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The Internet banking， or E- banking， is rising fast as a new business type because of the low trade cost， broad service scope and big market space.
In recent years， several international capital giants， including IDG and Sequoia Capital， all swarmed into China and registered E-banking enterprises. It is widely believed that foreign investors get into the financial industry of China through Internet finance with the hope of sharing the big feast of the fast developing industry.
However， China now is lacking a comprehensive and complete regulation system over the Internet finance， which is possessed by the risks that cannot be neglected. The equity investment involving foreign capital should be more cautiously guided and regulated.
The Upsurge of “E-banking”
Early in 2011， IDG invested dozens of billion U.S. dollars into China-based Credit Ease. At the end of September 2013， IDG and Credit Ease raised the financial innovative funds with the initial investment volume of US$100 mil- lion into the early projects of Internet finace.
Along with IDG is Sequoia Capital. In July 2013， the investment company invested US$30 million into “Rong 360”， a fundraising and loan search platform. Prior to that， the company has already invested about billions of U.S. dollars into the Internet finance.
The foreign capital giants’ fervor of China’s E-banking industry pushed the Internet finance into a new age. Luo Mingxiong， vice president of Beijing Software and Service Exchanges， thinks that the Internet finance includes six major patterns： third-party payment， P2P online credit platform （P2P small loans based on Internet technologies）， financial services based on big data， public fundraising， ICT-based financial institutions and Internet financial port.
The analysts point out that the Internet finance’s fast development in China is represented by the P2P industry. By now there have been 500 P2P platforms in China and the number is expected to rise to 800 by the end of 2013， with the whole year’s trade volume expected to reach RMB 100 billion. In 2012， the trade volume is only RMB 20 billion.
Unlimited Space in the Future
Several reasons could explain the rise of the conbination of Internet and finance. As the income of Chinese residents is increasing， they have growing demand for the assets management products. Meanwhile， the small enterprises in China have been facing the predicament of no access to loans and difficulties of raising funds. The traditional investment and fundraising channels usually have high requirements and are hard to get through. The low return that is far away from the demand of small enterprises and ordinary residents further restricts the development of traditional investment pattern. Therefore， the market is developing fast and is favored by experts in terms of market space and development outlook. Guo Tianyong， director of the China Banking Research Center at the Central university of Finance and Economics， says that the Internet finance is impacting the banking with three advantages， including the great reduction of the trade cost of the banking， the expansion of service scope for customers and the control of the development orientation of financial industry.
“The foreign capital gets into the Internet finance industry of China because this represents the development of financial industry and now owns unlimited potential，” Guo Tianyong says. In addition， the financial service in China is incomplete in system and lacks competitiveness. Foreign investors are likely to have a bigger share from the future development of finance if they get into the place through e-banking.
“Presently， foreign investors are involved in all patterns of the Internet finance， but they particularly prefer thirdparty payment and P2P. Since most of these enterprises are startups， the capital needs to be injected in the form venture investment， allowing the investors to own some shares，” says Luo Mingxiong.
Regulatory Loopholes to Be Filled
However， the regulatory departments had not left any remarks about the shareholding structure of E-banking enterprises with foreign investment in several of its reviews about the Internet finance. The to-be-issued regulatory rule mainly targets the impact of the Internet finance for the financial market and regulation， but neglects the E-banking enterprises with foreign investment.
As for the regulation of Internet finance， Guo Tianyong says that the central bank， the China Banking Regulatory Commission and local regulatory departments are fearing that they are not capable enough to regulate the Internet finance and that inefficient regulation will bring about bigger risks， causing the indistinguishable and formidable chaos
In his opinion， such a chaos provides the space for the monstrous development of Internet finance. In recent years， the small loans， the public fundraising and， the online asset management are rising fast as the new financial patterns. They are developing much faster than the evolution of the regulatory rules， bringing about the new risks. Recently， there were incidents of illegal embezzlement of capital， the earning of interest gap and even the fleeing with the raised capital.
The Internet finance should return the basic property of finance， going from chaos to order， and the monstrous development should be replaced by the orderly and predictable development， Guo Tianyong says.
Yin Long， Board Chairman of Minsheng Bank’s E-Commerce calls for the formulation and implementation of the strategies， policies and rules about the regulation of Internet finance. He also hopes that all practitioners of the Internet finance should be united as quickly as possible to formulate the industrial rules and enhance self-discipline.
In recent years， several international capital giants， including IDG and Sequoia Capital， all swarmed into China and registered E-banking enterprises. It is widely believed that foreign investors get into the financial industry of China through Internet finance with the hope of sharing the big feast of the fast developing industry.
However， China now is lacking a comprehensive and complete regulation system over the Internet finance， which is possessed by the risks that cannot be neglected. The equity investment involving foreign capital should be more cautiously guided and regulated.
The Upsurge of “E-banking”
Early in 2011， IDG invested dozens of billion U.S. dollars into China-based Credit Ease. At the end of September 2013， IDG and Credit Ease raised the financial innovative funds with the initial investment volume of US$100 mil- lion into the early projects of Internet finace.
Along with IDG is Sequoia Capital. In July 2013， the investment company invested US$30 million into “Rong 360”， a fundraising and loan search platform. Prior to that， the company has already invested about billions of U.S. dollars into the Internet finance.
The foreign capital giants’ fervor of China’s E-banking industry pushed the Internet finance into a new age. Luo Mingxiong， vice president of Beijing Software and Service Exchanges， thinks that the Internet finance includes six major patterns： third-party payment， P2P online credit platform （P2P small loans based on Internet technologies）， financial services based on big data， public fundraising， ICT-based financial institutions and Internet financial port.
The analysts point out that the Internet finance’s fast development in China is represented by the P2P industry. By now there have been 500 P2P platforms in China and the number is expected to rise to 800 by the end of 2013， with the whole year’s trade volume expected to reach RMB 100 billion. In 2012， the trade volume is only RMB 20 billion.
Unlimited Space in the Future
Several reasons could explain the rise of the conbination of Internet and finance. As the income of Chinese residents is increasing， they have growing demand for the assets management products. Meanwhile， the small enterprises in China have been facing the predicament of no access to loans and difficulties of raising funds. The traditional investment and fundraising channels usually have high requirements and are hard to get through. The low return that is far away from the demand of small enterprises and ordinary residents further restricts the development of traditional investment pattern. Therefore， the market is developing fast and is favored by experts in terms of market space and development outlook. Guo Tianyong， director of the China Banking Research Center at the Central university of Finance and Economics， says that the Internet finance is impacting the banking with three advantages， including the great reduction of the trade cost of the banking， the expansion of service scope for customers and the control of the development orientation of financial industry.
“The foreign capital gets into the Internet finance industry of China because this represents the development of financial industry and now owns unlimited potential，” Guo Tianyong says. In addition， the financial service in China is incomplete in system and lacks competitiveness. Foreign investors are likely to have a bigger share from the future development of finance if they get into the place through e-banking.
“Presently， foreign investors are involved in all patterns of the Internet finance， but they particularly prefer thirdparty payment and P2P. Since most of these enterprises are startups， the capital needs to be injected in the form venture investment， allowing the investors to own some shares，” says Luo Mingxiong.
Regulatory Loopholes to Be Filled
However， the regulatory departments had not left any remarks about the shareholding structure of E-banking enterprises with foreign investment in several of its reviews about the Internet finance. The to-be-issued regulatory rule mainly targets the impact of the Internet finance for the financial market and regulation， but neglects the E-banking enterprises with foreign investment.
As for the regulation of Internet finance， Guo Tianyong says that the central bank， the China Banking Regulatory Commission and local regulatory departments are fearing that they are not capable enough to regulate the Internet finance and that inefficient regulation will bring about bigger risks， causing the indistinguishable and formidable chaos
In his opinion， such a chaos provides the space for the monstrous development of Internet finance. In recent years， the small loans， the public fundraising and， the online asset management are rising fast as the new financial patterns. They are developing much faster than the evolution of the regulatory rules， bringing about the new risks. Recently， there were incidents of illegal embezzlement of capital， the earning of interest gap and even the fleeing with the raised capital.
The Internet finance should return the basic property of finance， going from chaos to order， and the monstrous development should be replaced by the orderly and predictable development， Guo Tianyong says.
Yin Long， Board Chairman of Minsheng Bank’s E-Commerce calls for the formulation and implementation of the strategies， policies and rules about the regulation of Internet finance. He also hopes that all practitioners of the Internet finance should be united as quickly as possible to formulate the industrial rules and enhance self-discipline.