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. At the same time, as another giant in financial technology, Tencent has been making continuous moves in the financial business recently. On November 10, a reporter from Beijing Commercial Daily noticed that after Ma Huateng, chairman of Tencent’s board of directors, stepped down as chairman of Shenzhen Tenpay Network Finance Microfinance Co., Ltd. (hereinafter referred to as "Tenpay Microfinance") at the beginning of the year, Ma Huateng withdrew again recently. The position of legal representative of Tenpay Payment Technology Co., Ltd. (hereinafter referred to as "Tenpay Payment"). In addition, Tenpay Microfinance has also increased its capital significantly in the near future to "enrich blood." In the opinion of analysts, personnel adjustment is, on the one hand, the optimization of the management structure, and on the other hand, the company founders have gradually moved behind the scenes, which is also a common practice for Internet giants in recent years.
01
pays "changing generals", Ma Huateng turns behind the scenes
Tencent's financial company welcomes major personnel adjustments. On November 10, a reporter from Beijing Commercial Daily noticed that Tianyancha showed that Ma Huateng, the original legal representative of Tenpay Payment, has officially withdrawn and changed to Lin Haifeng. It is understood that Lin Haifeng assumed the post of vice president of Tencent in June 2019, and is mainly responsible for the management and development of Tencent's financial technology business (FiT line).
Tenpay Payment is the first batch of third-party payment institutions to obtain a payment license. Its business types include Internet payment, mobile phone payment, and bank card acquiring. It mainly provides payment services for WeChat payment and QQ wallet users.
Regarding the change of legal representative, Tencent responded to a reporter from Beijing Business Daily that this was a normal adjustment based on the optimization of the company’s management structure. It had previously submitted a change application to the competent authority and was approved by the Central Bank in October .
“Since May 2019, Tencent’s financial technology business related executives have undergone a series of changes.” Yu Baicheng, Dean of Zero One Research Institute, believes that personnel adjustments are for the optimization of the management structure on the one hand, and on the other hand. It may be to prepare for the subsequent split of the financial technology business.
In fact, in this year alone, Ma Huateng has repeatedly stepped down from his senior management positions in financial companies. In January, Ma Huateng withdrew from the former chairman and general manager positions of Tenpay Microfinance Company, and was taken over by Feng Mingjie and Tang Ling respectively, and the legal representative of the company has also been changed to Feng Mingjie.
Ma Huateng "abdicated", and the many personnel changes of its financial companies have inevitably caused speculation by industry insiders. What are the reasons for the series of adjustments?
"Despite his resignation from the senior management position, Ma Huateng is still the actual controller." Senior financial industry analyst Wang Pengbo said that multiple personnel adjustments may require multiple considerations, including preparations for spin-offs, or to adapt to financial supervision. Reduce corporate risks. Su Xiaorui, a senior researcher at
Sack Research Institute, believes that the company’s founders have gradually turned behind the scenes, which is actually a common practice for Internet giants in recent years. There are two possibilities: one is compliance considerations, including risk isolation, etc.; the other is to take the initiative to hire talents and assign key positions in the company to more suitable professional managers.
"Lin Haifeng’s background information shows that he is fully responsible for the management and development of Tencent’s financial technology business (FiT line). The financial technology business will need to deal with the central bank in the future, and the new financial control regulations are dominated by the central bank, so in my opinion, this This adjustment is based on the trend." Su Xiaorui pointed out.
02
small loan capital increase, still not up to the new regulations requirements
In addition to personnel adjustments, Tencent's small loan business is also planning. A reporter from Beijing Commercial Daily noticed that within three days of soliciting opinions on the new regulations on online microfinance, Tenpay Microfinance had a business change. On November 4, the registered capital of TenPay Microfinance increased from 1 billion yuan to 2.5 billion yuan, an increase of 150%. However, industry and commerce information shows that the current actual paid amount of Tenpay Micro Loan is still 300 million yuan.
According to the latest online microfinance regulations, small loan companies operating online microfinance business must have a registered capital of no less than 1 billion yuan, while operators across provincial administrative regions must have a registered capital of not less than 5 billion yuan, which is a one-time real Payment of monetary capital. At that time, industry insiders pointed out that after the new regulations were issued, capital increased rapidly, and Tenpay's small loan move might be an adjustment in response to regulatory requirements. In response to the increase in the registered capital of the small loan business, Tencent responded to a reporter from Beijing Business Daily that the increase was initiated in August and the regulatory filing was completed in October, which is also a normal adjustment of the company's capital. but, Tencent did not give a further response to the impact of the new regulations on online small loans and whether there are further capital increase plans in the future.
It is worth mentioning that this is the second capital increase of TenPay Micro Loan this year, and it is only half a year since the last time. On March 24 this year, TenPay Micro Loan had a capital change. The registered capital was changed from 300 million yuan to 1 billion yuan.
Tenpay’s small loan business has always been relatively low-key, and has not disclosed relevant operating data to the outside world, nor has it issued ABS (asset securitization) financing. According to media reports, Tenpay’s small loans are mainly targeted by merchants that have access to Tenpay. According to Yu Baicheng, Tenpay’s small loans are not prominent in Tencent’s department. The increase in registered capital to 2.5 billion yuan may be based more on its own business needs. From the perspective of 2.5 billion yuan, it has not yet reached The requirements for applying for a national online small loan in the new regulations.
However, in the opinion of analysts, whether it is due to limited business scope or joint loan capital contribution ratio requirements, the new regulations on online small loans will have a certain impact on Tenpay small loans. As Wang Pengbo said, at present, if Tenpay Microfinance wants to operate nationwide business, it will definitely need to further increase the registered capital. At the same time, Tencent is also facing the same problem as Ant, that is, it needs to increase the proportion of joint loan capital, and other Compliance improvements have been made within the framework of the new regulations on online small loans.
“If the capital increase is carried out as originally planned, then Tencent probably did not anticipate the unexpected situation of the new online microfinance regulations.” Su Xiaorui believes that from the requirements of the new regulations, the capital increase of Tenpay Microfinance It is just a stopgap measure. In the future, it is imperative for institutions to migrate from online microfinance licenses to consumer finance licenses.
However, the market also has different views. Yu Baicheng told a reporter from Beijing Business Daily that Tencent’s Internet loan services are mainly provided by WeBank. Its core products include micro-finance loans for individuals and micro-industry loans for small and medium-sized enterprises, mainly subject to the "Interim Measures for the Administration of Internet Loans by Commercial Banks." And so on. The latest regulatory measures for the online small loan business have little impact on Tencent's core Internet loan business, so the transformation and adjustment of this business is not urgent.
03
annual revenue of 100 billion yuan, how to maintain the growth rate
At present, with the rapid development of payment business and the multi-faceted layout of financial technology, the financial sector has assumed an increasingly important role in the overall development of Tencent. Since the first quarter of 2019, Tencent has separated its "financial technology and corporate services" business as one of its three main businesses.
According to the financial report disclosed by Tencent this year, its "financial technology and corporate services" business revenue in the second quarter was 29.8 billion yuan, a year-on-year increase of 30%; revenue in the first half of the year was 56.3 billion yuan, a year-on-year increase of 26%. According to media reports, if calculated based on this data, the annual revenue of Tencent's financial sector may exceed 100 billion yuan.
However, judging from the current financial regulatory situation, will Tencent's subsequent financial business development be restricted? How to continue to maintain rapid growth?
In Wang Pengbo's view, combined with the latest regulatory situation, the subsequent scale and growth rate of Tencent's financial business will be restricted, and product compliance needs to be improved. "For example, its heavyweight financial product Licaitong and other products need to adapt to current supervision. From the perspective of Tencent's relatively low-key style, it may do a good job of payment business step by step in the future to maintain the current profit growth rate."
Wang Pengbo further said how to continue Establishing and consolidating a payment-based credit risk control model, and how to ensure a more effective conversion of financial users within the scope of the compliance framework, are the challenges that Tencent Financial will face in the future. It is recommended to further establish its own financial system and credit system, gradually get rid of the flow dependence on the WeChat system, cultivate more deeply in the industry chain, and attract users based on financial basic needs and product differences.
Su Xiaorui said that within this year, Ant Consumer Finance was approved and JD.com was also exposed to apply for a consumer gold license. Du Xiaoman had already entered the game. Only Tencent in "BATJ" did not make any public actions. It is expected that Tencent will also seek a consumer gold license in the future.
reporter丨Yue Pinyu Liu Sihong
editor丨Hu Ke
