Multi Ministries Deliberate On Internet Financial Regulation

< p > < < a href= > //www.sjfzxm.com/news/index_c.asp > > Internet > /a > the boundary problem of financial innovation. Wu Xiaoling, vice chairman of the finance and Economic Commission of the National People's Congress, said at the China Development Summit Forum last weekend that the regulators were not considering who moved the cheese when they considered the policies.

While encouraging the development of Internet finance, we should look at innovation and some red lines that we can not touch under certain principles.

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< p > reporter recently learned from the insider, led by the central bank, including the Banking Regulatory Commission, the Securities Regulatory Commission, the CIRC, the Ministry of industry and other ministries and commissions are stepping up the development of a regulatory approach to Internet finance.

Just last week, the Central Bank Law Division also convened Tencent, Alibaba, Yixin and other Internet related financial enterprises to hold talks and listen to opinions.

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< p > this person also said that the above regulatory measures will clarify the division of responsibilities and responsibilities. The initial division of labor is: the CBRC is responsible for supervising the P2P industry, the public is supervised by the SFC, and the central bank is responsible for < a href= "//www.sjfzxm.com/news/index_c.asp > third party payment /a /a regulation." the general principle of Internet financial supervision is the concept of "negative list".

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< p > < strong > Payment institutions encounter intensive supervision < /strong > < /p >

< p > over the past year or more, with the rapid development of Internet finance, its game with traditional financial industry has deepened and attracted the attention of regulators.

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< p > March 12th, Alipay and WeChat announced that they would jointly launch a virtual credit card with CITIC Bank. Besides the online consumption, the virtual credit card could also be used for the online payment of the consumer through the two-dimensional code.

But on the second day, the central bank issued an urgent suspension of the virtual credit card and the two-dimensional code payment business.

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< p > then the market came out that the central bank has issued the "management method of payment network payment business" to the third party payment institutions (Draft). It is intended to stipulate that the single payment amount of individual payment account pfer shall not exceed 1000 yuan, and the total amount of annual pfer account of the same customer shall not exceed 10 thousand yuan.

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< p > although the above draft has not yet been formally promulgated, recently, major industries such as industry, agriculture, China, construction and other industries have gradually lowered their users' payment amount through Alipay.

Among them, the amount of CCB and ICBC was reduced to 5000 from the original 50 thousand, while the Bank of China and ABC reduced the quota from 50 thousand to 10 thousand.

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< p > at the end of last week, the central bank ordered 8 third party payment institutions to stop taking orders from April 1st. The reason is that some of the acquirers failed to implement the real name system of the special businesses, the paction monitoring was not in place, and the risk events were not handled well.

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From P to offline, the central bank was caught in a storm of public opinion after "hands-on". There are criticisms that regulators have the interests of protecting banks and other traditional interests and combating innovation, while regulators emphasize safety considerations.

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< p > a person close to the central bank said that regulators are risk averse and guarantee no risk, which is the top priority of regulators.

Take the suspension of the two-dimensional code payment as an example, the two-dimensional code actually corresponds to a web site, the user completes payment through this website, but no one can guarantee that the two-dimensional code provided by the merchant does not hide viruses or Trojan horses.

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< p > nearly central bankers told reporters that the central bank's series of < a href= "//www.sjfzxm.com/news/index_c.asp > regulatory policy < /a > is mainly based on security and anti money laundering considerations: on the one hand, there are still some hidden dangers in the virtual credit card and two-dimensional code payment; on the other hand, the third party payment institutions are weak real accounts, unable to complete the real name accounts of banks, which may cause obstacles to anti money laundering.

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< p > "third party payment is essentially a small, more convenient means of payment, as a complement to banks."

A banking personage said to this newspaper, but with the rapid development of the past few years, the third party payment account has become an independent capital account system, involving an increasingly large amount of funds. Some regulations of the central bank may be to force the third party payment institutions to return to the historical positioning.

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< p > < strong > "negative list" and division of supervision < /strong > /p >

< p > for the current debate on innovation and security, the people close to the central bank said that the attitude of the central bank has always been encouraging support for Internet finance, and this attitude has not changed.

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< p > the source said that after the establishment of the payment clearing Association in 2011, the Internet Financial Association is also expected to be established in the near future.

The Internet Finance Association will make up for its deficiencies in terms of self-regulation.

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Wu Xiaoling, at the top development forum of China, said that P should understand from three angles: first, whether there will be any impact on the function of money creation; second, whether we can protect the safety of clients' funds, monitor the flow of funds and maintain the social and economic order well; third, can we protect the interests of investors well?

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< p > at present, the problem with these three principles is that the virtual credit card and the balance treasure are all involved in the possible currency re creation problem; the third party payment can not fully protect the real name account problem, there is a problem of funds being cheated and using accounts to carry out illegal activities; P2P and other network financing platforms can not fully protect the interests of investors at the same time of convenient investment and financing.

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< p > the people close to the central bank said that the supervision of Internet Finance in the future will adopt the concept of "negative list", that is, set up some restricted zones.

At the same time, for the specific industries such as the third party payment and P2P, the division of labor will be implemented.

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< p > in addition, many scholars and experts also said that the essence of Internet finance is still financial business, which is the basis for its supervision.

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< p > Sun Mingchun, senior partner and chief economist of Bodao investment, wrote that the vast majority of Internet financial products and business models bring about technological improvement or innovation.

They reduce the cost of financial pactions, but can not significantly reduce the problem of asymmetric information, so they should not achieve the effect of "de intermediation", and it is impossible to "subvert" the traditional financial industry.

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< p > "in view of the fact that Internet finance has not changed the nature of the financial industry, it should also uphold the principles and framework consistent with traditional financial supervision to avoid unfair supervision or potential risks."

Sun Mingchun said.

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< p > Wu Xiaoling also believes that supervising the Internet with the basic rules of finance is the basis for discussing all problems.

The adoption of information technology represented by the Internet has greatly reduced the cost of financial services, so that financial services can be extended to the traditional financial institutions that are difficult to cover, but this can not change the essence of finance.

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Cai Hongbo, executive vice president and Secretary General of the P, also said that some policies and implementation standards of online payment and traditional payment are not quite the same, so there is a problem of inequitable.

But whether it is Internet companies or traditional financial institutions, as long as they engage in the same financial services, they should accept the same supervision in principle; the online and offline financial supervision policies should be consistent and the principle of information pparency should be adhered to.

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< p > a big controversy of the balance treasure Internet monetary fund is that the general deposit is controlled by the interest rate cap and needs to pay the deposit reserve. However, through the absorption of idle capital investment agreement deposits, the IMF has obtained the income higher than the current deposit, resulting in the loss of the current account of the bank.

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< p > Sheng Songcheng, director of the central bank's investigation and Statistics Division, recently published an article that the balance of the funds deposited in the bank does not pay the deposit reserve funds. Theoretically, this part of the funds can be derived indefinitely and can create money supply infinitely, thereby affecting the effectiveness of monetary policy regulation. At the same time, in order to deal with the liquidity risk brought about by large-scale redemption and ensure fair market competition, we should implement the deposit reserve management for the agreement deposits of the IMF.

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