P2P category
Banking
The main advantages of banking P2P are: first, strong capital and sufficient liquidity; second, the quality of the project source is excellent, Most of them come from the original small and medium-sized customers of banks; thirdly, they have strong risk control capabilities. They can use the natural advantages of banking P2P to access the central bank’s credit database through the banking system and grasp the borrower’s credit status in a relatively short period of time, thus greatly Reduce the risk. In addition, many banks, including Hengfeng Bank, China Merchants Bank, Lanzhou Bank, and Baoshang Bank, directly participate in the risk control management of their P2P online lending platforms in different forms. The disadvantage of banking P2P is mainly reflected in the low yield. The expected annual yield is between 5.5% and 8.6%, which is slightly higher than that of bank wealth management products, but it is at a low level in the P2P industry and has limited appeal to investors. Moreover, many traditional commercial banks only regard the Internet as a sales channel, and the innovation capabilities and market-oriented operation mechanisms of the banking P2P platforms are not perfect.
Listed companies
The P2P market continues to be hot, and listed companies have strong capital strength to enter the market. The reasons can be attributed to: First, the follow-up growth of traditional business is weak, and listed companies seek diversification To seek for new profit growth points; secondly, listed companies build a supply chain financial system from the perspective of the upstream and downstream of the industrial chain. Listed companies have been cultivating in their subdivisions for many years, are familiar with the upstream and downstream companies in the industry chain, and master their business risks and trade authenticity. It is easy to identify high-quality borrowers to ensure financing security. Third, the concept of P2P is sought after by capital, and listed companies set foot in the Internet finance sector from the perspective of market value management. With the help of hot Internet finance concepts, or through the acquisition of P2P company consolidated statements through holdings, listed companies can help listed companies achieve short-term market value management goals.
State-owned Assets Department
The advantages of State-owned Assets Department P2P are reflected in the following aspects: First, it has the implicit endorsement of state-owned shareholders, and the ability to pay is guaranteed; second, State-owned Assets P2P platform Mostly born out of state-owned financial or similar financial platforms. Therefore, on the one hand, the business model is more standardized, on the other hand, the financial professionals of the practitioners are relatively high. The disadvantages of the state-owned P2P platform are also very obvious: firstly, it lacks Internet genes; secondly, from the investment side, the threshold for starting investment is high, and the rate of return is not attractive-its average annualized investment rate of return is 11% It is much lower than the average rate of return in the P2P industry. Finally, from the financing side, due to the large project targets and limited product types, most of them are corporate credit loans. In addition, the state-owned P2P platform is more cautious and audited. The mechanism has seriously affected the efficiency of platform operations.
Private platform
Currently, the number of private platform platforms in the P2P industry is the largest and the earliest start. Some private P2P online lending platforms have grown into industry leaders; more grassroots platforms are a mixed bag. The advantages of this type of platform are reflected in: First, it has the characteristics of inclusive finance, with extremely low thresholds, and the lowest threshold for investment is even 50 yuan; second, the investment yield is attractive, mostly around 15%-20%, and The P2P industry has a relatively high level. However, the disadvantages of private P2P are also very obvious, such as high risk. Due to weak capital strength and risk control capabilities, grassroots P2P online lending platforms are a high-risk area for online lending platforms to run off and close down.
Although the P2P of the private sector does not have a strong background in banks, the P2P platform of the private sector has a strong Internet mindset, high product innovation capabilities, and a high degree of marketization. The investment starting point is low, the return is high, and the procedures are convenient. The customer base almost encompasses all types of investors.
Venture Capital Department
As of September 29, 2015, a total of 63 platforms across the country have received venture capital, with approximately 83 financings. Most of the platforms that have obtained venture capital are located in Beijing, Shanghai, Guangdong and other places. Most of these platforms focus on "mortgage bids", and most of them have a registered capital of less than 10 million yuan. On the one hand, venture capital can increase the platform's credit to a certain extent, and the capital of venture capital institutions has injected sufficient platform funds, which is conducive to expanding business scale and improving risk tolerance; on the other hand, whether the introduction of venture capital has caused P2P platforms to rush Expanding the scale of operations and relaxing risk control are worth pondering. The platform Rongyirong (now renamed as Free Financial Services), which was launched in 2013, received an investment of US$10 million from overseas venture capital Zhendong Investment in January 2015. In July 2015, there was "difficulty withdrawing cash". This shows that VC funds cannot completely circumvent the credit risk and operating risk of the P2P platform.
Development history
China
In China, the earliest P2P online lending platform was established in 2006. In the following years, there were few online loan platforms in China, and few entrepreneurs stepped into it.
It wasn't until 2010 that online loan platforms were favored by many entrepreneurs, and some testers began to appear one after another.
In 2011, online lending platforms entered a period of rapid development, and a number of online lending platforms were actively launched.
In 2012, China's online lending platforms entered an explosive period. Internet lending platforms have sprung up after the rain. There are more than 2,000 online lending platforms, and hundreds of them are relatively active. According to incomplete statistics, in 2012 alone, the annual transaction volume of domestic online lending platforms including offline lending exceeded 10 billion.
Entering 2013, online lending platforms have developed vigorously, with a rapid growth rate of one to two online platforms every day, and the imbalance between the supply and demand of funds caused by the substantial increase in the number of platforms has begun to gradually appear.
The domestic P2P platform is in the preliminary stage of development, and there is no clear legislation. Domestic microfinance mainly depends on the "China Microfinance Union" to preside over the work. The legal basis for reference is mainly the first case of the "National Internet Loan Dispute", and Ali Microloan won. With the development of the Internet and the progress of society, the formality and legitimacy of such financial services will gradually be strengthened. Under effective supervision, the advantages of network technology will be used to realize the ideal of inclusive finance.
With the gradual deregulation of China’s financial controls, this new type of online lending financial business is expected to be promoted in China under China’s huge population base, growing demand for financing, and backward traditional banking services. In the coming years, it has achieved explosive growth and achieved rapid development.
On February 10, 2015, the first bank P2P fund custody platform was established
As the Internet Finance (ITFIN) regulatory policy becomes clearer, P2P ( Internet lending) fund custody business has attracted more and more attention from banks. Yesterday, Minsheng Bank officially launched the "Internet trading platform fund custody system", which is also the first bank fund custody platform built for the P2P platform. Many P2P companies have conducted system docking tests with Minsheng Bank, and it is expected to enter the system trial operation stage after the Spring Festival.
In 2014, China's P2P industry continued to maintain a strong growth momentum. According to the statistics of the third-party institution Wangdaizhijia, the overall transaction scale of the industry exceeded 250 billion yuan, an increase of nearly 140% from 2013.
While the transaction volume is skyrocketing, P2P platforms are facing many challenges. Since the regulatory policies have not yet been implemented and platform runaway incidents have frequently occurred, how to truly protect the safety of investors’ funds has always been a problem that needs to be solved urgently. In order to increase trust, most P2P platforms trust platform funds to third-party institutions. Although some P2P platforms have also signed strategic cooperation agreements including fund custody with commercial banks, so far, the actual implementation and actual effects have yet to be tested.
The "China P2P Online Loan Industry September 2015 Monthly Report" released by Wangdaizhijia, a third-party P2P online lending platform and Yingcan Consulting, shows that as of the end of September, my country’s P2P online lending industry has historically accumulated transactions The amount has reached 978.7 billion yuan. At the same time, the loan balance of the P2P online lending industry has also risen simultaneously. As of the end of September, the loan balance of the P2P online lending industry has increased to 317.636 billion yuan, an increase of 14.68% from August and 4.92 times the same period last year.
Industry insiders believe that the growing popularity of P2P online loans is mainly due to the recent weakness in the stock market and the return of some funds; at the same time, favorable policies and regulatory details are becoming clear, and more and more people recognize P2P financial management methods. .
As of the end of September 2015, the cumulative number of problematic platforms reached 1031, accounting for 30% of the total number of P2P platforms (3448).
In August 2016, the China Banking Regulatory Commission issued the Guidelines for the Depository Business of Online Lending Funds (Draft for Comment) (hereinafter referred to as the Draft for Comment) to various banks. The "Draft for Comments" not only puts forward certain qualification requirements for banks that carry out depository business, but also puts forward the completion of record registration at the local financial regulatory authority of the industrial and commercial registration place for the access platform, and the application for acquisition in accordance with the relevant regulations of the communications authority Five requirements including corresponding telecommunications business licenses. One of the most concerned by the industry is that depository banks should not be outsourced or undertaken by cooperative institutions, and should not entrust online lending institutions and third-party institutions to open lenders and borrowers’ transaction settlement fund accounts on their behalf. On October 13, 2016, the General Office of the State Council issued the "Notice on the Implementation Plan for the Special Rectification of Internet Financial Risks".
Since 2018, P2P has experienced frequent thunderstorms, and the scale of P2P defaults in Shanghai has exceeded 200 billion. On August 8, 2018, the National Mutual Finance Remediation Office issued the "Notice on Reporting Information on the Evasion of Debts by P2P Platform Borrowers" (hereinafter referred to as the notice) to all provinces (autonomous regions and municipalities) and Shenzhen Mutual Finance Remediation Office. The P2P platform is required to submit information about Lao Lai as soon as possible.
On August 19, 2019, the Beijing Chaoyang District Mutual Finance Association announced the second batch of 15 “blacklists” of missing P2P online lending institutions, including Quick Loan and Internet Loan. So far, a total of 34 online lending institutions in Beijing have been announced as missing institutions. In the second batch of lost connection P2P, Meteorite Zone has been filed for investigation for suspected fund-raising fraud in one year. The actual controller of the platform lost connection after illegally raising tens of billions of funds. Wang Dong, the person in charge of another online lending platform "Sukedai", has been sentenced to 8 years for illegally absorbing 130 million yuan of public deposits.
On January 2, 2020, the Office of the Leading Group for the Special Rectification of Internet Financial Risks in Shanxi Province and the Office of the Leading Group for the Special Rectification of P2P Network Lending Risks in Shanxi Province recently jointly issued an announcement to give all P2P online loans in Shanxi Province The organization's P2P business was banned.
According to the announcement, Shanxi has banned the P2P business of 26 P2P online lending institutions such as "Jinshangdai". At the same time, 15 operating P2P online lending institutions have been administratively checked. The results show that 15 The P2P business of operating institutions does not comply with the relevant provisions of the "One Method, Three Guidelines" and is banned. Shanxi Province strictly implements the "double drop" requirement, requiring the above-mentioned P2P institutions in operation to stop issuing new bids, and is limited to completing a benign exit and market clearing before the end of June 2020.
On the evening of July 4, 2020, the Shangcheng Branch of the Hangzhou Public Security Bureau notified that the branch had allegedly illegally absorbed Weidai (Hangzhou) Financial Information Service Co., Ltd. ("Wedaiwang" platform) Public deposits are filed for investigation. The case is being investigated according to law.
On November 27, 2020, Liu Fushou, chief attorney of the China Banking and Insurance Regulatory Commission, stated at the annual financial meeting that the actual P2P online lending institutions in the country will gradually drop from the peak period of about 5,000 to November 2020. It returns to zero in the middle of the month.
The United States
An origin was created by the 2006 Nobel Peace Prize winner Professor Mohamed Yunus (Bangladesh).
In 1976, in a rural survey, Professor Muhammad Yunus lent $27 to 42 poor villagers to pay for the meager cost of making bamboo stools and avoid usury. Exploit. This opened his path of microfinance.
In 1979, he founded Grameen (meaning "village") branch within the state-owned commercial banking system, and began to provide small loans to poor Bangladeshi women. Yunus' contribution is to become a bank for the poor, and to solve the loan needs of the poor and won the Nobel Prize. Its model is no different from the existing major banks.
United Kingdom
Zopa in the United Kingdom is completely based on the rapid development of computer network technology in the 21st century. (Using the Internet to do direct sales), the two-step model of 12N (enterprise online loan application) directly jumps to the N2N (person-to-person lending) model, eliminating the need for intermediary banks. This is what Zopa claims, "Abandon banks, every time Individuals have a source of better transactions. The result of the full development of P2P network lending is to squeeze banks out of the lending business chain. The N2N model of P2P network lending can take into account the dual advantages of bank and private lending. In particular, it is not related to the Zopa online lending platform in the United Kingdom.
In March 2005, the world’s first P2P network was founded by four young British people, Richard Dewar, James Alexander, Sarah Matthews and David Nicholson The lending platform Zopa went live in London. Now Zopa's business has expanded to Italy, the United States and Japan, with an average daily online investment of more than 2 million pounds.
Zopa is the abbreviation of "Zone of Possible Agreement". On the Zopa website, investors can list the amount, interest rate, and the time they want to lend, while borrowers search for suitable loan products based on usage and amount. Zopa charges both borrowers and lenders a certain fee instead of earning money. Take interest.
Another P2P online lending platform Prosper: Founded in 2006, it now has more than 980,000 members and a loan amount of more than 200 million.
P2P online lending platforms are developed in the United Kingdom and the United States. The development of the country has been relatively complete, and this new type of financial management model has gradually been accepted by the public in the Internet age. On the one hand, the lender realizes the appreciation of the assets, on the other hand, the borrower can use this convenient and quick way to meet his own capital needs.
Singapore
Singapore’s P2P development has only begun in recent years. At present, Singapore has only one P2P company on Xinlian Online. As one of the trade centers in Asia, Singapore’s The number of SMEs is very large, and the demand for financial services is also very strong. Some Chinese companies are also targeting the Singapore market. At present, Singapore’s only P2P company, Xinlian Online, is actually also a Chinese P2P platform opened overseas.
Regulatory regulations
Management Measures
At the end of 2015, the China Banking Regulatory Commission, in conjunction with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office, studied and drafted the "Network The Interim Measures for the Management of Business Activities of Lending Information Intermediary Institutions (Draft for Solicitation of Comments) establishes that the overall principle of supervision of the online lending industry is based on market self-discipline and supplemented by administrative supervision. The regulation of P2P entry barriers has been removed, and negative list management has been implemented. It is clear that online lending institutions shall not absorb public deposits, set up capital pools, provide guarantees, or promise to guarantee principal and interest and other twelve prohibited acts.
Twelve P2P prohibited behaviors
(1) Use the institution’s Internet platform to finance itself or related borrowers;
p>(2) Directly or indirectly accept and collect funds from the lender;
(3) Provide guarantee or promise to guarantee principal and interest to the lender;
(4 ) Promote or promote financing projects to non-real-name registered users;
(5) Grant loans, unless otherwise provided by laws and regulations;
(6) Split the period of financing projects Points;
(7) Selling bank wealth management, brokerage asset management, funds, insurance or trust products;
(8) Except for laws and regulations and relevant regulatory requirements for online lending, and Other institutional investment, agency sales, promotion, brokerage and other businesses in any form of mixing, bundling, and agency;
(9) deliberately fabricating and exaggerating the authenticity and income prospects of financing projects, concealing the defects of financing projects And risks, using ambiguous language or other deceptive means to conduct false and one-sided publicity or promotion, fabricate or spread false or incomplete information, damage the business reputation of others, and mislead the borrower or borrower;
( 10) Provide information intermediary services for the financing of investment in the stock market for the purpose of borrowing;
(11) Engage in equity crowdfunding, physical crowdfunding, etc.;
(12) Law Other activities prohibited by laws and regulations, online lending regulations.
On September 4, 2019, the Leading Group for the Special Rectification of Internet Financial Risks and the Leading Group for the Special Rectification of Online Loan Risks jointly issued the "Notice on Strengthening the Construction of the Credit Information System in the P2P Online Loan Field" to support the P2P online lending institutions access the credit investigation system.
The nature of the platform
In 2014, Wang Yanxiu, Director of the Innovation Supervision Department of the China Banking Regulatory Commission, when talking about the ten major regulatory principles of the P2P industry, emphasized that P2P institutions are not credit intermediaries, but information intermediaries. No credit risk; investors and financiers must register with real names, and the flow of funds must be clear to avoid violating anti-money laundering laws and regulations. Specific rules are waiting to be published.
Liu Zhangjun, director of the Office of the Inter-Ministry Joint Conference for Dealing with Illegal Fund Raising, said that the China Banking Regulatory Commission has initiated the study of P2P supervision rules. P2P network lending platform is an emerging financial format. While encouraging its innovative development, business boundaries should be set up reasonably. Zhangjun Liu said that as a new financial format, P2P online lending platforms must clarify four boundaries while encouraging their innovation and development: one is to clarify the nature of the intermediary of the platform, the other is to clarify that the platform itself must not provide guarantees, and the The fourth is not to illegally absorb public funds.
Fund Pool Model, that is, some P2P network lending platforms design borrowing needs as wealth management products and sell them to lenders, or collect funds first, and then find borrowers, etc. Let the money of the lender enter the intermediate account of the platform to generate a fund pool.
The risk of illegal fund-raising caused by unqualified borrowers is that some P2P network lending platform operators have not fulfilled the obligation of verifying the authenticity of the borrower’s identity, and failed to detect or even acquiesce in the borrower’s excessive use on the platform. A large number of false borrowing information (also known as loan targets) was published in the name of a false borrower to raise funds from an unspecified number of people.
The third category refers to individual P2P online lending platform operators who issue false high-yield loan bids to raise funds, and adopt the Ponzi scheme of borrowing new loans to repay old loans in the early stage or raising funds in a short period of time After a large amount of funds were rolled up and absconded.
Business model
1. Typical platform of pure online model
The biggest feature of pure online model is that both borrowers and investors Obtained from non-ground channels such as the Internet and telephone, most of which are credit loans, and the loan amount is small. The credit evaluation and review of the borrower are also mostly carried out through the Internet. This model is relatively close to the original ecological P2P lending model, focusing on data review and loan technology, focusing on the segmentation of the user market, and focusing on small and intensive borrowing needs.
The platform emphasizes the risk-consciousness of investors, and guarantees investors to a certain extent through risk margin. At present, the business expansion capabilities of the pure online model have certain limitations, and business operations are difficult. There are few platforms that adopt pure online mode in China.
Second, the typical platform of the creditor’s rights transfer model
The biggest feature of this model is that there is an intermediary between the borrower and the investor that is a professional lender . In order to increase the speed of lending, professional lenders first lend with their own funds, then transfer the creditor's rights to investors, and use the recovered funds to re-lending. The creditor's rights transfer model is more common in offline P2P lending platforms, so it has become synonymous with the pure offline model.
Offline P2P platforms are often criticized due to their large size and insufficient information transparency. Their use of wealth management products as packaging and packaged sales of creditor's rights is often considered to be suspected of constructing a pool of funds. But in fact, the financial management models adopted by different pure offline platforms are not exactly the same, and it is difficult to generalize.
3. Typical platform of guarantee/mortgage model
This model may introduce a third-party guarantee company to guarantee each loan, or require the borrower to provide Certain assets are mortgaged, so it is no longer a credit loan. If the guarantee company meets the requirements of compliant operation, the mortgaged assets are properly selected and easy to flow, the risk of investors under this model is relatively low. Especially for the mortgage model, due to its strong risk protection capabilities, there is room for a drop in the comprehensive loan rate.
However, due to the introduction of guarantees and mortgages, the process of lending business is longer, and the speed may be affected. In the guarantee mode, the guarantee company bears all the risks of default, which is extremely important for the supervision of the guarantee company.
4. Typical platform of O2O model
This model attracted more attention in 2013. Its characteristic is that the P2P lending platform is mainly responsible for the maintenance and The investor’s development, while the borrower is developed by the offline branch. The process is to find borrowers through offline channels, recommend them to the P2P lending platform after on-site review, and publish the borrowing information on the website after reviewing the platform again, and accept bids from online investors.
V. Typical platform of P2B model
This model also achieved great development in 2013, where B refers to Business, that is, enterprise. This is a model in which individuals provide loans to enterprises. However, in actual operation, in order to avoid various risks caused by a large number of individuals lending money to the same enterprise, the money is generally first released to the actual controller of the enterprise, and the actual controller then lends the funds to the enterprise.
The characteristic of the P2B model is that the amount of a single loan is high, ranging from several million to tens of millions or even hundreds of millions. Generally, guarantee companies provide guarantees, while enterprises provide counter-guarantees. At the same time, this model no longer meets the characteristics of small and micro, intensive, it is not easy for investors to fully diversify investment and diversify risks, and related pressure is transferred to the platform, which puts forward higher requirements on the platform's risk tolerance.
6. Typical platform of P2F model
P2F refers to person-to-financialinstitution, a financing model of individuals to financial institutions. Financiers are formal Banks, securities, insurance and other financial institutions. This model is a relatively new Internet financial model, which has the characteristics of high credit, low risk, stable returns, and high liquidity. Since financial institutions have complete risk control measures, they can ensure the safety of funds and the stability of income, and the security is much higher than that of ordinary P2P and P2B products.
In recent years, the P2P industry has exposed many shortcomings. Due to the insufficient domestic personal credit system and the lagging of regulatory policies, there have been frequent security incidents such as illegal fund-raising and running out of funds. It is in this context that some forward-looking platforms are seeking the next frontier of P2P.
Platform risk control
Risk control
From the perspective of risk control, most P2P network lending platforms do not work on the risk control of the project itself, but rely on It provides guarantees by itself and third parties. The main risk management models include guarantee mortgage model, risk reserve model, insurance model, technical means to avoid risks, and credit enhancement means.
Currently, the pricing model of domestic P2P online lending platforms is still being explored. Risk pricing, cost-plus, and bidding pricing coexist. In practice, in order to increase popularity, P2P online lending platforms tend to charge borrowers, charge less or no fees to investors, and even provide investors with various subsidies.
Finally, the methods for the retention of funds in P2P network lending platforms also include "fund pool" mode, third-party payment custody mode, large bank account custody mode and forced custody mode, etc., but signed with the bank Fund depository agreement platforms account for a very small proportion of normal operating platforms.
Investment risk
One is the simple self-financing model, most of which adopt high interest rates and bid splitting methods, and capitalize on investors’ profit-seeking psychology. Taking Qian Venture Capital as an example, most of the borrowers on the platform are ID cards of Zhejiang Ruian, and the real estate, cars, and land used for mortgage are all located in Ruian. The transaction capital chain shows that the company has only one account, and the rest are the personal accounts of the platform controller Wang. Most of the funds flow to Zhejiang through Wang's personal account.
The second is the multi-platform self-financing and self-guarantee model. The platform controller has established multiple platforms at the same time, and the funds between the platforms are borrowed from each other to meet the needs of self-financing. The platform and the guarantee company belong to the same boss or group company.
Third is short-term fraud, make more use of investors’ psychology of making quick money, use recharge cash back, "second mark", "tian mark" and other forms to attract customers to invest. Before the arrival of the first repayment cycle, they absconded with the payment, and the survival time is very short, the shortest is only 1 day. Take Taoxoudai as an example. It went bankrupt within only one week after it went online. The funds were paid directly to the company's account through a third-party payment, and they were immediately transferred to a private account.
Fourth is the "Ponzi" scheme. The investor’s money does not enter the hands of real borrowers, but is idling on the platform. The funds are always controlled in the accounts of the platform controller and shareholders. In the end, the platform cannot support it or obtain sufficient income. The controller absconded with the money. Take Pengmoudai as an example, the platform's return rate has always been above 30%, and the third-party payment platform that the platform belongs to directly remitted the funds to the platform owner’s account. However, in addition to providing part of the funds to false investors and for repayment, the platform also There was no remittance to any borrower, and the funds were basically in a state of idling, especially in the two months before the platform collapsed, this trend was more obvious.
Centralized rectification
The rectification plan
In May 2016, a one-year national Internet finance special rectification led by the State Council and participated by 14 ministries and commissions has been completed. Officially launched. In response to the previously promulgated "Implementation Plan for the Special Rectification of Internet Financial Risks" (hereinafter referred to as the "Plan"), local governments will advance relevant discussions to varying degrees after receiving the "Plan", and take the lead in formulating sub-industry regulations that meet the conditions of the province. Rules.
According to this plan, the one-year special rectification will be divided into 4 parts: The first stage is to carry out a thorough investigation, requiring the provincial people’s governments to formulate a clean-up and rectification plan for the region, May 2016 Report to the leading group before the 15th. At this stage, relevant departments and provincial people’s governments are required to separately check the situation in the lead area or the administrative region; the second and third phases are for the implementation of clean-up, rectification, supervision and evaluation. By the end of November 2016, all relevant departments and provincial people's governments are required to carry out centralized rectification of Internet financial institutions and business activities in the lead field or administrative region, and conduct self-inspection at the same time; the fourth stage is acceptance and summary, It is required that the inspection and acceptance of the clean-up and rectification in various fields and regions shall be completed by the end of March 2017.
The "Plan" puts forward key rectifications on P2P platforms. First of all, the "Plan" proposes to "strict access management" and requires that the establishment of financial institutions and financial activities must accept access management in accordance with the law. At the same time, it is emphasized that "Internet companies that have not obtained relevant financial business qualifications shall not rely on the Internet to carry out corresponding business, and the essence of the business should meet the obtained business qualifications." For those engaged in financial activities without the approval or filing of relevant competent authorities, the financial management department shall work together The department of industry and commerce shall identify and investigate and punish, if the circumstances are serious, they shall be banned. From a local perspective, since the beginning of the year, the industrial and commercial departments of Beijing, Shanghai, Shenzhen and other provinces and cities have successively stopped the registration of "investment" and "Internet finance" enterprises.
The “plan” pointed out that the comprehensive monitoring of the fund accounts, shareholder identities, sources of funds, and use of funds of Internet financial institutions means that issues such as self-financing, unclear capital flow, and taxation are all It will be fully exposed that most of the current P2P platforms have to start internal rectification first.
The "Plan" stipulates that the platform shall not issue loans, shall not raise funds illegally, shall not be self-financing and self-insurance, promise to guarantee principal and interest on behalf of customers, maturity mismatch, term splitting, false propaganda, fictitious target, etc.
The "Plan" also requires the implementation of a system of "heavy rewards and heavy penalties". Aiming at the concealment of Internet finance illegal activities, it will play a role of social supervision, establish a reporting system, and introduce reporting rules. The China Internet Finance Association establishes The reporting platform encourages reporting through multiple channels such as the "Credit China" website to provide clues for the rectification work. Penalties are based on a certain percentage of the amount of illegal and illegal operations, increase the cost of illegal operations, reward whistleblowers who provide clues, and include reward funds in fiscal budgets at all levels to strengthen positive incentives.
On March 25, 2016, the China Internet Finance Association went online. The Internet financial reporting platform established by it provided a window for Internet financial consumers to report, and some large-scale illegal fund-raising cases, The masses also need to provide clues to detect.
The "Plan" requires that the centralized management of fund accounts and inter-bank clearing of Internet financial institutions be strengthened, and the fund accounts, shareholder identities, sources of funds and capital use of Internet financial institutions shall be comprehensively monitored.
Strictly require Internet financial institutions to implement a third-party depository system for customer funds, and depository banks should strengthen supervision of relevant fund accounts. In the process of remediation, it is especially necessary to do a good job in protecting client funds.
Financial Advertising
In April 2016, the State Administration for Industry and Commerce and other 17 departments issued the "Implementation Plan for the Special Rectification of Risks in Internet Financial Advertising and Financial Activities in the Name of Investment and Wealth Management." , Deploy and carry out special rectification of Internet financial advertising. The implementation plan delineates 9 red lines for Internet finance, including no risk-free reminders, no promise of profits, no use of celebrity endorsements, no false or exaggerated publicity, etc.
First, it violates the relevant provisions of the Advertising Law, fails to reasonably prompt or warns of the possible risks of financial products or services, and assumes risk responsibility.
The second is to make guarantees for future effects, returns, or guarantees, expressly or implying capital preservation, no risk, or guaranteed return.
The third is to exaggerate the latter's unilateral promotion of financial services or financial products, and make false or exaggerated statements about past performance without providing objective evidence.
Fourth is to use the name or image of academic institutions, industry associations, professionals, and beneficiaries for recommendation and certification.
Fifth, false propaganda on the income and safety of investment and wealth management products, deceiving and misleading consumers.
Sixth, advertisements for deposits and credit loans published in the name of investment and wealth management, investment consulting, loan intermediary, credit guarantee, pawn, etc. without the permission of relevant departments.
Seven quotes are untrue and inaccurate data and information.
The eighth is to promote the content of illegal activities prohibited by relevant national laws and regulations and the orders of the competent authorities of the industry.
Nine is to promote the provision of financial products that break through the housing credit policy and increase the leverage of housing purchases.
On the morning of April 8, 2016, a staff member of the CCTV Advertising Center confirmed that the CCTV Advertising Center stipulates that Internet finance must be announced on CCTV and must have a certificate issued by the China Banking Regulatory Commission. This regulation was implemented about half a month ago, and no P2P company has obtained the CBRC certification.
Fund Depository
In August 2016, the China Banking Regulatory Commission issued the "Guidelines for the Depository Business of Online Lending Funds (Draft for Comment)" to various banks, and stopped the "third party Models such as "joint depository" also prohibit the platform's public marketing with "bank depository" as a gimmick.
This draft for comments puts forward qualification requirements for both parties in the depository business, and also stipulates that the third-party depository business will be truly suspended. The draft for comments pointed out that the qualification requirements for banks that provide fund depository services include “the establishment of a first-level department specifically responsible for the depository business and operation of online lending funds, and the establishment of the department can ensure the integrity and independence of depository business operations; Develop, independently operate, and secure and efficient online lending and depository business technology systems; have complete internal business management, operational operations, audit monitoring and risk control related systems; have the ability to carry out cross-bank fund clearing and payment across the country; p>
and banking financial institutions that must apply for the online lending fund depository business to complete the record with the banking supervision and management department; and meet other conditions required by the supervision department" and other six items.
As for the client’s P2P platform for fund custody, the draft opinions include “complete registration at the industrial and commercial administration department and obtain a business license; complete the filing and registration at the local financial regulatory authority at the place of industrial and commercial registration; in accordance with The relevant regulations of the communications authorities apply for corresponding telecommunications business licenses; have complete internal business management, operational operations, audit monitoring and risk control related systems; other conditions required by the regulatory authorities" and other five specific requirements.
In addition, the draft requires that depository banks should not be outsourced or undertaken by cooperative institutions, nor should they entrust online lending institutions and third-party institutions to open lenders and borrowers’ transaction settlement fund accounts.
The "Draft for Comments" restricts depositors to banking financial institutions, while third-party payment institutions and some cooperative institutions are excluded. The fewer participants, the clearer the links, which can effectively reduce risks.
The "Draft for Comments" proposes that depository banks must publicly disclose reports including data on online lending institutions' transaction scale, overdue rate, non-performing rate, and the number of customers on an official website.
截至2016年8月，共有130家正常运营平台宣布与银行签订直接存管协议，约占网贷行业正常运营平台总数量的5.7%，而真正与银行完成直接存管系统对接平台只有39家，仅占网贷行业正常运营平台数量的1.7%。
出现危机
截至2016年2月，全国 P2P平台总量为3944家，但问题平台累计却有1425家,问题平台的事件类型分为停业、跑路、提现困难和经侦介入。近几个月来，问题平台数量有减少的趋势。
经营不善
这导致收入不能覆盖成本，平台无法存续，因为P2P作为平台收取的是两块收入，一块是根据达成交易的收入的一定比例，另外一块是会员费。 P2P的支出是经营平台所需要的一系列费用，如果平台的交易不活跃，收入不能覆盖收益也很正常，但是这种风险是经营者自身的风险，理论上不会波及到交易主体。
失误交易
这导致的出资人信用判断出现失误，导致坏账出现，从而受到损失。
交易机制的设计是P2P的核心点，一个良好的交易制度的设计，是可以避免很多风险点出现的，例如通过对借款人的各项真实性审核的机制，借贷周期的时间限定，交易风险赔偿制度的设计，利息制度的设计，集中撮合制度等等各项制度的创新设计，在国外甚至有人际关系信用制度的量化设计，都进行应用到平台上来，从而进行大幅度拉低交易坏账的出现，但是任何交易机制都会存在缺陷，只能在长期实践中，不断发展和优化，这个其实是出资人自身该承担的风险，而平台也要不断的去优化这种设计，成就平台的核心竞争力。
欺诈行为
平台是否会存在利用交易机制设计的漏洞，人为的进行骗贷活动，由于交易数据、信用审核的权限都放在平台手里，出资人却不能有效审核这些信息，也无从判断真假，那么处于的地位就非常的不利，很容易就让P2P走入歧途。诈骗等一系列恶性事件就很容易产生。尤其在一些集中撮合交易方式的平台上，就更容易产生这种情况。随着经济形式恶化，很多不具备公信力的P2P，应该在这方面会不断的发酵，应该还是会有恶劣的事情出现。
黑客攻击
P2P网贷在快速发展的背后存在许多问题，最明显的是经常受到黑客的攻击，2013年以来，P2P网贷平台被攻击的事件层出不穷，拍拍贷、好贷网、翼龙贷、人人贷、e速贷、通融易贷、快速贷、融易贷、融信网、新联在线、金海贷、信和大金融等等先后被黑客攻击，据不完全统计，仅2013年上半年网贷P2P的平台就有100多家被黑客攻击，70多家P2P平台因此跑路。
曝光事件
2015年央视315晚会往年有一个不一样的地方，就是晚会官方对投诉中的热点通过新闻先行曝光。其中《五号热点——血本无归的P2P网贷》，介绍了P2P网贷发展中缺乏监管、问题频出的状况，并在文中点名了众多倒闭跑路、涉及骗钱的企业——中汇在线、网赢天下、全民贷、科讯网、上咸bank。
2015年12月，e租宝涉嫌违法经营接受调查，2016年8月16日下午，北京市人民检察院官方网站发布《犯罪嫌疑单位钰诚国际控股集团有限公司及犯罪嫌疑人丁宁等人非法集资犯罪一案被害人告权公告》。 e租宝非法集资案丁宁等26人被移送审查起诉。
2016年4月12日，网上传出一份《立案通知书》，表示经举报的融宜宝上海分公司浦东分部的非法吸存一事，经审查符合立案条件，已经立案。
2016年5月，惠州市公安局惠城区分局查处了e速贷平台，并以涉嫌非法吸收公众存款罪刑拘了以简某为首的13名犯罪嫌疑人。
风险辨别
2015年3月12日，央行行长周小川表示投资者在参与P2P网贷业务时，要有风险辨别能力。
但如何辨别风险正是投资者们面对的大难题。中国小额信贷联盟秘书长白澄宇认为，消费者在进行P2P投资理财之前，要先弄清楚什么是P2P网络借贷。 “按照银监会提出的‘四大红线’监管思路，中国小额信贷联盟把P2P网贷定义为‘个人对个人的小额信贷信息中介服务平台’。”
这其中包含几个原则：
一是中介性质，P2P网贷平台只能提供借贷撮合与匹配等信息服务，不能提供担保和保本保息等信用中介服务；
二是平台不能有资金池，要做到清算结算分离。借贷双方要在银行或第三方支付机构开个人账户，不能把钱存入平台账户，这一点十分关键；
三是借款项目要小额分散，借款方主要是小微企业和个人；
四是平台信息要公开透明，要向借贷双方提供原始真实信息，特别是真实利率和期限等信息，不能暗箱操作，不能搞期限错配。
P2P网贷的模式千变万化，标的项目、担保方式、借款周期、投资回报率各不相同，而这些信息恰恰成为投资者选择投资项目的基本依据。
合规化促成本增加
在业内看来，“合规”是网贷平台下调收益率的最大推手。上个月，银监会正式发布了《网络借贷资金存管业务指引》，新规对网贷平台的资金存管条件、账户类型、信息交互与披露、资金清算等要求进行了标准化的规范，银行纷纷加速上线P2P资金存管业务。实际上，当前大多数P2P平台仍处于“烧钱”阶段，顶着成本压力接入存管，就是为了“合规”，但由合规产生的成本费用又急需消化。
根据《P2P网贷行业2017年2月月报》，今年2月，网贷行业综合收益率为9.51%，环比下降了20个基点，同比下降了235个基点。针对目前8%至12%的主流综合收益率区间，业内人士认为，P2P收益率今后恐怕仍将持续下降，最终稳定在6%至8%之间。