutions to transform than single-handedly, whether financial institutions are willing to transform and whether they can successfully transform depends on themselves. Current cityThere are a lot of voices in the field. I think that joint loans and loan lending have intensified the pipeline and hollowing out of licensed funds. It is like the accusation that the Internet makes children addicted to online games, and it is not convincing.
Ecological Reconstruction and Scene Rise
Joint loans connect bank funds and Internet traffic, releasing huge amounts of energy, and consumer finance is thus growing rapidly. Growth has strengthened growth, and after the formation of the consumer finance turmoil effect, the parties have accelerated their layout. According to Ovi Consulting, at the end of 2018, the balance of online consumer loans was 1.5 trillion yuan, nearly four times higher than that in 2016.
In the rapid development of the industry, some organizations have become important nodes in the new model. These nodes are connected to the Quartet resources, and the open platform and open banking model have emerged. At this point in evolution, the ecological model of the financial industry has undergone profound changes – the deep integration of finance and scene.
The scene represented by the Internet platform has the strength to qualify for financial cooperation with financial institutions to negotiate loan and joint loan cooperation, while the development of loan and joint loans further accelerates the integration of finance and scenarios. The habit of users accessing financial services in the scene.
With the deep integration of the scene represented by the Internet platform into the financial ecosystem, it has brought about the reconstruction of the rights and interests of all parties. There are conflicts in refactoring and more reconciliation.
In terms of order, financial institutions took the lead in reacting, from exclusion to competition to cooperation, and spent about three years (2013-2016), finally marked by the rise of the open platform and the open bank, announced the comprehensive reconciliation between the two sides, and jointly completed the reshaping of the financial business model. But clarifying the relationship between financial institutions and the scene is only the first step, how to clarify the fieldThe relationship between Jingfang and users, scenes and supervision has become a new challenge.
New Ecology New Challenge
(1) Challenges to financial consumer protection
The growth of scale, the reshaping of models, and the involvement of new roles (scenarios) all pose new requirements and new challenges for financial consumer protection.
For example, the rapid growth of scale has increased the demand for data. The big data industry is welcoming the blue ocean. The new entrants are uneven, resulting in frequent data collection and transaction disruption. For example, the rapid growth of scale has increased the demand for outsourcing. The collection industry is welcoming more practitioners, but neglecting management and regulation, resulting in illegal collections and violent collections;
For example, when the scene side intervenes, the financial institution and the scene party overlap each other in the charging mode and the charging structure, and the mutual responsibility rights overlap and blur, which creates conditions for individual organizations to fish in troubled waters, causing the scene to cause trouble, and the financial back pot is constantly and long. The rental loan problem after renting an apartment and the education loan after the training institution runs are typical representatives;
……
In fact, these are the inevitable results of the “old system can not catch up with new changes” and belong to the problem of development. Once management and regulation keep up, the problem is solved.
In the near future, the supervision and inventory of big data chaos, strict use of lending and illegal collection, reaffirming the protection requirements of financial consumer rights, the industry meteorological changes have been significantly improved.
(2) Challenges to the current regulatory system
The financial model has evolved, and the regulatory mechanism has not changed, which will create conflicts between the new model and the existing regulatory system. In terms of loan and joint loans, it is mainly manifested in two aspects:
One is to break the regional business restrictions. The current regulatory system focuses on localized supervision. For example, banks have national banks and regional banks, regional banks do not leave the province; small loan companies have ordinary small loan companies and small network lending companies, and ordinary small loan companies. Funds must not cross regions. However, relying on loan assistance and joint loans, regional financial institutions can issue loans to users across the country, and regional restrictions under the current regulatory system are ineffective.
The second is to dissolve the financial license boundary. NewUnder the ecological model, the financial division of labor has been refined and refined, and to a certain extent, the financial license boundary has been eliminated. For example, risk approval is a licensed operation, and financial institutions may not outsource it. However, risk approval can be refined into dozens of steps. Each step involves a bunch of partners. These partners are not involved in core finance. Linked, suspected of unlicensed business? It is impossible to talk about it.
From the documents issued in the past year, local regulatory agencies have generally reaffirmed the authority of the current regulatory requirements, such as emphasizing localized management, reaffirming that core links must not be outsourced, etc., but it is a bit of a headache and can be solved urgently. To alleviate the conflict between financial innovation and current supervision, it is necessary to comply with the general trend of financial ecological development, from license supervision to functional supervision, and to strengthen supervision technology and explore the supervision sandbox mechanism to maintain the dynamic balance between supervision and innovation.
(3) The scale is rapidly expanding, how to control risks?
In the open platform ecosystem, capital is flowing, customers are mobile, and technology is flowing. The flow brought more efficient configuration, which led to a fundamental improvement in financial efficiency.
However, finance and risk are symbiotic, and the improvement of business efficiency needs to be supplemented by the improvement of risk control ability to neutralize the constraints. Otherwise, the efficiency is high and the hidden dangers are also large.
Finance takes risks as a living. What the parties seek is not to eliminate risks, but to spread risks. The beauty of risk dispersion is like a giant stone standing on the top of a mountain, crumbling, enough to constitute a systemic risk hazard; if the stone is broken into dust, it falls with the wind, but the parties are nothing but dust.
As a tool to improve efficiency and make large-scale, like the syndicated loan, the first principle of joint loan is also risk dispersion, that is, all parties must bear the risk independently. As long as the parties bear the risks independently, under the constraints of complete capital adequacy requirements and strict provisioning, growth is not afraid.
The current concerns about joint loans are exactly here. In order to attract the funders to join, some organizations have violated the principle of risk dispersion, which is like a big stone at the top of the mountain, which makes the parties worry.
But the joint loan is illegally issued, and the wrong is illegal, not in the joint loan.
Resolve evolving issues in development
As mentioned above, it is the core worry of the market on the joint loan model. Look carefully, some are purely illegal operations, some are not keeping up with the supporting norms, and some are related to supervision andThe balance of innovation is an eternal topic.
In fact, in the financial ecosystem, the concentration of traffic and the rise of the Internet platform are indisputable facts, and there are unchangeable external variables and megatrends. Joint loans or loans are good, but they are innovations and responses based on new trends.
Because of the convergence with the big trend, joint loans and loan lending have played an active and even irreplaceable role in promoting the development of inclusive finance and innovation in financial technology. As for the various problems that arise in the process, it is only the inevitable frictional conflict between the new model and the old system, which is an inevitable problem in development.
In this process, you will solve the problem if you encounter a problem, and you should not overthrow the mode itself. Since the pattern is born in response to the trend, this pattern is eliminated and new patterns are coming out.
So, how should joint loans be managed? Comply with the trend, use its benefits, reduce its disadvantages, and solve development problems in development, and that’s it.
Author: Xue Hong statement.