The Second Wuzhen Internet Conference was held, and Zhang Yida was also invited to attend.
At the meeting, Zhang Yida delivered a keynote speech on "Compliance Development of Internet Finance".
Looking at the crowd of reporters and guests, Zhang Yida stood on the podium and began to speak:
"Internet finance, as one of the branches of the Internet, has achieved rapid development in recent years. But at the same time, many problems have also been exposed.
For example: barbaric growth, illegal fund-raising, bankruptcies and runaways..."
The expressions of the reporters in the audience were very exciting, thinking: As expected of young people! Shared bicycles have finished releasing hot news, and Internet Finance has started to release hot news again.
I like this kind of entrepreneur. He is very topical and has news that can be featured.
Similarly, some Internet financial entrepreneurs in the audience are not so happy.
They thought that if Zhang Yida called for supervision, he would cut off his own financial path!
Isn't it bad for the industry to grow wildly? You must find a guardian for yourself to control it.
Regardless of what others think, Zhang Yida continued: “The state has always supported financial innovation. Internet financial entrepreneurs must be worthy of this support and the trust of users.
I call on regulatory agencies to take action and launch a "bank fund custody" policy.
All inflows and outflows of funds in the P2P industry must go through bank deposit accounts.
P2P companies insist on information matching and do not touch users’ funds..."
A reporter asked: "Mr. Zhang, if you launch a bank depository account, will it increase the operating costs of Internet financial companies?"
Zhang Yida nodded and said: "It is certain that there will be a certain increase in operating costs. But Internet financial entrepreneurship is no different than other businesses. Once something goes wrong, it will have a great impact on society.
For example: a user invested all his wealth into a P2P platform. However, the P2P platform failed due to poor management and went bankrupt.
So this user has lost all his savings, what should he do with his future life? What should he do if he loses his job, his family is sick, and he needs money urgently?
The introduction of bank fund depository is not only responsible for users, but also improves the ability of Internet financial companies to resist risks."
"Can bank fund custody improve the risk resistance of Internet financial companies?"
The reporter expressed doubts about this and asked again.
Zhang Yida originally didn't want to speak too clearly, but when he saw that the stubborn reporter was asking questions again, he continued:
“The so-called bank fund custody is to open a bank account for both the lender and the borrower of the P2P enterprise.
The lender's funds are directly released to the borrower through the bank deposit account without going through the P2P enterprise.
The borrower's repayment is also returned to the corresponding bank deposit account, and the bank transfers it to the lender.
P2P companies are only responsible for matching information between lenders and borrowers and do not touch anyone's funds.
There is no guarantee that every entrepreneur has noble moral character and will not be greedy or embezzled when faced with huge amounts of money.
This kind of supervision method can isolate risks and ensure the interests of users."
Another reporter asked: "Mr. Zhang, if you operate like this, where will the platform's profits be reflected?"
"Collect handling fees and charge a certain percentage of handling fees from both lenders and borrowers for daily operations of the platform."
The reporter added: “This model has been verified by Paishoudai earlier!
In the end, Paishoudai compromised. The fee-based model proved unworkable in China.
Moreover, in this model, the lender bears its own risks and is responsible for its profits and losses.
Mr. Zhang, what do you think?"
Zhang Yida naturally knows that Paishoudai, the originator of P2P in China, failed, but he does not think that there is a problem with the model, but mainly because of the lack of China’s credit system.
He continued to answer: "The reason for the failure is that the domestic credit system is not perfect enough, and the borrower data provided by Paishoudai for lenders' reference was too little.
I believe that the platform must shoulder a certain responsibility and first use the risk control system to filter out some customers with poor qualifications.
Customers who pass the risk control system are then pushed to the lender.
In addition, after the borrower defaults, the platform must also help the lender with collection."
Most of the Internet financial entrepreneurs in the audience were very disdainful of Zhang Yida's speech. The information matching model is a dead end. Who would dare to try it?
When they think about it, you, Zhang Yida, have gone so far as to say that Yimin Wangjin has not also adopted the "credit matching" model.
Maybe user funds were misappropriated to run ads in the early days. Otherwise, how can we explain that in just two years, it was listed on Nasdaq?
Now that you, Zhang Yida, have gone ashore and washed away all the filth on your body, you are now laughing at us.
If you start a business in Internet finance and have a huge amount of capital but don't know how to use it, it will be a waste of money.
Now is a time of great competition. Everyone is competing for users, desperately investing in advertising, making subsidies, and increasing scale.
In this case, whoever falls one step behind will be doomed.
It’s not a big deal to misappropriate user funds to invest in some advertising. After raising the funds, why not just fill in the holes?
Compared to those Ponzi schemes, what do I mean?
Zhang Yida's words sounded like fart to them.
Zhang Yida himself knows that his words will not only have no positive effect but may even have a negative effect when heard by many colleagues.
Money moves people's hearts!
This is an industry that is too close to money! Taking money tests a person's character.
…
night.
Jinyi Inn.
Zhang Yida was invited by Bonima to attend a dinner party hosted by a group of Internet tycoons.
There are many guests, including Qiandu Robin Li, Penguin Bonima, Sohu Charles Zhang, Pig Factory Ding Sanshi, Sina Cao Guowei, Lenovo Yang Yuanqing, Ctrip Liang Jianzhang...
Counting Zhang Yida, there were twelve people in total.
"Come on, Yida, sit over here."
As soon as Zhang Yida entered the door, he saw Bonima waving to him.
Zhang Yida greeted the bosses one by one before sitting down next to Bonima.
"Yida, today I said you fired a cannon at the conference?"
Charles Zhang who spoke, Sohu also has a P2P company called Soyidai, which is a peer of Zhang Yida.
"This is a warning to everyone! The good days are coming to an end. In no more than two years at most, there will be a strong regulatory storm."
Zhang Yida filled the bottle with liquor, clinked a glass with Charles Zhang, and said.
"Holy shit. Is it so scary? Our pig factory is just preparing to enter this industry, and this is what we do."
Ding Sanshi glanced at Zhang Yida in surprise, his eyes full of suspicion.
Zhang Yida chuckled lightly and thought, that's all. Believe it or not, it's up to you.
Especially Pig Factory, which has a lot of troubles in Internet finance, is not as good as Sohu.
"Come, come, come and eat some of our home-raised Weiyang pigs. The meat is fresh and tender. It is definitely top quality."
Ding Sanshi was the one who entertained the guests, so he quickly greeted the guests to eat.
Zhang Yida took a chopstick and it felt very ordinary! It was not much different from ordinary pork.
"This pork is good! When you go back, pack two kilograms."
Charles Zhang praised.
"Haven't you been keeping in good health lately? Can you eat meat?"
Zhang Sanshi from Gaoling Capital asked Charles Zhang with a smile.
“Preserving health is about maintaining health, and you still have to eat pork. If you don’t eat enough, how can you have the energy to maintain your health?
Let me tell you, I recently met another health guru..."
As soon as Charles Zhang heard about health preservation, he immediately became energetic and began to preach continuously.
"I'm telling you, when we reach our age, we can really start to maintain health."
Zhang Yida looked at Charles Zhang in confusion, who scratched his hair and said: "You are an exception. You are still young, I envy you! You can still be as chic as you want."
Bonima filled up the wine for Zhang Yida and said: "Come, drink. This is the first time I drink with you Yida. I will be happy today."
This is the Shaoxing rice wine that Lao Ding specially prepared for everyone. I can’t live up to his kindness, so I want to drink it all for him.”
Zhang Yida has long heard that Bonima is a good drinker, and it seems that the rumors are true!
"Yida. I heard that you recently set up a family office?"
Robin Lee asked.
"Yes, it can be considered a business attempt! The multi-family office is owned by Yimin Wealth.
Senior brother, come and join us too!"
Although Robin Li is Zhang Yida's senior brother, Zhang Yida doesn't have much interaction with him.
Earlier, when Huayi Capital was raising funds, it asked the other party to invest US$2 million. We didn't have much dealings with it after that.
Zhang Yida is actually quite grateful to the other party, but he really doesn't have any business contacts, so he doesn't have much contact with him.
"Okay! I'll join in too."
Robin Li said with a smile that he had indeed misjudged Zhang Yida earlier.
First of all, when Huayi Capital raised funds, it only invested US$2 million, which was too little.
Huayi Capital has already become famous in the venture capital circle through its successful projects such as Toutiao, Didi, Magnesium Group, and Huimin Travel.
In addition, there are several unicorns in the Internet companies owned by Zhang Yida. Logically speaking, his relationship with Zhang Yida should be closer, but in the end he did not invest in any of the projects.
Robin Li now regrets that he missed many investment opportunities.
So he planned to participate in Zhang Yida's multi-family office and build closer relationships.
"Okay, that's settled!"
Since Robin Li wants to join the multi-family office, Zhang Yida naturally has no reason to extrapolate. There is strength when there are more people!
"Yida, are you involved in family offices? It's so amazing. You have made every industry prosperous thanks to your involvement."
Cao Guowei and Zhang Yida are not very familiar with each other. They have only met on several forums. After hearing the conversation between Robin Li and Zhang Yida, he couldn't help but sigh.
"Yeah, look, Internet finance, bike sharing, pet e-commerce, social e-commerce, wealth management... there are a lot of crossovers!"
Yang Yuanqing began to inventory the industry for Zhang Yida.
"But in fact, in summary, there are two major industries, the Internet and finance. It's just that there are a lot of upstream and downstream layouts."
Liang Jianzhang quickly defined it. He and Shen Beipeng had started a business together and often heard the latter mention Zhang Yida, so he still knew a little about Zhang Yida.
"You're young! Just do it if you have to! Come on, Yida, have a drink. I wish you a bright future."
Shen Beipeng raised a glass of congratulations.
As soon as Shen Beipeng opened his mouth, Zhang Sanshi, who had also placed a heavy bet on Zhang Yida, also raised a glass of congratulations:
"Come on! Yida, I wish you another glorious chapter."
Several other big guys also congratulated each other. Zhang Yida had little competition with them, so the more he looked at Zhang Yida, the more pleasing he became.
Zhang Yida drank one cup after another, being drunk by several big guys until he was dizzy and his face was red.
"Come on, let's take a photo together!"
Yang Yuanqing took out his Lenovo mobile phone and took a photo with everyone.
Everyone chatted while drinking, discussing some interesting things about the Internet and what opportunities they had missed in starting a business in the past.
After having enough wine and food, Lei Jun arrived late.
Everyone talked together for a long time, and then they left and dispersed.