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【干货】IDF&SFI美国金融科技考察报告全文

来源: 南方日报网络版     时间: 2018年12月10日 19:00:52
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(原)(标)(题)(:【干)(货)(】IDFSFI美)(国)(金)(融)(科)(技)(考)(察)(报)(告)(全)(文)(
2017年)(11月)(3日)(晚)(至)(4日)(,北)(京)(大)(学)(数)(字)(金)(融)(研)(究)(中)(心)((IDF)召)(开)(第)(二)(届)(年)(会)(。会)(上)(,IDF与)(上)(海)(新)(金)(融)(研)(究)(院)((SFI)共)(同)(发)(布)(《美)(国)(金)(融)(科)(技)(考)(察)(报)(告)(》(以)(下)(简)(称)(《报)(告)(》),IDF主)(任)(、北)(大)(国)(发)(院)(副)(院)(长)(黄)(益)(平)(教)(授)(就)(报)(告)(内)(容)(做)(了)(简)(要)(阐)(述)(,中)(国)(人)(民)(银)(行)(金)(融)(研)(究)(所)(所)(长)(孙)(国)(峰)(就)(《报)(告)(》发)(表)(点)(评)(。《报)(告)(》认)(为)(,尽)(管)(中)(国)(的)(互)(联)(网)(金)(融)(行)(业)(规)(模)(比)(美)(国)(更)(大)(,在)(一)(些)(技)(术)(领)(域)(如)(支)(付)(处)(置)(能)(力)(方)(面)(也)(更)(领)(先)(,但)(美)(国)(在)(风)(险)(控)(制)(方)(面)(的)(一)(些)(做)(法)(对)(中)(国)(具)(有)(借)(鉴)(意)(义)(。《报)(告)(》就)(中)(国)(互)(联)(网)(金)(融)(监)(管)(框)(架)(的)(完)(善)(提)(出)(了)(八)(条)(建)(议)(。
《报)(告)(》系)(由)(IDF与)(SFI组)(织)(的)(美)(国)(金)(融)(科)(技)(考)(察)(团)(考)(察)(成)(果)(。今)(年)(8月)(,由)(黄)(益)(平)(教)(授)(带)(队)(的)(上)(述)(考)(察)(团)(对)(多)(家)(旧)(金)(山)(金)(融)(科)(技)(企)(业)(展)(开)(访)(问)(与)(考)(察)(,并)(与)(监)(管)(机)(构)(代)(表)(、旧)(金)(山)(联)(储)(官)(员)(及)(传)(统)(金)(融)(机)(构)(高)(管)(座)(谈)(交)(流)(。
此)(次)(考)(察)(中)(,考)(察)(团)(不)(但)(获)(得)(了)(关)(于)(美)(国)(FinTech发)(展)(现)(状)(的)(第)(一)(手)(资)(料)(,还)(对)(美)(国)(FinTech对)(于)(中)(国)(互)(联)(网)(金)(融)(健)(康)(发)(展)(与)(科)(学)(监)(管)(的)(借)(鉴)(提)(出)(了)(思)(考)(与)(总)(结)(,并)(在)(此)(基)(础)(上)(最)(终)(形)(成)(《报)(告)(》。《报)(告)(》由)(王)(靖)(一)(和)(黄)(益)(平)(执)(笔)(。
以)(下)(为)(报)(告)(全)(文)(。
IDF主)(任)(、北)(大)(国)(发)(院)(副)(院)(长)(黄)(益)(平)(教)(授)(
发)(布)(《美)(国)(金)(融)(科)(技)(考)(察)(报)(告)(》
中)(国)(人)(民)(银)(行)(金)(融)(研)(究)(所)(所)(长)(孙)(国)(峰)(就)(《报)(告)(》发)(表)(点)(评)(
前)(言)(
近)(年)(来)(,金)(融)(科)(技)((FinTech)在)(全)(球)(范)(围)(内)(备)(受)(瞩)(目)(,欧)(美)(发)(达)(国)(家)(和)(新)(兴)(经)(济)(体)(都)(高)(度)(重)(视)(和)(推)(动)(金)(融)(科)(技)(的)(发)(展)(与)(规)(范)(。美)(国)(作)(为)(FinTech一)(词)(的)(诞)(生)(地)(,技)(术)(与)(金)(融)(究)(竟)(发)(生)(了)(怎)(样)(的)(融)(合)(创)(新)(?监)(管)(者)(、政)(府)(部)(门)(如)(何)(监)(管)(和)(规)(范)(?为)(促)(进)(中)(美)(两)(国)(金)(融)(科)(技)(交)(流)(对)(话)(,当)(地)(时)(间)(8月)(22日)(-25日)(,由)(上)(海)(新)(金)(融)(研)(究)(院)((SFI)与)(北)(京)(大)(学)(数)(字)(金)(融)(研)(究)(中)(心)((IDF)组)(织)(的)(美)(国)(金)(融)(科)(技)(考)(察)(团)(,对)(多)(家)(旧)(金)(山)(金)(融)(科)(技)(企)(业)(展)(开)(访)(问)(与)(考)(察)(,并)(与)(监)(管)(机)(构)(代)(表)(旧)(金)(山)(联)(储)(官)(员)(及)(传)(统)(金)(融)(机)(构)(高)(管)(座)(谈)(交)(流)(。考)(察)(团)(成)(员)(包)(括)(金)(融)(监)(管)(层)(代)(表)(、学)(界)(代)(表)(、及)(国)(内)(领)(先)(的)(金)(融)(科)(技)(企)(业)(代)(表)(:北)(京)(大)(学)(数)(字)(金)(融)(研)(究)(中)(心)(黄)(益)(平)(、黄)(卓)(、沈)(艳)(,上)(海)(新)(金)(融)(研)(究)(院)(王)(海)(明)(,中)(国)(人)(民)(银)(行)(孙)(国)(峰)(、姚)(前)(,互)(联)(网)(金)(融)(协)(会)(肖)(翔)(,蚂)(蚁)(金)(服)(陈)(龙)(,宜)(信)(刘)(大)(伟)(,陆)(金)(所)(毛)(进)(亮)(、徐)(风)(雷)(,信)(而)(富)(王)(光)(宇)(。
考)(察)(团)(白)(天)(紧)(锣)(密)(鼓)(地)(调)(研)(、访)(谈)(,晚)(上)(热)(火)(朝)(天)(地)(交)(流)(、碰)(撞)(,不)(但)(获)(得)(了)(关)(于)(美)(国)(金)(融)(科)(技)(发)(展)(现)(状)(的)(第)(一)(手)(资)(料)(,还)(对)(美)(国)(金)(融)(科)(技)(对)(于)(中)(国)(互)(联)(网)(金)(融)(健)(康)(发)(展)(与)(科)(学)(监)(管)(的)(借)(鉴)(提)(出)(了)(许)(多)(思)(考)(与)(总)(结)(。本)(报)(告)(是)(考)(察)(团)(的)(集)(体)(感)(悟)(,当)(然)(不)(一)(定)(代)(表)(每)(一)(位)(成)(员)(的)(感)(受)(。考)(察)(团)(特)(别)(感)(谢)(上)(海)(新)(金)(融)(研)(究)(院)(的)(张)(鑫)(和)(张)(文)(婷)(、北)(京)(大)(学)(数)(字)(金)(融)(研)(究)(中)(心)(的)(任)(洁)(和)(和)(王)(靖)(一)(等)(为)(考)(察)(行)(程)(所)(做)(的)(精)(心)(准)(备)(和)(周)(到)(安)(排)(。
10月)(14日)(,上)(海)(新)(金)(融)(研)(究)(院)(在)(上)(海)(召)(开)(“中)(美)(金)(融)(科)(技)(比)(较)(与)(思)(考)(”圆)(桌)(会)(议)(,平)(安)(陆)(金)(所)(李)(仁)(杰)(、信)(而)(富)(王)(征)(宇)(、上)(海)(银)(监)(局)(蔡)(莹)(、中)(国)(银)(联)(柴)(洪)(峰)(、点)(融)(网)(陈)(心)(君)(、上)(海)(你)(我)(贷)(冯)(炯)(、麦)(子)(金)(服)(黄)(大)(容)(、上)(海)(浦)(发)(银)(行)(李)(麟)(、东)(亚)(银)(行)(林)(志)(民)(、中)(国)(民)(生)(投)(资)(刘)(仕)(军)(、中)(国)(平)(安)(集)(团)(任)(汇)(川)(、丽)(泰)(金)(控)(任)(军)(霞)(、弘)(毅)(股)(权)(投)(资)(管)(理)(沈)(顺)(辉)(、中)(国)(人)(民)(银)(行)(上)(海)(总)(部)(施)(t
Zm、众)(之)(金)(服)(滕)(龙)(、光)(大)(云)(付)(夏)(令)(武)(、上)(海)(高)(金)(张)(春)(、北)(京)(资)(配)(易)(张)(家)(林)(、上)(海)(银)(行)(张)(伟)(国)(、北)(京)(师)(范)(大)(学)(钟)(伟)(和)(交)(通)(银)(行)(周)(昆)(平)(等)(参)(与)(了)(讨)(论)(并)(对)(考)(察)(报)(告)(初)(稿)(提)(出)(了)(许)(多)(修)(改)(意)(见)(。
本)(报)(告)(由)(王)(靖)(一)(和)(黄)(益)(平)(执)(笔)(。
2017年)(10月)(14日)(
SFIIDF美)(国)(金)(融)(科)(技)(考)(察)(团)(成)(员)(
1.美)(国)(行)(业)(印)(象)(
1.1规)(模)(有)(限)(:FinTech尚)(在)(零)(星)(领)(域)(起)(补)(充)(作)(用)(
在)(美)(国)(,FinTech行)(业)(的)(发)(展)(起)(步)(比)(较)(早)(,但)(并)(没)(有)(真)(正)(成)(规)(模)(,主)(要)(还)(是)(在)(一)(些)(零)(星)(的)(领)(域)(,以)(补)(充)(为)(主)(。Prosper所)(在)(的)(信)(用)(卡)(再)(融)(资)(领)(域)(,其)(业)(务)(规)(模)(和)(LendingClub相)(加)(,也)(只)(占)(美)(国)(整)(个)(信)(用)(卡)(行)(业)(的)(1%;Sofi专)(注)(于)(Henry(HighEarnerNotRichYet,未)(来)(高)(收)(入)(但)(现)(在)(还)(不)(富)(有)()人)(群)(,但)(客)(群)(数)(量)(相)(当)(有)(限)(,主)(要)(是)(以)(更)(低)(的)(利)(率)(完)(成)(学)(生)(贷)(款)(再)(融)(资)(,以)(更)(低)(的)(首)(付)(比)(例)(发)(放)(房)(屋)(贷)(款)(;Circle以)(特)(殊)(的)(方)(式)(实)(现)(跨)(境)(小)(额)(汇)(款)(的)(免)(费)(化)(;Ripple则)(是)(为)(银)(行)(的)(跨)(境)(汇)(款)(提)(供)(技)(术)(支)(持)(。只)(有)(Coinbase的)(业)(务)(相)(对)(独)(立)(,但)(这)(种)(独)(立)(并)(不)(是)(其)(自)(身)(能)(力)(的)(体)(现)(,而)(是)(比)(特)(币)(特)(性)(使)(然)(。
从)(我)(们)(有)(限)(的)(观)(察)(看)(,主)(要)(是)(两)(个)(方)(面)(的)(原)(因)(,一)(是)(监)(管)(部)(门)(管)(得)(比)(较)(严)(,包)(括)(在)(牌)(照)(发)(放)(和)(业)(务)(操)(作)(方)(面)(。一)(个)(网)(贷)(机)(构)(需)(要)(从)(不)(同)(的)(州)(获)(得)(不)(同)(的)(执)(业)(牌)(照)(,大)(大)(提)(高)(了)(从)(业)(的)(成)(本)(。而)(公)(平)(信)(贷)((fairlending)条)(款)(则)(又)(极)(大)(地)(限)(制)(了)(金)(融)(科)(技)(公)(司)(利)(用)(大)(数)(据)(帮)(助)(信)(贷)(决)(策)(的)(空)(间)(。二)(是)(来)(自)(传)(统)(金)(融)(机)(构)(的)(竞)(争)(压)(力)(非)(常)(大)(,比)(如)(富)(国)(银)(行)(同)(样)(利)(用)(打)(分)(、不)(见)(面)(的)(方)(式)(给)(小)(微)(企)(业)(提)(供)(贷)(款)(,并)(且)(长)(久)(的)(技)(术)(积)(累)(、信)(用)(沉)(淀)(与)(更)(低)(的)(资)(金)(成)(本)(,都)(表)(明)(富)(国)(银)(行)(的)(优)(势)(可)(以)(保)(持)(;信)(用)(卡)(的)(优)(惠)(也)(显)(著)(挤)(压)(新)(的)(支)(付)(业)(务)(的)(空)(间)(,1%的)(客)(户)(奖)(励)(与)(整)(体)(便)(捷)(的)(支)(付)(场)(景)(使)(得)(美)(国)(人)(并)(没)(有)(理)(由)(改)(变)(日)(常)(支)(付)(习)(惯)(。换)(句)(话)(说)(,传)(统)(金)(融)(部)(门)(的)(服)(务)(相)(对)(比)(较)(充)(分)(,对)(金)(融)(科)(技)(的)(需)(求)(就)(不)(如)(在)(中)(国)(那)(么)(强)(劲)(。
综)(上)(,考)(察)(团)(的)(感)(觉)(是)(目)(前)(美)(国)(FinTech的)(发)(展)(空)(间)(在)(总)(体)(上)(不)(如)(中)(国)(。
1.2模)(式)(亮)(点)(:小)(而)(美)(的)(FinTech公)(司)(
在)(美)(国)(,确)(实)(存)(在)(一)(批)(定)(位)(清)(楚)(、技)(术)(先)(进)(、运)(营)(规)(范)(的)(FinTech公)(司)(。比)(如)(Ripple和)(Coinbase都)(很)(好)(地)(运)(用)(了)(区)(块)(链)(技)(术)(,运)(营)(程)(序)(也)(透)(明)(、规)(范)(;SoFi的)(定)(位)(非)(常)(清)(晰)(,不)(仅)(只)(服)(务)(于)(信)(用)(资)(质)(比)(较)(高)(的)(高)(校)(毕)(业)(生)((控)(制)(了)(信)(用)(风)(险)(的)(前)(提)(下)(),而)(且)(从)(再)(融)(资)(入)(手)(,对)(目)(标)(客)(户)(提)(供)(全)(方)(位)(的)(、全)(生)(命)(周)(期)(的)(金)(融)(服)(务)(;Prosper的)(产)(品)(十)(分)(规)(范)(、标)(准)(,这)(样)(容)(易)(对)(接)(资)(金)(与)(产)(品)(;Ripple也)(把)(自)(己)(定)(位)(为)(向)(金)(融)(机)(构)(提)(供)(跨)(境)(支)(付)(的)(基)(础)(设)(施)(服)(务)(,业)(务)(重)(点)(在)(于)(为)(Fin提)(供)(Tech,而)(不)(是)(与)(Fin直)(接)(竞)(争)(;Upstart利)(用)(有)(限)(的)(数)(据)(如)(信)(用)(文)(件)(、收)(入)(、职)(业)(、雇)(主)(、学)(校)(、学)(位)(、专)(业)(、地)(区)(生)(活)(指)(数)(、申)(请)(时)(点)(和)(数)(字)(身)(份)(等)(做)(更)(加)(精)(准)(的)(信)(用)(评)(估)(。
发)(达)(的)(传)(统)(金)(融)(环)(境)(,在)(压)(缩)(FinTech业)(务)(空)(间)(的)(同)(时)(,也)(为)(其)(发)(展)(提)(供)(了)(良)(好)(的)(发)(展)(标)(杆)(与)(平)(台)(优)(势)(。例)(如)(,Prosper和)(Sofi都)(可)(以)(通)(过)(将)(其)(所)(发)(放)(贷)(款)(进)(行)(资)(产)(证)(券)(化)(,公)(开)(市)(场)(再)(根)(据)(其)(资)(产)(质)(量)(进)(行)(定)(价)(投)(资)(,一)(方)(面)(来)(自)(资)(本)(市)(场)(的)(资)(金)(成)(本)(大)(幅)(低)(于)(向)(散)(户)(募)(资)(,降)(低)(开)(销)(有)(利)(于)(做)(大)(做)(强)(;另)(一)(方)(面)(,伴)(随)(金)(融)(机)(构)(的)(监)(管)(与)(评)(级)(,也)(实)(质)(上)(起)(到)(了)(对)(网)(贷)(公)(司)(自)(身)(监)(管)(的)(作)(用)(,提)(高)(了)(透)(明)(度)(,降)(低)(了)(风)(险)(,保)(证)(参)(与)(人)(的)(利)(益)(。同)(时)(,明)(确)(的)(市)(场)(环)(境)(与)(成)(功)(的)(先)(行)(案)(例)(,使)(得)(创)(业)(公)(司)(完)(全)(可)(以)(类)(似)(地)(,寻)(找)(成)(熟)(业)(态)(中)(,可)(简)(化)(的)(环)(节)(,进)(行)(有)(针)(对)(性)(的)(创)(新)(,并)(及)(时)(对)(接)(成)(熟)(的)(市)(场)(与)(资)(金)(,降)(低)(创)(业)(的)(难)(度)(,也)(对)(部)(分)(创)(业)(项)(目)(“画)(饼)(”,资)(本)(疯)(狂)(追)(捧)(、恶)(性)(循)(环)(的)(势)(头)(有)(所)(抑)(制)(。
今)(年)(8月)(,考)(察)(团)(考)(察)(美)(国)(金)(融)(科)(技)(公)(司)(Prosper
今)(年)(8月)(,考)(察)(团)(考)(察)(美)(国)(金)(融)(科)(技)(公)(司)(Ripple
1.3网)(贷)(定)(位)(:难)(以)(做)(纯)(粹)(的)(信)(息)(中)(介)(平)(台)(
即)(使)(在)(美)(国)(,P2P也)(很)(难)(完)(全)(做)(到)(信)(息)(中)(介)(平)(台)(的)(定)(位)(。投)(资)(者)(在)(做)(投)(资)(决)(策)(时)(往)(往)(同)(时)(考)(虑)(“产)(品)(+平)(台)(”,在)(一)(定)(意)(义)(上)(平)(台)(更)(重)(要)(,所)(以)(平)(台)(不)(得)(不)(同)(时)(考)(虑)(资)(产)(和)(负)(债)(两)(端)(。Prosper从)(13年)(初)(全)(部)(都)(是)(零)(售)(投)(资)(者)(到)(现)(在)(机)(构)(投)(资)(者)(占)(到)(90%(LendingClub大)(概)(是)(70%),机)(构)(投)(资)(者)(有)(能)(力)(做)(投)(资)(决)(策)(,但)(未)(必)(认)(为)(对)(每)(一)(笔)(小)(额)(贷)(款)(申)(请)(做)(出)(风)(险)(评)(估)(是)(一)(件)(值)(得)(的)(事)(情)(。(但)(实)(际)(上)(平)(台)(还)(是)(对)(机)(构)(投)(资)(者)(做)(了)(批)(发)(商)(的)(工)(作)(,并)(非)(单)(纯)(的)(信)(息)(中)(介)(),同)(时)(,机)(构)(投)(资)(者)(的)(资)(金)(具)(有)(较)(大)(的)(不)(确)(定)(性)(,其)(波)(动)(会)(给)(平)(台)(造)(成)(一)(定)(规)(模)(的)(冲)(击)(,于)(是)(Prosper希)(望)(再)(度)(增)(加)(来)(自)(个)(人)(投)(资)(者)(的)(资)(金)(。
根)(据)(富)(国)(银)(行)(的)(经)(验)(,贷)(款)(金)(额)(在)(百)(万)(美)(元)(左)(右)(,有)(不)(动)(产)(作)(为)(质)(押)(的)(贷)(款)(业)(务)(难)(度)(较)(低)(,小)(银)(行)(也)(可)(以)(解)(决)(,但)(是)(贷)(款)(金)(额)(在)(几)(万)(美)(元)(的)(纯)(信)(用)(小)(微)(贷)(款)(,只)(有)(大)(型)(银)(行)(才)(有)(足)(够)(的)(人)(才)(技)(术)(可)(以)(解)(决)(。而)(如)(果)(网)(络)(借)(贷)(平)(台)(仅)(将)(个)(人)(的)(贷)(款)(申)(请)(罗)(列)(于)(网)(上)(,出)(借)(人)(有)(限)(的)(信)(息)(与)(有)(限)(的)(能)(力)(都)(在)(事)(实)(上)(增)(加)(了)(风)(险)(,而)(非)(监)(管)(者)(所)(预)(期)(地)(降)(低)(风)(险)(。无)(论)(Prosper还)(是)(SoFi,机)(构)(投)(资)(者)(均)(是)(评)(定)(其)(资)(产)(证)(券)(化)(产)(品)(的)(风)(险)(等)(级)(,而)(非)(逐)(笔)(申)(请)(的)(风)(险)(值)(,平)(台)(将)(贷)(款)(申)(请)(合)(理)(甄)(别)(打)(包)(,批)(发)(给)(机)(构)(投)(资)(者)(,虽)(然)(最)(终)(决)(定)(由)(投)(资)(机)(构)(做)(出)(,但)(平)(台)(这)(一)(环)(节)(中)(,并)(不)(是)(完)(全)(没)(有)(参)(与)(信)(用)(评)(级)(。
今)(年)(8月)(,考)(察)(团)(与)(美)(国)(金)(融)(科)(技)(公)(司)(SoFi举)(行)(冷)(餐)(会)(
1.4技)(术)(支)(撑)(:大)(数)(据)(分)(析)(至)(关)(重)(要)(
大)(数)(据)(分)(析)(技)(术)(在)(美)(国)(FinTech发)(展)(中)(起)(到)(了)(关)(键)(性)(作)(用)(。FICO分)(虽)(然)(明)(确)(易)(懂)(,但)(仍)(然)(不)(足)(以)(满)(足)(信)(用)(评)(估)(的)(需)(要)(。如)(Prosper的)(前)(总)(裁)(RonSuber所)(言)(,FICO分)(像)(截)(图)(,大)(数)(据)(分)(析)(的)(结)(果)(更)(像)(视)(频)(。但)(问)(题)(是)(很)(多)(FinTech公)(司)(没)(有)(大)(数)(据)(可)(分)(析)(,受)(“公)(平)(信)(贷)(”条)(款)(的)(约)(束)(,不)(敢)(把)(一)(些)(可)(能)(有)(歧)(视)(嫌)(疑)(的)(数)(据)(用)(于)(分)(析)(信)(用)(,比)(如)(年)(龄)(、性)(别)(、种)(族)(、大)(学)(等)(等)(。而)(没)(有)(大)(数)(据)(分)(析)(做)(支)(撑)(,一)(些)(FinTech公)(司)(的)(竞)(争)(优)(势)(就)(仅)(限)(于)(运)(营)(流)(程)((如)(Prosper高)(管)(说)(不)(需)(要)(像)(花)(旗)(集)(团)(那)(样)(开)(很)(多)(的)(会)()或)(者)(市)(场)(定)(位)((如)(Sofi),这)(样)(的)(竞)(争)(优)(势)(的)(可)(持)(续)(性)(值)(得)(观)(察)(。
虽)(然)(FICO分)(数)(不)(足)(以)(支)(撑)(FinTech公)(司)(的)(风)(险)(管)(理)(,但)(一)(个)(相)(对)(完)(善)(的)(征)(信)(系)(统)(则)(在)(三)(个)(方)(面)(有)(力)(支)(撑)(了)(美)(国)(FinTech公)(司)(的)(发)(展)(。
其)(一)(,廉)(价)(的)(大)(规)(模)(获)(客)(。不)(论)(传)(统)(金)(融)(机)(构)(,还)(是)(新)(兴)(创)(业)(公)(司)(,都)(可)(以)(以)(极)(低)(的)(成)(本)(从)(征)(信)(系)(统)(进)(行)(初)(步)(筛)(选)(,并)(获)(得)(获)(客)(所)(需)(的)(信)(息)(,这)(为)(后)(续)(业)(务)(的)(发)(展)(创)(造)(了)(机)(会)(,也)(有)(力)(压)(低)(了)(企)(业)(的)(运)(营)(成)(本)(。
其)(二)(,合)(法)(全)(面)(的)(数)(据)(源)(。虽)(然)(FICO分)(数)(不)(足)(以)(为)(银)(行)(和)(FinTech公)(司)(采)(信)(,但)(二)(者)(进)(行)(风)(险)(分)(析)(的)(数)(据)(事)(实)(上)(也)(来)(自)(征)(信)(系)(统)(,合)(法)(可)(选)(择)(地)(获)(取)(适)(合)(自)(己)(的)(数)(据)(,比)(如)(富)(国)(银)(行)(拿)(到)(200多)(个)(变)(量)(只)(需)(要)(几)(美)(分)(每)(人)(;Prosper声)(称)(采)(用)(了)(银)(行)(未)(选)(择)(购)(买)(的)(信)(息)(对)(客)(户)(进)(行)(详)(细)(建)(模)(;SoFi称)(自)(己)(100%查)(证)(申)(请)(者)(的)(收)(入)(,而)(这)(一)(比)(例)(在)(Prosper只)(有)(20%-30%;Upstart对)(于)(人)(群)(的)(更)(细)(致)(甄)(别)(,也)(是)(建)(立)(在)(选)(择)(获)(取)(更)(多)(数)(据)(的)(基)(础)(上)(。
其)(三)(,风)(险)(模)(型)(的)(基)(准)(标)(杆)(。虽)(然)(大)(部)(分)(公)(司)(不)(选)(择)(FICO分)(作)(为)(征)(信)(依)(据)(,但)(在)(其)(宣)(传)(、训)(练)(中)(,FICO分)(一)(直)(以)(某)(种)(标)(杆)(的)(地)(位)(存)(在)(。FICO的)(标)(准)(变)(化)(缓)(慢)(一)(方)(面)(是)(其)(跟)(不)(上)(时)(代)(的)(可)(指)(责)(点)(,但)(其)(数)(据)(的)(前)(后)(可)(比)(性)(则)(在)(数)(据)(分)(析)(中)(有)(着)(重)(要)(意)(义)(,对)(于)(创)(业)(公)(司)(,其)(模)(型)(没)(有)(历)(史)(数)(据)(,进)(行)(“冷)(启)(动)(”的)(时)(候)(,FICO作)(为)(一)(个)(标)(杆)(无)(疑)(是)(可)(以)(使)(分)(析)(师)(对)(于)(自)(身)(方)(法)(的)(有)(效)(程)(度)(有)(一)(个)(明)(确)(直)(观)(的)(认)(识)(。
1.5获)(客)(困)(境)(:场)(景)(建)(设)(严)(重)(不)(足)(
很)(多)(美)(国)(FinTech公)(司)(缺)(乏)(必)(要)(的)(“场)(景)(”,这)(样)(就)(明)(显)(提)(高)(获)(客)(成)(本)(,增)(加)(信)(用)(评)(估)(的)(困)(难)(。FinTech公)(司)(通)(常)(都)(是)(通)(过)(直)(邮)((directmail)和)(合)(作)(机)(构)(获)(得)(潜)(在)(的)(客)(户)(,成)(本)(很)(高)(,平)(均)(300-500美)(元)(。调)(研)(的)(Circle目)(前)(主)(要)(通)(过)(补)(贴)(提)(供)(几)(乎)(免)(费)(的)(跨)(境)(支)(付)(,但)(其)(最)(终)(目)(标)(是)(提)(供)(消)(费)(金)(融)(服)(务)(,也)(许)(目)(前)(提)(供)(免)(费)(跨)(境)(支)(付)(服)(务)(的)(目)(的)(就)(是)(为)(了)(建)(设)(“场)(景)(”、积)(累)(一)(批)(目)(标)(客)(户)(,以)(期)(进)(一)(步)(的)(发)(展)(。
对)(比)(中)(国)(,其)(实)(美)(国)(FinTech公)(司)(所)(面)(临)(的)(场)(景)(依)(然)(是)(传)(统)(金)(融)(的)(场)(景)(,直)(邮)(的)(效)(率)(在)(传)(统)(领)(域)(可)(以)(有)(效)(发)(挥)(作)(用)(,而)(对)(比)(于)(中)(国)(一)(般)(的)(获)(客)(途)(径)((如)(手)(机)(号)(码)(),则)(在)(数)(字)(时)(代)(显)(得)(昂)(贵)(缓)(慢)(。FinTech直)(接)(在)(个)(人)(身)(上)(开)(展)(业)(务)(暴)(露)(出)(“水)(电)(煤)(“基)(础)(设)(施)(的)(支)(持)(不)(力)(,这)(也)(可)(能)(是)(导)(致)(美)(国)(FinTech公)(司)(对)(传)(统)(金)(融)(依)(赖)(较)(强)(的)(原)(因)(之)(一)(。
今)(年)(8月)(,考)(察)(团)(考)(察)(美)(国)(金)(融)(科)(技)(公)(司)(coinbase
1.6监)(管)(滞)(后)(:美)(国)(的)(监)(管)(没)(能)(匹)(配)(行)(业)(所)(做)(出)(的)(努)(力)(
美)(国)(的)(监)(管)(框)(架)(相)(对)(成)(熟)(,但)(监)(管)(部)(门)(的)(兴)(趣)(与)(业)(界)(的)(努)(力)(不)(太)(匹)(配)(,与)(英)(国)(、新)(加)(坡)(等)(的)(监)(管)(部)(门)(相)(比)(也)(有)(明)(显)(距)(离)((比)(如)(尝)(试)(监)(管)(沙)(盒)(、创)(新)(中)(心)(等)(做)(法)()。另)(外)(美)(国)(实)(行)(的)(双)(层)((州)(、联)(邦)()、多)(极)((许)(多)(监)(管)(机)(构)()的)(监)(管)(框)(架)(,也)(十)(分)(不)(利)(于)(FinTech公)(司)(开)(展)(业)(务)(,因)(为)(FinTech本)(身)(就)(是)(跨)(区)(域)(、跨)(行)(业)(的)(,一)(些)(公)(司)(只)(好)(到)(不)(同)(的)(州)(和)(不)(同)(的)(监)(管)(机)(构)(同)(时)(申)(请)(许)(多)(牌)(照)(。
具)(体)(而)(言)(,美)(国)(现)(行)(监)(管)(体)(系)(主)(要)(是)(其)(发)(展)(未)(跟)(上)(金)(融)(科)(技)(的)(发)(展)(,主)(要)(体)(现)(在)(三)(个)(方)(面)(。
首)(先)(,双)(层)(监)(管)(机)(制)(制)(约)(跨)(地)(区)(发)(展)(。美)(国)(州)(政)(府)(有)(相)(当)(大)(的)(权)(力)(,在)(传)(统)(银)(行)(时)(代)(将)(资)(产)(证)(券)(化)(业)(务)(的)(监)(管)(权)(力)(下)(放)(至)(州)(政)(府)(并)(无)(很)(大)(不)(妥)(,但)(对)(于)(网)(络)(借)(贷)(,同)(质)(化)(的)(产)(品)(却)(要)(在)(不)(同)(州)(满)(足)(不)(同)(的)(条)(件)(,获)(得)(不)(同)(的)(待)(遇)(,这)(显)(然)(是)(不)(合)(理)(的)(,联)(邦)(层)(面)(的)(统)(一)(协)(调)(,或)(许)(将)(大)(大)(提)(高)(效)(率)(。
其)(次)(,公)(平)(正)(义)(原)(则)(对)(数)(据)(的)(限)(制)(。印)(象)(颇)(深)(的)(一)(点)(是)(,Upstart介)(绍)(完)(自)(身)(征)(信)(模)(型)(之)(后)(,美)(联)(储)(官)(员)(第)(一)(个)(问)(题)(便)(是)(这)(个)(模)(型)(是)(否)(存)(在)(歧)(视)(。虽)(然)(对)(性)(别)(、种)(族)(、地)(址)(等)(变)(量)(的)(保)(护)(是)(公)(平)(正)(义)(的)(体)(现)(,在)(如)(今)(变)(量)(数)(量)(多)(达)(数)(百)(个)(,这)(几)(个)(变)(量)(所)(包)(含)(之)(信)(息)(早)(已)(在)(其)(他)(几)(百)(个)(变)(量)(中)(有)(所)(体)(现)(,对)(于)(这)(几)(个)(变)(量)(的)(限)(制)(,实)(际)(上)(有)(些)(掩)(耳)(盗)(铃)(。
最)(后)(,相)(关)(法)(律)(对)(于)(模)(型)(方)(法)(的)(隐)(性)(限)(制)(。之)(所)(以)(银)(行)(仍)(然)(在)(使)(用)(更)(少)(的)(变)(量)(,采)(取)(简)(单)(的)(评)(分)(卡)(方)(法)(,可)(能)(部)(分)(原)(因)(便)(是)(公)(平)(借)(贷)(原)(则)(,在)(拒)(绝)(一)(笔)(个)(人)(贷)(款)(申)(请)(时)(,机)(构)(必)(须)(给)(出)(明)(确)(的)(拒)(绝)(理)(由)(,即)(风)(险)(模)(型)(需)(要)(很)(强)(的)(可)(识)(别)(性)(,一)(般)(来)(讲)(,方)(法)(越)(复)(杂)(,其)(可)(解)(释)(性)(就)(越)(差)(,决)(策)(树)(勉)(强)(可)(以)(按)(照)(评)(分)(卡)(的)(模)(式)(进)(行)(解)(释)(,更)(复)(杂)(的)(随)(机)(森)(林)(,引)(导)(聚)(集)((bagging)则)(很)(难)(给)(出)(明)(确)(的)(哪)(个)(变)(量)(在)(拒)(绝)(中)(起)(到)(了)(决)(定)(作)(用)(,而)(神)(经)(网)(络)(则)(完)(全)(是)(一)(个)(黑)(盒)(。越)(复)(杂)(的)(数)(据)(往)(往)(需)(要)(越)(复)(杂)(的)(模)(型)(,过)(时)(法)(规)(对)(于)(模)(型)(的)(无)(形)(制)(约)(,事)(实)(上)(阻)(碍)(了)(行)(业)(发)(展)(。
今)(年)(8月)(,考)(察)(团)(对)(话)(旧)(金)(山)(联)(储)(
2.对)(中)(国)(互)(联)(网)(金)(融)(监)(管)(的)(启)(示)(
考)(察)(团)(一)(个)(共)(同)(的)(强)(烈)(感)(受)(是)(,与)(美)(国)(相)(比)(,中)(国)(的)(互)(联)(网)(金)(融)(行)(业)(规)(模)(更)(大)(,在)(一)(些)(技)(术)(领)(域)(比)(如)(支)(付)(处)(置)(能)(力)(等)(也)(更)(领)(先)(。这)(主)(要)(是)(基)(于)(三)(个)(方)(面)(的)(原)(因)(:市)(场)(空)(白)(大)(、技)(术)(发)(展)(快)(和)(监)(管)(适)(度)(。互)(联)(网)(金)(融)(行)(业)(的)(普)(惠)(性)(也)(十)(分)(突)(出)(。但)(行)(业)(发)(展)(不)(平)(衡)(,比)(如)(第)(三)(方)(支)(付)(相)(对)(发)(达)(,网)(络)(贷)(款)(比)(较)(混)(乱)(、股)(权)(众)(筹)(基)(本)(没)(有)(做)(起)(来)(。未)(来)(互)(联)(网)(金)(融)(企)(业)(的)(发)(展)(可)(能)(会)(呈)(现)(多)(样)(化)(,既)(有)(大)(而)(惠)(,也)(有)(小)(而)(美)(;既)(有)(专)(注)(tech,也)(有)(直)(接)(做)(fin。
美)(国)(的)(监)(管)(框)(架)(,一)(方)(面)(消)(除)(了)(金)(融)(科)(技)(领)(域)(的)(一)(些)(潜)(在)(风)(险)(,另)(一)(方)(面)(也)(极)(大)(地)(限)(制)(了)(这)(个)(行)(业)(发)(展)(的)(空)(间)(。显)(然)(,在)(风)(险)(控)(制)(方)(面)(,我)(们)(应)(该)(向)(美)(国)(学)(习)(。但)(我)(们)(也)(应)(该)(为)(互)(联)(网)(金)(融)(的)(发)(展)(留)(下)(足)(够)(的)(空)(间)(。客)(观)(地)(看)(,互)(联)(网)(金)(融)(的)(发)(展)(实)(实)(在)(在)(地)(满)(足)(了)(实)(体)(经)(济)(的)(一)(些)(需)(求)(,在)(助)(力)(普)(惠)(金)(融)(发)(展)(方)(面)(的)(作)(用)(尤)(其)(明)(显)(。同)(样)(,如)(果)(对)(数)(据)(管)(制)(过)(严)(,大)(数)(据)(分)(析)(就)(无)(从)(谈)(起)(,但)(如)(果)(听)(任)(商)(业)(机)(构)(任)(意)(侵)(犯)(个)(人)(隐)(私)(,也)(会)(酿)(成)(严)(重)(后)(果)(。
因)(此)(,监)(管)(政)(策)(的)(核)(心)(是)(要)(平)(衡)(创)(新)(与)(稳)(定)(之)(间)(的)(关)(系)(,既)(保)(证)(互)(联)(网)(金)(融)(行)(业)(的)(快)(速)(发)(展)(,又)(不)(造)(成)(重)(大)(的)(金)(融)(、社)(会)(风)(险)(,起)(到)(真)(正)(支)(持)(实)(体)(经)(济)(的)(作)(用)(。
2.1积)(极)(支)(持)(稳)(健)(的)(金)(融)(创)(新)(
美)(国)(的)(监)(管)(在)(控)(制)(金)(融)(科)(技)(的)(风)(险)(方)(面)(做)(得)(比)(较)(好)(,但)(在)(支)(持)(创)(新)(方)(面)(显)(著)(不)(足)(。中)(国)(的)(互)(联)(网)(金)(融)(行)(业)(做)(得)(更)(大)(,一)(个)(根)(本)(的)(动)(力)(还)(是)(创)(新)(,同)(时)(金)(融)(监)(管)(部)(门)(在)(部)(分)(领)(域)(的)(政)(策)(制)(度)(也)(及)(时)(跟)(进)((如)(第)(三)(方)(支)(付)(领)(域)(),其)(实)(是)(一)(个)(变)(相)(的)(市)(场)(化)(的)(过)(程)(,在)(技)(术)(层)(面)(则)(利)(用)(移)(动)(终)(端)(和)(大)(数)(据)(,帮)(助)(解)(决)(金)(融)(交)(易)(信)(息)(不)(对)(称)(的)(问)(题)(。无)(论)(在)(美)(国)(还)(是)(中)(国)(,绝)(大)(部)(分)(金)(融)(资)(产)(都)(还)(在)(传)(统)(金)(融)(部)(门)(手)(中)(,即)(便)(中)(国)(发)(展)(最)(快)(的)(第)(三)(方)(支)(付)(,2016年)(也)(只)(占)(银)(行)(电)(子)(支)(付)(交)(易)(金)(额)(的)(4.4%。所)(以)(无)(论)(从)(普)(惠)(金)(融)(还)(是)(支)(持)(实)(体)(经)(济)(的)(角)(度)(,互)(联)(网)(金)(融)(都)(还)(有)(巨)(大)(的)(成)(长)(空)(间)(,其)(发)(展)(又)(会)(推)(动)(行)(业)(向)(技)(术)(驱)(动)(模)(式)(的)(整)(体)(转)(型)(。中)(国)(的)(先)(发)(优)(势)(来)(之)(不)(易)(,应)(当)(继)(续)(发)(展)(。
未)(来)(的)(监)(管)(要)(严)(密)(防)(范)(风)(险)(,同)(时)(也)(要)(积)(极)(支)(持)(金)(融)(创)(新)(。我)(们)(构)(建)(新)(的)(互)(联)(网)(金)(融)(监)(管)(框)(架)(,应)(该)(考)(虑)(尽)(量)(在)(两)(者)(之)(间)(求)(得)(平)(衡)(。首)(先)(是)(监)(管)(方)(式)(要)(创)(新)(。互)(联)(网)(金)(融)(的)(风)(险)(传)(导)(广)(、快)(,靠)(传)(统)(金)(融)(监)(管)(的)(做)(法)(比)(如)(定)(期)(送)(表)(表)(、现)(场)(检)(查)(等)(,效)(果)(就)(会)(打)(折)(扣)(。因)(此)(,需)(要)(考)(虑)(将)(数)(字)(技)(术)(运)(用)(到)(金)(融)(监)(管)(上)(来)((RegTech)。比)(如)(考)(虑)(将)(监)(管)(信)(息)(系)(统)(和)(互)(联)(网)(金)(融)(公)(司)(的)(数)(据)(库)(直)(接)(对)(接)(,监)(管)(部)(门)(可)(以)(实)(时)(监)(测)(运)(行)(状)(况)(,分)(析)(金)(融)(风)(险)(。
另)(外)(是)(支)(持)(金)(融)(创)(新)(。过)(去)(我)(国)(互)(联)(网)(金)(融)(创)(新)(的)(一)(个)(大)(的)(背)(景)(是)(监)(管)(缺)(位)(,这)(个)(历)(史)(不)(可)(能)(再)(重)(复)(。创)(新)(可)(以)(在)(控)(制)(风)(险)(的)(前)(提)(下)(进)(行)(,比)(如)(“监)(管)(沙)(盒)(”的)(做)(法)(,监)(管)(部)(门)(给)(互)(联)(网)(金)(融)(公)(司)(发)(放)(有)(限)(的)(牌)(照)(,允)(许)(创)(新)(,如)(果)(成)(功)(,可)(以)(发)(放)(完)(全)(牌)(照)(并)(推)(广)(到)(全)(行)(业)(。如)(果)(不)(成)(功)(,就)(取)(消)(牌)(照)(。还)(有)(其)(它)(一)(些)(做)(法)(比)(如)(“创)(新)(中)(心)(”和)(“创)(新)(加)(速)(器)(”等)(,原)(理)(也)(都)(差)(不)(多)(。
近)(日)(英)(国)(金)(融)(行)(为)(监)(管)(局)((FinancialConductAuthority,以)(下)(简)(称)(FCA)针)(对)(运)(行)(一)(年)(多)(的)(“监)(管)(沙)(盒)(”机)(制)(给)(出)(评)(估)(报)(告)(,其)(结)(论)(显)(示)(“监)(管)(沙)(盒)(”通)(过)(促)(进)(市)(场)(有)(益)(的)(竞)(争)(竞)(争)(,为)(消)(费)(者)(和)(其)(他)(金)(融)(服)(务)(用)(户)(带)(来)(更)(好)(的)(价)(值)(。一)(些)(指)(标)(表)(明)(,“监)(管)(沙)(盒)(”开)(始)(对)(现)(有)(金)(融)(服)(务)(的)(价)(格)(和)(质)(量)(方)(面)(产)(生)(积)(极)(影)(响)(。例)(如)(,不)(少)(企)(业)(将)(区)(块)(链)(技)(术)(运)(用)(于)(跨)(境)(支)(付)(,为)(消)(费)(者)(带)(来)(缩)(短)(到)(账)(时)(间)(和)(降)(低)(汇)(率)(等)(显)(著)(好)(处)(。还)(有)(一)(些)(机)(构)(测)(试)(让)(消)(费)(者)(使)(用)(生)(物)(识)(别)(技)(术)(支)(付)(、登)(录)(和)(验)(证)(身)(份)(,或)(是)(将)(面)(部)(识)(别)(技)(术)(应)(用)(于)(投)(资)(顾)(问)(领)(域)(的)(风)(险)(评)(估)(服)(务)(。FCA希)(望)(并)(鼓)(励)(在)(“监)(管)(沙)(盒)(”的)(有)(益)(创)(新)(能)(走)(向)(市)(场)(,为)(消)(费)(者)(带)(来)(更)(多)(福)(利)(。
无)(论)(是)(哪)(种)(方)(式)(,都)(要)(求)(监)(管)(部)(门)(和)(从)(业)(机)(构)(密)(切)(合)(作)(,因)(为)(对)(双)(方)(来)(说)(,这)(都)(是)(一)(个)(新)(的)(实)(践)(。
2.2对)(互)(联)(网)(金)(融)(机)(构)(必)(须)(设)(置)(准)(入)(门)(槛)(
虽)(然)(美)(国)(的)(FinTech行)(业)(没)(有)(做)(得)(特)(别)(大)(,但)(基)(本)(的)(监)(管)(框)(架)(也)(保)(证)(不)(会)(出)(现)(大)(的)(风)(险)(。金)(融)(安)(全)(是)(经)(济)(安)(全)(、国)(家)(安)(全)(的)(重)(要)(组)(成)(部)(分)(,准)(确)(判)(断)(风)(险)(隐)(患)(和)(保)(障)(金)(融)(安)(全)(十)(分)(重)(要)(。因)(此)(,金)(融)(业)(是)(经)(济)(体)(系)(中)(受)(到)(严)(格)(监)(管)(的)(部)(门)(。这)(一)(点)(,对)(间)(接)(融)(资)(如)(银)(行)(业)(和)(保)(险)(业)(是)(如)(此)(,对)(直)(接)(融)(资)(如)(证)(券)(公)(司)(和)(基)(金)(公)(司)(同)(样)(是)(如)(此)(。从)(这)(个)(角)(度)(看)(,虽)(然)(我)(国)(的)(监)(管)(政)(策)(对)(P2P网)(贷)(平)(台)(定)(位)(为)(信)(息)(中)(介)(,但)(备)(案)(制)(是)(否)(足)(够)(?这)(一)(点)(是)(值)(得)(商)(榷)(的)(。进)(一)(步)(需)(要)(考)(虑)(的)(问)(题)(是)(,在)(实)(行)(备)(案)(制)(的)(前)(提)(下)(,还)(需)(要)(制)(定)(一)(些)(什)(么)(样)(的)(监)(管)(措)(施)(,防)(范)(潜)(在)(的)(风)(险)(?
归)(根)(到)(底)(,不)(管)(互)(联)(网)(金)(融)(做)(了)(什)(么)(样)(的)(创)(新)(,其)(所)(从)(事)(的)(业)(务)(在)(本)(质)(上)(就)(是)(金)(融)(,而)(金)(融)(就)(需)(要)(严)(格)(的)(监)(管)(。更)(重)(要)(的)(是)(,互)(联)(网)(金)(融)(还)(有)(两)(个)(突)(出)(的)(特)(点)(,一)(是)(业)(务)(跨)(区)(域)(、跨)(行)(业)(,风)(险)(传)(导)(既)(快)(又)(广)(,二)(是)(互)(联)(网)(金)(融)(业)(的)(一)(些)(参)(与)(者)(识)(别)(与)(承)(受)(风)(险)(的)(能)(力)(比)(较)(低)(。因)(此)(,对)(互)(联)(网)(金)(融)(公)(司)(实)(行)(牌)(照)(管)(理)(就)(变)(得)(尤)(为)(必)(要)(。现)(在)(再)(看)(过)(去)(几)(年)(发)(生)(的)(一)(些)(互)(联)(网)(金)(融)(领)(域)(的)(风)(险)(案)(例)(,如)(果)(有)(基)(本)(的)(资)(质)(审)(查)(和)(日)(常)(的)(监)(管)(程)(序)(,这)(些)(风)(险)(有)(可)(能)(是)(可)(以)(得)(到)(避)(免)(的)(,至)(少)(风)(险)(不)(会)(变)(的)(这)(么)(大)(。
对)(于)(互)(联)(网)(金)(融)(要)(实)(行)(牌)(照)(监)(管)(的)(建)(议)(,无)(论)(在)(业)(界)(还)(是)(在)(监)(管)(部)(门)(都)(有)(些)(不)(同)(的)(声)(音)(。业)(界)(的)(担)(忧)(是)(如)(果)(按)(照)(传)(统)(的)(方)(式)(来)(管)(理)(互)(联)(网)(金)(融)(行)(业)(,创)(新)(也)(就)(无)(从)(谈)(起)(。监)(管)(部)(门)(则)(担)(心)(根)(本)(没)(有)(足)(够)(的)(资)(源)(来)(监)(管)(每)(一)(家)(互)(联)(网)(金)(融)(公)(司)(。这)(两)(个)(担)(忧)(都)(是)(有)(道)(理)(的)(,政)(府)(可)(能)(需)(要)(大)(幅)(度)(增)(加)(监)(管)(部)(门)(的)(编)(制)(和)(经)(费)(,而)(监)(管)(部)(门)(也)(应)(该)(有)(条)(件)(地)(支)(持)(金)(融)(创)(新)(。
既)(然)(要)(实)(行)(牌)(照)(管)(理)(,就)(要)(发)(牌)(照)(。监)(管)(部)(门)(严)(控)(投)(资)(公)(司)(牌)(照)(,造)(成)(了)(很)(多)(做)(智)(能)(投)(顾)(的)(公)(司)(无)(证)(上)(岗)(的)(现)(象)(。这)(是)(非)(常)(不)(利)(于)(行)(业)(发)(展)(的)(,既)(然)(要)(管)(理)(,就)(应)(该)(明)(确)(门)(槛)(,给)(符)(合)(资)(质)(的)(公)(司)(发)(放)(牌)(照)(。而)(对)(于)(无)(牌)(照)(执)(业)(的)(公)(司)(应)(该)(坚)(决)(取)(缔)(,否)(则)(有)(法)(不)(依)(,后)(患)(无)(穷)(。对)(于)(一)(些)(已)(经)(发)(出)(去)(的)(牌)(照)(,却)(又)(没)(有)(很)(好)(展)(开)(业)(务)(的)(公)(司)(,应)(该)(及)(时)(收)(缴)(牌)(照)(,这)(个)(问)(题)(在)(第)(三)(方)(支)(付)(领)(域)(比)(较)(普)(遍)(,牌)(照)(变)(成)(了)(一)(些)(公)(司)(寻)(租)(的)(工)(具)(。
对)(于)(一)(些)(尚)(未)(建)(立)(明)(确)(的)(监)(管)(政)(策)(框)(架)(的)(业)(务)((比)(如)(股)(权)(众)(筹)(、资)(产)(管)(理)()也)(应)(加)(快)(制)(定)(规)(则)(,为)(实)(践)(中)(已)(开)(展)(的)(互)(联)(网)(金)(融)(业)(务)(划)(清)(合)(规)(边)(界)(,避)(免)(业)(务)(跑)(偏)(异)(化)(。
2.3提)(高)(“透)(明)(度)(”并)(实)(施)(“投)(资)(者)(适)(当)(性)(”监)(管)(
牌)(照)(管)(理)(只)(是)(对)(互)(联)(网)(金)(融)(进)(行)(有)(效)(监)(管)(的)(第)(一)(步)(,更)(重)(要)(的)(是)(加)(强)(事)(中)(与)(事)(后)(的)(监)(管)(。除)(了)(银)(行)(和)(保)(险)(,互)(联)(网)(金)(融)(的)(大)(多)(数)(业)(务)(都)(具)(有)(明)(显)(的)(直)(接)(融)(资)(的)(特)(征)(,即)(参)(与)(者)(自)(主)(决)(策)(、自)(主)(承)(担)(后)(果)(。而)(对)(直)(接)(融)(资)(的)(监)(管)(有)(两)(个)(基)(本)(要)(求)(,第)(一)(是)(增)(加)(透)(明)(度)(。金)(融)(交)(易)(最)(大)(的)(困)(难)(是)(信)(息)(不)(对)(称)(,个)(体)(市)(场)(参)(与)(者)(很)(难)(充)(分)(了)(解)(一)(个)(金)(融)(交)(易)(和)(一)(个)(金)(融)(产)(品)(的)(方)(方)(面)(面)(,监)(管)(政)(策)(需)(要)(帮)(助)(解)(决)(这)(个)(问)(题)(。监)(管)(政)(策)(对)(传)(统)(金)(融)(业)(的)(财)(务)(报)(表)(和)(其)(它)(信)(息)(披)(露)(要)(求)(,都)(是)(为)(了)(提)(高)(透)(明)(度)(。对)(互)(联)(网)(金)(融)(的)(监)(管)(应)(该)(采)(取)(类)(似)(的)(措)(施)(,除)(了)(类)(似)(的)(报)(表)(和)(披)(露)(,由)(于)(互)(联)(网)(金)(融)(的)(流)(程)(往)(往)(更)(加)(复)(杂)(、隐)(秘)(,应)(该)(考)(虑)(实)(施)(穿)(透)(式)(监)(管)(,清)(楚)(地)(展)(示)(资)(产)(管)(理)(、第)(三)(方)(支)(付)(和)(保)(险)(等)(业)(务)(的)(资)(金)(流)(向)(,保)(证)(合)(规)(、透)(明)(。
第)(二)(是)(的)(“投)(资)(者)(适)(当)(性)(”,这)(主)(要)(是)(因)(为)(并)(非)(每)(一)(个)(金)(融)(产)(品)(都)(适)(合)(于)(每)(一)(个)(市)(场)(参)(与)(者)(。比)(如)(,如)(果)(一)(个)(金)(融)(机)(构)(将)(大)(量)(高)(风)(险)(的)(金)(融)(产)(品)(卖)(给)(风)(险)(承)(受)(力)(非)(常)(低)(的)(退)(休)(人)(员)(,这)(是)(非)(常)(不)(负)(责)(任)(的)(行)(为)(。近)(期)(受)(到)(很)(多)(诟)(病)(的)(“校)(园)(贷)(”的)(一)(个)(问)(题)(就)(是)(变)(相)(地)(放)(“高)(利)(贷)(”给)(没)(有)(稳)(定)(收)(入)(的)(学)(生)(,这)(跟)(2007年)(以)(前)(美)(国)(盛)(行)(的)(“次)(贷)(”没)(有)(根)(本)(差)(别)(,后)(来)(造)(成)(了)(严)(重)(的)(次)(债)(危)(机)(。像)(这)(样)(很)(容)(易)(造)(成)(严)(重)(金)(融)(甚)(至)(社)(会)(问)(题)(的)(互)(联)(网)(金)(融)(公)(司)(理)(应)(受)(到)(监)(管)(部)(门)(的)(“惩)(处)(”,虽)(然)(我)(们)(也)(承)(认)(,并)(不)(是)(所)(有)(的)(“高)(利)(贷)(”都)(是)(不)(合)(理)(的)(。前)(一)(段)(时)(间)(沸)(沸)(扬)(扬)(的)(数)(字)(货)(币)((ICO)业)(务)(是)(另)(一)(个)(的)(例)(子)(。而)(判)(断)(一)(笔)(金)(融)(交)(易)(合)(理)(不)(合)(理)(,从)(监)(管)(的)(角)(度)(考)(虑)(,除)(了)(看)(是)(不)(是)(合)(规)(,另)(外)(就)(是)(看)(“投)(资)(者)(适)(当)(性)(”原)(则)(。
2.4互)(联)(网)(金)(融)(的)(监)(管)(政)(策)(要)(统)(一)(、协)(调)(
互)(联)(网)(金)(融)(基)(本)(上)(都)(是)(混)(业)(监)(管)(,这)(跟)(我)(国)(目)(前)(实)(行)(的)(分)(业)(监)(管)(的)(政)(策)(框)(架)(并)(不)(匹)(配)(。而)(在)(一)(些)(领)(域)(比)(如)(P2P网)(络)(贷)(款)(平)(台)(,实)(行)(银)(监)(会)(和)(地)(方)(金)(融)(办)((地)(方)(金)(融)(监)(管)(局)()双)(头)(监)(管)(的)(体)(制)(,这)(样)(的)(格)(局)(,既)(是)(中)(央)(、地)(方)(各)(司)(其)(职)(的)(要)(求)(,也)(是)(中)(央)(监)(管)(部)(门)(在)(资)(源)(约)(束)(下)(的)(选)(择)(。但)(事)(实)(上)(,互)(联)(网)(金)(融)(公)(司)(跟)(传)(统)(的)(小)(贷)(公)(司)(并)(不)(一)(样)(,一)(旦)(业)(务)(平)(台)(建)(立)(起)(来)(,其)(业)(务)(不)(会)(局)(限)(在)(获)(取)(牌)(照)(的)(地)(区)(。
互)(联)(网)(金)(融)(监)(管)(政)(策)(的)(协)(调)(应)(该)(考)(虑)(三)(个)(方)(面)(的)(内)(容)(,一)(是)(在)(“国)(务)(院)(金)(融)(稳)(定)(发)(展)(委)(员)(会)(”的)(框)(架)(内)(设)(立)(互)(联)(网)(金)(融)(监)(管)(的)(协)(调)(机)(制)(,这)(样)(起)(码)(可)(以)(保)(证)(“一)(行)(三)(会)(”和)(地)(方)(金)(融)(监)(管)(局)(一)(致)(行)(动)(,互)(相)(配)(合)(。二)(是)(制)(定)(统)(一)(的)(监)(管)(标)(准)(和)(政)(策)(。无)(论)(监)(管)(政)(策)(实)(施)(主)(体)(是)(“一)(行)(三)(会)(”还)(是)(地)(方)(金)(融)(监)(管)(局)(,标)(准)(应)(该)(是)(全)(国)(统)(一)(的)(。否)(则)(的)(话)(,容)(易)(造)(成)(监)(管)(政)(策)(的)(洼)(地)(,鼓)(励)(监)(管)(套)(利)(,而)(任)(何)(金)(融)(风)(险)(的)(后)(果)(依)(然)(会)(是)(全)(国)(性)(的)(。三)(是)(不)(应)(重)(复)(美)(国)(各)(州)(独)(立)(发)(放)(牌)(照)(的)(做)(法)(。各)(省)(市)(单)(独)(发)(牌)(照)(,对)(传)(统)(金)(融)(机)(构)(尚)(且)(可)(行)(,对)(互)(联)(网)(金)(融)(机)(构)(就)(非)(常)(不)(合)(理)(。因)(此)(一)(旦)(发)(放)(牌)(照)(,应)(该)(就)(是)(全)(国)(性)(的)(,除)(非)(设)(置)(一)(些)(特)(殊)(的)(区)(域)(性)(限)(制)(。
2.5尽)(快)(建)(立)(丰)(富)(完)(整)(、市)(场)(化)(的)(征)(信)(体)(系)(
如)(前)(文)(所)(述)(,在)(美)(国)(,三)(大)(征)(信)(局)(和)(FICO等)(征)(信)(系)(统)(在)(FinTech发)(展)(中)(起)(到)(了)(大)(规)(模)(获)(客)(、全)(面)(数)(据)(获)(得)(、评)(价)(标)(尺)(等)(作)(用)(。征)(信)(系)(统)(是)(公)(共)(基)(础)(设)(施)(,应)(该)(向)(所)(有)(从)(事)(金)(融)(业)(务)(的)(机)(构)(开)(放)((当)(然)(在)(个)(人)(授)(权)(的)(前)(提)(下)()。考)(察)(团)(认)(为)(,跟)(美)(国)(相)(比)(,征)(信)(系)(统)(在)(中)(国)(还)(有)(另)(外)(两)(个)(方)(面)(的)(作)(用)(。
其)(一)(,决)(定)(获)(客)(途)(径)(。当)(我)(们)(批)(评)(美)(国)(缓)(慢)(昂)(贵)(的)(直)(邮)(系)(统)(推)(高)(了)(获)(客)(成)(本)(的)(同)(时)(,值)(得)(注)(意)(的)(是)(,快)(递)(业)(的)(发)(展)(使)(得)(传)(统)(依)(赖)(邮)(政)(编)(码)(的)(投)(递)(系)(统)(基)(本)(失)(效)(,而)(数)(字)(时)(代)(获)(客)(的)(主)(要)(手)(段)(手)(机)(号)(码)(,则)(并)(不)(是)(完)(全)(的)(公)(共)(品)(,大)(公)(司)(依)(靠)(自)(己)(庞)(大)(的)(其)(他)(服)(务)(与)(其)(所)(建)(立)(之)(场)(景)(可)(以)(轻)(易)(获)(得)(,而)(初)(创)(公)(司)(则)(很)(难)(通)(过)(正)(规)(渠)(道)(大)(批)(量)(获)(得)(手)(机)(号)(码)(,遑)(论)(基)(本)(信)(用)(信)(息)(。不)(加)(选)(择)(的)(群)(发)(与)(购)(买)(数)(据)(黑)(产)(的)(成)(本)(,不)(见)(得)(比)(FICO加)(直)(邮)(来)(的)(低)(。
其)(二)(,产)(品)(标)(准)(化)(的)(支)(撑)(。美)(国)(FinTech发)(展)(值)(得)(中)(国)(羡)(慕)(借)(鉴)(的)(一)(点)(就)(是)(其)(产)(品)(的)(高)(度)(标)(准)(化)(,比)(之)(中)(国)(几)(百)(个)(平)(台)(上)(千)(种)(信)(贷)(产)(品)(,标)(准)(化)(的)(产)(品)(在)(吸)(引)(机)(构)(投)(资)(、保)(护)(出)(借)(人)(利)(益)(与)(便)(利)(监)(管)(上)(有)(强)(大)(的)(优)(势)(。传)(统)(金)(融)(的)(发)(展)(不)(足)(使)(得)(短)(时)(间)(内)(中)(国)(很)(难)(借)(鉴)(美)(国)(道)(路)(完)(成)(产)(品)(的)(标)(准)(化)(,而)(如)(果)(建)(立)(基)(于)(大)(数)(据)(的)(丰)(富)(的)(征)(信)(系)(统)(,实)(现)(大)(数)(据)(的)(标)(准)(化)(,则)(无)(疑)(对)(进)(一)(步)(的)(资)(产)(标)(准)(化)(有)(强)(大)(的)(支)(撑)(作)(用)(。
征)(信)(体)(系)(往)(往)(是)(通)(过)(会)(员)(机)(构)(建)(立)(信)(用)(信)(息)(共)(享)(平)(台)(,打)(破)(各)(机)(构)(间)(“信)(息)(孤)(岛)(”。美)(国)(征)(信)(最)(有)(特)(色)(的)(地)(方)(,是)(从)(三)(大)(征)(信)(局)(到)(FICO都)(是)(私)(有)(上)(市)(公)(司)(,通)(过)(市)(场)(化)(的)(方)(式)(构)(建)(了)(世)(界)(上)(最)(发)(达)(的)(征)(信)(体)(系)(。
结)(合)(中)(国)(国)(情)(,一)(方)(面)(,应)(考)(虑)(改)(变)(现)(在)(P2P平)(台)(不)(能)(接)(入)(央)(行)(征)(信)(系)(统)(的)(现)(状)(,推)(动)(符)(合)(条)(件)(的)(机)(构)(接)(入)(征)(信)(系)(统)(。另)(一)(方)(面)(,既)(可)(以)(考)(虑)(通)(过)(行)(业)(协)(会)(牵)(头)(,也)(可)(以)(考)(虑)(效)(仿)(美)(国)(通)(过)(民)(营)(企)(业)(的)(方)(式)(,结)(合)(政)(府)(和)(市)(场)(化)(的)(优)(点)(,促)(进)(信)(用)(信)(息)(有)(效)(整)(合)(和)(合)(法)(运)(用)(。另)(外)(,对)(于)(商)(业)(机)(构)(所)(积)(累)(的)(征)(信)(数)(据)(,可)(能)(需)(要)(分)(开)(来)(对)(待)(公)(共)(品)(和)(准)(公)(共)(品)(。
2.6在)(保)(护)(个)(人)(隐)(私)(和)(利)(用)(大)(数)(据)(分)(析)(之)(间)(求)(得)(一)(个)(平)(衡)(
美)(国)(对)(个)(人)(隐)(私)(的)(保)(护)(和)(对)(贷)(款)(公)(平)(性)(的)(追)(求)(,在)(很)(大)(程)(度)(上)(限)(制)(了)(大)(数)(据)(分)(析)(可)(以)(发)(挥)(的)(作)(用)(。而)(中)(国)(的)(现)(实)(是)(隐)(私)(及)(个)(人)(数)(据)(保)(护)(体)(系)(尚)(不)(健)(全)(,盗)(窃)(、诈)(骗)(等)(现)(象)(较)(为)(严)(重)(,商)(业)(机)(构)(滥)(用)(个)(人)(、企)(业)(数)(据)(的)(行)(业)(乱)(象)(高)(发)(频)(发)(。
在)(目)(前)(行)(业)(发)(展)(的)(情)(况)(下)(,需)(要)(尽)(快)(明)(确)(的)(,是)(以)(用)(户)(为)(核)(心)(的)(数)(据)(采)(集)(和)(使)(用)(原)(则)(,完)(善)(数)(据)(使)(用)(及)(监)(管)(机)(制)(。美)(国)(公)(司)(审)(慎)(使)(用)(社)(交)(数)(据)(、不)(使)(用)(隐)(私)(数)(据)(,一)(方)(面)(是)(严)(刑)(峻)(法)(监)(管)(在)(前)(,另)(一)(方)(面)(则)(是)(征)(信)(系)(统)(提)(供)(了)(可)(用)(的)(基)(本)(数)(据)(,正)(规)(化)(的)(收)(集)(、管)(理)(、授)(权)(及)(使)(用)(规)(则)(的)(确)(立)(,才)(是)(打)(击)(数)(据)(黑)(市)(黑)(产)(的)(最)(佳)(方)(法)(。
同)(时)(,也)(应)(避)(免)(学)(习)(一)(些)(过)(时)(的)(法)(律)(规)(章)(,在)(数)(字)(时)(代)(,顺)(应)(时)(代)(发)(展)(的)(规)(则)(才)(会)(被)(真)(正)(遵)(守)(,强)(行)(教)(条)(只)(会)(徒)(增)(发)(展)(的)(阻)(碍)(。
应)(该)(建)(立)(以)(用)(户)(为)(核)(心)(的)(原)(则)(,用)(技)(术)(的)(手)(段)(把)(这)(个)(原)(则)(贯)(穿)(到)(数)(据)(使)(用)(的)(生)(命)(周)(期)(中)(去)(。一)(旦)(个)(人)(需)(要)(金)(融)(服)(务)(,可)(以)(向)(金)(融)(机)(构)(开)(放)(个)(人)(信)(息)(,机)(构)(在)(保)(护)(好)(用)(户)(隐)(私)(的)(前)(提)(下)(,可)(以)(利)(用)(大)(数)(据)(分)(析)(的)(方)(法)(判)(断)(潜)(在)(客)(户)(的)(信)(用)(。
2.7P2P改)(善)(网)(贷)(平)(台)(作)(为)(信)(息)(中)(介)(的)(服)(务)(
考)(察)(团)(发)(现)(,即)(便)(在)(美)(国)(,P2P(marketpalce)网)(贷)(平)(台)(作)(为)(纯)(粹)(的)(信)(息)(中)(介)(具)(有)(一)(定)(的)(不)(稳)(定)(性)(。客)(观)(事)(实)(是)(,任)(何)(投)(资)(者)((包)(括)(个)(人)(和)(机)(构)()在)(网)(贷)(平)(台)(上)(投)(资)(,肯)(定)(是)(要)(同)(时)(考)(虑)(产)(品)(与)(平)(台)(的)(信)(用)(的)(。而)(且)(在)(绝)(大)(多)(数)(情)(况)(下)(,投)(资)(者)(不)(可)(能)(对)(分)(散)(、小)(额)(的)(投)(资)(逐)(个)(做)(甄)(别)(,最)(后)(只)(好)(主)(要)(根)(据)(平)(台)(信)(用)(来)(做)(投)(资)(决)(策)(。我)(国)(的)(信)(用)(文)(化)(尚)(不)(发)(达)(,纯)(粹)(的)(中)(介)(平)(台)(实)(施)(起)(来)(就)(会)(更)(加)(困)(难)(。
P2P借)(贷)(设)(计)(思)(路)(的)(小)(额)(分)(散)(技)(术)(上)(讲)(只)(能)(分)(散)(平)(台)(内)(不)(同)(借)(款)(人)(间)(的)(个)(体)(风)(险)(,而)(金)(融)(自)(身)(的)(风)(险)(,则)(无)(法)(通)(过)(在)(平)(台)(内)(的)(小)(额)(分)(散)(消)(除)(。所)(以)(,监)(管)(政)(策)(定)(位)(网)(贷)(平)(台)(为)(信)(息)(中)(介)(,强)(调)(不)(能)(做)(资)(金)(池)(,没)(有)(期)(限)(错)(配)(,要)(求)(资)(金)(托)(管)(,这)(些)(安)(排)(可)(以)(减)(小)(挤)(兑)(的)(风)(险)(,但)(从)(美)(国)(P2P的)(发)(展)(教)(训)(可)(以)(看)(出)(,在)(借)(贷)(风)(险)(爆)(发)(的)(情)(况)(下)(,由)(于)(对)(平)(台)(的)(担)(忧)(可)(能)(导)(致)(后)(续)(资)(金)(枯)(竭)(,造)(成)(平)(台)(的)(萎)(缩)(。美)(国)(P2P的)(发)(展)(值)(得)(我)(们)(借)(鉴)(,一)(条)(路)(是)(逐)(渐)(向)(银)(行)(模)(式)(靠)(拢)(,发)(展)(稳)(定)(的)(资)(金)(来)(源)(,另)(外)(一)(条)(龙)(是)(更)(多)(的)(转)(向)(MarketplaceLending,即)(以)(吸)(收)(机)(构)(投)(资)(者)(的)(资)(金)(为)(主)(,或)(者)(转)(向)(网)(络)(小)(贷)(公)(司)(的)(模)(式)(,通)(过)(ABS、债)(券)(等)(产)(品)(在)(市)(场)(融)(资)(。
2.8更)(好)(地)(发)(挥)(行)(业)(协)(会)(的)(作)(用)(
在)(中)(国)(,互)(联)(网)(金)(融)(行)(业)(协)(会)(至)(少)(可)(以)(从)(三)(个)(方)(面)(发)(挥)(作)(用)(。
首)(先)(,行)(业)(协)(会)(连)(接)(在)(监)(管)(与)(从)(业)(者)(之)(间)(,有)(利)(于)(二)(者)(信)(息)(沟)(通)(。由)(于)(一)(行)(三)(会)(自)(身)(很)(难)(打)(通)(,行)(业)(协)(会)(可)(以)(有)(效)(地)(互)(联)(网)(金)(融)(公)(司)(与)(监)(管)(机)(构)(间)(进)(行)(信)(息)(传)(递)(与)(效)(果)(反)(馈)(。
其)(次)(,行)(业)(协)(会)(可)(以)(使)(得)(监)(管)(政)(策)(的)(落)(地)(更)(加)(平)(缓)(。行)(业)(协)(会)(在)(政)(策)(制)(定)(与)(执)(行)(中)(,起)(到)(了)(缓)(冲)(层)(的)(作)(用)(,对)(于)(行)(业)(的)(平)(稳)(过)(渡)(,有)(着)(重)(要)(作)(用)(。
最)(后)(,行)(业)(协)(会)(某)(种)(程)(度)(上)(可)(以)(成)(为)(监)(管)(实)(验)(的)(沙)(盒)(。监)(管)(规)(则)(制)(定)(对)(行)(业)(的)(影)(响)(无)(法)(预)(估)(,而)(行)(业)(协)(会)(小)(范)(围)(内)(的)(实)(践)(反)(思)(则)(可)(以)(优)(化)(相)(关)(政)(策)(。例)(如)(目)(前)(银)(监)(会)(发)(布)(的)(P2P信)(息)(披)(露)(指)(引)(,就)(充)(分)(吸)(收)(和)(借)(鉴)(之)(前)(中)(国)(互)(联)(网)(金)(融)(协)(会)(出)(台)(的)(P2P信)(息)(披)(露)(方)(面)(的)(自)(律)(规)(则)(。
更)(多)(关)(于)(金)(融)(科)(技)(考)(察)(团)(考)(察)(美)(国)(公)(司)(的)(见)(闻)(、与)(美)(联)(储)(的)(会)(议)(印)(象)(请)(登)(录)(IDF官)(网)(idf.pku.edu.cn下)(载)(报)(告)(完)(整)(版)((附)(美)(国)(公)(司)(见)(闻)(及)(美)(联)(储)(会)(议)(印)(象)()或)(直)(接)(点)(击)(文)(末)(左)(下)(角)(“阅)(读)(原)(文)(”。
(本)(文)(来)(源)(:“未)(名)(湖)(数)(字)(金)(融)(研)(究)(”微)(信)(公)(众)(号)()
返)(回)(搜)(狐)(,查)(看)(更)(多)(责)(任)(编)(辑)(:
声)(明)(:该)(文)(观)(点)(仅)(代)(表)(作)(者)(本)(人)(,搜)(狐)(号)(系)(信)(息)(发)(布)(平)(台)(,搜)(狐)(仅)(提)(供)(信)(息)(存)(储)(空)(间)(服)(务)(。
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