4G technology has given birth to the consumer Internet economy that has attracted worldwide attention. The consumer Internet represented by e-commerce, social networking, and entertainment has risen rapidly. The comprehensive application of 5G, which has the characteristics of high speed, wide connection, high reliability and low latency, will promote the era of consumer Internet for the public to the era of industrial Internet of all things. Empowered by technologies such as big data, cloud computing, the Internet of Things, and artificial intelligence, the development of financial technology has brought unprecedented historical opportunities. In the future, it is worth exploring what characteristics financial technology that is scientific and consistent with laws should have and what development path it should take.
(1) The important foundation for the development of financial technology is the industrial Internet
Finance serves the real economy. What kind of industrial chain there is, there will be what type of supply chain finance, and there will be a corresponding financial technology development ecosystem. The scale of traditional industries is huge, and the value space brought by digital transformation is also huge. There are currently more than 60 trillion-level industrial clusters in the country. According to calculations, if digital support is introduced in only five fields: aviation, electricity, health care, railways, and oil and gas, assuming only a 1% increase in efficiency, then in the next 15 years It is estimated that nearly 300 billion yuan can be saved; if digital transformation can expand 10% of the industrial value space, more than 200 billion yuan of additional value can be created every year. Therefore, if China's consumer Internet market can only accommodate a few trillion-yuan companies, then the industrial Internet field may accommodate dozens or hundreds of innovative companies of the same size.
In the field of consumer Internet, the increase in domestic C-side traffic is about to be exhausted, and the industry is actively seeking changes. Currently, the growth rate of mobile Internet monthly active users in my country continues to decline, the incremental dividends of the Internet have faded, and the market is experiencing the second half of the Internet. On the one hand, there is an urgent need for the industry to expand upstream or internationalize. On the other hand, leading Internet companies have an urgent need to find new growth points, so they proposed the concept of industrial Internet, which is also the background for the emergence of industrial Internet finance.
Comparing the Internet industries in China and the United States, there are no industrial Internet giants in China. Comparing China and the United States, American industrial Internet companies account for half of the top 20 U.S. technology stocks. In comparison, China's GDP is about 70% of that of the United States, but the value of the U.S. industrial Internet technology stock market is 30 times that of China. There is no leading domestic industrial Internet giant. enterprise.
The Industrial Internet changes the way data is collected and circulated within the industry through the interconnection of various participants in the industry, and uses technologies such as blockchain to ensure the credibility of data and transactions within the industry, thereby Change the industrial value chain and enhance the value of each participant. The Industrial Internet fully embodies the value creation ability of data elements in the industry and enhances industrial value by mining the value of data elements. Specifically, it can be considered that the Industrial Internet comprehensively uses new generation technologies such as the Internet, AI, Internet of Things, big data, blockchain, and cloud computing to penetrate into all internal and external aspects of enterprise production, research and development, sales, etc., and strives to integrate every enterprise into Become an information-driven enterprise and connect to improve the overall efficiency of the industry.
?
Compared with the consumer Internet, the industrial Internet has obvious differences: for example, the industrial Internet is a multi-party collaboration in the industrial chain cluster to win, while the consumer Internet is a win-win situation. Eat; the value chain of the industrial Internet is more complex and longer, and the consumer Internet has a higher concentration; the profit model of the industrial Internet is to create value for the industry, improve efficiency, and save expenses. The profit of the consumer Internet usually first burns money for subsidies and then through economies of scale Or make money from value-added business, etc. Building the industrial Internet is a process of reshaping the industrial value chain. Every link in the industrial chain needs to be digitally upgraded. Industrial ecology is no longer just about turning raw materials into products in the traditional sense, but also processing "data" elements and turning data into products. become part of the product, and then expand the value space of the industrial chain through data products and services. In the process of developing the Industrial Internet, traditional industries must make bold changes, dare to abandon backward business models, upgrade and iterate organizational structures and organizational capabilities, improve internal collaboration efficiency, and serve digital transformation better and faster. These characteristics of the industrial Internet are the important foundation for the next development of financial technology and the basic direction of the digital transformation of traditional finance. It can be said that consumer Internet finance is only the initial stage of the development of science and technology finance, and industrial Internet finance is the main battlefield in the advanced stage of science and technology finance.
(2) The main body of financial technology development is industrial Internet finance
What is industrial Internet finance. There is currently no industry standard definition of industrial Internet finance. I believe that industrial Internet finance specifically refers to the collective term for institutions that provide financing services to small, medium and micro enterprises through financial technology based on the development of the industrial Internet. Currently, they are mainly supply chain finance and Internet based on industrial Internet services. Financial products (such as micro-industry loans), loan-assisted supermarkets and other forms may have new forms in the future as the industry develops.
The main connections and differences between industrial Internet finance and consumer finance are: industrial Internet finance is the penetration of consumer finance into the upstream industry. Industrial Internet finance uses enterprises as users and provides loan services based on production activities and operations. Consumer finance uses individuals as users and provides loan services based on daily life consumption as application scenarios.
The practical significance of industrial Internet finance is that it is expected to solve the financing problems of small and micro enterprises. Small and micro enterprises contribute 80% of the country's employment, 70% of patented inventions, more than 60% of GDP and more than 50% of tax revenue, and are of great significance in economic development. As of 2018, there were 93.18 million small and micro enterprises in China, accounting for 88%. The balance of small and micro loans is 33.5 trillion yuan, accounting for 37.6% of corporate loans. The allocation of financial resources is not reasonable enough. The practical significance of industrial Internet finance is that it is expected to change this situation.
In terms of supply, my country’s traditional banking industry cannot fully meet the financing needs of small and micro enterprises. As of the end of 2018, there were 134 city commercial banks and 1,427 rural commercial banks in my country, providing 13.22 trillion yuan in loans to small and micro enterprises, and the loan scale has grown rapidly, which is higher than the 11.67 trillion yuan for state-owned commercial banks and joint-stock banks. The main force in small and micro enterprise loans. But at the same time, the non-performing rate in the industry continues to rise. The non-performing rate in the rural commercial bank industry has reached a maximum of 4.29%. The high non-performing rate has forced banks to shrink credit and slow down the loan issuance of small and micro enterprises. Rural commercial banks and city commercial banks cannot completely solve the problem of small and micro enterprises. The financing needs of enterprises.
In terms of demand, the financial needs of real economy enterprises have been stratified since 2018, calling for new financial supplies to solve pain points. In December 2019, the notes receivable and accounts receivable of my country's industrial enterprises reached 17.4 trillion, a year-on-year increase of 4.5%. The real economy has strong financing needs. At the same time, due to credit stratification, small and micro enterprises have increasingly serious financing difficulties and expensive financing problems. Small and micro enterprises are long-tail customers in the financial industry. Due to problems such as insufficient collateral, poor credit qualifications, information asymmetry, and short life cycles, the cost of risk control for banks through traditional means is very high, resulting in a gap in the supply and demand of financial services for small and micro enterprises. Mismatch, this is the basis for the emergence of industrial Internet finance.
Various factors have superimposed on the iteration of financial technology technology reserves, and industrial Internet finance has emerged. Around 2016, with the application of blockchain, artificial intelligence, big data and other technologies to the financial industry, financial technology developed rapidly. Currently, traditional commercial banks, Internet banks, supply chain finance platforms, industrial Internet service providers and other institutions in the market are trying to The effectiveness of water C-side risk control technology on the B-side and the superposition of many factors have led to the emergence of industrial Internet finance, which is developing rapidly and constantly enriching.
Industrial Internet finance relies on the industrial Internet, and its value comes from the improvement of financial empowerment industry capabilities. Industrial Internet finance relies on industrial Internet services and is based on B-end business financing needs. The industry value comes from the improvement of financial empowerment industry capabilities. This is different from the value logic of C-end consumer finance to meet individual advanced consumption needs. The advantage of industrial Internet finance compared with the traditional financial supply system is that it closely integrates enterprise service data and financial services, and uses information flow to drive credit flow, thereby solving problems that cannot be solved by traditional financial supply.
Industrial Internet finance has five basic components. The basic components of industrial Internet finance are industrial chain, small, medium and micro enterprises, industrial Internet applications, financial technology and financial service institutions. I believe that the important nodes of the future industrial Internet finance industry are two parts: industrial Internet applications and financial technology, which is similar to C-side consumer finance.
?
Industrial Internet financial service providers have four advantages over traditional financial institutions.
Micro, small and medium-sized enterprises naturally have problems such as short life cycles, small business scales, few mortgage assets, and information asymmetry. In the past, my country's practice of city commercial banks and rural commercial banks serving local areas was not efficient enough and could not fully meet the financing needs of small, medium and micro enterprises. Compared with traditional financial institution services, industrial Internet finance can effectively solve problems such as customer acquisition costs, information islands, intelligent risk control, and approval efficiency.
?
The service goal of industrial Internet finance will focus on the financial market of small, medium and micro enterprises. First, industrial Internet finance can effectively solve the credit shortage caused by information asymmetry; second, in the informatization process of large enterprises, localization strategies are generally adopted, and industrial Internet providers provide customized services, and industrial big data is difficult to collect; third, Small, medium and micro enterprises have limited budgets and prefer low-cost or even free software. They are generally willing to accept standardized services, and service providers can obtain big data. Fourth, large enterprises have good credit, many financing methods and low costs, and have been covered by bank services. Small, medium and micro enterprises However, due to risk control reasons, it is still a blue ocean market.
Fintech capabilities are an issue that urgently needs to be verified and resolved in the industrial Internet finance industry. Due to the huge difference between B-side corporate legal persons and C-side natural persons, as well as the inherent short life cycle, insufficient collateral, information asymmetry and other problems of small, medium and micro enterprises, the most mature solution in the industry at present is to use core enterprises to make up for the credit of small, medium and micro enterprises. Supply chain finance; separated from core corporate credit, big data risk control based only on financial technology. The industry is currently undergoing feasibility verification, and some leading companies have achieved preliminary development (such as Weiye Loan), and will completely rely on financial technology in the future. The industrial Internet financial model still needs time to be verified.
Blockchain is a new bridge that solves the problem of funders trusting the underlying credit of small, medium and micro enterprises. In the past, information asymmetry between small, medium and micro enterprises and traditional financial institutions was a major problem in the industry. The emergence of blockchain can add a new bridge between the underlying credit and financial institutions of small, medium and micro enterprises (such as solving the problems of bill circulation, duplicate pledge of warehouse receipts, etc.), and effectively solve the contradiction between the supply and demand of funds. Currently, under the guidance of the government, various Cross-border financial platforms and trade financing platforms based on blockchain are developing rapidly.
SaaS and PaaS/IaaS are effective means to assist in solving the last mile problem. After the risk control issues of industrial Internet finance are effectively resolved, customer acquisition problems will gradually arise. Since B-end customers are exclusive in using industrial Internet applications, it is important to accumulate high-quality customers in the early stage of the industry. Industrial Internet finance integrates industrial Internet services into the industrial chain, assists the development of small and micro enterprises while obtaining industrial big data, and can effectively solve the last mile problem of information, thereby accurately finding "qualified borrowers" among small, medium and micro enterprises.
Industrial Internet finance upgraded based on supply chain finance has the best foundation. The underlying logic of finance is credit. The essence of traditional supply chain finance is to compensate for the credit of small, medium and micro enterprises upstream and downstream of the industrial chain through the credit of core enterprises. However, in reality, it is difficult to integrate the four streams (capital flow, information flow, logistics, and business flow). Restrict the development of the industry.
Since the supply chain finance industry has existed for a long time, the industry service model and financial products have been relatively mature, and many core enterprises, commercial banks, and supply chain finance platforms are exploring financial technology. Therefore, the development foundation is the most mature. good.
?
The above figure takes supply chain finance as an example. The development of supply chain finance in the past thirty years has gone through three stages:
Supply chain finance 1.0 is a sponsoring bank model. Banks and enterprises have a point-to-point connection relationship, but the sponsoring bank regards the upstream and downstream of the supply chain as the entire chain. to carry out business without actually participating in supply chain operations;
Supply chain finance 2.0 is a core enterprise-led model. Under this model, core enterprises can manage accounts receivable and payables in the supply chain. Accounts, warehouse receipts and other information can be effectively controlled, and banks can then provide services to various entities in the supply chain based on this information, thus greatly improving the efficiency and effectiveness of financial services;
Supply Chain Finance 3.0 is a digital financial model , using big data, Internet of Things, artificial intelligence, blockchain and other technologies to obtain the dynamics and digital credit of enterprises in each industrial chain throughout the entire supply chain.
At this time, the supply chain ecosystem will be connected to each other, transactions will be completely transparent and credible, and capital flows will be clearly visible. Supply chain finance at this stage will be intelligent, digital, and extremely efficient, greatly improving financing convenience and Risk control level. Supply chain finance 3.0 is the new ecosystem of financial technology in this field.
Supply chain finance 4.0 is industrial Internet finance based on the industrial Internet ecology and is the most imaginative development trend in the future. The most attractive thing about industrial Internet finance based on the industrial Internet service ecology is that in the future, there will be opportunities to establish portraits of corporate legal persons, especially small, medium and micro enterprises, like natural persons across the country and provide financial services, ultimately forming the concept of supply chain finance. Version 4.0.
The upgrading of supply chain finance and industrial Internet finance are marked by changes in risk control methods. Supply chain finance generally focuses on three points in risk control, namely the authenticity of trade, the self-compensation of funds and the controllability of transactions. According to institutional research, the current risk control methods of supply chain finance in my country are still dominated by traditional risk control methods, and the application of information-based risk control technologies such as blockchain, Internet of Things, and big data is still relatively small. I believe that the sign of industry transformation and upgrading is Transformation of risk control methods.
?