Great changes in the market! Several financial technology platforms are withdrawing Internet deposit products


Financial Association (Beijing, reporter Jiang Fan) news, ants were exposed by the media off the shelves of Internet deposit products, a person familiar with the matter said to the CFA reporter that a number of financial technology platforms are gradually withdrawing Internet deposit related products, and more platforms may follow suit in the future.
“Recently, the platform is withdrawing related Internet deposit products, and the number of related products will continue to decline in the future.” A person in charge of the financial technology platform told the associated press that although the regulatory authorities did not give clear instructions, the regulatory authorities have recently voiced twice about Internet deposits. Both the platform itself and the cooperative banks are cautious about this business.
Ant also responded after being exposed that the Internet deposit products were removed from the shelves today, saying that the move was in accordance with the regulatory requirements for the Internet deposit industry, and users holding the products would not be affected.
As of the time of press release by the reporter of the Financial Association, although many platforms other than ants have not been completely removed from the Internet deposit products, the number of products has decreased sharply. Industry insiders generally believe that in the future, the supervision of innovative deposits such as Internet deposits will be more and more strict.
The number of Internet deposit products on multiple platforms has dropped sharply
“The Internet deposit products on the ant platform are gradually removed from the shelves.” Compared with other platforms, the number of ants’ Internet deposit products is not much, and there were only a dozen or so a week or two ago, a person familiar with the matter told the Financial Association. At the end of last week, there were only single digits left in the number of products. This week, the number of products dropped directly.
According to the reporter of the Financial Association, although there are still some products on sale at present, the number of Internet deposit products decreased sharply compared with the previous platform.
According to incomplete statistics by the reporter of the Financial Association, there are 36 bank deposit products on sale in Jingdong financial app, which shows that there are 8 products sold out, a total of 44. The number of banks selling internet deposits has also dropped from 26 at the end of November to 14 at present. The number of bank deposit products of duxiaoman finance has also declined. At present, the number of Internet deposits on its app is 21, while the number of Internet deposits on sale at the end of November is 38; the number of banks offering internet deposits has dropped from 14 at the end of November to 8 at present. A total of 27 products on sale and sold out were displayed on lufax platform, which was also significantly lower than that of 61 products at the end of November.
“Although the regulatory authorities have not made clear instructions on Internet deposits this time, the platform is indeed gradually reducing the number of Internet deposit products.” A person related to the Internet platform said that the decrease in the number of products was not only the initiative of the platform, but also some banks slowed down the distribution of products under the stricter supervision.
An Internet banking industry personage told the associated press of finance that since this year, the supervision is getting stricter, and Internet deposits have been named many times. “This business feels a bit sensitive, so I’d rather not launch products first.”
A private banking industry personage told the associated press that in the second half of this year, banks reduced the amount of deposit products issued on the Internet platform. However, in the past month, it has launched online deposit products on its own platform. “We have always insisted on both Internet channels and self operated platforms, and will further increase the development of self operated platforms in the future.”
Supervision may further regulate innovative deposits
In the view of industry insiders, the Internet deposits are once again off the shelves. In fact, sun Tianqi, director of the financial stability bureau of the people’s Bank of China, recently made two speeches on Internet deposits.
Sun Tianqi made two public speeches in November and December, and pointed to the Internet deposit risk. In his speech on December 15, sun Tianqi pointed out that the liquidity characteristics of deposits on the third-party Internet platform are different from those of traditional savings deposits, bringing new issues to regulatory authorities and financial institutions. “The development of such financial business on Internet Financial platforms is an illegal financial activity of driving without a license, which should also be included in the scope of financial supervision.”.
Dong ximiao, chief researcher of Zhaolian finance, said that not only Internet deposits, but also the regulatory authorities are strengthening the management of structural deposits and interest bearing deposits. The purpose is to maintain the good order and rules of the entire deposit market, and at the same time, it is necessary to reduce deposit costs to promote enterprise financing costs.
“This year, the financial industry has given way to the real economy, and the banking industry is the main force. Now the interest rate on the loan side is falling, and the interest rate on the deposit side, that is, the debt side, must also drop.” Dong ximiao said that the regulatory authority’s regulation of interest bearing deposit products on file is intended to reduce the cost of bank deposit taking, so as to reduce the loan interest rate and solve the problem of difficult and expensive financing for enterprises.
Zeng Gang, deputy director of the national financial development laboratory, said that the main problem with internet deposits is instability. This kind of deposit is similar to active liabilities such as interbank business. Under the marketization, the stability of funds obtained by high price competition is poor. If it relies too much on the source of funds, it may lead to liquidity problems of banks when the market fluctuates.
In fact, the rectification of Internet deposits has already begun. After Tencent launched its smart deposit products, a number of Internet platforms and banks have received window guidance from the regulatory authorities, requiring the platforms to limit prices and limits for Internet deposit products.
As for the supervision of future Internet deposits, sun Tianqi pointed out in his latest speech that the qualification and standards of bank access should be clarified; relevant laws and regulations for deposit taking behavior of high-risk banks should be studied and promulgated; prudential supervision indicators and relevant rules should be improved according to the new characteristics of the new business model; at the same time, the Internet, app and other digital platforms related to financial products and services should be strictly regulated Class behavior.
However, Dong ximiao suggested that on the one hand, the supervision should rectify the disordered competition in the deposit market, and on the other hand, it should promote the marketization of interest rates in an orderly manner. It is suggested that for different banks, different deposit interest rates should be given floating space and different management modes of deposit interest rates should be implemented.