After meeting Chen Shaojie, Zhang Yida then met with Fan Hongyang and Fang Yuhan, and asked about the latest P2P liquidation situation.
"We are only issuing a small number of bids now, and the yield has also dropped significantly, but the supply is still in short supply, and users often wait for time to grab bids."
When Fan Hongyang said this, he was also very sad.
I think back then, in order to grab customers, various platforms kept stuffing various interest rate coupons into user accounts, and bonuses were reduced for every investment.
Now it's good, the 6% rate of return is just that much, there are no other benefits, but users have not lost their enthusiasm at all.
"We can't compare to Yimin Wangjin."
Fang Yuhan smiled and said, "You are a well-known platform with high independent traffic.
We are different. Didi has completely stopped cooperating with us. In half a year, the balance to be collected has dropped to only 30 billion."
Zhang Yida asked Fan Hongyang: "What's going on? Users still have illusions about P2P. Didn't they see such a big thunderstorm half a year ago?"
Fan Hongyang smiled and said: "After all, nothing happened to our platform, right? And with Mr. Zhang as your solid backing, users feel very confident about our platform.
There are not many P2P platforms on the market now, and no more than 200 are still operating normally.
Ordinary Chinese people lack investment channels, so our platform has become one of the first choices for investment."
Zhang Yida was also convinced by this explanation. Sometimes Chinese people just follow the crowd too much and lack the ability to make independent judgments.
P2P is no longer viable. I haven’t understood this yet. No wonder scammers are so rampant and succeed every time.
But that’s fine, the replacement of Yimin Wangjin’s funding sources is still in progress, and a certain amount of funding is still needed to supplement it.
"Yimin Financial Management still has 80 billion to be collected, and Ruimin Financial Management still has 30 billion to be collected."
Zhang Yida paused and said, "Before June next year, Yimin Financial Management must reduce the amount to be collected to 60 billion, and Ruimin Financial Management must reduce it to 20 billion."
He looked at Fan and Fang and asked, "Is this okay?"
"We have no problem. At present, Ruimin Financial Management is almost the same as ceasing operations. User funds can only be withdrawn but cannot be withdrawn.
Xinglongdai’s funding sources have all been replaced by banks and trusts, and it no longer relies on any P2P funding.”
Fang Yuhan answered very decisively that the business direction of Ruixin Group has been adjusted for a long time. Corporate credit reporting and corporate finance are the key development directions, and certain results have been achieved so far.
Even if all P2P businesses are stopped, the impact on Ruixin Group will not be significant.
Zhang Yida nodded slightly, P2P business did not account for a high proportion in Ruixin Group, so it would be easier to adjust.
He looked at Fan Hongyang again and asked, "What about you?"
Fan Hongyang gritted his teeth and said, "We are in some trouble, the ship is too big to turn around.
Currently, the newly added loan assets are split equally between P2P funds and licensed financial institution funds.
It will not be a big problem to digest P2P assets to 60 billion by the middle of next year, but it will be troublesome to return the business scale to its peak in June last year."
Zhang Yida waved his hand, "It doesn't matter if we can't return to our peak period. You need to eliminate the risks of P2P assets first."
Thinking that Fang Yuhan was not an outsider, and that there was no conflict between the Ruixin and Yimin online financial businesses, Zhang Yida said again: "If you don't eliminate P2P risks, you will never get a consumer finance license."
Fan Hongyang nodded, "I know this, and I will definitely do my best to give it to you."
Zhang Yida said no more and did not continue the topic. Instead, he asked about the development of overseas business.
“Similar to Yimindai, it has now entered the Indian market and has established a firm foothold.
Next we plan to focus on Africa, Eastern Europe and Latin America."
Although the P2P business has encountered setbacks in China, Yimin Wangjin has also acquired banks in Indonesia and established branches in many Southeast Asian countries and India.
The most important thing is that Yimin Internet Finance has an operating profit of US$400 million this year, plus US$500 million in dividends from Ruixiang Industrial Fund, and there are more than US$2 billion in funds on the account. Fan Hongyang feels that Yimin Network Finance will acquire two more companies.
Any bank is fine.
Zhang Yida laughed. I wonder if the CEOs under him are influenced by him. They think about expansion every day and do business all over the world.
The three regions selected by Fan Hongyang are all relatively backward economically and are suitable for carrying out loan sharking business disguised as financial technology.
Regions like Western Europe and North America have very developed banking industries, but are not suitable for such business.
Anyway, Zhang Yida heard that some people went to Nigeria, Ukraine, Brazil and other regions to lend money. Even in Mexico, he heard that there were bold Chinese teams taking risks.
For money, you can really risk everything.
Seeing that Zhang Yida was in a good mood, Fan Hongyang took advantage of the situation and proposed his own idea of acquiring the bank.
After Zhang Yida heard this, he thought carefully.
"The acquisition of banks can be slowed down, and Yimin (Indonesia) Bank can be allowed to open one or two branches in India, Africa and other regions."
Zhang Yida smiled again and said, "Are you doing this because you want to build an international banking group?"
Fan Hongyang really had this idea. He smiled and said, "I actually want Yimin Bank to enter China as a foreign bank?"
Although the major shareholder of Yimin Bank is Yimin Wangjin, it is registered in the Cayman Islands. It is not wrong to say that it is a foreign capital.
"You reminded me that Yimin Bank can really expand with Yimin Wangjin. In addition to lending to local people, it can also provide some services to Chinese-funded enterprises.
There is indeed a need to open a branch in China to open up this service chain."
Zhang Yida was thinking about the recent rumors that the country would further relax the opening up of the financial industry to foreign investment.
If you want to invest in joint-stock banks, city commercial banks, rural commercial banks, or private capital, you can do so, but each has its own restrictions.
Minsheng Bank and Ping An Bank are the only two joint-stock banks controlled by private capital, so he can't get involved. He can buy individual shares and become a director, but he is just a financial investment shareholder.
City commercial banks and rural commercial banks have somewhat limited business scope and have a lot of bad debts.
"Then after the New Year, I will go to India, Africa and other places?"
Fan Hongyang asked tentatively. He now understands that lending is always a small business and requires obtaining the corresponding local license. It is better to just develop banking business.
It’s just that bank concept stocks are a bit unsexy, which directly transformed Yimin Wangjin from a technology company into a traditional company.
However, Yimin Wangjin also has a lot of technologies that can be used in the bank's risk control and operations. It is enough for Yimin Wangjin to do a good job in retail business.
Moreover, Yimin Bank is only a holding subsidiary of Yimin Wangjin. In addition to Yimin Bank, Yimin Wangjin can also carry out other businesses, such as domestic consumer finance business.
"Well, go ahead. You can go and take a look first to understand the local restrictions on foreign investment and whether it is suitable for launching related businesses."
Zhang Yida also feels that some of the businesses of Yimin Wangjin overlap with those of Ruixiang and Yimin Dai, so it is actually a good choice to go all out to promote the development of banking business.