Youxin Jinfu Zhang Shishi talks about Davos Forum: the development of mobile Internet helps micro-credit

On July 1-3, the 13th Summer Davos Forum was held in Dalian, China. More than 2, leading figures from the global political, business and academic circles gathered together to discuss the current hot topics in the world economy and society.

The theme of the Davos Forum in the summer of 219 is "Leadership 4.: The Way to Success in the New Era of Globalization", which continues to focus on the globalization trend.

In the sub-forum with the theme of "Sustaining a Cashless Society", Zhang Shishi, CEO and co-founder of Youxin Financial Services, was invited to attend and share the experience gained in the field of micro-financial services since the establishment of Youxin Financial Services more than nine years ago, and believed that the development of mobile payment provided important value for the credit of small and micro enterprises in China.

△ Zhang Shishi, CEO and co-founder of Youxin Financial Services, shared in Davos Forum

Zhang Shishi pointed out that at the beginning of its establishment in 21, Youxin Financial Services could almost only complete the risk management of individual borrowers through offline means, and the whole credit granting process may take 3-5 working days; With the popularization of mobile internet technology and the accumulation of data, relying on the digital and intelligent evaluation system, the credit evaluation of borrowers can be carried out in a more efficient way, and the review time has been shortened to within one hour at the earliest. At the same time, with the reduction of the cost of service and audit for a single customer, its pricing is also declining continuously, thus giving customers greater value.

according to the definition of the central bank, customers with a single credit of less than 1 million yuan are classified as small and micro enterprises. Zhang Shi said that in the practice of Youxin Jinfu, this group is usually divided into three categories: the first category is the customer group with a single credit in the range of RMB 1-1 million, which is mainly served by banks at present, and banks rely on the mortgage of real estate as the most important risk management means. According to the report of the central bank, as of the end of 218, the balance of China's inclusive micro-credit loans was 8 trillion, a large part of which came from the above model.

the second category is the customer base with a single credit line of 2-1 million. Zhang Shishi pointed out that at present, this part of the group is mainly served by the German IPC loan officer management mechanism. Loan officers will visit small and micro business owners on the spot to obtain and evaluate their household flow, income, expenses and liabilities, as well as relevant information of their enterprises, and then give credit.

in this process, the loan officer needs to be fully authorized, which brings two other problems. First, it takes 1-2 years to train a mature loan officer, but the number of customers that each loan officer can serve is limited. If you want to expand the scale, this mechanism will encounter bottlenecks. The other is the moral hazard that may be hidden under the loan officer management system.

the third type of customers are small and micro business owners and individual industrial and commercial households with a single credit of less than 2, yuan. In this range, a very important risk management concept of Youxin Jinfu is to define the borrower as the individual business owner, and inject funds into the real economy by granting credit to the individual small and micro owners. Zhang Shishi believes that this is China's financial technology, and it is also an effective practice completed by Youxin Jinfu in the past few years.

As of the first quarter of 219, the per capita loan amount of Youxin Jinfu was nearly 8, yuan, and the average single loan period was 33 months. Zhang Shishi pointed out that with a loan of 5,-8, yuan and a loan cycle of 2-3 years, the monthly repayment amount of small and micro enterprise owners is about 3, yuan. In such a smaller range, even if the small and micro enterprise goes bankrupt or can't continue to operate, the individual owner of the small and micro enterprise can still repay the monthly loan by finding a job. This interval has become an entry point for financial technology to serve small and micro customers well.

The sub-forum also invited Serey Chea, Assistant Governor of the National Bank of Cambodia, to give a speech and introduce Cambodia's new attempts in the fields of cashless society and credit reporting.

Serey Chea said that as a member of the financial regulatory layer, she is responding to the call of the 218 IMF Bali Annual Meeting to actively embrace financial technology. Financial technology is playing an increasingly important role in Cambodia.

She introduced that there is only one credit reporting agency in Cambodia at present, and it adopts a personal credit reporting method that is different from that in western countries. Traditionally, the evaluation of personal credit information mainly depends on the relevant historical records such as credit consumption, but due to the lack of credit consumption data in Cambodia, the data source of credit information is turned to payment.

Serey Chea, assistant governor of the National Bank of Cambodia, believes that financial technology is playing an increasingly important role in Cambodia.

In Cambodia, electronic payment service providers can cooperate with bank agents to establish and improve consumers' credit information by understanding their payment history data. In a sense, this method can be called payment scoring-credit scoring based on payment.

When asked how to balance financial supervision and innovation, Serey Chea said that regulators need to embrace financial technology. She also pointed out that supervision should maintain regular and in-depth communication with private companies, such as in the fields of network security and risk control. For example, when the first electronic payment service provider appeared in Cambodia in 29, the government didn't know how to supervise it, but with the clear business characteristics, Cambodia's third-party payment institutions were gradually recognized in the supervision system.

Zhang Shishi also talked about the role of supervision in financial technology innovation during the audience's questioning session. When asked why China's financial technology has developed so rapidly in the past 5-8 years, he pointed out three factors:

First, before the outbreak of financial technology, the personal financial penetration rate in China was relatively low, and the total balance of personal loans was still very small, accounting for a low proportion of GDP, so this market space was huge.

second, this period has caught up with the development of mobile Internet. After 21, mobile Internet rose rapidly in China, and smart phones became popular. After that, Alipay and WeChat payment rose one after another.

thirdly, China's financial supervision has entered into strict supervision in the past two years. From 21 to 216, the regulatory environment was relatively relaxed, which encouraged innovation in the field of financial technology and gave the industry room for development. Although the development of financial technology paid some price later, the result was good. Now, China is at the leading level in both the penetration rate of personal mobile payment and the credit experience of mobile Internet.