| On June 13,2013,Alipay launched a new product Yu'ebao.As a new service on balance added-value,Yu'ebao combined tripartite payment platforms and mutual fund sales platforms,and had been spectacularly successful upon published.Yu'ebao caused an uproar in the financial sector and arisen great concerns and influence on the society.The 2013 is even called the first year of China's Internet finance year.As in this year,China's Internet finance Industry has been rapidly developed.No matter it is internet financial product,third-party payment,or p2 p,all the chips are in the rapid development,causing the reform and unrest of the entire financial industry.The success of the Yu'ebao is inseparable from its good liquidity and relatively high yield.It's unique T+0 money transfer mode brought excellent liquidity,which is similar to bank demand deposits,but the yield of Yu'ebao is several times higher than that of bank demand deposits.On the other hand,the innovation of Internet finance has brought new problems and challenges to regulation of the financial industry.Internet financial products have the essence attributes of traditional financial products,so there are connatural risks such as systematic risk,market risk and liquidity risk etc.In addition,the competition of new product,the restriction of national policy and the hidden danger of network security has become the new risks for the development to Yu'ebao.In recent years,China's supervisions on financial sector become gradually perfect,and have promulgated a number of laws and regulations to deal with and regulation online-trading and online payment,but the legal system has not been able to penetrate a timely manner to the relevant Industries such as Yu'ebao.On the other hand,many internet finance products are also related to cross fields,which have brought pretty pressure to regulatory.Since March 2014,the People's Bank of China issued a series of multiple files to limit the third-party payments,such as two-dimensional code payment,virtual credit cards and transaction limits.In July 2015,the People's Bank of China,in conjunction with the Banking Regulatory Commission,the Securities Regulatory Commission and the Insurance Regulatory Commission,jointly issued the “Guiding Opinions on Promoting the Healthy Development of Internet Finance”,which established the division of supervision responsibilities for the main forms of Internet finance,implemented the supervision responsibilities and defined the business boundaries.It is foreseeable that this is just the beginning;the supervision of Internet banking sector has been put on the agenda.This article is intended to take Yu'ebao as an example,by the method of case studies,describing its background and development process,combined with its attached third-party payment platform-Alipay,and contrast " U.S.Yu'ebao " PayPal Money Market Fund,to discuss the development and regulation of Yu'ebao,and compose the regulation for the entire Internet financial industry. |
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