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金融时报双语(双语外刊):央行新规将致腾讯和支付宝失去可观收入

2018-7-16 21:36| 发布者: admin| 查看: 775| 评论: 0

摘要: Tencent and Alipay face $1bn hit from rules change央行新规将致腾讯和支付宝失去可观收入China’s two mobile payments giants, Alipay and Tencent, are poised to lose about $1bn in combined annual revenue ...

Tencent and Alipay face $1bn hit from rules change

央行新规将致腾讯和支付宝失去可观收入

China’s two mobile payments giants, Alipay and Tencent, are poised to lose about $1bn in combined annual revenue to a new central bank requirement that third-party payment groups hold all customer funds in reserve.

中国两大移动支付巨头支付宝(Alipay)和腾讯(Tencent)将因为央行一项新规而共计每年损失约10亿美元收入,新规要求第三方支付集团把所有客户资金保留为备付金。

Chinese mobile payment transactions hit Rmb109tn ($16tn) last year, according to research firm Analysys Mason, as consumers switched from cash to smartphones for supermarkets, taxis, and payments to friends. The platforms are also increasingly used to purchase mutual funds, peer-to-peer loans and other wealth management products.

研究机构Analysys Mason的数据显示,随着消费者在从超市购物、打车到向朋友支付等各种事情上从使用现金转向使用智能手机,去年中国移动支付交易额达到109万亿元人民币(合16万亿美元)。支付平台也越来越多地被用于购买共同基金、P2P贷款和其他理财产品。

Ant Financial’s Alipay and Tencent’s WeChat Pay dominate the sector, with market shares of 54 per cent and 39 per cent respectively in the first quarter. Ant Financial is the finance affiliate of Alibaba. Together the two groups control hundreds of billions of renminbi in customer funds that accumulate on their platforms when users receive payments but do not immediately shift the funds to a bank account or investment.

蚂蚁金服(Ant Financial)的支付宝和腾讯的微信支付(WeChat Pay)主导着该领域,第一季度两者的市场份额分别为54%和39%。蚂蚁金服是阿里巴巴(Alibaba)的金融关联公司。两家集团加起来控制了数千亿元人民币的客户资金——当用户收到付款,但并未立即把资金转至银行账户或投资时,资金便积累在支付平台上。

Previously, third-party payment groups were permitted to invest customer funds, much as banks use deposits to make loans and other investments, even though the payment groups, unlike banks, pay no interest to users. That era of free money is now drawing to a close.

之前,第三方支付集团被允许投资客户资金,就像银行利用存款来发放贷款和用于其他投资一样,尽管支付集团并不像银行那样向用户支付利息。那种免费资金时代如今接近尾声。

In January 2017, the People’s Bank of China said it was requiring third-party payment groups to keep 20 per cent of customer deposits in a single custodial account at a commercial bank and specified this account would pay no interest.

2017年1月,中国央行(PBoC)表示,将要求第三方支付集团把客户存款的20%存入商业银行的单一保管账户中,并规定银行不会为该账户支付利息。

In April, the ratio was raised to 50 per cent, and last month the central bank said it would raise the reserve requirement to 100 per cent by next January. At that point, payment groups will earn zero interest on all customer funds.

今年4月,该比例上调至50%,上月央行宣布将在明年1月前将客户备付金集中交存比例上调至100%。届时支付集团将无法再通过客户资金赚取利息。

The reason for the change is to prevent fraud and protect customers.

央行转变的原因是为了防止欺诈和保护客户。

“Reserve funds are not the property of payment institutions — ownership belongs to the institutions’ users,” said Dong Ximiao, senior researcher at the Chongyang Institute for Financial Studies at Renmin University in Beijing.

“备付金不是支付机构的财产——所有权属于这些机构的用户,”北京中国人民大学重阳金融研究院(Chongyang Institute for Financial Studies)高级研究员董希淼表示。

Large players such as Alipay and Tencent handled customer funds conservatively but earned revenue by depositing funds in interest-bearing accounts at commercial banks. Tencent earned Rmb3.9bn in interest income in 2017, 1.7 per cent of total revenue, its annual report said. Unlisted Ant Financial does not publish financial statements but its larger market share in mobile payments suggests its interest income is even higher, although it is also likely to be a small share of total revenue.

支付宝和腾讯等大型企业处理客户资金相对保守,但通过把资金存入商业银行的有息账户来赚取收入。腾讯年报显示,2017年该集团的利息收入为39亿元人民币,占总收入的1.7%。未上市的蚂蚁金服并不公布财务报表,但其在移动支付领域更大的市场份额意味着其利息收入甚至更高,尽管这也可能只占其总收入的一小部分。

The PBoC’s latest notice severs the relationship between banks and payment groups. NetsUnion and rival China UnionPay will replace commercial banks as custodians for funds. They will, in turn, place the funds with the PBoC.

中国央行的最新通知切断了银行与支付集团之间的关系。网联清算有限公司(NetsUnion Clearing Corporation,简称NUCC)及其竞争对手中国银联(China UnionPay)将取代商业银行,成为此类资金的保管方。他们进而将把这些资金交由中国央行。

Alipay said it had “already completed the necessary work” to meet the reserve requirement and had “never relied on reserve funds as a source of income”.

支付宝表示,“已经完成了必要的工作”来满足备付金新规,并且“从不依赖备付金作为收入来源”。

Tencent said the group was implementing the new rules and had told shareholders and other stakeholders. She added that customer funds were removed from Tencent’s balance sheet in the third quarter of 2016.

腾讯表示,正在实施新规,并已告知股东和其他利益相关者。该集团补充称,腾讯在2016年第三季度便已经把客户资金从资产负债表中剔除了。

Yu’E Bao, the Alipay-linked money market product , is not affected by the new requirement, which does not apply to mutual funds.

与支付宝挂钩的货币市场产品“余额宝”不受新规影响,因为该规定不适用于共同基金。

Additional reporting by Yizhen Jia

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