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By Yao LAN
Source: I black horse (ID: iheima)
Introduction: as long as people who understand finance a little bit, the core of finance is risk control, and the core of risk control is data. Ants stand on the rich ore of data, but the data collection is completed by each of our netizens. This data has produced huge economic benefits. Do we authorize Ali to use our data?
Last night, the central bank, China Securities Regulatory Commission and other four ministries and commissions interviewed Ma Yun and core executives of ant financial services. Ma Yun recently talked about “traditional banks are pawnshops”, which made this “retired” entrepreneur become the center of public opinion again. The ant financial service, which he built with his own hands, is about to go public, with an estimated market value of 2.4 trillion yuan, which has become the most worthy case in the boundary of financial innovation.
In 1992, Ma Yun set up a small enterprise called “Haibo translation agency”. In order to borrow 30000 yuan, Ma Yun mobilized all the people in his family to mortgage the invoice, but he still didn’t borrow it. At that time, Ma Yun was thinking, if only a bank could help small and micro entrepreneurs like him.
After that, Ma Yun began to do e-commerce. With the online platform being available for sale, an online payment tool Alipay also came into being.
Alibaba’s “economy” with e-commerce as its core has enabled more and more entrepreneurs to master more business data and transaction data in the Alibaba system.
Why don’t banks give loans to SMEs? Don’t give credit to ordinary users? In fact, it’s not that traditional banks are born to be “pawnbrokers” to provide loans to large enterprises that make money and give credit to rich people. However, due to the lack of sufficient data, it is impossible to do risk control. Alibaba naturally has real-time and comprehensive data, which is Ma Yun’s trump card.
Around the comprehensive data mastered by Alibaba e-commerce, Ma Yun moves frequently, and the layout has started more than ten years ago.
In December 2008, Ma Yun once said, “if the banks don’t change, we change the banks.”
In April 2010, ant financial services got the small loan company license, from payment to real finance.
Bonus brought by mobile wave
Although there are many Internet users in the PC era, the data is not enough to support a bank like financial service system. Ma Yun is waiting for an opportunity. With the advent of mobile Internet, mobile payment penetration, Alipay users and user data explosion, Ma Yun saw hope after 2011, and the concept of transition from a simple Alipay tool to “ant gold suit” was born at this time.
At the online business conference in February 2012, Ma Yun said that “the financial business Ali does is not a reform, but a revolution, a financial revolution.”.
Only 10 days after the conference, Alipay, the core of Alipay, was founded and announced that Ma Yun accounted for no more than 7.3% of its shares. Peng Lei was appointed CEO of Ali small and micro financial service group (Preparatory), and was directly responsible for all financial innovation businesses of Ali system serving small and micro enterprises and consumers.
Since this day, Alipay has transformed from a third party payment company to an internet financial services group.
“China doesn’t need another financial company, but it lacks a financial service company that really focuses on serving small and micro enterprises.” Ma said in an internal email.
In October 2014, the company was officially named “ant financial services group”, referred to as “ant financial services”. After that, ant financial took three years to complete the de foreign investment and privatization at the cost of huge compensation.
CEO Peng Lei said in a letter to his staff, “from the first day, there is no one and no one can put Alipay in his pocket as the world has described.”
Huge cake outside traditional banks
Different from the complete commercial credit system of the United States, China has lacked a decent commercial credit system in the past few decades. Many banks simply do not know that a small, medium-sized and micro enterprise without a factory building is unreliable. Even if the enterprise’s revenue is tens of millions, it is difficult to get loans. Traditional banks only dare to make credit loans to famous universities or famous enterprises, because there is no data, only through personal background To judge.
But Ali is different. Through big data, it can know that the economic strength of a person with primary school culture is far greater than that of a famous university graduate, so as to give him a high amount of loans.
Traditional Chinese banks have been eating the “head Market”, and big customers have been basically divided up by big banks, but the potential of long tail users of small loans is huge. According to the research of Aowei consulting, in 2019, 75% of the Chinese population over the age of 15 do not have credit cards, and more than 63% of China’s small and micro enterprises’ financing needs have not been met.
Ant is also very “smart” to start with small and micro enterprises. Yu Shengfa, vice president of ant financial services group, once said that e-commerce banks would never touch 20% of the high-value customer groups and resolutely serve “long tail” customers, especially the vast number of small and micro online businesses, individual entrepreneurs and ordinary consumers, especially the rural consumer groups. “Take the loan business as an example, the e-commerce bank is very clear that it will not do more than 5 million yuan of loan business.”
The truth is, Chinese users’ data are in the hands of Internet giants, and they can build their own financial credit system.
For the long tail customers, the role of the central bank’s credit reference system is limited. Ant financial services has played its own technical advantages and launched the first personal credit score “sesame credit score” of Chinese citizens in January 2015. At present, sesame credit has provided credit services for users and merchants in nearly 100 scenes such as hotels, renting rooms, travel, marriage, classified information, student services, public utilities, etc.
Xiao Zhou, a 30-year-old Beijing employee, wants to travel to Europe. However, he hears that the Schengen visa procedure is very complicated, and he has to prepare a lot of materials. He has no time to do it until one day, when he sees users with a score of 750 or more, he can reduce many materials. He directly applies for a Luxembourg visa on the flying pig. He applies decisively. He is very lucky to get a visa and prepare for this spring Go to experience the European cultural journey that you have been longing for for for a long time.
Hu Tao, vice president of ant financial services and general manager of sesame credit, likes this user story related to sesame credit.
The moat of ant financial is technology and data. In the ecology of Ali, ant group has obtained a large amount of user behavior and privacy data in the transaction, but it also puts forward higher requirements for its ability to ensure the security of user data.
Does personal data belong to Ali?
The central bank, the Securities Regulatory Commission and other four ministries and commissions interviewed Ma Yun. In a sense, it is a game between traditional finance and technology finance. Through its own e-commerce system, Ali has collected massive national data. Can this data only be used by Ali? Should it belong to the people? Or the whole financial industry?
In order to solve the trust pain point, with a large Ali business ecosystem, ants launched a variety of scenes products (such as Alipay, Yu Ebao, Hua Bai, borrow, mutual treasure, etc.), its business has extended to credit, finance, insurance and other traditional financial areas.
Anyone who knows a little about finance knows that the core of finance is risk control, and the core of risk control is data. Ants stand on the rich ore of data. However, the collection of this data is completed by every netizen. This data has produced huge economic benefits. Do we authorize Ali to use our data?
Huabei and jiebei are two pillars of ant group’s credit business, and credit business is another source of income next to payment business. In the first half of 2019, the micro loan business of ant group brought 28.7 billion yuan of income, accounting for 40% of the total income.
Guo Wuping, director of the consumer rights and Interests Protection Bureau of the CBRC, believes that “Huabei” is basically the same as the bank’s credit card business, but the installment handling fee is higher than that of the bank, which is inconsistent with the concept of Inclusive Finance, and is actually “universal but not beneficial”.
Young people (especially college students with poor repayment ability) are using ant flower more and more frequently. Ant financial services should take social responsibility and guide consumers to establish a correct consumption concept.
The boundary of ants needs to be redefined.
(statement: This article only represents the author’s point of view, not Sina’s position.)