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Supply chain finance "letter single chain" and supply chain notes no future

In the past few years, to say that China's supply chain finance is the hottest product, electronic accounts receivable multilevel flow to say the first, I believe that no other dare to say the second, it can be said that the whole Chinese supply chain finance market, many core enterprises, factoring companies, technology companies, banks, exchanges in depth participation, have benefited from a lot of. Of course, also caused a lot of controversy, mainly third-party independent financial companies look at the red, every day to take the core business exploitation of suppliers to say things, or to take no supervision of unauthorized issuance of coins to say that the problem of the core business and other subjects of interest, of course, but also constantly refuted, said that electronic accounts receivable multilevel flow of the benefits of the various, from an objective point of view of the two sides have no right or wrong, just the interests of the fight. Bills exchange in order to electronic accounts receivable multi-level flow of the impact of the bill, the development of the supply chain notes, in fact, the two things are almost the same essence.

Regardless of whether it is electronic accounts receivable multilevel flow or supply chain notes, in fact, the core is the business of resources, who has the core business resources, who will be able to earn money. Have the core enterprise resources of the supply chain finance company, earn a lot of money at the same time, some people overly dependent on this business, some people began to think, this type of business can last how long? In the easiest time to earn money, think about the sustainability of the business and the future direction of development, in fact, each enterprise should consider, which also belongs to the market popular strategic management in the second curve of the problem.

0 1

The biggest risk of the "letter single chain" is regulation

The underlying logic of the multi-level flow of electronic accounts receivable is the same as that of bills, and the inventor at the time should have been influenced by bills. The inventor at the time, should also be influenced by the notes, see the defects of the notes and market space, only to do it. As for the market, many people say that the two products are different to illustrate the two differences, in fact, they are all appearances, behind all the interests. Regardless of whether the two products are essentially the same or different, as a wide-ranging, financial attributes of the product, to accept financial regulation, is inevitable, I believe that on this point, the views of all should be the same. The rest depends on when to regulate, which regulator to regulate, the content and mode of regulation.

Electronic accounts receivable multilevel flow compared to bills, the main difference is the openness of the system and the main body of participation, in which the openness of the system is the core, the electronic accounts receivable multilevel flow is a closed system, the closed system benefit is that as long as this thing is open out, no matter where the flow, even if it is flowed to all over the world it, want to finance, you have to go through the operator of this system. This time the operator can decide their own funding, rates, equivalent to building a highway, as long as the highway, you have to listen to me. This model of their own resources, their own money, their own say, itself no excuse, but then, we are after all a socialist country, what all pay attention to fairness and justice, in recent years the country also re-antitrust regulation up and down a lot of effort, so the regulator for this closed system is excluded, on the surface is to take in order to provide a lot of choices, but in fact, or to take care of the interests of other financial institutions.

In the future, the regulator, if the electronic accounts receivable multi-level flow of supervision, will be like bills, open system, allowing a variety of financial institutions to participate in the supplier's independent choice, so that the platform construction and operation of the party, the advantage of the fact that there is no, now the platform is basically relying on the holder of the financing charges, not financing the flow and holding are not charged, if you let go of the system, relying on the use of the Charges, it is difficult to charge, even if individual can charge, but also less. Even the regulator is likely to establish a platform of this kind by itself, similar to the system of the Bills Exchange, the various core enterprises directly access, do not allow third parties to establish, that's even more the same as the current bills. Regardless of which approach is taken, in fact, the current operation of electronic accounts receivable multi-level flow of the platform business is a big blow.

In addition to facing regulatory risks, this is something that if the core business synergy is good, the business is easy to meet the ceiling, because the volume of this business is unlikely to exceed the amount of accounts payable of the entire group, and the group is unlikely to allow you to do full, all of the group's non-rigidly payable commercial credit for rigidly payable financial credit, which is a lot of pressure on the liquidity of the group. If you can't do it within the group, you have to think about what to do next.

Therefore, companies that rely on electronic accounts receivable multi-level flow business to earn money should think about this consequence in advance, and prepare for countermeasures early.

0 2

Supply chain notes are not a dish for non-banking organizations, nor is it a direction for the transformation of the "letter chain" platform

In fact, not only me, but also more companies that are mainly engaged in the multi-level flow of electronic receivables. The company, which is mainly engaged in the multi-level flow of electronic accounts receivable, has also realized the impact of the future regulation of this product on the business, and many companies are focusing on the supply chain notes, and want to open up the market in the supply chain notes. I think it is a bit difficult for non-banking institutions to earn money on supply chain notes.

The essence of supply chain notes is still notes, only to take the batch issuance and batch endorsement, to solve the problem that the notes can not be split endorsement. The birth of the supply chain note is actually the influence of the Bills Exchange by the electronic accounts receivable multi-level flow, want to realize the accounts receivable note, there are also many people thinking about whether the supply chain note will replace the electronic accounts receivable multi-level flow. The core of whether supply chain notes will replace electronic accounts receivable multilevel flow is one reason, regulation. Unless there are regulatory requirements, it won't replace it.

Core business and supplier trade is to take the form of accounts receivable, or open the form of bills, or open the form of letters of credit, or the form of electronic accounts receivable multi-level flow, mainly based on the core business and supplier trade status and the interests of the core business decision, at different times, different trade, different suppliers, and even the same supplier, will take different forms!

Since the essence of supply chain notes is still notes, we have to face the problem of the participants. In the past few years, the state financial regulation is really more and more strict, treating the bill discounting is the same. Whether it is the Supreme People's Court's civil nine opinions, or other documents, are clearly required, bill discounting is a specialized business, must have the loan qualification of the institution to carry out, here have the loan qualification of financial institutions, in fact, mainly refers to the bank. Other unqualified bill discounting business, are illegal business, the amount of large to be held criminally responsible. The main body involved in the multi-level flow of electronic accounts receivable is more of a factoring company, and the requirements of the CBI and the local financial bureaus for factoring companies are not able to operate bill discounting business, so the factoring company can't be involved in the supply chain bill business at all.

Some of the platforms operating electronic accounts receivable multilevel flow, some have applied for access to the supply chain note system of the Bills Exchange, let's not talk about the access threshold, even if accessed, the note system is an open system, and the degree of marketization of the note is high, and the rate is more open and market-oriented, not to mention the supply chain note open out whether to come back to you to find financing, even if you finance through you and you docking Financial institutions, how much money can you earn? If the platform is to enrich the product is possible, rely on it to earn money have to think about it.

The core business of the finance company access to the supply chain note system is supposed to, after all, the finance company can be discounted, the note is also one of the business of finance, and is to serve the entire group.

0 3

Existing is drying the "letter single chain" and have the resources ready to dry, to grasp the dry, big dry, fast dry

By the electronic accounts receivable multilevel flow and supply chain note After analyzing the electronic accounts receivable multilevel flow and supply chain notes, it is possible that many companies that are already in business or have the resources to prepare for the dry business have lost confidence and don't know whether to do it or not. In fact, this is completely unnecessary, when the regulatory bodies of electronic accounts receivable multi-level flow of supervision and when the group to do full, in fact, there is still a long period of time, during this period, I am to encourage everyone to dry, fast, seize the dry, dry the cost of this thing itself is not how much, but only an internal synergy of the problem. I'm not sure if you're going to be able to do this, but I'm sure you're going to be able to do it.

Any business, we have to consider both the immediate and future interests, the two interests are not contradictory, not either/or. Electronic accounts receivable multi-level flow is actually a very good product and innovation, whether for the supply chain financial enterprises or for the core business, suppliers, the benefits are great. This product solves both the financing difficulties of suppliers and the financing repayment difficulties. It can also reduce the interest-bearing liabilities of core enterprises, and it can also turn its own financing liabilities into the financing liabilities of suppliers, and this point is still quite applicable to urban investment companies. Of course, this function of the note is also equally available.

For the electronic accounts receivable multi-level flow and supply chain notes, I think the future regulators should be allowed to exist at the same time, should not be canceled. Although the two tools are essentially the same, but the main participants, the operation of the way there are still very different, the two tools can play a complementary role in promoting each other. In the future, whether social or commercial, it is not possible to meet the different needs of all enterprises at all stages of development of a tool, the future development of business must be diversified, personalized, so the configuration of different financial tools to meet the different financial needs of different enterprises at different stages of development should be the mainstream direction. The title of the article written in the electronic accounts receivable multilevel flow and supply chain notes is not two tools have no future, refers to the two tools for non-bank supply chain financial enterprises (mainly refers to the local financial organizations and supply chain financial technology platform), there is no future, need to think y about the direction of future development.

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Only deep participation, control and management of the supply chain will have a future

In China at present, there are many main bodies participating in supply chain finance, including local financial organizations, including factoring companies, microfinance companies, pawnbrokers, financial leasing companies, financing and guarantee companies, and supply chain finance technology companies. Guarantee companies, etc., as well as supply chain finance technology companies, supply chain companies (including logistics companies), banks, brokerage firms, trusts, exchanges, and so on, right, each playing their own expertise. In addition to the auxiliary participants, there are actually two main categories, one is the supply chain scenario side and the other is the pure capital side. Like electronic accounts receivable multilevel flow platform, mostly core enterprises of the supply chain finance company to operate, core enterprises of the factoring company to operate the majority. I added wrote an article called independent factoring company survival is difficult, core business factoring company transformation is difficult, if interested, you can go to see.

The core enterprise supply chain financial platform, mainly relying on the group's industrial resources upstream and downstream to do, but in view of the limitations of their own group business scale, do full, you need to consider how to develop the problem. After all, to do business and do farmers are not the same, do not do farmers can not develop, plant some land enough to eat enough to drink on the line, do not do business is back. Core enterprise supply chain finance company group upstream and downstream business to do full, want to do some other financial business, it is certainly not, because the other financial business, there are pits, you can not grab. To do procurement platform, it is even more pitiful, but also not your business scope, grab this business is more difficult.

The rest can be developed, is external. Do external business, pure technology platform or a factoring company, certainly not, because the risk control can not ah. Because technology platforms and factoring companies are not involved in the trade business, where the money goes, where the goods come from where to go, what the goods are doing do not know, trade is really not real do not know, the risk is not controllable. With other state-owned factoring companies to pour a little business, it is not a long-term business, occasionally do punch or can be.

In fact, there is a very good road, is the establishment of a supply chain services company, through the supply chain company + factoring company + financial institutions, relying on the group's industrial background resources, for small and medium-sized enterprises to provide a comprehensive supply chain + financial services. This model, is to conduct business externally, compared to only revitalize internal resources, synergistic difficulties, but also easy to be internal other brother units look up to, or always say that you do not have the ability to eat at home. Now the state and other local governments are to implement the chain leader system, through the chain owner, to serve more small and medium-sized micro-enterprises, where the small and medium-sized not only its upstream and downstream enterprises, as well as other small and medium-sized micro-enterprises in the market and their own similar and the same genus, through the opening of its supply chain capabilities, so that these small and medium-sized micro-enterprises are also able to enjoy the supply chain advantages of the owner of the chain, but also the chain owner of the enterprise may be from the operation of the product business into the

By opening up their supply chain capabilities, these MSMEs can also enjoy the supply chain advantages of their chain owners.

Through the supply chain company + factoring company + financial institutions, can y participate in, control and manage the supply chain, abandon the past can only optimize the limitations of the flow of funds for the customer, can be all-round from the perspective of business flow, logistics, capital flow, information flow to help customers optimize the cost, efficiency and quality, from a giant baby to really grow into an adult, from a single financial service provider to the integration of the supply chain + financial service provider, perhaps one day will grow into the organizer of the industry, to that time, I believe, not only to the small and medium-sized enterprises, to the group, to the supply chain finance company, to the team, and even to the country, are important impact, the future is boundless!

0 5

Is it hard to transform into a supply chain + finance integrated service provider?

Transforming from a single pure financial service provider to a supply chain + financial integration integrated service provider, many people will ask, will it be difficult? In fact, this is not a good answer to the question, what is difficult? What is the standard of difficulty? Is it difficult in the shareholders do not let dry? Or is it that the resources are not available? Or is it difficult because the organization is not capable of doing it? Or is it that the organization is not willing to do it? In fact, either case, I personally believe that the team organization is not willing to do is the core problem. The main supply chain + financial integration services, the need for a long time to accumulate, slow results, and do some hard work, tired work.

Supply chain + financial integration services, look at a lot of content, but basically are very mature products on the market, the market to do a large number of single-service a large number, it is not for you to build chips, build engines, the invention of a new crown vaccine, the financial industry is a key university graduated from 985, 211, is not even an ordinary university graduates, or even did not go to the university of the people do the job, you can not do? You can't do it? The person himself can not do it does not matter ah, you can integrate a single service provider, the recruitment of this aspect of the person ah, the market is full of. Of course, you want to be comfortable in the office to write PPT bragging about want to earn money, then really no trick, after all, and then the ability to wake up a sleeper.

Do supply chain service companies, have entered the supply chain finance market, earned the supply chain + financial comprehensive income. And do financial enterprises, with strong resources and contacts, high-quality talent, strong capital capacity, can only earn high-risk, low-profit money, from which point of view, it is a pity.

Author: Lu Shun, President of Wudaokou Supply Chain Institute

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