Zhuang Chuguang, the former CEO of Yimin Puhui in Bank, led the way and introduced various departments of the company and business development status to Zhang Yida and Huang Xiwen who were traveling with him.
He Qingxuan and other entourage, as well as Huang Xiwen's young and beautiful Chinese female secretary, followed closely behind Zhang and Huang.
Arriving at the open office area, Zhuang Chuguang introduced with a smile: "These are the operations department and the technology department, which are also the two departments with the largest number of people in the company.
Several smaller and more private departments such as finance, human resources, and legal affairs are located in several independent offices on the other side of the office building on this floor."
Huang Xiwen frowned when he looked at the open office area with only a few square meters of workstation area per person and the simple and elegant decoration.
Compared with their Danamas, this place is too crowded and shabby.
Although Huang Xiwen only frowned for a moment and then relaxed, this subtle movement was still captured by Zhuang Cuguang.
Zhuang Chuguang knew that this was Mr. Zhang's friend and a disciple of the Jinguang Group. Although he was a little unhappy, he still smiled and explained to Huang Xiwen:
"Mr. Huang, the company is so shabby that it makes you laugh.
Yimin bank has not yet made a profit, so we spend as little as possible on all expenditures.
In the company, apart from me, only a few directors have independent offices.
Supervisors and managers work in open office areas with lower-level employees.
In China, this kind of arrangement is completely normal.
Starting a business is difficult, and money must be spent wisely, and our group also advocates this practical style the most."
After hearing this, Huang Xiwen said with a look of shame: "You are a listed company, an Internet financial giant with a market value of five to six billion US dollars, and yet you are so pragmatic.
Compared with you, Danamas is indeed too extravagant and wasteful.
After all, we are a startup company. We really need to take a good look at ourselves.”
Huang Xiwen smiled at Zhang Yida and said, "I really learned something from this trip."
“The rent of office buildings in Jakarta is not much cheaper than that in the capital. Wouldn’t it be more worthwhile to use the saved rent and renovation costs for activities to attract new employees, or to give more bonuses to employees?
Although Yimin Wangjin is listed on the market, it is far from the end. It can even be regarded as a new .asxs..
We have always regarded ourselves as a start-up company and have always maintained this good pragmatic style internally.
If everyone and every work link could be like this, the annual savings would be a huge amount of money.
These funds will not all go into the pockets of shareholders. On the contrary, I prefer to use the saved expenses to pay bonuses and benefits to employees.
This also reflects our company’s “people-oriented” principle and purpose.”
Huang Xiwen gave Zhang Yida a thumbs up and complimented: "This is about changing from an entrepreneur to an entrepreneur! Be taught and taught."
Zhang Yida ignored Huang Xiwen's teasing, looked at the lobby where most of the employees were dark-skinned indigenous employees, and asked Zhuang Chuguang: "Are many of the employees Indonesians?"
Zhuang Chuguang smiled and said: "This is also due to cost considerations. Core positions such as risk control and management are basically dispatched from the China headquarters.
Low-end positions are all recruited from Indonesia."
Zhang Yida blinked in agreement. He also knew how big the gap in labor costs between the two countries was.
A programmer with a monthly salary of RMB 15,000 in Beijing will be sent to Indonesia and his salary will be doubled.
Recruiting a programmer for the same position in Indonesia costs up to 5,000 to 6,000 yuan.
The starting salary for local university graduates in Indonesia is only RMB 2,500-3,000. It takes several years after graduation to get the salary to RMB 5,000 to 6,000.
Judging from the two aspects, it is not difficult to understand Zhuang Chuguang's choice. Unless it is a high-level position that cannot be recruited locally in Indonesia, Yimin Bank will recruit from China.
A group of people came to the conference room of Yimin bank. Zhuang Chuguang turned on the projector and explained the PPT.
"Yimin bank has both a capital side and an asset side. Customer profiles on the capital side show that most of the participants in online financial management are middle class, and their occupations are mainly doctors and lawyers...
However, because the number of lenders is scarce and the amount of investment is low, the supply of funds has always been a big problem.
At the same time, the acceptance of online financial management in Indonesia is far less than that in China. Because local bank cards and credit card coverage are extremely low, there are fully 150 million people, which is about 60% of the country's population, without bank accounts.
In addition, Indonesian people have not experienced being fully covered by large third-party online payment platforms, and lack the development stage of online financial management needs.
In other words, Indonesia’s Internet financial facilities are imperfect, lack bank card coverage, lack national-level payment applications, and lack monetary funds such as “Ling Qian Bao”.”
Zhang Yida leaned on his chair and rubbed his eyebrows with his hand. The mutual financial business environment in Indonesia is so bad.
If you want to be rich, you have to build roads first. So RPay came and helped its little brother Yimin Bank take on the responsibility of pioneering the road.
Huang Xiwen also listened with interest and said: "Danamas has also encountered all the problems you have encountered.
It’s just that we don’t have P2P companies in China, so the perception is not as obvious as yours.”
"So, if we want to make money in this industry, we must work together to build RPay first." Zhang Yida turned to Huang Xiwen and said.
"Yes, that should be the case!" Huang Xiwen nodded in approval.
"Then let me talk about the assets side!" Huang Xiwen flipped the PPT controller in his hand, turned the PPT page, and said:
“On the asset side, we are currently cooperating with another major shareholder, the e-commerce platform pak, to develop it. It is similar to Huabei of domestic Leech Financial and Baitiao of Goudong. It is a credit payment product.
To this end, pak has set up a data analysis department to provide us with multiple dimensions of user shopping information, address, education and other information.
The people we grant credit to are all highly educated people with stable jobs and incomes.
At present, asset quality is performing well, but there are also many potential problems.
The first is the scale of assets. We are completely limited by the growth rate of pak. As it grows, our credit payment products can grow accordingly.
If pak's development suffers a setback, it will have a huge impact on our credit payment products.
Also, half of the operating profit of the credit payment product is given to pak, and the profit left to us is not enough for operating costs.
We have calculated that the monthly loan amount must reach more than RMB 100 million before we can achieve breakeven.
If we develop the asset side alone, we will also face many problems.
For example, the system related to credit reporting data is very imperfect in Indonesia. For example, the real-name system for mobile phone numbers and the third-generation ID card have not yet been implemented, and credit reporting data lacks diversity.
If you rashly get involved in other assets, you may have to pay a lot of tuition.
However, there is no solution. The Indonesian Financial Supervisory Authority OJK stipulates that the daily interest rate cannot be higher than 8%.
If we lend according to this interest rate, we can make a profit even if the bad debts reach 50%."
Both Zhang Yida and Huang Xiwen were startled. The former asked: "Zhoucao, the annual interest rate is nearly 300%. But OJK requires that the maximum interest and penalty cannot exceed 100% of the loan principal?"
Zhuang Chuguang touched his nose and said with a smile: "This is simple. We only make products for 7-30 days, and the interest and penalty interest will not exceed 1 times the principal."
He sighed helplessly and said: "There is nothing we can do about such a high interest rate. We must use high profits to offset high bad debts.
The situation in Indonesia is much more complicated than in China, and risk control is basically ineffective here.
You can only play with probability!"
Huang Xiwen interjected and said: "For seven-day products, calculated based on the interest rate of 8/1000, it is only 5.6%. If half of the bad debts occur, it will not be a loss of 44.4% of the principal."
Zhuang Chuguang shook his head and said, "That's not what you calculated. What you calculated was the cumulative bad debt rate.
If 50% of the first tranche of loans is bad, the platform will be wiped out.
Moreover, the product is not only for 7 days. Calculated based on 30 days, the monthly interest rate is 24%, which can cover a one-time 20% bad debt.
According to data from domestic peers, the repayment rate of borrowers' previous loans is still very high, basically above 90%, and can reach 95%.
After each installment of the loan is recovered, the profits generated can be invested again, just like a snowball growing bigger and bigger.”
Huang Xiwen was a little moved and asked: "Then how do you solve the problem of funds?"
Zhuang Chuguang thought for a while and said: "Part of the money raised by the parent company's listing has not entered the country and is stored abroad, which can avoid domestic foreign exchange controls."
"If you are short of funds, you can cooperate with our International Bank Indonesia."
After Huang Xiwen finished speaking, he turned to look at Zhang Yida and asked, "What's wrong with you? You haven't spoken a word."
Only then did Zhang Yida come back to his senses. He had just been distracted and had been thinking about the business model proposed by Zhuang Chuguang.
This set of interest rates is illegal in China.
In Indonesia, it is an absolute conscience platform.
Zhang Yida looked up at Zhuang Chuguang again and said: "Since you want to give it a try, then go ahead. Use your own funds to test the waters first!
After the model runs smoothly, we will cooperate with local banks in Indonesia."
Zhuang Chuguang said: "Okay, then I will let the technology build a cash loan platform."
"Promotion, what are you going to do?" Zhang Yida asked again.
“You can place ads on Google and Facebook to attract traffic.”
Zhuang Chuguang has been in Indonesia for almost half a year and knows that there are no Internet giants in the country. All American Internet companies are vying for territory here, and the traffic is also concentrated in the hands of these giants.
"However, you should pay attention to one issue. Do not read user address books and text messages. This involves user privacy and is a big minefield abroad.
Also, never use violent collection methods. Just lend money slowly and build up the risk control model bit by bit."
Zhang Yida warned again, turned to look at Huang Xiwen who was hesitant to speak, and asked:
"What? Mr. Huang, do you also want to do this cash loan?"
"Yes." Huang Xiwen was a little embarrassed and said, "Can you teach me?"
"Then you should ask Mr. Zhuang for advice, he is an expert."
Zhuang Chuguang patted his chest and said that it was no problem, and he would be taught and taught until he learned it.