A few days ago, Alipay took down bank deposit products on its finance page for users who do not hold Internet deposits. Only one day later, several other Internet financial platforms have taken down Internet deposit products one after another.
According to Sina Finance news on December 20, a reporter found that Jingdong Finance and Du Xiaoman platform to deal with Internet deposit products. Meanwhile, the option of bank products is no longer available in Tencent Wealth Management’s Stable Wealth.
It is worth noting that, unlike Ant Group and Du Xiaoman, Jingdong Finance did not open an entrance channel to the user group who bought and held. On the Jingdong Financial platform, users holding Internet deposit products are still unable to purchase Internet products.
Jingdong Finance replied that at present, according to the concern of the regulatory authorities about the Internet deposit business, Jingdong Finance App has stopped adding new online Internet deposit products and stopping new users from buying related products, and has made steady and orderly adjustments to the stock of customers and business. In the future, Jingdong Finance will pay close attention to the relevant regulatory policies and guidance and implement them carefully.
In an article entitled “Online Platform Deposit: A Product Case of Digital Finance and Financial Regulation”, Sun Tianqi, Director of the Financial Stability Bureau of the People’s Bank of China, pointed out that the Internet platform model provides customers with an interface for deposit purchase, which is essentially deposit marketing behavior. The regulation requires that commercial banks should further regulate deposit-taking practices and should not absorb deposits through third-party intermediaries.
Sun Tianqi pointed out that there are also some high-risk institutions absorbing deposits through Internet platforms, some of which have reached 70% of deposits. These high-risk institutions are weak in their own ability to resist risk, and the high proportion of deposits on Internet platforms further increases the instability of their liability funds.
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