Ruixiang's investment in Hantai Fund was quickly approved by the China Securities Regulatory Commission through Hu Gang's operation, and he officially became the second largest shareholder of the fund company, accounting for 49% of the shares.
With 2 Internet small loan licenses, 1 insurance agency license, 1 fund sales license, plus half a public fund license, Ruixiang has basically obtained all the financial licenses needed for subsequent development.
With the license in place, Ruixiang also began to develop financial products under Zhang Yida's will.
The first is the insurance supermarket and fund supermarket sectors, which like the loan supermarket have access to many products from external insurance companies and fund companies.
Ruixiang Technology is responsible for guiding traffic and providing financial services to insurance companies and fund companies. The purpose of this is also very simple, to provide users with richer and more comprehensive financial products, which users can freely choose to purchase.
Two Internet small loan licenses serve as the operating entities of "Touronghui Wallet" and "Toulonghui IOU" respectively.
As an "offline consumption installment" product, Touronghui Wallet is provided with reference data by Mung Bean Credit, and the first batch of 100,000 users with the best qualifications are selected from Ruixiang Group's hundreds of millions of users to open quotas.
This limit cannot be withdrawn and can only be used for consumption at Mobao Pay offline cooperative merchants. The consumption limit can be repaid in 3, 6, or 12 installments, with interest rates ranging from 12% to 24%.
Mungdou Credit also provides a user whitelist for TouRongHui IOU, with 100,000 places open for the first phase.
The daily borrowing interest rate ranges from 1.5 to 6 ten thousandths, and risk pricing is different depending on the customer's qualifications.
You can borrow in four installments of 3, 6, 9, and 12 months, or you can repay in advance, with interest calculated on a daily basis.
All loan funds are provided by two Internet small loan companies, each of which has deliberately increased its registered capital to 300 million.
600 million in funds, and credit granted to 200,000 users. Logically speaking, the average credit grant is 3,000 yuan.
But it is impossible for all users to borrow all the money in the same period of time. Therefore, the credit limit has been doubled, and the average credit limit per user is 6,000 yuan.
These 200,000 users are the best-qualified users selected by Ruixiang Jinke Group from hundreds of millions of users, and are lent by the company's own funds.
The early stage is an observation period, observing whether there are loopholes in the product, as well as the user overdue rate and bad debt rate.
After all processes are on track, the two Internet small loan companies under Ruixiang Group can introduce funds from licensed financial institutions such as banks, trusts, insurance, and consumer finance to jointly issue loans.
Hantai Fund Company and Ruixiang launched a currency fund, "Lingqianbao".
Lingqianbao was put on the shelves in the most conspicuous position in Ruixiang's major apps and began to attract users with all its strength.
As a currency fund, it can be withdrawn and deposited at any time, which is quite convenient. The yield rate is not worse than that of currency funds such as Yu'e Bao, which fluctuates between 4% and 5%.
Once it went online, it immediately triggered a buying frenzy.
…
When Ge Erping went to the supermarket to buy things today, he found that he had forgotten to bring his wallet. He only used the money in his bank card to pay off his credit card, but he had not replenished the funds in time.
Ge Erping was a little anxious, and the aunt at the cashier said mercilessly:
"I've been standing here for a long time, young man, do you still want to buy something? If not, don't block the customers behind you."
"I want to buy, I want to buy, but I forgot to bring my wallet." With a smile on his face, Ge Erping hurriedly got out of the way and stood aside.
"Dong" the phone rang. Ge Erping took a look and saw that it was a pop-up message from the Touronghui APP.
"Congratulations on getting a 10,000 yuan quota from Touronghui Wallet, which can only be used by Mobao Pay partner merchants."
Ge Erping hurriedly clicked on the message and went in to learn more about the product.
"It turns out it's the consumption installment limit!" Ge Erping understood, and Rui asked the company to lend him money. This money cannot be withdrawn to the bank card and can only be used for consumption.
Approaching the cashier, Ge Erping smiled and said:
"Sister, do you have any cooperation with Mobao Pay? It's the QR code scanning payment."
"Okay, they're all here. I don't know which one you're talking about?" the cashier said, pointing to the rows of QR codes posted next to the cashier.
Ge Erping went over to take a look and saw that there were Alipay, WeChat Pay, and Magic Pay.
Ge Erping quickly opened the code scanning tool in the upper right corner of the Touronghui APP, scanned the QR code, and many options popped up.
"Balance payment"
"Pay with Coin Pay"
"Bank card payment"
"Toulonghui Wallet Payment"
Ge Erping clicked on the Touronghui wallet payment option, then entered the transaction password, and then a payment success message was displayed.
Ge Erping quickly showed it to the cashier to see the successful payment interface, and said excitedly:
"Sister, you see the payment was successful."
The cashier aunt hurriedly checked the statement in the background, confirmed that the payment had been received, and nodded to release it.
Ge Erping happily walked out of the supermarket carrying a large bag of things, humming a little tune in his mouth, and said to himself:
"Thanks to Touronghui for giving me a 10,000 yuan spending limit today! Otherwise, I would have lost my life. I'm afraid I would have to call someone for help."
After returning home, Ge Erping studied the Touronghui APP again and found that many functions had been added.
“Damn it, you can also buy funds and insurance. There are so many products!
Hey, there is also a label classification, currency fund income ranking list, hybrid fund income ranking list, stock fund income ranking list...
The insurance is also very comprehensive, including car insurance, life insurance, universal insurance, critical illness insurance, minor illness insurance, children's insurance..."
Ge Erping found that the investment and financing products were too complete. In addition to stocks, basically all other financial products were available, including financial management, loans, insurance, funds...
Ge Erping recharged 10,000 yuan into his coin treasure, intending to use it for daily expenses. Otherwise, he would be embarrassed again if he didn't bring his wallet one day and the card would be empty.
…
Pang Lei reported to Jack Mahui:
"Mr. Ma and Ruixiang Jinke have begun to deploy wealth management and consumer credit. Together with personal credit management and mobile payment, they are almost plagiarizing and imitating our Leech Financial Service in all aspects."
Jack Ma waved his hand to indicate it was okay and said with a smile:
"The financial market is huge, and we alone can't do it all. Just remember that as long as we occupy an absolute market share in mobile payment, other companies will not be able to make waves."
Pang Lei nodded and said, "I understand Mr. Ma. Almost all of the online payment traffic is tightly controlled by us and Penguin.
Ruixiang can only switch to offline operations. I heard that offline subsidies are very fierce and have seized a lot of markets. How should we respond? Should we also increase subsidies?"
Jack Ma pinched his chin and then said:
“Leechie Financial is backed by Ali and has huge e-commerce traffic as its base. Penguin controls social networking and also has its base.
Rui Xiangnan? After raising hundreds of millions of dollars, the sky is high.
Let them subsidize, and when they can no longer hold on, it's time for us to take action and kill them with one blow.
Let him be strong, let him be strong, the breeze will blow on the hills!
Let him do whatever he wants, and the bright moon will shine on the river!"
Jack Ma loves martial arts and recited two lines of poetry unconsciously.
Pang Lei couldn't stop snickering, this Mr. Ma is obsessed with martial arts.
She also understood what Mr. Ma meant, which was to let Ruixiang run rampant for a few days first. No matter how much user subsidies were provided, it would be a rootless foundation without its own base.
When the subsidies stop and the funds can no longer hold on, it’s time for Leech Financial to enter the market and fight back.
Reverse thinking, this is very Mr. Ma.
Jackma said again:
“Ari will be launched in the United States next month, and we can’t just focus on the domestic market.
Leech Financial Services Group will begin independent financing next year, and we need to take a longer-term view, and we can also extend our tentacles to Southeast Asia first."
Then Jackma sighed:
"When Ahri emerged, Amazon was already dominating the world. It missed the best opportunity for development, and the current market can only be limited to the corner of Greater China."
Then Jack Ma's eyes flashed and he said domineeringly:
"Leechie Financial can no longer follow Ali's old path and miss the opportunity to expand its business to the world. Next year, it will launch its overseas strategy, and the first stop will be Southeast Asia."
Pang Lei was also excited by Jack Ma's ambition. When the eighteen of them started a business in the villa, Mr. Ma said the same thing.
The goals and slogans shouted by Mr. Ma back then have all been realized one by one. Now at Leech Financial Services Group, Mr. Ma said that if he could expand his business to the whole world, he would definitely be able to do it all over the world.
She was convinced of this.
In Pang Lei's next work, in addition to continuing to consolidate the mobile payment market share of Leech Financial Services online, offline promotion will also continue to be carried out at a set pace.
There will be no delay, no increase in subsidies, and no increase in advertising and promotion.
Even Zhang Yida was very curious and waited for Ah Li's sniper attack but never came.
Zhang Yida guessed that the giant might be planning a big move, and he would let himself dance for two days. When he was tired of jumping, it would be the time to take action.
Looking at the financial report paid by the magic treasure on the table, Zhang Yida was also a little shocked.
"As of August, Mobao Pay has a total of 35 million transaction users, 4 million merchants, and a total of 550 million yuan in subsidies."
Zhang Yida made preliminary calculations and estimated that there will be 100 million transaction users and tens of millions of merchants by the end of the year, and at least another 1 billion will be needed in subsidies.
A total of 3.1 billion yuan was raised in Series B financing, 800 million yuan was invested in technology research and development, 800 million yuan was used to acquire financial licenses and daily operations. 1.5 billion yuan was used for mobile payment subsidies and attracting new customers.
All the funds were clearly arranged in this way, and by the end of the year all financing was almost exhausted.
However, if Mobao Pay has 100 million transaction users and tens of millions of merchants with accounts, the valuation of this business will also increase a lot.
Ahri and Penguin are currently focusing on developing their online business, although offline business is also being developed. However, they still have a tacit understanding with each other and are quietly exploring the market, and have not started a subsidy war for the time being.
Next year, in 2015, everyone's market should be almost fully developed. That's when the bayonet will see red.
If Ruixiang had not prepared enough ammunition during the subsidy war, it is estimated that the market it is currently developing will be completely lost.
Users are very sensible, and they will use the product of the company that pays big red envelopes and gives them frequently.
The rich one is the father!
Zhang Yida did not dare to take it lightly, and had already thought of countermeasures in his mind. He launched the C round of financing at the end of the year, and all the money raised was invested in the subsidy war.
For other products with multiple lines, we can only rely on ourselves.