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RAPID development of the In- ternet and mobile Internetbased financing in recent years has created a spate of new-type financial institutions and services. They include mobile payment， online auction companies and online wealth management services.
Internet-based financing – a blend of information network technology and modern finance – is impelling conventional finance towards unprecedented changes that will pose considerable challenges to contemporary financial supervision.
Runaway Growth
June 13， 2013 saw the launch of online fund Yu’ebao （The Balance of Treasure）， the brainchild of Alipay – China’s largest third-party payment platform and a subsidiary of Alibaba， which runs China’s biggest online shopping mall. In less than two weeks Yu’ebao users surpassed 2.5 million – an achievement that conventional forms of fund industry have no hope of equalling even within two years. Yu’ebao’s success thus signifies the magic appeal of the Internet finance market.
Growth of scale in mobile financial services， such as mobile shopping， online banking and mobile payments， ex- ceeds 80 percent， according to the China Internet Network Information Center（CNNIC）. Mobile shopping， for instance， doubled from 6.6 percent in 2011 to 13.2 percent in 2012， and users increased from 23.47 million to 55.49 million. The rate of mobile payments， meanwhile， climbed from 8.6 percent to 13.2 percent， and that of mobile online banking from 8.2 percent to 12.9 percent.
Gong Minghua， deputy director-general of the Policy Research Department under the China Banking Regulatory Commission （CBRC）， recently stated that at the end of June 2013， China’s Internet users numbered 590 million， 464 million of whom access the Internet via their mobile phones. In the first three quarters of 2013， China’s e-commerce market trading volume reached RMB 7.5 trillion， 35 percent higher than the same period in 2012. Greater numbers of web users and expanded mobile communications constitute a solid base for incorporating modern information technology into financial services. There are hence promising prospects for Internet-based financing in China.
China’s expanded Internet finance enlarged still further on August 9， 2013， with the joint establishment by 33 leading e-commerce enterprises， including JD.com， dangdang.com， Lakala Billing Service Co.， Ltd. and Yonyou Software Co.， Ltd.， of the Z-Park Association for Internet Finance – China’s first Internet finance trade organization. At around the same time the Payment & Clearing Association of China（PCAC） and 75 organizations in the fields of banking， securities， third-party payments and P2P （Peer to Peer） set up the Internet Finance Expert Committee in Beijing. The PCAC is a self-regulatory body within China’s payment and clearing service industry， founded in 2011 with the approval of the State Council. It operates under the guidance of the People’s Bank of China.
Internet finance is by definition an emerging model that combines conventional finance services with modern information technologies， including the Internet （mainly Web 2.0 at present） and cloud computing. On one hand， conventional financial services are becoming networked； on the other， Internet enterprises are venturing into the finance industry and providing new-type financial services. Both share the common goal of satisfying the diversified and intricate needs of financial services， which will without doubt trigger a breakthrough in payment patterns.
Xie Ping， executive vice president of China Investment Corporation， recently stated in an article： “Modern information technology represented by Internet， especially mobile payments， cloud computing， social networking and search engines， will exert a substantial impact on financial models.”
According to Xie， in 20 years’ time， a third type of financial operating mechanism that is discrete from both indirect financing among commercial banks and direct financing through the capital market， known as the “Internet direct financing market” or “Internet financial model，” will take shape.
Until now， Internet enterprises and financial institutions have proceeded from their respective dominant fields， wherein companies focusing on thirdparty payments or P2P finance enter the financial services sector via an Internet platform. But Internet technology has enabled banks to introduce Internet banking and e-commerce platforms that effectively act as channels for an electronic revolution.
Thanks to the multiplying functions of mobile devices， consumers will in future need just one terminal， such as a mobile phone or tablet， to buy products， visit financial management websites and make investments.
Rapid popularization of smart phones has demystified Internet finance consumption. Long-distance purchases of physical commodities， along with Near Field Communication （NFC）， will in the next five years increase four-fold the transaction scale of global mobile payment to more than US $1.3 trillion， according to a report from Juniper Research. Changes in Conventional Banking
Internet finance could potentially change the financial industry service mode. In addition to satisfying various daily-life needs， the Internet has also significantly reduced the costs of information exchange and enhanced communication efficiency. Financing institutions as a whole might thus be empowered to lower their service charges and improve service quality， so measuring up even further to consumer demands.
Moreover， Internet finance has reshuffled the customer bases of conventional banks. Rapid development of the e-platform has accumulated mass customer data， to the extent that Internet finance owns more customer resources than any single financing institution. Internet finance will also accelerate the process of financial disintermediation.
“The relationship between Internet finance and traditional banks is complementary. The Internet can reduce information asymmetry and so bring about a reduction in the cost of banks’ affiliated agencies and manpower，” deputy dean of the National School of Development of Peking University Huang Yiping said.“Platforms or mobile terminals” and “big data” are the two main features of Internet finance. Its impact on traditional finance will be embodied in the trends of finance privatization， marketization of the Internet interest rate， service popularization， and expansion of those benefiting from it.
At the same time， Internet finance can change the convention whereby financing institutions monopolize fund payment. In recent years， third-party and mobile payments have sprung from nowhere， and are not limited to electronic commercial exchanges. Thirdparty payments， such as through Alipay and Tenpay， account for about 80 percent of the market share， so exceeding those of Unionpay and Internet banks.
Traditional financial enterprises now face the competition between modern science and technology and traditional banking business； whichever runs fastest will be the winner， according to president and CEO of Ping An Insurance Ma Mingzhe.
“The transformation brought about by scientific and technological development is both disruptive and revolutionary. Its impact on modes of banking that have been maintained for 200 years， on the entire financial industry， on almost all markets and certainly all consumers is irresistible，” Ma Mingzhe said. “Once science and technology enterprises penetrate the government policies restricting their access to the market they will seize upon it， so exerting overwhelming and destructive impact on the traditional financial industry.” The upgraded risk control and im-proved services that accompany the development of Internet finance will probably incite banking customers to shift to this new mode. This does not imply， however， the phasing out of banking locations， because the financial field still needs venues for interpersonal communication and feedback， according to Zhang Chenghui， director of the Research Institute of Finance of the State Council Development Research Center.
New Financial Regulation Tests
In 2013， the first year of Internet finance， consumers delighted in the availability of various Internet financial products， and competition among high-yield finance products entered full swing. Certain insiders nevertheless believe that the risks that accompany Internet finance are becoming apparent. Limitations on the behavioral norms of online transactions that current regulations impose obligate regulators to perfect without delay relevant laws and regulations pertaining to Internet finance. Combining Internet financial enterprises’risk management， control and self-regulation is also vital.
The State Council recently published a notification geared towards strengthening regulations that prevent the risks of so-called shadow banking. Known as document No. 107， the notification clarifies the shadow banking concept， its regulatory responsibilities and ways of perfecting the regulatory system. It also for the first time includes new Internet financial companies under the shadow banking category.
The document sets out the three types of institutions through which shadow banking operates. One is that of unsupervised， unlicensed credit intermediaries. They include certain third-party wealth management companies and an emerging army of Internet companies that offer financial services. The document calls for supervision of such institutions， and an enforceable plan is indeed forthcoming. With regards to asset securitization and network financial activities of thirdparty wealth management companies and non-financial institutions， the regulation calls on the Central Bank and related departments to jointly research and formulate appropriate measures.
It is imperative that Internet financial activities be standardized. Financial institutions that conduct business through networking and the Internet should observe regulations on business scope， as doing business outside of it through improved technology is out of bounds. Institutions like online payment platforms， online financing platforms and online credit platforms must comply with all financial laws and regulations. Offering illicit financial services by taking advantage of Internet technology is prohibited. Certain insiders regard the document as a policy foundation for Internet financial industry， a weather vane for related regulations， and essential to the sound development of P2P industry. The document reaffirms that the legality of Internet financial service is an unbridgeable baseline.
Finance being the core of Internet finance， it needs to control risk； the financial market clearly needs a stable environment under which to guarantee fund security， according to Li Aijun， professor at China University of Political Science and Law. The notification constitutes a strict regulation for both financial and non-financial institutions. It makes clear that small loan companies belong to non-financial institutions that bear their own risks and issue loans from their own fund. It also stipulates the establishment of a standard through the industry’s self-regulatory bodies whereby small loan companies do not accept cash deposits， lend money at usurious rates， or use illegal means to recover loans. This implies that obtaining financial licenses for Internet finance is no easy matter.
Internet-based financing – a blend of information network technology and modern finance – is impelling conventional finance towards unprecedented changes that will pose considerable challenges to contemporary financial supervision.
Runaway Growth
June 13， 2013 saw the launch of online fund Yu’ebao （The Balance of Treasure）， the brainchild of Alipay – China’s largest third-party payment platform and a subsidiary of Alibaba， which runs China’s biggest online shopping mall. In less than two weeks Yu’ebao users surpassed 2.5 million – an achievement that conventional forms of fund industry have no hope of equalling even within two years. Yu’ebao’s success thus signifies the magic appeal of the Internet finance market.
Growth of scale in mobile financial services， such as mobile shopping， online banking and mobile payments， ex- ceeds 80 percent， according to the China Internet Network Information Center（CNNIC）. Mobile shopping， for instance， doubled from 6.6 percent in 2011 to 13.2 percent in 2012， and users increased from 23.47 million to 55.49 million. The rate of mobile payments， meanwhile， climbed from 8.6 percent to 13.2 percent， and that of mobile online banking from 8.2 percent to 12.9 percent.
Gong Minghua， deputy director-general of the Policy Research Department under the China Banking Regulatory Commission （CBRC）， recently stated that at the end of June 2013， China’s Internet users numbered 590 million， 464 million of whom access the Internet via their mobile phones. In the first three quarters of 2013， China’s e-commerce market trading volume reached RMB 7.5 trillion， 35 percent higher than the same period in 2012. Greater numbers of web users and expanded mobile communications constitute a solid base for incorporating modern information technology into financial services. There are hence promising prospects for Internet-based financing in China.
China’s expanded Internet finance enlarged still further on August 9， 2013， with the joint establishment by 33 leading e-commerce enterprises， including JD.com， dangdang.com， Lakala Billing Service Co.， Ltd. and Yonyou Software Co.， Ltd.， of the Z-Park Association for Internet Finance – China’s first Internet finance trade organization. At around the same time the Payment & Clearing Association of China（PCAC） and 75 organizations in the fields of banking， securities， third-party payments and P2P （Peer to Peer） set up the Internet Finance Expert Committee in Beijing. The PCAC is a self-regulatory body within China’s payment and clearing service industry， founded in 2011 with the approval of the State Council. It operates under the guidance of the People’s Bank of China.
Internet finance is by definition an emerging model that combines conventional finance services with modern information technologies， including the Internet （mainly Web 2.0 at present） and cloud computing. On one hand， conventional financial services are becoming networked； on the other， Internet enterprises are venturing into the finance industry and providing new-type financial services. Both share the common goal of satisfying the diversified and intricate needs of financial services， which will without doubt trigger a breakthrough in payment patterns.
Xie Ping， executive vice president of China Investment Corporation， recently stated in an article： “Modern information technology represented by Internet， especially mobile payments， cloud computing， social networking and search engines， will exert a substantial impact on financial models.”
According to Xie， in 20 years’ time， a third type of financial operating mechanism that is discrete from both indirect financing among commercial banks and direct financing through the capital market， known as the “Internet direct financing market” or “Internet financial model，” will take shape.
Until now， Internet enterprises and financial institutions have proceeded from their respective dominant fields， wherein companies focusing on thirdparty payments or P2P finance enter the financial services sector via an Internet platform. But Internet technology has enabled banks to introduce Internet banking and e-commerce platforms that effectively act as channels for an electronic revolution.
Thanks to the multiplying functions of mobile devices， consumers will in future need just one terminal， such as a mobile phone or tablet， to buy products， visit financial management websites and make investments.
Rapid popularization of smart phones has demystified Internet finance consumption. Long-distance purchases of physical commodities， along with Near Field Communication （NFC）， will in the next five years increase four-fold the transaction scale of global mobile payment to more than US $1.3 trillion， according to a report from Juniper Research. Changes in Conventional Banking
Internet finance could potentially change the financial industry service mode. In addition to satisfying various daily-life needs， the Internet has also significantly reduced the costs of information exchange and enhanced communication efficiency. Financing institutions as a whole might thus be empowered to lower their service charges and improve service quality， so measuring up even further to consumer demands.
Moreover， Internet finance has reshuffled the customer bases of conventional banks. Rapid development of the e-platform has accumulated mass customer data， to the extent that Internet finance owns more customer resources than any single financing institution. Internet finance will also accelerate the process of financial disintermediation.
“The relationship between Internet finance and traditional banks is complementary. The Internet can reduce information asymmetry and so bring about a reduction in the cost of banks’ affiliated agencies and manpower，” deputy dean of the National School of Development of Peking University Huang Yiping said.“Platforms or mobile terminals” and “big data” are the two main features of Internet finance. Its impact on traditional finance will be embodied in the trends of finance privatization， marketization of the Internet interest rate， service popularization， and expansion of those benefiting from it.
At the same time， Internet finance can change the convention whereby financing institutions monopolize fund payment. In recent years， third-party and mobile payments have sprung from nowhere， and are not limited to electronic commercial exchanges. Thirdparty payments， such as through Alipay and Tenpay， account for about 80 percent of the market share， so exceeding those of Unionpay and Internet banks.
Traditional financial enterprises now face the competition between modern science and technology and traditional banking business； whichever runs fastest will be the winner， according to president and CEO of Ping An Insurance Ma Mingzhe.
“The transformation brought about by scientific and technological development is both disruptive and revolutionary. Its impact on modes of banking that have been maintained for 200 years， on the entire financial industry， on almost all markets and certainly all consumers is irresistible，” Ma Mingzhe said. “Once science and technology enterprises penetrate the government policies restricting their access to the market they will seize upon it， so exerting overwhelming and destructive impact on the traditional financial industry.” The upgraded risk control and im-proved services that accompany the development of Internet finance will probably incite banking customers to shift to this new mode. This does not imply， however， the phasing out of banking locations， because the financial field still needs venues for interpersonal communication and feedback， according to Zhang Chenghui， director of the Research Institute of Finance of the State Council Development Research Center.
New Financial Regulation Tests
In 2013， the first year of Internet finance， consumers delighted in the availability of various Internet financial products， and competition among high-yield finance products entered full swing. Certain insiders nevertheless believe that the risks that accompany Internet finance are becoming apparent. Limitations on the behavioral norms of online transactions that current regulations impose obligate regulators to perfect without delay relevant laws and regulations pertaining to Internet finance. Combining Internet financial enterprises’risk management， control and self-regulation is also vital.
The State Council recently published a notification geared towards strengthening regulations that prevent the risks of so-called shadow banking. Known as document No. 107， the notification clarifies the shadow banking concept， its regulatory responsibilities and ways of perfecting the regulatory system. It also for the first time includes new Internet financial companies under the shadow banking category.
The document sets out the three types of institutions through which shadow banking operates. One is that of unsupervised， unlicensed credit intermediaries. They include certain third-party wealth management companies and an emerging army of Internet companies that offer financial services. The document calls for supervision of such institutions， and an enforceable plan is indeed forthcoming. With regards to asset securitization and network financial activities of thirdparty wealth management companies and non-financial institutions， the regulation calls on the Central Bank and related departments to jointly research and formulate appropriate measures.
It is imperative that Internet financial activities be standardized. Financial institutions that conduct business through networking and the Internet should observe regulations on business scope， as doing business outside of it through improved technology is out of bounds. Institutions like online payment platforms， online financing platforms and online credit platforms must comply with all financial laws and regulations. Offering illicit financial services by taking advantage of Internet technology is prohibited. Certain insiders regard the document as a policy foundation for Internet financial industry， a weather vane for related regulations， and essential to the sound development of P2P industry. The document reaffirms that the legality of Internet financial service is an unbridgeable baseline.
Finance being the core of Internet finance， it needs to control risk； the financial market clearly needs a stable environment under which to guarantee fund security， according to Li Aijun， professor at China University of Political Science and Law. The notification constitutes a strict regulation for both financial and non-financial institutions. It makes clear that small loan companies belong to non-financial institutions that bear their own risks and issue loans from their own fund. It also stipulates the establishment of a standard through the industry’s self-regulatory bodies whereby small loan companies do not accept cash deposits， lend money at usurious rates， or use illegal means to recover loans. This implies that obtaining financial licenses for Internet finance is no easy matter.