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P2P Risks Should Not Impede Financial Innovation

时间:2024-10-21 01:59:31

VCGThepeer-to-peer(P2P)lendingindustryisfacingwavesofcrises.InJune,atotalof16Internet-basedfinancialplatformsclosedtheirdoors,and63werefoundtohaveseriousproblems;inJuly,anothertwoP2Pplatformswithannualtransactionvolumeofmorethan10billionyuan($1.47billion)shutdown.

Inthemeantime,financialtechnologyisbecomingessentialtoenhancefinancialsupervision.SinceApril,sevenlocalfinancialsupervisionauthoritieshaveequippedthemselveswithriskcontrolmodelssimilartotheonedevelopedbyAntFinancial,anAlibabaaffiliate,andmorelocalfinancialsupervisionauthoritiesarepreparingtocooperatewithfinancialtechnologyinnovationfirms.

TherecentP2PcrisiswascausedbyboththetightenedmonetarysupplyandthemalpracticesofP2Pplatforms.TheriskyoperationsofP2Pplatformsarethecorereasonfortheirproblems.

InChina鈥檚Internet-basedfinanceindustry,therearefirmsthatarefullycompliantandcapableofcontrollingrisksbyfullyus-ingfinancialtechnology.Someindustrialleadersareevenabletoselltheirtechnologiesandsolutions.

Undersuchcircumstances,P2Pplatformsmustmakeimprovementsnotonlyforthemselvesbutforthewholeindustry.Supervisionmustbeenhancedtoleadtheindustryoutofdifficulties.

Upgradingsupervisionthroughtechnology-drivenfinancialinnovationcansolvethemosturgentissueintheInternetbasedfinanceindustry:informationasymmetrybetweenthesupervisorandtheindustry.

IntheP2Pindustry,malpracticesareoftenhighlydisguised,sowithoutthehelpoffinancialtechnology,itwouldbeimpossibleforthesupervisortodetectthemandrealizedynamicandprecisesupervision.

ThisiswhythefinancialtechnologycommitteeofthePeople鈥檚BankofChinavowed,whenitwassetupinMay2017,toincreasetheuseofregulatorytechnologytoboostthecapabilitiesinidentifying,preventinganddissolvingfinancialrisks.Thisincludesbothcross-sectorandcrossmarketrisks,usingtechnologysuchasbigdata,artificialintelligenceandcloudcomputing.

Upgradingsupervisionthroughtechnology-drivenfinancialinnovationwillalsoprovidefutureoptionsforthedevelopmentpathoftheInternet-basedfinanceindustry.Chinahasnowbecomeaworldleaderinmanysectorsoffinancialtechnology,suchasmobilepayment,sotheapplicationofsimilartechnologiesisverypromising.

Fortheabovereasons,topreventfinancialriskswithtechnology-driveninnovationwillbegreatlyconducivetotheformulationofdevelopmentplansandinnovationpaths,thedecisionofsupervisionorientationanddetailsaswellastheidentificationofrisksintheInternet-basedfinanceindustry.Forthisindustry,withitsdistinctnatureoftechnologyandrapidgrowth,appropriateandtargetedindustrialsupervisioniswhatwereallyneedforfuturedevelopment.

Aftercompetitionweedsineligibleplayersoutofthemarket,financialtechnologywillbetheonlyfocusforthedevelopmentoftheindustryofInternet-basedfinance.Technologyevolutionfollowsitsownlaws,andweneedtobeoptimisticaboutit.

Inthemeantime,sinceindustrialleadersareverylikelytoparticipateintheformulationofindustrialstandards,theiropennesstotechnologywillfacilitatenotonlythedevelopmentoftheindustry,butalsotheupgradingofsupervision.Thisisalsopartoftheirsocialresponsibility.

ThisisaneditedexcerptofanarticlewrittenbyindependentfinancialcommentatorYangGuoyingandpublishedinNationalBusinessDailyCopyeditedbyFranciscoLittleCommentsto
   

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