On July 28, the official WeChat account of Baofeng Financial announced that due to the arrest of Feng Xin, the payment of some P2P products on the Baofeng Financial platform was delayed. Tianyancha data shows that Beijing Baofeng Chengxin Technology Co., Ltd., the operating entity of Baofeng Financial, is wholly owned by Beijing Baofeng Rongxin Technology Co., Ltd. (hereinafter referred to as "Baofeng Rongxin"). Baofeng Ronxin's subsidiaries are also involved in commercial factoring, Financial leasing and other businesses.
On July 31, Baofeng Financial’s official WeChat notice decided to resume withdrawals in order to protect the interests of users, and adjusted the withdrawal time, that is, on the 1st, 11th, and 21st of each month (if there is a holiday, it will be postponed to Open the withdrawal channel three times on the first working day after the holiday) and initiate the operation through the APP or PC.
Since the explosion of Noah Wealth’s Camshing International Holdings (hereinafter referred to as “Chengxing”) in early July, new progress has been made last week. The inside story of the supply chain financial fraud of Camshing has been revealed by 21 Century Economic Report revealed that it purchased 3C products from upstream suppliers and sold them to e-commerce platforms at low prices, used the accounts receivable vouchers for supply chain financing, and then asked its affiliates to repurchase the products at high prices, forming its own A closed loop of selling and buying.
Why are supply chain finance so risky? How to prevent it?
① Improve the risk control management system. The product manager of a bank mentioned earlier told PalmLink that the bank’s method of verifying the authenticity of transactions is multi-dimensional, such as checking the seals of both parties to the contract, verifying the authenticity of invoices on relevant websites, auditing documents and statements, and Understand its actual controller, corporate tax payment information, transactions and goods flow, etc. He believes, "This information has been verified by bank personnel in multiple dimensions. It is very difficult to falsify. Some companies are relatively bad and cannot pay the money, so they say that the previous contract was forged. If falsification was so easy, then the banking system would have been There’s a problem.”
In fact, there are endless cases of financial loan disputes between banks and lenders every year. Entering the words "Financial Loan Contract Dispute" into the search bar of China Judgments Network, a total of 3,083,135 pieces of judgment information were found. Supply chain finance, which originally opened a new door to financing for small and medium-sized enterprises, may lose its appeal to core enterprises and financial institutions due to the negative impact of these fraud cases. Song Hua believes that in order to ensure the authenticity of supply chain financial business and curb the opportunistic behavior of participating entities, credit management should be strengthened in two dimensions: debt rating and entity rating, and the risk control management system should be improved.
According to Song Hua, debt rating refers to a method of preventing risks by controlling the behavioral process of managing financing on the basis of fully understanding the creditor-debt relationships generated by corporate transactions in the supply chain; Entity rating refers to the profiling of operating entities, especially the analysis of their cross-behavior and relationship networks, to help determine whether financiers use their own relationship networks to seek convenience in the financing process.
Chen Shengdong focused on the specific methods of confirming rights. He believed that the rights of accounts receivable must be confirmed one by one and cannot be confirmed in a package; in this process, the rights of large amounts of accounts receivable must be confirmed Focus on checking the accounts receivable, because the real accounts receivable are usually several hundred or tens of millions, and the large amounts are often false; there should be screening standards for the confirmation of accounts receivable, and the existing accounts receivable usually come with a lot of prices Conditions, only reconstructed accounts receivable with pre-agreed agreements can smoothly realize true rights.
② Empower supply chain finance with the help of financial technology. At the China Banking and Insurance Regulatory Commission’s Document No. 155 seminar held last week, executives from financial institutions, state-owned enterprises, private enterprises, factoring companies, investment institutions, and financial technology companies shared the confusion encountered by the current supply chain finance business, without exception. The local government advocates improving the application level of financial technology. The Internet of Things and blockchain have frequently appeared in everyone's mouth. The implementation of supply chain finance through full online access and the construction of inter-bank information sharing and mutual recognition platforms have almost become the core topics of the entire seminar.
At the seminar, an executive from a certain bank said that the topic of his master's thesis was about "Application of Blockchain Technology in Supply Chain Finance". He was very optimistic about this information encryption storage technology. “It has better confidentiality, makes it easier for everyone to obtain the information they need, and allows banks, enterprises, and platforms to participate on an equal footing.” Unfortunately, the popularity of the concept of blockchain is still low, even at his college. of department heads say blockchain technology is just a gimmick.
However, Document No. 155 issued by the China Banking and Insurance Regulatory Commission clearly states that “banking and insurance institutions are encouraged to embed new technologies such as the Internet of Things and blockchain into transaction processes, and use mobile sensing video, electronic fences, satellite positioning, Radio frequency identification and other technologies can be used to remotely monitor logistics and inventory goods to improve the level of intelligent risk control." It was mentioned in the first domestic policy to provide guidance on supply chain finance business, which is an official certification for the development of financial technology.
In fact, my country’s financial technology companies started and exploded much earlier than that. According to data cited by Weiyang.com from China’s financial technology company database, from 2008 to 2017, financial companies specializing in technology and information processing The growth in the number of infrastructure companies and financial information service companies both reached a peak in 2015. Among them, there were nearly 1,000 financial information service companies. Looking closer, many domestic financial technology companies have built underlying platforms with the help of big data, the Internet of Things, blockchain, and artificial intelligence, and exported them to banks and core enterprises for online splitting and transfer of accounts receivable. As well as an online anti-fraud system before loan service, a 7×24 real-time monitoring and early warning system after loan service, etc.
Look at our current "empty" wallets. Internet technology has brought human life from offline to online, opening up the era of mobile payment; using this as a mirror, financial technology will also promote supply chain finance. Take the electronic, all-online path.
(Zhanglian Media Zhao Jianlin)