The Shenzhen Stock Exchange requires Kelan Software to verify the reasons for the large increase in its stock price in the short term. In addition, the Shenzhen Stock Exchange requires Kelan Software to explain the digital currency business and the specific content and methods of cooperation with Huawei, as well as the revenue directly generated by related products or projects in 2020. And the amount and proportion of net profit.

On the day the attention letter was released, the concept of Huawei Hongmeng continued to rise sharply, Kelan Software soared 20%, and its share price hit a record high. The stock has reached its daily limit 5 times in the past year. As of press time, Kelan Software has risen to 49.4 yuan, nearly 8.23 ​​yuan higher than the opening price of the day, with a turnover of 901,900 lots, a turnover of 4.257 billion yuan, a turnover rate of 37.56%, a price-earnings ratio of 200.64, and a total market value of 15.363 billion yuan.

According to the official website of Kelan Software, it was officially established in December 1999 and registered in the Beijing Economic and Technological Development Zone. It is a company formed by Wall Street financial practitioners and Silicon Valley technicians returning to China, specializing in financial software product application development and consulting services. enterprise. The company has more than 5,000 employees and has branches, R&D centers or joint ventures in Beijing, Shanghai, Zhejiang, Chengdu, Shenzhen, Hong Kong and other places.

Since the second half of 1999, Kelan has implemented the first online banking system. According to the official website, its customers cover banks such as Bank of China, Agricultural Bank, Construction Bank, Postal Savings Bank, Export-Import Bank and so on. Kelan has cases in various applications such as online banking (corporate, personal), mobile (mobile phone, PAD) banking, electronic payment, third-party payment, foreign exchange precious metal trading platform, bank-enterprise communication, financial portal content management, etc.; in banks The market share of electronic channel construction exceeds 60%.

According to the official website, on June 3, Huawei held the Smart Finance Summit, and Kelan Software was invited to attend as a core partner of Huawei’s ISV. At the meeting, Kelan Software and Huawei released compatible tools and solutions for Hongmeng Mobile Finance. At present, Kelan Software has become the only supplier in the industry capable of providing full-stack credit creation solutions for Internet finance.

In terms of digital currency, on June 11, Kelan Software issued an announcement of abnormal stock trading fluctuations, stating that in recent years, Kelan Software has implemented actual digital currency projects. However, the digital currency-related business is the company’s innovative business, and the revenue from the digital currency-related business of Kelan Software accounts for a relatively small proportion of the company’s operating income.

In the 2020 annual report of Kelan Software, Kelan Software stated that its “distribution side” in the central bank’s digital currency industry chain can provide banks with a full range of Internet financial products; on the “user side” it has a “wallet” that supports digital currency and Rich cases of its application scenario construction; On the “server” based on digital authentication, Kelan Software holds a license through its holding subsidiary Continental Cloud Shield and provides mobile digital authentication services.

Kelan Software is currently actively cooperating with operating banks, clearing transfer service institutions and other entities, and is gradually implementing the development and construction of related operating systems for bank customers including digital renminbi, digital bank cards, etc., and assisting bank customers to achieve digital financial service upgrades. During the reporting period, Kelan Software and Suzhou Xiangcheng District Finance Bureau actively explored more feasible application pilot programs. The digital renminbi application scenario that Kelan Software cooperated with a major state-owned bank was launched in the second half of 2020 and will be delivered in the second quarter of this year as planned.

As for the proportion of digital currency-related business revenue in the specific revenue of Kelan Software, it is not separately listed in the annual report.

According to the first quarter report of Kelan Software, the total revenue of Kelan Software in Q1 was 210 million yuan, a year-on-year increase of 35.68%; net profit was 5.691 million yuan, a year-on-year increase of 155%; total assets were 2.294 billion yuan, a year-on-year increase of 55.72%; total liabilities It was 1.152 billion yuan, a year-on-year increase of 59.41%; investment cash flow was -178 million yuan, a year-on-year decrease of 388.33%; financing cash flow was 10.3555 million yuan, a year-on-year decrease of 66.46%

Reporter | Zeng Lingjun

China Chengxin International recently released a follow-up rating report on Sichuan Tianfu Bank. The report shows that the bank’s credit rating outlook has been adjusted from stable to negative. This indicates that the credit level of Tianfu Bank may decline in the next 12 to 18 months.

It is understood that this is the first city commercial bank whose rating outlook has been adjusted to negative this year. “The downgrading of the rating may affect the interest rate of the bank’s bond issuance. The lower the rating, the higher the interest rate of the bond issuance, which will increase the cost and difficulty of financing.” A banker commented to an interface news reporter.

Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, told Jiemian News that company ratings are one of the important basis for investors to price companies and related assets. There are many factors that trigger downgrades of companies or institutions, such as macroeconomics, policy changes, and emergencies. , The company’s internal management issues, etc., caused changes in the company’s fundamentals, business prospects, and asset quality.

Regarding the reasons for the rating downgrade, China Chengxin International mentioned that Tianfu Bank faces many challenges, including the slowdown in macroeconomic growth and the pressure on bank operations and asset quality caused by changes in the regional credit environment, as well as continuous credit assets and non-standard investment risks. Exposure and profitability have been significantly weakened, deposit stability has become weaker, and liquidity management pressure has increased.

Last year, Tianfu Bank’s revenue and net profit both declined significantly: net operating income was 4.324 billion yuan, a year-on-year decrease of 9.46%; net profit was 846 million yuan, a sharp drop of 42.11% year-on-year.

China Chengxin International also mentioned that the bank’s loan and non-standard investment risks continue to be exposed, and the resolution is increasing, and future credit risk management and control will still face pressure.

As of the end of 2020, the bank has no non-performing balances in non-standard investments, but special mention loans are 6.213 billion yuan, accounting for 23.97%. The financiers are mainly real estate and trading companies in Sichuan and Guizhou. “On the whole, the bank’s securities investment accounts for a relatively large proportion of non-standardized debt investments, and they have already experienced significant impairment. The information transparency of such investments is low, and they face greater pressure to withdraw impairment reserves, and related risks need to be maintained. Pay close attention.” The report mentioned.

As of the end of 2020, the bank’s non-performing loan balance increased by 341 million yuan to 2.612 billion yuan year-on-year, and the non-performing loan ratio increased by 0.02 percentage points from the beginning of the year to 2.00%.

In addition, the rating report also hints at the liquidity pressure of Tianfu Bank. As of the end of 2020, Tianfu Bank’s assets due within one year accounted for 39.58% of total assets, and liabilities due within one year accounted for 60.86% of total liabilities. The maturity gap within 2-7 days at the end of the year was -6.27 billion yuan. Facing greater pressure on liquidity management.

According to the official website of Tianfu Bank, the bank was established in 2001 and successfully introduced German strategic investors in 2005, becoming China’s first secondary city to introduce foreign capital. Its current asset scale is 216.181 billion yuan.

The bank’s equity is relatively dispersed. As of the end of last year, the top five shareholders of the bank’s shareholding ratios were: Sichuan Mingyu Group Co., Ltd. (9.98%), Nanchong Union Industrial Co., Ltd. (9.98%), and Chengdu Yunji Real Estate Development Co., Ltd. Liability company (9.93%), Chengdu Fengzhilin Trading Co., Ltd. (9.89%), Nanchong Jinnan Industrial Co., Ltd. (4.99%)

Wrong interest calculations BaFin is taking action

Status: 21.06.2021 5:08 p.m.

Premium savings contracts have long promised savers big money. However, in the low interest rate phase, many banks corrected the promised profit commitments downwards. BaFin is now intervening – in the interests of customers.

From Ursula Mayer, Mr

The Federal Financial Supervisory Authority BaFin obliges banks and savings banks to inform holders of premium savings contracts with a variable interest rate about ineffective interest rate adjustment clauses. To this end, the authority has published a general order – which is considered a sharp sword in the financial sector. The financial institutions must also explain to savers whether they have received too little interest as a result of the ineffective clauses. In this case, either back payments beckon or the banks can offer customers modified contracts with an effective interest rate adjustment clause. The changes apply retrospectively and also compensate for insufficiently paid interest in the past. According to BaFin, at least 247 banks and savings banks are affected. The total amount is open.

So far, banks have stood across the board

In the period between 1990 and 2010 in particular, the financial institutions offered a large number of premium savings contracts. These long-term contracts contain clauses that allow financial institutions to unilaterally change the guaranteed interest rate. They often did that in the low interest rate phase and cut savings rates, in some cases massively – at the expense of their customers. The Federal Court of Justice has meanwhile classified the clauses as ineffective.

BaFin Executive Director Thorsten Pötzsch refers to this in the general decree. He speaks of a “grievance” for consumers, which BaFin wants to remedy in terms of collective consumer protection. “We ensure that affected customers are comprehensively informed and legally treated,” says Pötzsch. Because for more than a year the supervisors have been trying to find a solution with the financial institutions in the interests of the customers, even at a round table – so far without success. The general decree shows that BaFin’s patience has come to an end.

Hundreds of thousands of customers affected

“We are assuming that banks and, above all, savings banks have concluded hundreds of thousands of premium savings contracts nationwide,” says financial expert Andrea Heyer from the consumer center in Saxony. She and her team have specialized in recalculating such contracts. More than 7700 customers from all over Germany have already contacted us.

As the consumer advocates have calculated together with experts, the financial institutions have calculated the interest rates too low for years in almost all cases. As a rule, consumers were unable to understand how they set the variable interest rate. Often the financial houses have lowered interest rates too much, in too large interest rate steps downwards. “Depending on the case, those affected are entitled to additional payments of a few hundred to over 40,000 euros in individual cases,” says Heyer. In this respect, she welcomes the fact that BaFin is now intervening – that is an important signal.

Suddenly it was 15,000 euros less

Karina Rother from Frankfurt, for example, signed such a premium savings contract at Frankfurter Sparkasse in the 1990s and wanted to do something for her retirement with it. “The Sparkasse promised me that with a term of 25 years it would really be worth it for me,” says Rother. She promised the customer steadily rising interest rates and ever higher cash rewards.

Rother assumed that she would get around 77,000 euros in the end – as it was calculated in an advertising flyer. Suddenly it should be around 15,000 euros less. In the end, she agreed with the Sparkasse on an extra payment of around 4,000 euros – but, says Rother: “It annoys me that a public institute in particular causes such trouble, even though it is in the interests of the company ‘Joe Bloggs’ should have in view. “When asked, the Sparkasse did not want to comment on the case because of banking secrecy.

Savings banks oriented towards the common good have a duty

Julian Merzbacher, consumer protection expert of the citizens’ movement Finanzwende, also sees the savings banks in particular as having an obligation to finally act and to approach customers on their own initiative. “It is a cheek that the public welfare-oriented institutes have so far mainly relied on the time factor and statutes of limitations when it comes to saving premiums”.

The general decree of BaFin also explicitly refers to contracts that have already been terminated. But the extent to which claims from customers are already statute-barred – or maybe not – is not a matter for BaFin, it says there, but the courts would have to clarify in case of doubt.

Big incomprehension among the banks

However, the credit institutions now have four weeks to appeal against the general ruling. This is currently being checked, according to the Deutsche Kreditwirtschaft, the umbrella association for the banking industry. “It is astonishing that the Federal Financial Supervisory Authority is pre-empting the courts,” said a written statement.

Because there is still another judgment pending at the Federal Court of Justice, according to which specific criteria banks have to adjust interest rates in long-term savings contracts. When this decision will be announced is not yet known – consumer advocates are expecting the verdict in the fall. And of course the German banking industry wants to take this into account, according to its own statements.

Don’t just accept comparison offers

But just waiting until then is not an option, according to BaFin. After all, it is uncertain when a decision by the Federal Court of Justice can be expected, according to the general ruling. As a result, the situation is unnecessarily prolonged for the financial supervisors, and consumers should now be informed urgently.

With a view to the general ruling, consumers do not have to do anything at first. However, you should pay attention to whether you will soon receive mail from your house bank regarding premium savings contracts or not. If comparative offers are made, consumer advocate Heyer recommends having them checked so that no saver is taken advantage of

Five years right to an account Criticism of high basic account fees

Status: 06/18/2021 4:44 p.m.

Everyone has had the right to a basic account for five years. This should help poorer people to get a checking account. It hits hard when banks turn the fee screw in times of negative interest rates. Paying salaries, shopping online, electricity bills – hardly anything works without a checking account. In the past, for example, people without a permanent address or refugees often had a difficult time opening an account. With the Implementation of an EU directive from 2014 The legal situation in Germany changed five years ago: since then, every citizen has been entitled to a so-called basic account. It is intended to give everyone an inexpensive way to conduct banking transactions with a checking account. But the fees for these financial products are increasing – to the displeasure of those affected and the critics. The prerequisite for setting up a basic account is that you are legally resident in the European Union. The account holder receives a bank card and can transfer money. A bank may only reject the application to open a basic account in rare cases, for example if a customer already uses an account with another bank in Germany.

Hundreds of thousands of basic accounts already

According to the latest figures from the financial supervisory authority BaFin, just under 761,500 basic accounts had been opened in Germany by June 2020. However, many institutes are paying dearly for the “Jedermann Accounts”. According to a study by Stiftung Warentest from last December, the range extends from twelve euros to 250 euros per year.

“The success of the basic account is at stake,” warns Julian Merzbacher from the Association of Citizens’ Movement Finanzwende. “Access to an account shouldn’t be a question of the wallet, because it is essential. Other European countries, in which the fees are capped at a low level, show that there is another way.”

Deutsche Bank put in its place

If necessary, the courts have to take action. In the past year the Federal Court of Justice (BGH) ruled in proceedings against Deutsche Bank . A monthly basic price of 8.99 euros and 1.50 euros for a paper transfer as part of a basic account are too high and therefore ineffective, judged the Karlsruhe judges (Az .: XI ZR 119/19). Since then, the bank has had to offer its basic account cheaper.

Fee cap required

In the opinion of Merzbacher’s colleague Michael Findeisen, Germany has only inadequately implemented the EU’s requirements. “The fee regulation urgently needs to be improved,” said the expert to the Protestant press service. The 68-year-old played a key role in shaping the relevant law, as head of division in the Federal Ministry of Finance. Five years later, Findeisen is retired and volunteers for the citizens’ movement Finanzwende.

Findisen demands a binding fee cap from politicians. “It is clear: the banks cannot earn anything with the basic account. But they can cross-finance that with the income from other financial services and products.”

background

Negative interest on credit When it suddenly costs you to save

As of: 06/18/2021 8:58 a.m.

Up to now, banks have mainly charged new customers with negative interest rates. It also affects existing customers more and more frequently. Consumer advocates advise to be clear about what you want to do with the money.

From Iris Völlnagel, SWR

Anger and complaints from consumers are part of everyday life for Josephine Holzhäuser, financial expert at the consumer center in Rhineland-Palatinate. But since the beginning of the year, more and more consumers have come to her who have left their financial institutions “betrayed and sold” feel. The reason: More and more banks and savings banks are introducing negative interest rates on current and savings accounts.

More than 345 institutes collect negative interest

Many older people, but also younger ones, now sought advice from consumer advocates. Most of them have been customers for years, have taken out their mortgage lending or insurances with the banks, and now they are being threatened with termination if they are not willing to pay negative interest, says Holzhäuser. “From my point of view, this is a clumsy business practice.” People feel compelled and pressured. Many older people are overwhelmed – especially those who are not so fit online. Since the beginning of the year, more than 170 banks and savings banks in Germany have introduced negative interest rates. This is the result of a study on the www.biallo.de Internet portal. Every third bank only grants an allowance of 25,000 euros. The consumer portal Verivox also regularly researches and publishes the product overviews and price lists of around 1,300 credit institutions that are accessible online. As a result, more than 345 banks have now introduced negative interest rates for private customers. 19 banks charge fees for the call money account, which is usually free of charge. This also creates a de facto negative interest rate. In addition, there are the banks that do not publish any information, according to Verivox. Most recently, Postbank announced that it would lower the exemption limits for savings deposits on June 21 and one for new customers “Custody fee” from 50,000 euros on the current account and 25,000 euros on the daily allowance account. Contributions above this limit are charged with 0.5 percent. So far, the tax exemption has been 100,000 euros.

Banks point their fingers at the ECB

As a reason for that “Custody fee” the financial institutions repeatedly claim that they themselves pay negative interest rates to the European Central Bank (ECB). In 2014 it began to charge penalty interest on money that the commercial banks park in their central bank accounts. However, the banks are now granted exemptions. Critics therefore complain that the financial houses are doing business with negative interest rates.

This practice will not change in the foreseeable future, fears consumer advocate Holzhäuser. “If one bank does it, the others follow suit. If the pace continues, one no longer looks to see which bank has no negative interest, but from which tax exemption”, so wooden houses. David Bode from the legal enforcement team of the Federal Association of Consumer Organizations knows whether the introduction of negative interest is generally permissible. The association has filed suits at different courts in several federal states. It concerns both current and overnight money accounts. How long the litigation will take is difficult to estimate, according to Bode. There could possibly be first judgments in the current calendar year. In the end, the Federal Court of Justice may have to decide.

Consumers in a bind

A basic distinction should be made between existing and new customers. The latter advises the financial expert Holzhäuser to look at the small print before signing the contract. In the meantime, it is noted in the general terms and conditions whether negative interest is charged above a certain amount.

This is different with existing customers, where changes require an individual agreement. In the past year, the banks would have allowed existing customers to talk to them. In the meantime, the banks are going to terminate their business relationships. “That has another dimension”, so the consumer advocate. “As a customer, I then have to decide whether to sign or not.” In the meantime, however, she advises signing more and more often, according to Holzhäuser. “If people want to stay with the bank, they have to bite the bullet and watch the further case law.” If you don’t want to sign, you shouldn’t wait for the bank to give notice of termination, advises the consumer advocate. “We cannot yet assess how such a termination will affect Schufa, for example.” Alternatively, consumers could look for a new bank. As a rule, you have some time because the bank contacts its customers one to two months in advance.

Shift money, check investments

Many banks charged negative interest for amounts in excess of 100,000 euros. This corresponds to the amount of the deposit protection; that is, the amount for which the bank guarantees in the event of a total failure. If you have more in your account, you should distribute your money between several accounts at different institutions, according to the advice of the financial expert.

After all, everyone should check why they have so much money in their account at all, according to the consumer advocate. The following also applies: do not accept every offer without review. “In case of doubt, it is better to go with negative interest than to invest the money headlong.” A unit-linked annuity insurance with a term of twelve years is not an adequate offer for people over 70, according to Holzhäuser. You can also deposit the money in a locker or safe at any time. Just leaving it at home is the worst option because of the risk of theft, according to the financial expert

Fee dispute BGH ruling costs banks millions

As of: 06/17/2021 3:40 p.m.

Deutsche Bank and Commerzbank have to set up provisions in the three-digit million range because of the BGH’s fee ruling. Savings banks and Volksbanks do not provide any information. The decision of the Federal Court of Justice (BGH) on possible fee reclaims from bank customers is costing the industry millions. Commerzbank expects charges “in the mid double-digit million range”, which are to be booked in the second quarter of 2021, said the CFO of the Frankfurt group, Bettina Orlopp. The ruling is also likely to have an impact on earnings. However, the bank is sticking to the forecast for 2021 of income above the previous year’s level. Thanks to the income from the IPO of the US startup Marqeta, Commerzbank will be able to offset the burden of the BGH ruling, Orlopp said. The second largest German commercial bank has held a stake in the US company since 2015. The amount of their current share is not known.

Deutsche Bank speaks of 300 million euros

Last week, Deutsche Bank was the first institute to issue an estimate of the possible burdens from the BGH ruling. CFO James von Moltke spoke of a total of around 300 million euros. The bank therefore wants to set aside a provision of 100 million euros in the second quarter for possible customer claims. In addition, the institute expects earnings losses of around 100 million euros each in the second and third quarters.

Von Moltke admitted that the Karlsruhe judges’ verdict caught the banking industry off guard. The burdens and yield losses are only temporary. By the fourth quarter, Deutsche Bank will have found solutions to how it can implement fee increases in accordance with the new rules.

BaFin is sounding the alarm

Savings banks and Volksbanks are holding back with statements about possible charges and provisions. A spokesman for the savings bank association DSGV wanted to respond to the request of tagesschau.de do not comment on the subject. A spokeswoman for the largest German savings bank, the Hamburger Sparkasse, said that there had been very few inquiries from customers about the BGH ruling. Therefore, she could not give any information on possible burdens.

The financial supervisory authority BaFin expects the ruling to have serious consequences for the entire industry. “That has the potential to become really expensive for banks. We would not rule out the possibility of half of the annual surplus being in the order of magnitude, which can stand in the fire,” said interim chief Raimund Röseler in mid-May.

Unclear number of reimbursement requests

However, it is still unclear how many customers actually request the reimbursement of previous fee increases. they have to become active themselves. Industry observers also assume that the financial institutions will examine each application individually, so there will be no flat-rate reimbursement.

At the end of April, the Karlsruhe judges decided in proceedings involving the Deutsche Bank subsidiary Postbank that banks must obtain the consent of their customers in the event of changes to general terms and conditions. The clause according to which financial institutions can assume tacit approval if customers do not object to a change within two months, disadvantageous customers inappropriately. Ref .: XI ZR 26/20

Some people may question the minimum deposit standard of 300,000. In fact, it is common for many banks to see 300,000. The minimum deposit standard for large deposit certificates is mostly 200,000, but some are 300,000, and the higher may be 500,000 or 1 million. Of course, different deposit standards can obtain different interest rates, so the minimum deposit standard of 300,000 It is a very normal thing.

The second is the 4.85% rate of return. Although this rate of return is high, it is still within a normal level. At present, my country implements a dual-track system that combines the central bank’s benchmark interest rate and market interest rate. In 2015, deposit interest rate restrictions were fully lifted, and there was no ceiling for deposit interest rates. For example, in 2019, bank deposit interest rates could reach 6% when they were the highest in the year.Preparing for Medical Exams

Although there is no limit on the maximum deposit interest rate, there is one requirement, that is, to be able to absorb the cost of debt and not to engage in vicious competition for the sake of soliciting savings. Just like now, some merchants maliciously cut prices in order to solicit customers, and ultimately will only disrupt the order and operation of the entire market. At present, it is not uncommon for the deposit interest rate to reach 5% in the three-year or five-year deposits of some small and medium-sized banks. Therefore, the deposit interest rate of 4.85% is still within the normal range, which is not outrageous.

The biggest difference between large deposit certificates and large deposits is that the issuance of large deposit certificates requires filing with the central bank and requires relevant qualifications to be issued. However, large deposits are different. Each bank can launch it on its own. The nature of the deposit is actually the bank’s fixed deposit.Preparing for Medical Exams

In addition, the interest rate of large deposit certificates will also be restricted. At present, the highest interest rate for three-year large deposit certificates of state-owned banks is only 3.985%, and the highest interest rate for three-year large deposit certificates of joint-stock commercial banks is only 4.126%. Local small and medium-sized banks The interest rate for large deposit certificates is generally only around 4.3%, so the 4.85% interest rate is not much like large deposit certificates, but more like large deposits.

It is normal for local small and medium-sized banks to offer a 4.85% interest rate for large deposits over a three-year or five-year period. Although the three-year deposit interest rate of state-owned banks is only about 3.5%, 4.85% has far exceeded the market level, but due to the low strength and popularity of these small and medium-sized banks, in order to attract savings, they can only increase the deposit interest rate substantially, and in order to effectively reduce the interest rate. The cost of storage, so appropriately raising the threshold for deposits, is also the usual method of these banks.

However, as competition in the banking industry intensifies, depositors who love to save money will find it difficult to rescue small banks with poor operating conditions.such as On June 9 this year, Liaoshen Bank officially opened , But at the same time merged 2 city commercial banks, one is Liaoyang Bank , The other is Yingkou Coastal Bank . For the depositors of these two city commercial banks, the deposits were directly transferred to the Liaoshen Bank system.

In fact, not only Liaoning is working hard to merge the city commercial banks within its jurisdiction. In April this year, Shanxi Province established a new bank on the basis of the original Datong Bank, Changzhi Bank, Jincheng Bank, Jinzhong Bank, and Yangquan City Commercial Bank. City Commercial Bank-Shanxi Bank , For a time, the official website, products, deposits, corporate image, corporate culture, headquarters address, etc. have all been renewed.

Another example is that on November 8, 2020, Bank of Sichuan was formally established in Tianfu New District, Chengdu. It introduced 28 investors and merged Panzhihua City Commercial Bank and Liangshan Prefecture Commercial Bank in Sichuan Province in one fell swoop. Up to now, Bank of Sichuan, Bank of Shanxi, and Bank of Liaoshen have successively merged 9 city commercial banks.

01 Accelerated merger of small banks

Why are small banks expanding rapidly in the past, but now they are busy merging? In fact, it is related to the following two factors:

1. Competition in the banking industry has become increasingly fierce. According to statistics from the regulatory authorities, by the end of 2020, the number of legal persons in financial institutions across the country has reached more than 4,600. Now with the digital transformation, this pattern is expected to continue in the future.

2. The profit margin of the banking industry continues to shrink. In the past, the banking industry was recognized as a “golden collar” industry in everyone’s minds, and was regarded as a “lying” industry to make money. But now, the banking industry is accelerating the promotion of inclusive finance, and gradually cutting off high-interest deposits such as archived interest-bearing deposits and Internet deposits. The purpose is to further ensure a considerable operating profit margin.

Therefore, in the future, there will be many changes in deposit policies and financial policy adjustments that depositors must face. For example, at the end of this year, with the implementation of new asset management regulations, wealth management products that guarantee capital and return will be cleared, and banks without clearing will also be cleared. Not being allowed to issue new products will not only make it very difficult for many investors who are willing to buy low-risk wealth management, but will also make the bank’s wealth management market reshuffle, that is to say, which bank will have strong financial management capabilities and services in the future. Can occupy a broader market.

02What should depositors do?

With the continuous improvement of our living standards and income levels, as well as the strengthening of our wealth management and investment awareness, in the future, I believe that with the joint efforts and growth of banks and depositors, deposits are no longer the only choice. I suggest you take the following directions To consider:

1. Choose an alternative compliant financial management/deposit. For example, structured deposits can enjoy higher returns and capital preservation.

2. Choose open financial products. Although it cannot be withdrawn in advance, the risk factor is low.

3. Choose compliant deposit products. For example, large deposit certificates, etc., can be pledged or transferred.

4. Choose a suitable deposit method. For example, the 12 deposit certificate method divides the original one-time deposit into 12 equal parts, which can ensure maximum flexibility.

Shanghai Songcheng is located on the banks of the Huangpu River in Shanghai’s Pudong New Area. It opened on April 29 before May Day. The location of Shanghai Songcheng is very superior. The magnificent river view and the city landscape are in harmony with each other. The unique charm of Shanghai is the magic city. Here you can see it at a glance. The transportation here is also very convenient. I took Metro Line 1 and transferred to Line 13 from Shanghai Station to Shibo Avenue Station, and then walked about 3 minutes to Shanghai Songcheng. Unlike the Songcheng cities of Hangzhou, Lijiang and Sanya that have been visited in the past, Shanghai Songcheng is located in a 6-storey building. It used to be the factory building of the No. 3 Shanghai Iron and Steel Plant, and later became the stage of Baosteel and World Expo. , Now it has been transformed and upgraded into the grand stage of Shanghai Songcheng Performing Arts Kingdom World Expo. Although Songcheng is concentrated in this 6-storey square building, the content is very rich, and each floor has its own excitement. For example, the Crossing Street and Magic Street on the 1st floor, the Book Bar on the 2nd floor, the Modern Dressing Hall and the Eternal Love Street on the 4th floor, the Tianshang Street Market and The Arabian Nights on the 6th floor, the Fairy Valley on the top terrace, and the Cliff Theater. A place worth checking in. Of course, the performing arts show here is even more exciting, and contains multiple theme shows. I remember that the first time I went to Songcheng, I went to Songcheng, Hangzhou. Both the internal layout and the soul “Songcheng Eternal Love” left a deep impression on me. I can also learn about the city while playing. history and culture. Shanghai Songcheng has also been combined with Shanghai’s profound historical and cultural heritage, both in the old and now, and this is what attracts me. Whether it is Shanghai in the last century or Shanghai today, this international magical city has always been a place to lead the trend. Walking into the dressing hall and wearing a distinctive cheongsam, it feels like a journey. Some people say that the bigger the easier the nostalgia, I think it’s not wrong at all. The past years are exactly what we are looking for now. Tianshang Street Market, in addition to the modern era, I think the most attractive place, but also a place beyond the film. The Arab elements of the Middle East are integrated here. The colorful products and the exotic scenery will give you the illusion of entering the Middle East. The color is visually enjoyable, and it gives people a very strong sense of impact. I believe everyone will scream great love when they see it! Since the opening of Shanghai Songcheng, “Elf Valley” has become a super popular check-in spot. There is an exotic “Hobbit House”. The houses are very exquisite and the details are well handled, attracting countless people to come here. Check in and take photos, just take a shot, it is the kind of beautiful blockbuster with its own ins style. Of course, as the “Shanghai Eternal Love” performance show that must be watched in a lifetime, it is a must-see, and it is the soul of the entire Shanghai Songcheng. “Shanghai Eternal Love” is divided into five acts, namely “Tracing the Origin of Shanghai and Shanghai”, “1921”, “Modern Times”, “Shanghai People”, and “Wind from the Sea”. Each act is performed very wonderfully. In addition to “Shanghai Eternal Love”, if it is a parent-child tour, “WA! “Dinosaurs” is a must-see; if you are a couple, a girlfriend or a family, you must watch “Passionate Samba”. This is a passionate and exciting food show. You can enjoy the delicious food while watching the performance, it feels natural Very pleasant. I don’t know, have you checked in at “Shanghai Songcheng” recently? What are your impressions of the play experience there? If you haven’t been, do you plan to visit Songcheng in Shanghai? Welcome to leave comments.

Tian Huiyu attaches great importance to the development of financial technology. In the more than 2,000 words of the “President’s Address” in the China Merchants Bank’s 2019 annual report, he mentioned a total of 6 “technology”, 9 “transformation”, and 14 “digitalization”.

Since taking office in 2013, Tian Huiyu has been pushing China Merchants Bank to “run wildly” on the road of technology.

“We have made a clear-cut proposal to build a financial technology bank, and take the exploration of digital business models as the main direction of the second half of the transformation.” Tian Huiyu said in the 2019 annual report.

Thanks to the efforts of Tian Huiyu and other people from China Merchants Bank, China Merchants Bank’s “technological strength” has been at the forefront of the industry.

• At the end of 2019, CMB’s investment in information technology was 9.361 billion yuan, an increase of 43.97% year-on-year, which was 3.72% of the company’s operating income; in 2020, CMB’s investment in information technology reached 12 billion yuan
• In December 2020, China Merchants Bank and JD.com jointly won the second direct banking license in China. China Merchants Topology Bank will fully adopt an online business model and explore new forms of banking in the future
• As of January 10, 2021, the CMB App has accumulated 145 million users and 60.25 million monthly active users

The emergence of the epidemic will bring more complicated situations and tests to banks in 2020, and China Merchants Bank’s performance last year was relatively stable. According to the performance bulletin published on January 14, China Merchants Bank achieved operating income of 290.508 billion yuan in 2020, an increase of 20.805 billion yuan, or 7.71%, over the same period last year.

Recently, Tian Huiyu also said in an interview with a reporter from the Financial Times that the epidemic has isolated physical contact between people, but thanks to a higher level of digital service system, the relationship between China Merchants Bank and its customers has become closer. It also strengthened China Merchants Bank’s determination to promote digital transformation.

Create “Digital Merchants Bank”

China Merchants Bank, founded in 1987 and headquartered in Shenzhen, China, is the first joint-stock commercial bank in China that is wholly owned by a corporate legal person.

China Merchants Bank adheres to the strategic direction of “light banking” and the strategic positioning of “one body and two wings”.

“Light Bank” The strategic direction of China Merchants Bank requires light management, light assets, light business model, etc. For example, light management refers to a light organization structure, which is manifested in the head office and branches going hand in hand; light asset refers to less asset consumption and more controllable risks. At present, China Merchants Bank and ICBC have joined the ranks of light banks. In its annual report, China Merchants Bank pointed out that it is necessary to closely focus on the transformation direction of “light banking” and strive to achieve a breakthrough in the qualitative change of financial technology banks.

At the same time, China Merchants Bank also insisted “One body and two wings” Strategic positioning, Retail “One” takes MAU as “North Star” (North Star is the most important direction, and all indicators serve this indicator) , Wholesale “Two Wings” take specialization as the direction, focus on building wholesale business systemization capabilities, and accelerate the advancement of digital transformation.

With MAU as the most important indicator, the number of APP users of China Merchants Bank continues to rise. At the end of 2019, the cumulative number of CMB App users exceeded 100 million; in mid-2020, the cumulative number of CMB App users reached 129 million; as of January 10, 2021, the cumulative number of CMB App users had reached 145 million. The number of active users is 60.25 million.

China Merchants Bank also directly pointed out that it must pass Benchmarking financial technology companies , Vigorously carry out the construction of financial technology banks, use financial technology as the nuclear power of transformation and development, and fully empower business development .

Currently, China Merchants Bank has built three software centers in Shenzhen, Hangzhou, and Chengdu, and two data centers in Shenzhen and Shanghai to support the business development of the entire bank.

China Merchants Bank’s “AI Actual Combat”

Digital risk control

China Merchants Bank’s intelligent risk control platform “Libra System” covers online and offline transaction channels, and can intercept telecom fraud in real time.

As of the end of 2019, the “Libra System” can intercept suspected fraudulent transactions within 30 milliseconds, reduce the proportion of counterfeit and embezzled amounts of non-cardholders to five ten million, and help customers intercept 27,900 telecommunications fraud transactions. The interception amounted to 493 million yuan, which provided a strong guarantee for the safety of customer funds.

As of mid-2020, China Merchants Bank has reached 75.60% of the early warning accuracy of potential risky corporate customers; it has helped customers intercept 80,000 telecommunications fraud transactions, with an intercepted amount of more than 1.8 billion yuan, which provides a strong guarantee for the safety of customer funds.

Now, the intelligent risk control platform “Libra System” can intercept most suspected fraudulent transactions within 20 milliseconds, reducing the proportion of counterfeit and embezzled amounts by non-cardholders to six ten millionths.

In addition, in terms of external cooperation, China Merchants Bank is also actively cooperating with digital technology companies such as Huawei, Tencent, and Suoxinda.

According to an article published on Huawei’s official website in 2018, after the China Merchants Bank credit card unified risk control platform based on Huawei’s FusionInsight big data solution was launched, the number of risk cases was reduced by 50%, and the loss in half a year was reduced by more than 100 million yuan. The credit card issuance time has been reduced from about 15 days. Shorten it to 5 minutes.

In November 2017, Tencent and China Merchants Bank formally signed a cooperation agreement to reach a cooperation in the field of financial big data anti-fraud: Tencent Financial Cloud and Tencent Security Anti-fraud Laboratory opened up anti-fraud capabilities to China Merchants Bank through AI technology to help China Merchants Bank Better identify fraud in financial services and jointly build a financial security ecosystem.

According to news in April 2020, Tencent and China Merchants Bank jointly launched the “Lingshield Plan” to create a new model of anti-fraud through technology.

Digital marketing

In the field of intelligent marketing, the characteristics of China Merchants Bank are personalized recommendation, precise identification and electronic channel construction.

Beginning in 2015, China Merchants Bank has cooperated with Suoxinda Holdings, a global financial AI big data and integrated intelligent marketing solution manufacturer, from the customer group marketing stage 1.0, to the personalized marketing stage 2.0, to the real-time marketing 3.0 stage, to AI Marketing 4.0 stage, comprehensively build China Merchants Bank’s leading digital smart marketing system. It is reported that through the generation of 1,726 customer portrait tags for retail customers, the number of marketing customer contacts has increased by 6.56 times, the marketing success rate has reached 17.42%, and the personalized recommendation of “thousands of people” has begun.

Digital Customer Service

In 2016, under the technological wave of AI + big data, China Merchants Bank’s credit card service started the application of intelligent services with the palm life app as the core, from AR customer service, to AI-core intelligent customer service, and then to small recruitment assistants. Every new technology exploration and application has brought users a better interactive experience, and has become a more personalized and portable intelligent assistant for users step by step.

At present, the “Xiao Zhao Miao Smart Assistant” launched by CMB Credit Card on the Pocket Life App uses AI technologies such as voice conversion and semantic recognition to perform intelligent intent analysis of natural language, making the service “visible” and “heard” “. At the same time, the intelligent voice navigation function is implanted in the telephone voice IVR, the recognition accuracy rate reaches 94%, and the interaction volume is nearly 80,000. In addition to voice recognition technology, face recognition has also been used in the image, which greatly shortens the security authentication time.

In 2020, an interim report issued by China Merchants Bank pointed out that the automatic response accuracy rate of China Merchants Bank’s intelligent customer service reached 96.7%.

Digital investment advisory

In 2016, China Merchants Bank launched a robo-advisory service-“Capricorn Intelligent Investment”, which is also the first domestic commercial bank to launch robo-advisory services.

“Capricorn Smart Investment” mainly uses machine learning algorithms to incorporate more than ten years of wealth management experience of China Merchants Bank, and builds an asset allocation portfolio based on public funds, so as to achieve the purpose of diversifying investment risks with investors.

In 2018 alone, the cumulative sales scale of CMB Capricorn Smart Investment reached 12.233 billion.

Digital Middle Office

In the 2019 annual report, China Merchants Bank pointed out that it will build a unified digital middle-station for enterprises-China Merchants Bank’s open platform, explore the transformation of business models supported by standardized and modular services, and quickly respond to customer needs.

Prior to this, Leifeng.com (Public Account: Leifeng.com) had reported on China Merchants Bank’s data center in detail. For example, China Merchants Bank has built a middle-office system for customer acquisition and operation across the entire chain, such as the Rubik’s Cube activity operating platform and the red envelope platform. Like the Rubik’s Cube event platform, branches can quickly configure an online event within 5 minutes and reach target users through the China Merchants Bank App.

China Merchants Bank also proposed Strengthen the construction of data center and promote data connection. Strengthen data governance, improve the convenience and ease of use of data, build a data application tool platform, and lower the threshold of data application. Promote the integration and opening of the system, open up the work flow and information flow of each system, and realize one entrance to the whole line. Decoupling the system with open thinking, micro-service and productization of functional modules, Precipitate various general capabilities as the middle stage of the system.

The 2020 Interim Report of China Merchants Bank pointed out that China Merchants Bank will accelerate the iterative development of its customer relationship management system (CRM), and use the CRM system as a medium- and Taiwan-based capability precipitation carrier to form a customer information center, information case center, business processing center, marketing support center and a series of scenarios. Five core functions such as the team building center.

The CRM4.0 system is a key platform for the transformation of the “China Merchants Bank” financial business model. It is a smart marketing platform and a digital operation platform based on the business system, as well as a customer service system and a customer manager management system platform.

smart robot

China Merchants Bank relies on big data and artificial intelligence to create intelligent service robots, traffic distribution decision-making robots, intelligent agent assistant robots, service analysis robots, quality inspection robots, etc., covering user insights, traffic distribution, service interaction, demand re-excavation, management improvement, etc. Five modules, and moved the call center to the Pocket Life App to provide users with audio-visual multimedia interactive services, which has achieved the upgrade of service efficiency and user experience.

In June 2020, Tian Huiyu pointed out that China Merchants Bank relies on big data and artificial intelligence to create a large number of intelligent service robots. The cost of robots used for retail credit collection is 1/10 of labor, and the output is 9 times that of labor. The above is to increase production capacity.

RPA (Robot Process Automation)

As of October 2020, the financial industry accounted for the highest proportion of domestic RPA companies at 54.55%, of which 77.78% of financial institutions are banks. Among them, Shanghai Pudong Development Bank and China Merchants Bank were the first banks to use RPA. They were the first to introduce RPA technology in the domestic financial industry in 2016 and 2017, respectively, in order to improve the level of operation automation. The effect is very impressive.

In December 2018, China Merchants Bank used intelligent robots to participate in business processing in the new version of its online custody banking system, which was the first to realize the application of RPA technology in the asset custody field.

In 2020, China Merchants Bank has innovatively integrated the RPA shared pool technology on the basis of the original CBS7.0 platform, and launched CBS-RPA, which can quickly help companies build a complete treasury management system, build a comprehensive treasury management system, and solve treasury management Problems and perplexities. The product became very popular after it was launched, and it has been successfully launched in nearly ten large group companies across the country within only half a year of its launch.

In the 2020 interim report, China Merchants Bank pointed out that it applied RPA, OCR and NLP (natural language processing) and other financial technology technologies in 24 middle and back-office scenarios including verification, entry, and consulting. During the reporting period, the number of alternative businesses reached 11.64 million. .

Tian Huiyu, President of China Merchants Bank, said: RPA uses machines to replace simple outsourcing, which saves a lot of costs.

cloud computing

At the end of 2019, the total number of X86 server deployments of China Merchants Bank increased by 60.67% year-on-year. The new generation of PaaS (Platform as a Service) platform expanded its use, and the proportion of the bank’s applications on the cloud reached 44%.

At the same time, China Merchants Bank continues to enhance its open banking capabilities. The “Open API Platform” for unified external services across the bank supports the safe and fast output of APIs, serving financial payment, AI, smart parking, smart medical and other scenarios, and empowering 629 cooperative enterprises. In terms of big data + AI, the big data cloud platform was upgraded, the overall capacity of the data lake was increased to 9.8PB, and the data entering the lake increased by 68% year-on-year.

Based on the integration of internal and external data, China Merchants Bank has increased the research and application of AI technology, built three AI cloud services of intelligent customer service, risk public opinion, and computer vision, and launched three major AI solutions for knowledge management, digital marketing, and risk management to support business The development of intelligence.

The 2020 mid-term report pointed out that China Merchants Bank will establish a large-scale digital infrastructure based on cloud computing technology, promote the construction of a native cloud that is more convenient for rapid construction, expansion, openness and iteration of systems and applications, and support the safe access of new applications from the head office and branches to the cloud .

As of mid-2020, China Merchants Bank has 4,015 native cloud servers, an increase of 100% over the end of the previous year; the scale of native cloud storage is 29.18PB, an increase of 92% over the end of the previous year; the number of native cloud containers is 69,080, an increase of 121% over the end of the previous year.

database

On November 27, 2017, China Merchants Bank and Huawei established a joint innovation laboratory for distributed databases to jointly develop independent and controllable financial-grade distributed database products.

In this joint creation project, China Merchants Bank mainly does three things: first, to provide advanced financial business scenarios; second, based on so many years of advanced experience in database use and operation and maintenance of China Merchants Bank, it proposes a solution for the joint creation of distributed databases. Specific requirements; third, for the key components of the Lianchuang database, such as the kernel and high-availability architecture, deeply participate in the entire link from design, coding, testing to final production. Huawei, on the other hand, has a large amount of technology accumulation in the database field, and is mainly responsible for the realization of product development and the promotion of future marketization.

After initial contact and cooperation, China Merchants Bank and Huawei conducted a pilot database application in 2018.

In the 2019 annual report, China Merchants Bank pointed out the establishment of the Kunpeng Computing Joint Innovation Laboratory and the Load Balancing Joint Innovation Laboratory to accelerate the implementation of the research results of the distributed database joint innovation laboratory.

Biometrics

As the leading brand of commercial banks, China Merchants Bank focuses on internal risk control and payment security, combined with cutting-edge technologies such as big data, cloud computing, and artificial intelligence, and continuously upgrades the risk control system, creates smart risk control, and creates convenience and efficiency for consumers. Safe and assured customer experience.

In order to strengthen the bank’s internal security management, increase the efficiency of the banking system’s authorization, and enhance the counter business risk prevention capabilities, China Merchants Bank introduced the fingerprint recognition algorithm and smart terminals of Eyes Technology as early as 2009, which were applied to the counters and smart branches of China Merchants Bank. And in mobile marketing, it has realized intelligent risk control and cost reduction and efficiency enhancement, helping China Merchants Bank to provide consumers with intelligent, convenient and safe financial services with user experience as the core, and add to the good life of users.

Blockchain

As early as 2018, China Merchants Bank issued the country’s first financial industry blockchain electronic invoice.

At the end of 2019, China Merchants Bank improved and developed the standard branch chain and BaaS (blockchain as a service) platform ecology, with a total of 25 applications.

In the 2020 mid-term report, China Merchants Bank pointed out that it is improving and developing the open permission chain and blockchain as a service (BaaS) platform. It has been developing the continuous application of blockchain and business integration in scenarios such as supply chain finance and merchant fund clearing. explore.

Online payment

In the 2019 annual report, China Merchants Bank pointed out that it will realize ecological operation with the industrial Internet as the key link. Focusing on the three major directions of account and payment system digitization, digital financing, and financial technology capability output, the industry chain is opened up, and the unified payment and settlement system is innovated to realize the collection and settlement function and the internal account settlement mode of the B2B platform.

At the end of 2019, China Merchants Bank’s comprehensive settlement solution “Cloud Bills” has provided services to 5,766 corporate customers, with a transaction volume of 287.271 billion yuan; the aggregate collection business focuses on insurance, medicine, education, and FMCG four scenarios, and the number of transactions Reached 502 million transactions, with a transaction value of 146.647 billion yuan, a year-on-year increase of 267.51%.

The “Three Times” of China Merchants Bank

China Merchants Bank started from Shekou, Shenzhen, and has been crowned as the “King of Retailing” in the banking industry for 40 years of ups and downs. Along the way, it is inseparable from the three presidents’ keen insight into market changes and their strong courage to actively reform.

Wang Shizhen He was the first president of China Merchants Bank and served for 14 years. Under his leadership, China Merchants Bank evolved from a wholly-owned bank of China Merchants into a standard joint-stock commercial bank, and gradually got rid of the restrictions of regional banks, and basically formed a national commercial bank. Pattern.

Wang Shizhen and other leaders also made the decision to quickly establish a computer system for China Merchants Bank, and set a clear mid-term goal: to complete the computerization of basic business processing within three years, and to complete the computerization of all business processing within five years. This has laid a good foundation for China Merchants Bank to carry out digital transformation in the future.

Year 1999, Ma Weihua He took over as the president of China Merchants Bank and fully started the construction of China Merchants Bank’s online banking after taking office, becoming the first commercial bank in China with online financial services. The opening of China Merchants Bank’s online banking became the starting point for its retail business.

In 2010, after realizing that the profit growth achieved by large-scale capital consumption and profit margins in the past was difficult to sustain, Ma Weihua led China Merchants Bank to implement the goals of reducing capital consumption, increasing loan pricing, and controlling financial costs. “Secondary transformation”. Like Wang Shizhen, Ma Weihua has also been at the helm of China Merchants Bank for 14 years.

year 2013, Tian Huiyu Taking over as the president of China Merchants Bank, China Merchants Bank has ushered in a new era in which it is fully embarking on the road of “finan-tech banking”.

Under the leadership of Tian Huiyu, China Merchants Bank proposed “mobile first” in 2015, consciously using APP as its main business position.

In 2016, China Merchants Bank mentioned fintech in its annual report for the first time, proposing that the bank’s “premature power” must be used to advance its fintech strategy, and in its 17-year report, it proposed to be a “finan-tech bank”.

Under the leadership of Tian Huiyu and other leaders of China Merchants Bank, at the end of 2019, China Merchants Bank invested 9.361 billion yuan in information technology, a year-on-year increase of 43.97%, which is 3.72% of the company’s operating income.

China Merchants Bank attaches great importance to science and technology investment, and its investment in information technology has far exceeded that of most banks over the years. Public information shows that the annual financial technology budget of China Merchants Bank is determined at 3.5% of the previous year’s revenue.

Recently, Tian Huiyu said in an interview that China Merchants Bank’s investment in information technology has reached 12 billion yuan in 2020. Based on this figure, Leifeng.com calculates that China Merchants Bank’s IT investment will account for more than 4% of the company’s operating income in 2020.

The annual report shows that in 2020, CITIC Bank invested 6.926 billion yuan in science and technology, an increase of 24.43% year-on-year; the number of science and technology personnel in CITIC Bank has quadrupled in two years to 4190.

With the increasing investment in technology, the achievements of China CITIC Bank’s digital transformation are gradually emerging:

China CITIC Bank and its peers have established a large-scale blockchain cooperation ecology among domestic banks, and the cumulative transaction volume of the blockchain trade finance platform has exceeded 10 billion yuan

China CITIC Bank successfully put into production the first independent distributed core system of domestic medium and large banks-Lingyun Engineering

China CITIC Bank has nearly 800 application scenarios for intelligent robots (RPA), the branch application coverage rate exceeds 80%, and the average business operation efficiency has increased by more than 20%.

On March 15th, Li Qingping, who has a “financial iron lady”, resigned as chairman of China CITIC Bank, and Zhu Hexin, who was the former vice governor of finance, took over. Zhu Hexin is an “old Bank of Communications” with more than 20 years of experience in the financial industry. Under his leadership, CITIC Bank’s layout in the field of financial technology may undergo major changes.

Build a digital CITIC Bank

China CITIC Bank, founded in 1987 and headquartered in Beijing, is one of the nationwide commercial banks. Its total assets exceed 7 trillion yuan and the number of employees is nearly 60,000.

In the “Top 100 Chinese Banking Industry 2020” released by the China Banking Association, CITIC Bank ranked 11th according to the ranking of core Tier 1 capital. In this ranking, China CITIC Bank surpasses China Everbright Bank and is second only to Minsheng Bank.

CITIC Bank, like CITIC Securities, CITIC Construction Investment Securities, CITIC Trust, CITIC Prudential Life and other companies, is one of the subsidiaries of CITIC Group.

In 2020, China CITIC Bank, together with other CITIC Group subsidiaries, provided customers with a combined financing scale of 107.82 billion yuan, a year-on-year increase of 68%, breaking the “one trillion” mark for the first time.

On March 25, China CITIC Bank Co., Ltd. released its 2020 annual performance report. The report shows that China CITIC Bank will achieve revenue of 194.731 billion yuan in 2020, a year-on-year increase of 3.81%.

In recent years, China CITIC Bank has continuously increased its investment in financial technology.

In 2020, CITIC Bank invested nearly 7 billion yuan in technology, an increase of 24% over the previous year, and technology investment accounted for 3.56% of operating income.

As of the end of 2020, CITIC Bank has 4190 scientific and technical personnel (excluding subsidiaries), a year-on-year increase of 31.68%, and CITIC Bank’s scientific and technical personnel accounted for 7.60%.

The number of scientific and technological personnel in CITIC Bank has quadrupled in two years, which is also a supplement to the upcoming larger-scale digital transformation.

At the beginning of this year, China CITIC Bank released a new three-year development plan, proposing to use high-tech as the engine and high-quality development as the theme to strengthen the development of light and intensive.

In order to achieve high-quality development goals, The financial technology structure of China CITIC Bank has been adjusted to “three committees, two departments, and two centers” . Compared with 2019, China CITIC Bank has added a new data management committee to its 2020 annual report.

At the same time, China CITIC Bank also proposed the implementation path of “one reform, two transformations and three challenges”. In response, China CITIC Bank proposed to accelerate digital transformation and light capital transformation.

In terms of ecological scenario layout and corporate cooperation, China CITIC Bank has jointly built more than 5,500 scenarios with hundreds of partners such as UnionPay, Didi, JD.com, etc., serving 5.2 million users and accumulating 390 million capital transactions.

In cooperation with artificial intelligence-related applications, China CITIC Bank has launched cooperation with the three Internet giants of BAT, and other well-known artificial intelligence application technology manufacturers such as Megvii, HKUST Xunfei, Tongdun and Bangsheng, enriching itself in various fields. Artificial intelligence applications on business lines.

CITIC Bank AI combat

Artificial intelligence platform

As early as 2017, the artificial intelligence platform “CITIC Brain” independently developed by China CITIC Bank was fully launched.

In 2018, “CITIC Brain” initially has the ability to provide intelligent services for retail, corporate, custody, and compliance.

In 2020, with the “CITIC Brain” as the main engine, CITIC Bank will build an “AI Model Center” and an “AI Efficiency Center”, implement 307 “AI + data” precision models, and serve more than 10 million customers intelligently in real time.

Among them, wealth management AI intelligent recommendation achieved online sales of 232.65 billion yuan, landing strategic customer equity chain applications, and increasing management assets by more than 52.2 billion yuan.

Intelligent risk control

The 2020 annual report shows that China CITIC Bank has accelerated the practice of intelligent risk control, independently developed real-time intelligent anti-fraud and anti-money laundering systems, with an accuracy rate of 90% for real-time transaction monitoring and interception, and offline risk control screening and intercepting more than 17,000 risk events.

The bank’s credit card center uses big data, machine learning, cloud computing and other intelligent technologies to introduce multi-dimensional new data to enrich customer risk profiles. In 2020, a total of 26 full-process credit risk scoring cards will be iteratively optimized, effectively improving the ability of risk control and precise policy implementation; Through machine learning algorithms, it has achieved a new breakthrough in more efficient and accurate risk decision-making capabilities, and realized a 20% increase in transaction amount.

In 2018, China CITIC Bank and Bangsheng Technology reached a cooperation in the construction of risk control and anti-fraud, and contributed to the upgrade of CITIC Bank’s intelligent real-time risk control system.

In the same year, China CITIC Bank also reached a cooperation with Tongdun Technology. Tongdun Technology provides smart risk control middle-office services for China CITIC Bank Credit Card Center.

Smart marketing

According to the 2020 annual report, China CITIC Bank expanded its new customers by 12,800 new customers by increasing digital marketing and using the chain-based customer acquisition and product customer acquisition model, driving a deposit growth of 53.9 billion yuan.

In addition, CITIC Bank has also actively developed a retail business system, which has boosted the scale of assets by nearly 200 billion yuan, and the AI ​​smart recommendation for wealth management has achieved CITIC Bank’s online sales scale of more than 230 billion yuan.

In 2017, China CITIC Bank cooperated with Suoxinda Holdings, a global financial AI big data and integrated intelligent marketing solution manufacturer, and introduced Suoxinda AI, big data and other leading technologies and end-to-end digital intelligent marketing overall solutions to comprehensively build CITIC Bank Leading digital marketing system.

Smart Customer Service

In October 2018, China CITIC Bank Mobile Banking launched an intelligent voice service product to help visually impaired users experience barrier-free mobile financial services.

With the support of Tencent Cloud’s intelligent voice and semantic understanding technology, China CITIC Bank’s mobile banking intelligent voice service has achieved rapid upgrades.

With the help of intelligent voice technology, CITIC Bank’s customer service robots can meet the needs of scenarios such as question and answer, transfer tasks, account query tasks, financial tasks, small chats, etc., and provide solutions for complex financial transaction scenarios.

In the same year, China CITIC Bank also cooperated with HKUST iFLYTEK in intelligent customer service.

Robo-advisor

CITIC Bank’s robo-advisory product-“Xinzhitou”, on the basis of agency fund sales, integrates technologies such as big data analysis and quantitative financial models.

“Xinzhi Investment” analyzes the customer’s investment pain points from the three stages of pre-investment, investment, and post-investment, and provides customers with a complete set of fund investment solutions based on the customer’s profile and target risk strategy.

Lu Tiangui, the current business director of CITIC Bank, once introduced the three highlights of Xinzhi Investment in 2018:

One is to intelligently match target risks and simulated returns based on the customer’s risk assessment results, and recommend the most suitable product combination. According to reports, Xinzhi Investment has built an intelligent risk assessment model based on multi-dimensional data analysis of more than 2 million customers.

Second, Xinzhi Investment not only has forward-looking market analysis by investment research experts and professional research on underlying products, but also uses big data, investment models, and intelligent algorithms to make up for the lack of human computing power.

Third, the user experience is convenient. CITIC Bank searches for the optimal combination from more than 4,000 funds, and directly pushes the recommended asset allocation combination to users. Users make decisions, purchase with one click, and enjoy follow-up services. Experts continue to track the macro market and Bottom product situation.

Core system

In 2020, China CITIC Bank successfully put into production the first autonomous distributed core system (Lingyun Project) of domestic medium and large banks.

As the first to be put into production in China, the new generation of cloud-based credit card core system with independent intellectual property rights-the new core system of China CITIC Bank Credit Card StarCard, will be the first anniversary of stable operation in 2020.

The data shows that StarCard has successfully carried the operation and management of 110 million accounts. The peak transaction value is as high as 4,500 transactions per second, which is more than three times that of the original system. The average transaction response time is only 36 milliseconds, which is effective for satisfying, membership days, rush to buy, and marketing. Activities, Double Eleven Shopping Festival and other high-frequency trading application scenarios.

At the same time, the bank’s credit card center has steadily promoted the construction of the second phase of the upgrade of the new core system of StarCard, and has completed 30 planned subprojects of the second phase, and implemented “second-level” real-time and intelligent data business scenario services.

Blockchain

The 2020 annual report shows that the China CITIC Bank blockchain platform is the first to pass 5 credible evaluations of the China Academy of Information and Communications Technology at one time. The blockchain forfaiting trading platform has been recognized by the People’s Bank of China and upgraded to a national industry platform.

The blockchain forfaiting trading platform is a large-scale blockchain cooperation ecosystem between domestic banks established by China CITIC Bank and its peers.

At present, the cumulative transaction volume of the blockchain trade finance platform has exceeded 10 billion yuan.

cloud computing

In 2017, China CITIC Bank launched an ecological financial cloud platform. It is understood that the cloud platform is operated by financial institutions, technology companies, professional institutions, regulatory agencies, etc., in accordance with the mechanism of division of labor.

In the 2018 annual report, 53% of CITIC Bank’s applications have been migrated to the cloud platform, and the system deployment efficiency has increased by more than 20%.

In the 2020 annual report, the overall cloudification rate of China CITIC Bank’s infrastructure reached 96.71%, and the infrastructure resources have T+1 day delivery capabilities.

At present, China CITIC Bank pointed out that it has completed the first stage of production of the bank-level data lake, and the basic data platform of “one lake, one database” has been basically completed, and the overall processing performance has increased by more than 50%.

RPA (Intelligent Robot)

In 2019, Daguan Data won the bid for the AI ​​project of CITIC Bank Credit Card Center to provide it with RPA products and technical services.

The 2020 annual report shows that there are nearly 800 application scenarios for CITIC Bank’s intelligent robot (RPA), the branch application coverage rate exceeds 80%, and the average business operation efficiency has increased by more than 20%.

With online processes, mobile approvals, and intelligent customer identification, China CITIC Bank has shortened the time it takes to open public accounts by approximately 30%.

Biometrics

In terms of fingerprint recognition, China CITIC Bank and Lenovo Venture Capital Group’s subsidiary “National Authentication” reached a cooperation in 2018 to deploy a fingerprint login function module in the new version of mobile banking 4.0. Users only need to turn on the fingerprint login function to experience extreme speed Easy and quick to log in.

In the direction of face recognition, China CITIC Bank applied Megvii Technology’s face core product in 2018.

mobile bank

In the construction of mobile banking, China CITIC Bank is speeding up the construction of a multi-application ecological network with mobile banking as the main operating position and small programs as light touch points.

The dual APP of China CITIC Bank’s mobile banking and mobile card space is upgraded to version 7.0, and realizes interconnection; mobile banking APP 7.0 realizes the version switching that changes according to the customer, and on the basis of the popular standard version, it covers overseas finance, the elderly, and private banks. Five characteristic customer groups, small and micro, and foreign, provide personalized and exclusive services.

In the first half of 2020, China CITIC Bank has 10.85 million monthly active mobile banking (MAU) accounts, a year-on-year increase of 17%, and China CITIC Bank’s credit card APP “Moving Card Space” has 13.24 million monthly active users (MAU), an increase of 12% year-on-year.

As of the end of 2020, China CITIC Bank has 26.155 million online monthly active users, of which mobile banking APP transaction amount has increased by 20.66% over the previous year, and the replacement rate of e-banking transactions has reached 99.54%.

In terms of channel co-building, China CITIC Bank has also continued to strengthen online service integration. The mobile banking APP successfully launched the online business hall services of CITIC Securities and China Securities Construction Investment Securities, and jointly launched the CITIC Academy function with CITIC Publishing Group.

President Fang Heying: Build a first-class technology-based bank

At present, the senior management organization structure of China CITIC Bank presents a pattern of six presidents with “one director and five associates”.

On the evening of March 15, Li Qingping, the former chairman of China CITIC Bank, handed in her resignation. At the same time, the board of directors has elected the chairman of CITIC Group Zhu Hexin as the chairman of the bank, and the president of China CITIC Bank Fang Heying as the vice chairman.

Among them, President Fang Heying is a 25-year veteran of China CITIC Bank.

Since 1996, Fang Heying has worked at China CITIC Bank, where he has served as the bank’s financial market business director, Hangzhou branch president, and Suzhou branch president.

Now 55, he addressed the shareholders on behalf of China CITIC Bank in the 2020 China CITIC Bank Annual Report just released.

Looking forward to the next three years, Fang Heying stated in the annual report president’s speech that he will continue to increase investment in science and technology. Accelerate the digital transformation and build China CITIC Bank into a “first-class technology bank” , Through the same direction of technology and business, to drive more innovation and bring about greater changes.

At the level of financial technology, Lv Tiangui, the business director of CITIC Bank and the proposed vice president, also said in response to a question from a reporter from the Economic Information Daily that the goal of CITIC Bank is to build two major platforms in technology and data within three to five years. “Support and promote the transformation of the bank’s operation and management from informatization and digitization to intelligence, forming an agile + intelligent innovation system, and becoming a first-class technology-driven bank.”

Lu Tiangui also said that digital transformation has now been upgraded to a bank-wide strategy to promote the entire process of systematic changes from technology application, model innovation, process reengineering to organizational remodeling, and promote the improvement of the bank’s governance system and the improvement of governance capabilities.

Tian Huiyu attaches great importance to the development of financial technology. In the more than 2,000 words of the “President’s Address” in the China Merchants Bank’s 2019 annual report, he mentioned a total of 6 “technology”, 9 “transformation”, and 14 “digitalization”.

Since taking office in 2013, Tian Huiyu has been pushing China Merchants Bank to “run wildly” on the road of technology.

“We have made a clear-cut proposal to build a financial technology bank, and take the exploration of digital business models as the main direction of the second half of the transformation.” Tian Huiyu said in the 2019 annual report.

Thanks to the efforts of Tian Huiyu and other people from China Merchants Bank, China Merchants Bank’s “technological strength” has been at the forefront of the industry.

• At the end of 2019, CMB’s investment in information technology was 9.361 billion yuan, an increase of 43.97% year-on-year, which was 3.72% of the company’s operating income; in 2020, CMB’s investment in information technology reached 12 billion yuan
• In December 2020, China Merchants Bank and JD.com jointly won the second direct banking license in China. China Merchants Topology Bank will fully adopt an online business model and explore new forms of banking in the future
• As of January 10, 2021, the CMB App has accumulated 145 million users and 60.25 million monthly active users

The emergence of the epidemic will bring more complicated situations and tests to banks in 2020, and China Merchants Bank’s performance last year was relatively stable. According to the performance bulletin published on January 14, China Merchants Bank achieved operating income of 290.508 billion yuan in 2020, an increase of 20.805 billion yuan, or 7.71%, over the same period last year.

Recently, Tian Huiyu also said in an interview with a reporter from the Financial Times that the epidemic has isolated physical contact between people, but thanks to a higher level of digital service system, the relationship between China Merchants Bank and its customers has become closer. It also strengthened China Merchants Bank’s determination to promote digital transformation.

Create “Digital Merchants Bank”

China Merchants Bank, founded in 1987 and headquartered in Shenzhen, China, is the first joint-stock commercial bank in China that is wholly owned by a corporate legal person.

China Merchants Bank adheres to the strategic direction of “light banking” and the strategic positioning of “one body and two wings”.

“Light Bank” The strategic direction of China Merchants Bank requires light management, light assets, light business model, etc. For example, light management refers to a light organization structure, which is manifested in the head office and branches going hand in hand; light asset refers to less asset consumption and more controllable risks. At present, China Merchants Bank and ICBC have joined the ranks of light banks. In its annual report, China Merchants Bank pointed out that it is necessary to closely focus on the transformation direction of “light banking” and strive to achieve a breakthrough in the qualitative change of financial technology banks.

At the same time, China Merchants Bank also insisted “One body and two wings” Strategic positioning, Retail “One” takes MAU as “North Star” (North Star is the most important direction, and all indicators serve this indicator) , Wholesale “Two Wings” take specialization as the direction, focus on building wholesale business systemization capabilities, and accelerate the advancement of digital transformation.

With MAU as the most important indicator, the number of APP users of China Merchants Bank continues to rise. At the end of 2019, the cumulative number of CMB App users exceeded 100 million; in mid-2020, the cumulative number of CMB App users reached 129 million; as of January 10, 2021, the cumulative number of CMB App users had reached 145 million. The number of active users is 60.25 million.

China Merchants Bank also directly pointed out that it must pass Benchmarking financial technology companies , Vigorously carry out the construction of financial technology banks, use financial technology as the nuclear power of transformation and development, and fully empower business development .

Currently, China Merchants Bank has built three software centers in Shenzhen, Hangzhou, and Chengdu, and two data centers in Shenzhen and Shanghai to support the business development of the entire bank.

China Merchants Bank’s “AI Actual Combat”

Digital risk control

China Merchants Bank’s intelligent risk control platform “Libra System” covers online and offline transaction channels, and can intercept telecom fraud in real time.

As of the end of 2019, the “Libra System” can intercept suspected fraudulent transactions within 30 milliseconds, reduce the proportion of counterfeit and embezzled amounts of non-cardholders to five ten million, and help customers intercept 27,900 telecommunications fraud transactions. The interception amounted to 493 million yuan, which provided a strong guarantee for the safety of customer funds.

As of mid-2020, China Merchants Bank has reached 75.60% of the early warning accuracy of potential risky corporate customers; it has helped customers intercept 80,000 telecommunications fraud transactions, with an intercepted amount of more than 1.8 billion yuan, which provides a strong guarantee for the safety of customer funds.

Now, the intelligent risk control platform “Libra System” can intercept most suspected fraudulent transactions within 20 milliseconds, reducing the proportion of counterfeit and embezzled amounts by non-cardholders to six ten millionths.

In addition, in terms of external cooperation, China Merchants Bank is also actively cooperating with digital technology companies such as Huawei, Tencent, and Suoxinda.

According to an article published on Huawei’s official website in 2018, after the China Merchants Bank credit card unified risk control platform based on Huawei’s FusionInsight big data solution was launched, the number of risk cases was reduced by 50%, and the loss in half a year was reduced by more than 100 million yuan. The credit card issuance time has been reduced from about 15 days. Shorten it to 5 minutes.

In November 2017, Tencent and China Merchants Bank formally signed a cooperation agreement to reach a cooperation in the field of financial big data anti-fraud: Tencent Financial Cloud and Tencent Security Anti-fraud Laboratory opened up anti-fraud capabilities to China Merchants Bank through AI technology to help China Merchants Bank Better identify fraud in financial services and jointly build a financial security ecosystem.

According to news in April 2020, Tencent and China Merchants Bank jointly launched the “Lingshield Plan” to create a new model of anti-fraud through technology.

Digital marketing

In the field of intelligent marketing, the characteristics of China Merchants Bank are personalized recommendation, precise identification and electronic channel construction.

Beginning in 2015, China Merchants Bank has cooperated with Suoxinda Holdings, a global financial AI big data and integrated intelligent marketing solution manufacturer, from the customer group marketing stage 1.0, to the personalized marketing stage 2.0, to the real-time marketing 3.0 stage, to AI Marketing 4.0 stage, comprehensively build China Merchants Bank’s leading digital smart marketing system. It is reported that through the generation of 1,726 customer portrait tags for retail customers, the number of marketing customer contacts has increased by 6.56 times, the marketing success rate has reached 17.42%, and the personalized recommendation of “thousands of people” has begun.

Digital Customer Service

In 2016, under the technological wave of AI + big data, China Merchants Bank’s credit card service started the application of intelligent services with the palm life app as the core, from AR customer service, to AI-core intelligent customer service, and then to small recruitment assistants. Every new technology exploration and application has brought users a better interactive experience, and has become a more personalized and portable intelligent assistant for users step by step.

At present, the “Xiao Zhao Miao Smart Assistant” launched by CMB Credit Card on the Pocket Life App uses AI technologies such as voice conversion and semantic recognition to perform intelligent intent analysis of natural language, making the service “visible” and “heard” “. At the same time, the intelligent voice navigation function is implanted in the telephone voice IVR, the recognition accuracy rate reaches 94%, and the interaction volume is nearly 80,000. In addition to voice recognition technology, face recognition has also been used in the image, which greatly shortens the security authentication time.

In 2020, an interim report issued by China Merchants Bank pointed out that the automatic response accuracy rate of China Merchants Bank’s intelligent customer service reached 96.7%.

Digital investment advisory

In 2016, China Merchants Bank launched a robo-advisory service-“Capricorn Intelligent Investment”, which is also the first domestic commercial bank to launch robo-advisory services.

“Capricorn Smart Investment” mainly uses machine learning algorithms to incorporate more than ten years of wealth management experience of China Merchants Bank, and builds an asset allocation portfolio based on public funds, so as to achieve the purpose of diversifying investment risks with investors.

In 2018 alone, the cumulative sales scale of CMB Capricorn Smart Investment reached 12.233 billion.

Digital Middle Office

In the 2019 annual report, China Merchants Bank pointed out that it will build a unified digital middle-station for enterprises-China Merchants Bank’s open platform, explore the transformation of business models supported by standardized and modular services, and quickly respond to customer needs.

Prior to this, Leifeng.com (Public Account: Leifeng.com) had reported on China Merchants Bank’s data center in detail. For example, China Merchants Bank has built a middle-office system for customer acquisition and operation across the entire chain, such as the Rubik’s Cube activity operating platform and the red envelope platform. Like the Rubik’s Cube event platform, branches can quickly configure an online event within 5 minutes and reach target users through the China Merchants Bank App.

China Merchants Bank also proposed Strengthen the construction of data center and promote data connection. Strengthen data governance, improve the convenience and ease of use of data, build a data application tool platform, and lower the threshold of data application. Promote the integration and opening of the system, open up the work flow and information flow of each system, and realize one entrance to the whole line. Decoupling the system with open thinking, micro-service and productization of functional modules, Precipitate various general capabilities as the middle stage of the system.

The 2020 Interim Report of China Merchants Bank pointed out that China Merchants Bank will accelerate the iterative development of its customer relationship management system (CRM), and use the CRM system as a medium- and Taiwan-based capability precipitation carrier to form a customer information center, information case center, business processing center, marketing support center and a series of scenarios. Five core functions such as the team building center.

The CRM4.0 system is a key platform for the transformation of the “China Merchants Bank” financial business model. It is a smart marketing platform and a digital operation platform based on the business system, as well as a customer service system and a customer manager management system platform.

smart robot

China Merchants Bank relies on big data and artificial intelligence to create intelligent service robots, traffic distribution decision-making robots, intelligent agent assistant robots, service analysis robots, quality inspection robots, etc., covering user insights, traffic distribution, service interaction, demand re-excavation, management improvement, etc. Five modules, and moved the call center to the Pocket Life App to provide users with audio-visual multimedia interactive services, which has achieved the upgrade of service efficiency and user experience.

In June 2020, Tian Huiyu pointed out that China Merchants Bank relies on big data and artificial intelligence to create a large number of intelligent service robots. The cost of robots used for retail credit collection is 1/10 of labor, and the output is 9 times that of labor. The above is to increase production capacity.

RPA (Robot Process Automation)

As of October 2020, the financial industry accounted for the highest proportion of domestic RPA companies at 54.55%, of which 77.78% of financial institutions are banks. Among them, Shanghai Pudong Development Bank and China Merchants Bank were the first banks to use RPA. They were the first to introduce RPA technology in the domestic financial industry in 2016 and 2017, respectively, in order to improve the level of operation automation. The effect is very impressive.

In December 2018, China Merchants Bank used intelligent robots to participate in business processing in the new version of its online custody banking system, which was the first to realize the application of RPA technology in the asset custody field.

In 2020, China Merchants Bank has innovatively integrated the RPA shared pool technology on the basis of the original CBS7.0 platform, and launched CBS-RPA, which can quickly help companies build a complete treasury management system, build a comprehensive treasury management system, and solve treasury management Problems and perplexities. The product became very popular after it was launched, and it has been successfully launched in nearly ten large group companies across the country within only half a year of its launch.

In the 2020 interim report, China Merchants Bank pointed out that it applied RPA, OCR and NLP (natural language processing) and other financial technology technologies in 24 middle and back-office scenarios including verification, entry, and consulting. During the reporting period, the number of alternative businesses reached 11.64 million. .

Tian Huiyu, President of China Merchants Bank, said: RPA uses machines to replace simple outsourcing, which saves a lot of costs.

cloud computing

At the end of 2019, the total number of X86 server deployments of China Merchants Bank increased by 60.67% year-on-year. The new generation of PaaS (Platform as a Service) platform expanded its use, and the proportion of applications on the cloud in the bank reached 44%.

At the same time, China Merchants Bank continues to enhance its open banking capabilities. The “Open API Platform” for unified external services across the bank supports the safe and fast output of APIs, serving financial payment, AI, smart parking, smart medical and other scenarios, and empowering 629 cooperative enterprises. In terms of big data + AI, the big data cloud platform was upgraded, the overall capacity of the data lake was increased to 9.8PB, and the data entering the lake increased by 68% year-on-year.

Based on the integration of internal and external data, China Merchants Bank has increased the research and application of AI technology, built three AI cloud services of intelligent customer service, risk public opinion, and computer vision, and launched three major AI solutions for knowledge management, digital marketing, and risk management to support business The development of intelligence.

The 2020 mid-term report pointed out that China Merchants Bank will establish a large-scale digital infrastructure based on cloud computing technology, promote the construction of a native cloud that is more convenient for rapid construction, expansion, openness and iteration of systems and applications, and support the safe access of new applications from the head office and branches to the cloud .

As of mid-2020, China Merchants Bank has 4,015 native cloud servers, an increase of 100% over the end of the previous year; the scale of native cloud storage is 29.18PB, an increase of 92% over the end of the previous year; the number of native cloud containers is 69,080, an increase of 121% over the end of the previous year.

database

On November 27, 2017, China Merchants Bank and Huawei established a joint innovation laboratory for distributed databases to jointly develop independent and controllable financial-grade distributed database products.

In this joint creation project, China Merchants Bank mainly does three things: first, to provide advanced financial business scenarios; second, based on so many years of advanced experience in database use and operation and maintenance of China Merchants Bank, it proposes a solution for the joint creation of distributed databases. Specific requirements; third, for the key components of the Lianchuang database, such as the kernel and high-availability architecture, deeply participate in the entire link from design, coding, testing to final production. Huawei, on the other hand, has a large amount of technology accumulation in the database field, and is mainly responsible for the realization of product development and the promotion of future marketization.

After initial contact and cooperation, China Merchants Bank and Huawei conducted a pilot database application in 2018.

In the 2019 annual report, China Merchants Bank pointed out the establishment of the Kunpeng Computing Joint Innovation Laboratory and the Load Balancing Joint Innovation Laboratory to accelerate the implementation of the research results of the distributed database joint innovation laboratory.

Biometrics

As the leading brand of commercial banks, China Merchants Bank focuses on internal risk control and payment security, combined with cutting-edge technologies such as big data, cloud computing, and artificial intelligence, and continuously upgrades the risk control system, creates smart risk control, and creates convenience and efficiency for consumers. Safe and assured customer experience.

In order to strengthen the bank’s internal security management, increase the efficiency of the banking system’s authorization, and enhance the counter business risk prevention capabilities, China Merchants Bank introduced the fingerprint recognition algorithm and smart terminals of Eyes Technology as early as 2009, which were applied to the counters and smart branches of China Merchants Bank. And in mobile marketing, it has realized intelligent risk control and cost reduction and efficiency enhancement, helping China Merchants Bank to provide consumers with intelligent, convenient and safe financial services with user experience as the core, and add to the good life of users.

Blockchain

As early as 2018, China Merchants Bank issued the country’s first financial industry blockchain electronic invoice.

At the end of 2019, China Merchants Bank improved and developed the standard branch chain and BaaS (blockchain as a service) platform ecology, with a total of 25 applications.

In the 2020 mid-term report, China Merchants Bank pointed out that it is improving and developing the open permission chain and blockchain as a service (BaaS) platform. It has been developing the continuous application of blockchain and business integration in scenarios such as supply chain finance and merchant fund clearing. explore.

Online payment

In the 2019 annual report, China Merchants Bank pointed out that it will realize ecological operation with the industrial Internet as the key link. Focusing on the three major directions of account and payment system digitization, digital financing, and financial technology capability output, the industry chain is opened up, and the unified payment and settlement system is innovated to realize the collection and settlement function and the internal account settlement mode of the B2B platform.

At the end of 2019, China Merchants Bank’s comprehensive settlement solution “Cloud Bills” has provided services to 5,766 corporate customers, with a transaction volume of 287.271 billion yuan; the aggregate collection business focuses on insurance, medicine, education, and FMCG four scenarios, and the number of transactions Reached 502 million transactions, with a transaction value of 146.647 billion yuan, a year-on-year increase of 267.51%.

The “Three Times” of China Merchants Bank

China Merchants Bank started from Shekou, Shenzhen, and has been crowned as the “King of Retailing” in the banking industry for 40 years of ups and downs. Along the way, it is inseparable from the three presidents’ keen insight into market changes and their strong courage to actively reform.

Wang Shizhen He was the first president of China Merchants Bank and served for 14 years. Under his leadership, China Merchants Bank evolved from a wholly-owned bank of China Merchants into a standard joint-stock commercial bank, and gradually got rid of the restrictions of regional banks, and basically formed a national commercial bank. Pattern.

Wang Shizhen and other leaders also made the decision to quickly establish a computer system for China Merchants Bank, and set a clear mid-term goal: to complete the computerization of basic business processing within three years, and to complete the computerization of all business processing within five years. This has laid a good foundation for China Merchants Bank to carry out digital transformation in the future.

Year 1999, Ma Weihua He took over as the president of China Merchants Bank and fully started the construction of China Merchants Bank’s online banking after taking office, becoming the first commercial bank in China with online financial services. The opening of China Merchants Bank’s online banking became the starting point for its retail business.

In 2010, after realizing that the profit growth achieved by large-scale capital consumption and profit margins in the past was difficult to sustain, Ma Weihua led China Merchants Bank to implement the goals of reducing capital consumption, increasing loan pricing, and controlling financial costs. “Secondary transformation”. Like Wang Shizhen, Ma Weihua has also been at the helm of China Merchants Bank for 14 years.

year 2013, Tian Huiyu Taking over as the president of China Merchants Bank, China Merchants Bank has ushered in a new era in which it is fully embarking on the road of “finan-tech banking”.

Under the leadership of Tian Huiyu, China Merchants Bank proposed “mobile first” in 2015, consciously using APP as its main business position.

In 2016, China Merchants Bank mentioned fintech in its annual report for the first time, proposing that the bank’s “premature power” must be used to advance its fintech strategy, and in its 17-year report, it proposed to be a “finan-tech bank”.

Under the leadership of Tian Huiyu and other leaders of China Merchants Bank, at the end of 2019, China Merchants Bank invested 9.361 billion yuan in information technology, a year-on-year increase of 43.97%, which is 3.72% of the company’s operating income.

China Merchants Bank attaches great importance to science and technology investment, and its investment in information technology has far exceeded that of most banks over the years. Public information shows that the annual financial technology budget of China Merchants Bank is determined at 3.5% of the previous year’s revenue.

Recently, Tian Huiyu said in an interview that China Merchants Bank’s investment in information technology has reached 12 billion yuan in 2020. Based on this figure, Leifeng.com calculates that China Merchants Bank’s IT investment will account for more than 4% of the company’s operating income in 2020.

Wave of closures expected in Europe Thousands of bank branches before the end

As of: June 8th, 2021 8:58 am

For many European private banks, running a tightly knit network of branches is no longer worthwhile. According to a new study, almost half of the stores will close in the coming years. A study by the business consultancy PwC predicts a wave of branch closings by European banks. According to this, up to 40 percent of the branches could be on the verge of closure by 2023. This means that drastic cuts are imminent for employees and customers of the branches. Study author Andreas Pratz and his colleagues looked at around 50 private customer banks and banking groups with a total of 690 million customers as well as estimated private customer deposits and loan volumes of 18 trillion euros. Banks from 15 countries in Europe and, for comparison purposes, also in North America and Australia were included.

Too little income from the branches

The main reason for the expected closure measures is the poor profitability of the branches for the banks. According to the study, the average profit per customer in the past year 2020 dropped again by eight percent to 193 euros. There is also less and less business being done in the branches. For example, fewer and fewer bank customers are making international transactions, and the demand for consumer credit has also continued to decline. The income per customer is below average in branches in Germany, it is 172 euros. In contrast, a customer in Switzerland brought an average profit of 444 euros, in Austria slightly above average 208 euros. In Italy and Spain, too, the yields are significantly higher than in Germany. According to the study author Pratz, higher bank fees are charged there or salary accounts are better linked to other bank offers such as construction financing. According to Pratz, there are also major differences in Germany. The “associations”, ie the Volksbanks and the savings banks, achieved better earnings than the branches of private commercial banks.

Cancellation programs launched

Only a quarter of European commercial banks managed to increase their sales in the past year. This increases the cost pressure considerably and directs the bank managers’ attention to their own branch networks. Many of the big banks have already launched job cancellation programs in recent months and in some cases tightened them again, including Deutsche Bank and the French Société Générale. Commerzbank and Postbank had also announced drastic branch closings in the past few weeks. The study assumes that bank branches in Europe will shrink from just under 60,000 to just 36,000 in 2023. More and more new sales channels are taking the place of the branches: “Instead of luring as many customers as possible into the branches through the best locations, customer contacts will in future be gained through targeted online marketing”, according to the author of the study, Pratz.

Cho Moi district has installed landslide warning signs, barricades to prevent people and vehicles from entering the area at risk of landslides. (Photo: Thanh Sang/VNA) On the afternoon of June 15, information from the People’s Committee of An Giang province said that the Chairman of the Provincial People’s Committee Nguyen Thanh Binh signed Decision No. 1289/QD-UBND declaring an emergency situation of landslide on the banks of Rach Ong Chuong section. km16+250-km16+300, Provincial Road 946 in Cho Moi district. Before that, around 8:30 a.m. on June 8 at the area Km16+250, near Xa Mach bridge, Provincial Road 946 (Cho Moi district, An Giang province) a landslide occurred on the banks of the Ong Chuong river with a length of about 50m and 2m deep into the roadbed. The landslide has completely collapsed the roof of the roadbed and is in danger of spreading, affecting traffic safety. According to Decision 1289, the People’s Committee of An Giang province requested the Department of Natural Resources and Environment of the province to zone areas at risk of particularly dangerous landslides, to put up signs of particularly dangerous landslides, to set up safety corridors. safety and organize the monitoring and monitoring of landslides, timely report proposals to the Provincial People’s Committee. In particular, the People’s Committee of Cho Moi district is responsible for monitoring landslides, promptly handling the relocation of people and properties out of areas at risk of particularly dangerous landslides; notify and put up landslide warning signs, barricades to prevent people and vehicles from entering areas at risk of landslides; coordinate with units to arrange guard forces to closely monitor landslide developments and maintain security and order in the area. The Provincial People’s Committee also requested the Provincial Department of Transport to coordinate with the Provincial Police and relevant units to organize the channeling and regulation of waterway and road traffic through the landslide area. The Provincial People’s Committee assigned the Department of Transport to urgently select a qualified and experienced consulting unit and construction contractor, and organize the formulation of urgent handling plans; mobilize forces and materials for urgent handling in accordance with law. Relating to the landslide area Ong Chuong canal , section Km16+250-Km16+300 on Provincial Road 946, before that An Giang Department of Transport also announced to limit the load and regulate traffic for all kinds of vehicles that need to circulate on the route. Provincial road 946 and Ong Chuong river from 14:00 on 11/6. Accordingly, only two-wheeled vehicles and rudimentary vehicles are allowed to pass through the landslide area. The remaining means of transport when wishing to go from Long Xuyen city to Cho Moi and other nearby localities or vice versa, they need to move in the direction of Provincial Road 944 and Provincial Road 942. Load capacity of less than 100 tons is circulated on the Ong Chuong river route. The landslide on the north bank of Cai San canal affects people’s traffic. (Photo: Thanh Sang/VNA) On the morning of June 15, the North bank of Cai San canal at Thoi Thanh hamlet, My Thanh ward, Long Xuyen city, An Giang province also had a serious landslide, affecting traffic in the area. The landslide section has a length of about 10m, a width of 2m, located at the end of the embankment route, built by the Construction Investment Project Management Board of Agriculture and Rural Development in An Giang province in 2019-2020. The location of the landslide threatens the traffic route in the area. Mr. Luong Huy Khanh, Chief of the Standing Office of the Steering Committee to Respond to Climate Change – Disaster Prevention and Control and Search and Rescue in An Giang Province, said that the cause of the landslide north bank of Cai San canal was initially determined. determined due to the influence of the flow of the curved river, eddy water, and the impact of water transport. “After the North bank of Cai San canal was eroded, the Steering Committee for Climate Change Response – Natural Disaster Prevention and Control and Search and Rescue in My Thanh Ward, Long Xuyen City, coordinated with local people to cooperate with the local people. install barriers at the landslide location, reduce traffic loads, hang warning signs, install warning lights,” added Mr. Khanh. Cai San canal, the section from Nam Su canal to Sau Ba canal, My Thanh ward, Long Xuyen city, was assessed by An Giang province as being particularly dangerous, causing direct danger to residential areas. concentrate. From 2019 to present, Cai San canal The section from Nam Su canal to Sau Ba ditch has 4 subsidence events, serious landslide . An Giang province has determined the cause of Cai San canal landslide due to the area located on the bend, strong current pressure close to the shore in the pouring season. In addition, due to the opposite bank in Thot Not district, Can Tho city, where there are many milling factories with many waterway vehicles circulating, turning around, causing the water current to slam on the shore of An Giang, causing landslide. In the past time, the People’s Committee of An Giang province has invested in building embankments to urgently overcome landslides of Cai San canal from Nam Su canal to Sau Ba canal, in order to stabilize the shoreline, ensure waterway traffic and ensure traffic safety. The road is convenient, gradually stabilizing life, helping people feel secure to develop production, contributing to the development of the local economy…/.

Measure body temperature for customers at TPBank on Ly Thuong Kiet Street. In recent days, just walking to any transaction office of banks in Hanoi, customers are measured body temperature by bank security staff and asked to wear masks and disinfect hands. At the transaction areas, not only the glass booths, all bank staff wear masks or hats with diaphragms. In particular, money collected from customers must be carefully disinfected before moving to another place. Employees wear gloves before dealing with customers to ensure the prevention of epidemics for both customers and employees when transacting. General Director of Tien Phong Commercial Joint Stock Bank (TPBank) Nguyen Hung affirmed that the bank strictly implements regulations on epidemic prevention and control, both to protect the health of bank employees and to contribute to in the fight against the Covid-19 epidemic. Therefore, at the transaction points, as well as the working rooms of the bank, they are fully equipped with temperature measurement equipment, masks as well as hand sanitizer. TPBank employees, even those who do not have to deal directly with customers, are required to wear masks. Other banks such as Orient Commercial Joint Stock Bank (OCB), Southeast Asia Commercial Joint Stock Bank (SeABank), An Binh Commercial Joint Stock Bank (ABBANK), etc. “turn on” the Covid-19 prevention and control mode to the highest level at all transaction points. The staff at OCB on Lang Ha Street all wear masks to prevent the epidemic. In addition to taking serious prevention and control measures, banks also continuously send warnings by text message, email, as well as post notices at the door of transaction points to encourage customers to make online transactions. at home through banking applications on smartphones and internet banking on computers. According to Official Dispatch No. 02/CD-NHNN of the State Bank (March 11, 2020) on strengthening the prevention and control of the Covid-19 epidemic in the new situation, the State Bank requires credit institutions, Foreign bank branches carry out regular disinfection, disinfection and cleaning at cash transaction areas, vaults and automatic teller machines (ATMs). Take measures to clean and disinfect cash (bundles, bags) collected before being stored at the end of the day or before being returned to the State Bank. In case the amount of cash in stock is high, branches of credit institutions after disinfecting may keep them in the warehouse for a certain period of time before disbursing money to customers.

1. What is the only province in the Mekong Delta that is located on both banks of the Hau River? Tien Giang
Hau Giang
An Giang In the Mekong Delta region, An Giang is the only province that is located on both banks of the Hau River. The Tien and Hau rivers are the two main branches of the lower part of the Mekong River flowing into our territory. In particular, the Hau River, after flowing through An Giang, becomes the natural boundary separating the provinces and cities on the east bank (Dong Thap, Vinh Long, Tra Vinh) from the west bank (Can Tho, Hau Giang, Soc Trang). Image: Pham Ngon . 2. How many district-level administrative units does An Giang currently have? 11, including: 1 city, 1 town, 8 districts
11, including: 2 cities, 1 town, 8 districts
11, including: 1 city, 2 towns, 8 districts An Giang currently has 11 district-level administrative units, including: Long Xuyen city (province capital), Chau Doc city, Tan Chau town, and 8 districts of An Phu, Chau Phu, Chau Thanh, Cho Moi, Phu Tan, and Phu Tan. Thoai Son, Tinh Bien and Tri Ton. Image: Nghia Le Huu . 3. Are there any special national monuments in Long Xuyen city? President Ton Duc Thang Memorial Park
Poet Nguyen Dinh Chieu’s memorial area
Monument to Vice President Nguyen Sinh Sac In Long Xuyen city, there is a memorial area for President Ton Duc Thang, located on Ong Ho islet, by the Hau river. This place has an old stilt house, where Uncle Ton was born, lived during his youth, a memorial temple, a gallery… With historical values, traditional education, a souvenir area is recognized as a souvenir. ranked special national monument in 2012. Photo: Mekong Delta Explore r . 4. Ba Chua Xu Temple, Tay An Pagoda, Hang Pagoda, Huynh Dao Pagoda… are the local destinations in An Giang? Thoai Son District
Chau Doc City
Tan Chau Town Coming to Chau Doc City, visitors can visit famous destinations with cultural and religious colors here such as: Ba Chua Xu Temple in Sam Mountain, Tay An Pagoda, Hang Pagoda (Phuoc Dien Tu), Huynh Dao Pagoda… Photo: Nguyen Thanh Tinh . 5. What cultural features do An Phu district and Tan Chau town of An Giang have that attract tourists? Culture of Cham people following Islam
Culture of Tay and Nung people
Culture of the Ede people according to matriarchy An Phu district and Tan Chau town are border localities in An Giang, with a large number of Cham people living, mainly following Islam. Therefore, Cham Islam culture through cathedral architecture, traditional weaving, unique cuisine… is the highlight that attracts many tourists to come here. Image: Duy Tin. 6. Ta Pa field is located in which district of An Giang? Tri Ton
New Market
Phu Tan Located in Tri Ton district, Ta Pa field is a place that attracts many tourists and photographers to hunt for photos. Looking down from above, the field looks like it is made up of countless pieces with beautiful and poetic green and yellow colors. Image: Quang Ngoc . 7. What are the destinations in Tinh Bien district of An Giang? Lam Vien tourist area – Cam Mountain, Tra Su Melaleuca forest, Tinh Bien market…
Temple of Ba Chua Xu Bau Mep, Dong Lai Zen Monastery, Lau Pagoda…
All right Tinh Bien is a border district of An Giang province. It has famous destinations such as Lam Vien – Cam Mountain tourist area (with modern cable car, Maitreya Buddha statue setting an Asian record, Van Linh pagoda, Thuy Liem lake…), Tra Su cajuput forest. , Tinh Bien Market, Ba Chua Xu Temple Bau Mep, Dong Lai Zen Monastery (Banh Xeo Pagoda), Lau Pagoda (Phuoc Lam Tu)… I’m coming. Tra Su Melaleuca forest is as green as the eyes in the floating season Coming to Tra Su Melaleuca forest in the floating season, you have the opportunity to admire the poetic green canal as far as the eye can see. The famous destination An Giang attracts visitors to check-in.

Mubarak Mosque in An Giang is designed in the form of a large building, with many long and straight corridors, the main colors are blue and white. (Photo: Pham Hau/VNA) Mubarak Mosque in An Giang seen from above. (Photo: Vu Sinh/VNA) Every year, Mubarak Mosque in An Giang has 3 major holidays; The birthday celebration of the Prophet Mohammed, the founder of Islam, on March 12 of the Islamic calendar is called the feast of Mulút; The New Year of the Cham people, Hari Raya on October 1 of the calendar; Fasting Ramadan from September 1 to 30, Muslim calendar. (Photo: Vu Sinh – VNA) Mubarak Mosque (An Giang) seen from the inside to the gate. (Photo: Pham Hau/VNA) With the unique architecture, bold cultural identity of the Cham people and the traditional festivals typical of Islam, Mubarak Mosque was recognized as an artistic architecture on December 5, 1989. (Photo: Vu Sinh/VNA) The space inside the Mubarak Mosque is designed to be large and has many doors and 8 sturdy pillars placed in balance, which is a gathering place for people to come to pray. (Photo: Pham Hau/VNA) Mubarak Mosque in An Giang is designed in the form of a large building. (Photo: Vu Sinh/VNA) Mubarak Mosque in An Giang seen from above. (Photo: Vu Sinh/VNA) The cemetery of the Cham Muslims in An Giang province is located close to the cathedral, there are buried many floors, regardless of social relationships – rich or low through large or small graves, but simple. just that everyone lay down only one grave lice. (Photo: Pham Hau/VNA) The space inside the Mubarak Mosque in An Giang, with the main colors being blue and white. (Photo: Pham Hau/VNA) Mubarak Mosque (An Giang) seen from the inside to the gate. (Photo: Pham Hau/VNA) Mubarak Mosque in An Giang is designed in the form of a large building, with many long and straight corridors. (Photo: Pham Hau/VNA) Mubarak Mosque in An Giang is designed in the form of a large building, with many long and straight corridors, the main colors are blue and white, along the corridors are decorated walls with motifs and lines. Words are taken from the bible. (Photo: Vu Sinh/VNA)

From Kerstin Anabah and Gigi Deppe, ARD legal editors The Federal Association of Consumer Organizations sued Postbank. He considers certain clauses with which the bank can change its general terms and conditions to be ineffective. The background: Many customers do not even notice when their bank changes the fine print. You only feel that, for example, fees are suddenly being debited for a free account or that other services of the financial institution are becoming more expensive. Although they have received an announcement from the bank that the contract should be changed, very few delve into the small print. Most of the customer’s contracts say: We will send you an announcement two months in advance. And if you do not object, then that counts as consent. Then our contract is changed.

Clauses not transparent enough

However, the Federal Association for Consumer Centers does not consider such clauses to be transparent enough. They did not reveal the reason for the change in the general terms and conditions, nor did they indicate the limits. The association therefore demands that the clauses may no longer be used. “What bothers us about the clauses is that they are simply far too intransparent for the customer,” explains David Bode from the federal association. “When the contract is concluded, he cannot foresee where the journey will go for him.” Ultimately, these clauses could also be misused to turn them into a completely different contract, says Bode: “I can turn a free account into a paid account, I can force certain software on the customer to use online banking.”

Decision of the lower courts

However, the Cologne Regional Court initially dismissed the consumer advocate’s complaint. The federal association was also unsuccessful at the Cologne Higher Regional Court. In the opinion of the judges of the OLG, the clauses correspond to the legal requirements. The relevant European legal regulations provide for the possibility of such tacit consent by customers. Therefore, banks may also agree on these in general terms and conditions. Because of its fundamental importance, however, the judges allowed the appeal to the Federal Court of Justice. In addition, there was a legal hint from Luxembourg. The European Court of Justice, the highest court in the EU, decided a case from Austria last November and gave the general direction: The small print of the banks can certainly be checked by the courts to see whether it disadvantages customers. That was the reason for the Federal Court of Justice, Germany’s highest civil court, to take a closer look at whether it is okay for the bank to change a contract without the express consent of the customer.

Judgment of the Federal Court of Justice

The BGH today announced a judgment in favor of consumers. In the opinion of the federal judges, such clauses are generally ineffective. The banks could introduce extensive changes to contracts, for example also in savings contracts, without the customers having to give their express consent. That would contradict the basic idea of ​​the law. Such clauses would unduly disadvantage consumers. As a result of the ruling, numerous credit institutions will now have to change their clauses. The lawyer of the defendant financial institution, Postbank, had pointed out that it was a mass business for the financial institutions and raised the question of how it should be implemented in practice if every individual customer had to give his consent to changed conditions. The Federal Court of Justice pointed out, however, that the previous rule gave the banks too much power. They could completely change contracts in this way: “For example, the bank could recruit customers with free current accounts or free custody accounts and, after they have concluded a contract with it, introduce account management fees or custody fees using the disputed clause,” said the presiding judge Jürgen Ellenberger . In the future, most bank customers will certainly get more mail from their financial institution. However, it has not yet been determined whether many customers will really say no to a contract change when asked. Because the bank may then try to terminate the contract.

Ben Hen village is located on the bank of La River, Truong Son commune has a history of more than 300 years. For many generations now, people have lived by raking clams, cooking mussels and selling them. In the village there are thousands of households, currently there are nearly 200 households sticking with the profession. The mussel job is maintained all year round, the main season is in March, April and the occasion of summer establishment. The villagers go to rake clams according to households, on average each household has about 5 people supporting each other. In the past, the clam rakes were made of bamboo rake, the length depends on the depth of the river, with the rake longer than 5 m. Nowadays, the economy is better off, many families have invested in motor boats with iron rackets and umbrella nets to rake mussels. On average, on a river trip, each boat picks up several hundred kilograms of mussels. Ben Hen village where there is a mussel village for over 300 years. For generations, people here have lived by raking clams, cooking mussels and selling them. In the village there are thousands of households, currently more than 70 households stick with the profession. The mussel-making job is maintained all year round, but the main season is from March to June. That means in the hot weather in January, the dishes made from mussels are more popular. A corner of the village makes mussels. This work is done by each household. Accordingly, families will cover the whole process of making mussels: from catching mussels on the La river bed, boiling and treating the intestines to sell. In the past, the mussel catcher used tools made of bamboo, weaved into buckets and then connected to a pole. Poles length or short depends on the shallow depth of the river bed but is usually 3-5 m long. Nowadays, the economy is better off, many families have invested in motorboats with iron buckets to rake mussels. The mussel has just been caught in the La River, then boiled so it is very fat and sweet. The clam raking is quite heavy so it is for men. Also cook mussels, treat mussels, bring to the market to sell to women. Clam will be washed after catching, then put in a large pan to boil. People boil 20-30 kg of mussels each time for 10-15 minutes. With 10 kg of boiled mussels, you will get 1kg of mussel gut. Clams are sold on the spot for 50-60 thousand VND / kg. The mussel is caught in the morning, in the afternoon, it is taken to cook. Every day a household here cooks 2-3 quintals of mussels. After being cleaned, the mussels are put in a large saucepan to boil. Ms. Nguyen Thi Thuy (47 years old, Ben Hen village) has over 25 years doing this. “Boiling mussels must be big, but not too fast, not too long. For them to keep their taste and sweetness, then boil them for 10-15 minutes,” Ms. Thuy said. The batches of mussels that have just been boiled are smoky. According to Ms. Thuy, the profession dates back to the time of grandparents and parents. Until life, she continued to maintain. “Ben Hen village has become a famous place for this mussel cooking job. On average, my family cooks more than 2 quintals of mussels every day.” This work has helped us to have a stable income and escape poverty “, Ms. Thuy added. After boiling, mussels are brought to the treat to separate the intestines from the shell. This work requires vigorous stirring to be able to separate all of the mussel gut. According to the people working here, after deducting all expenses, a family can also earn 500 thousand VND to more than 1 million VND / day. The special thing is that the La River clam here is very sweet, has no mud smell, so it is favored by consumers. Hen here is taken to all markets in Ha Tinh province for consumption, even going to Nghe An province. Mr. Nguyen Van Tuyen, Chairman of Truong Son Commune People’s Committee, said this trade village must have been more than 300 years ago. “At present, there are more than 70 households working as clams. If the crop is successful, many families will earn hundreds of millions VND. The mussel job is quite stable and really helps many families escape poverty,” said Chairman of the People’s Committee. Truong Son commune said. Clams can be processed into many delicious, cool and nutritious dishes such as: stir-fried with rice cakes … Clams can be processed into many delicious, cool and nutritious dishes such as: stir-fry with rice cakes, cook hot pot, porridge, mussel rice … especially on these hot summer days.

Although the first anniversary of the unprecedented negative oil price “black swan” event has passed, its impact on the market has not disappeared.

Brokers China reporter noted that in recent times, many banks have adjusted their precious metal businesses one after another. For example, if they have raised investor risk tolerance limits, they have also gradually shut down and suspended their precious metal businesses.

Some senior executives close to major banks revealed to the brokerage China reporter that in the current international environment, banks’ initiatives are mostly voluntarily shrinking in response to regulatory requirements, aiming to take precautions. The reporter also learned from some large state-owned banks and joint-stock banks that current banks are putting “preventing business risks” to the forefront, and business adjustments are also out of consideration for risks and hedging responsibilities.

Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, told reporters that the current adjustment of precious metals business has limited overall impact on domestic investors. First, domestic banks have not completely closed such business windows. Second, the domestic futures market has developed very rapidly and the market depth has increased significantly. .

Tightening of precious metals business

In fact, since March, a number of banks have announced their tightening plans for precious metals business. If there are restrictions on raising the risk tolerance of investors, there are also measures such as gradual shutdown and suspension of precious metals business.

“Considering the high risk in the precious metals market, ICBC will further restrict its account-based precious metals business in the future. For customers who have account-based precious metal holding balances, it is recommended that you choose the opportunity to reduce your holdings to prevent and control your own risks.” ICBC pointed out in a recent announcement.

ICBC The official website announced on April 20 that in order to comply with the changes in the market situation, the bank will adjust the account precious metal business rules and trading system on May 23 this year, including but not limited to: raising the account precious metal product risk level to level 5 (R5), and the requirements of customer risk tolerance assessment results are adjusted to an aggressive type (C5); the account precious metal business functions are gradually closed for customers who meet certain conditions without positions.

April 9th, China Merchants Bank According to the announcement, the risk level of the two-way paper gold and silver and real paper gold and silver business has been adjusted from the original “R3 medium risk” to “R5 high risk”. Existing customers whose risk assessment results are lower than “A5 (aggressive)” cannot conduct two-way New opening transactions for paper gold and silver and new purchase transactions for real paper gold and silver. At the same time, adjustments were made to the starting point of a single transaction for related businesses.

March 30, Shanghai Pudong Development Bank The announcement stated that the account-based precious metal business will be suspended from opening trading on April 6, and the implementation of the stock precious metal fixed investment plan will be suspended. In addition, at the end of this month, the bank will collectively terminate contracts for customers who have no positions in account precious metals business and precious metals fixed investment business. Not long ago, Shanghai Pudong Development Bank also announced that it had adjusted its personal precious metal business as an agent of the Shanghai Gold Exchange, and it had tightened its position limit and contract margin ratio.

March 11, Industrial Bank The announcement also shows that the account precious metals system will stop newly opened positions starting on the 6th of this month; positions that have not been closed after September 30 will be closed by the bank.

In the announcements of the above-mentioned banks, the “prevention of business risks” has been moved to the forefront.

However, some banks stood still. A grassroots person from a major bank in East China told a brokerage China reporter that his grassroots institution has not yet received the notice of adjustment of precious metals-related businesses, but from a risk perspective, it is mainly related to the fluctuation of international gold. The employee bluntly said: “Our grassroots The bank’s business adjustment signs are not obvious, and no specific notice has been received.”

Market risk is in dynamic change, aiming to take precautions

Some senior executives close to major banks revealed to the brokerage China reporter that under the current international market environment, the bank’s initiatives are also actively shrinking in response to regulatory requirements, aiming to take precautions.

“In fact, we just think this thing is too risky and we don’t want customers to do it, but we can’t stop it directly, so we raised the risk level and suggested that they don’t move it.” The person spoke bluntly to reporters.

Why did you choose to tighten adjustments at this time? Many people in the industry said that this is actually the performance of financial institutions to guard against market volatility risks.

Zhou Maohua, an analyst at the Financial Markets Department of Everbright Bank, pointed out to reporters that since April, the overall trend of overseas markets has been “abnormal”, and the recent global epidemic has experienced repeated trends, national policies have diverged, differences in U.S. inflation expectations have been difficult to bridge, and geopolitics have emerged one after another. It indicates that the volatility of precious metals in the external market may increase, and financial institutions will tighten their account precious metal investment business and reduce their exposure to precious metal investment risks.

Some market analysts also told reporters that banks are now following up and making adjustments to avoid risks, mainly out of consideration of risks and responsibilities for hedging. In addition, the epidemic has improved, the U.S. economy has begun to recover, U.S. bond yields have risen, the Fed’s interest rate hike expectations have increased, and the U.S. dollar index has increased, which has caused a certain impact on the price of gold. To prevent it from causing losses in a fluctuating economic environment”.

Specifically, the bank’s move is to implement the appropriate management obligations of financial institutions. “Market risk is undergoing dynamic changes, and the volatility of foreign-market futures businesses is often greater. Financial institutions adjust risk ratings based on actual conditions to ensure that investors’ risk appetite and tolerance are more matched.” Zhou Maohua mentioned that the bank’s move would also help. In order to reduce some potential investment disputes in the future, and maintain its own market reputation.

Zhou Maohua further analyzed that, from some cases, banks may face risks in external disk business in several aspects: first, market risk, market risk of external disk volatility, especially commodity futures business, which is relatively more volatile; second, regulatory and reputation risk , “To attract customers” may also cause some banks to effectively perform investor suitability management obligations, and this may cause investor disputes, resulting in damage to the institutional market reputation; the third is the stability of the information system and the operational risks of traders.

The first anniversary of the negative oil price “black swan” event

Last year, the May contract price of US crude oil futures fell into a “negative value” event, which is also one year old. Judging from the intuition of industry insiders, there have been obvious changes in both the regulatory authorities’ strengthening of the protection of investors’ legal rights and the vigilance of institutions.

“The’Black Swan’ incident is very scary. As a bank, I have never encountered such a situation before.” A senior practitioner from a major industry told reporters frankly that once such a situation is encountered, whether it is personal economic or social impact At the level, banks have to bear a lot of responsibilities, “so be more careful now, and the related risks are tightly guarded.” Zhou Maohua also said that in recent months, banks have successively tightened related external disk businesses, which itself shows that institutions have significantly increased their vigilance against potential risks of similar businesses.

Some analysts said that in the short term, it will be relatively difficult to reopen new accounts for precious metals customers, and some banks will also shrink their personal account transactions.

Both investors and banks have suffered certain losses. “There is still much room for improvement in the experience and ability of Chinese banks to participate in international futures transactions. The professional quality training of relevant personnel and the design of related products by banks are in urgent need of improvement.” A senior bank practitioner told the brokerage China reporter. At the same time, the “oil treasure” incident should also be alert to domestic investor education.

From a literal perspective, “investor education” refers to the dissemination of investment knowledge and experience to individual investors by institutions, departments, etc., but investor education is also a process of investors’ self-learning, exploration, and improvement, as well as the mentality of individual investors. The process of maturing experience and ideas, but the basic requirement of institutions with relevant advantages is to perform investor suitability management obligations. Zhou Maohua predicts that before the precious metals market becomes clear, institutions will continue to be cautious about the business in the short term, and the major banks have a demonstration effect. It is not ruled out that some banks will follow up in the future, but it does not mean that institutions will completely shut down such businesses. business.

“The overall impact on domestic investors is limited. On the one hand, domestic banks have not completely closed such business windows; on the other hand, the domestic futures market has developed very rapidly. The depth is significantly enhanced.” Zhou Maohua said bluntly.

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Recently, La Cala released its 2020 performance report. The data shows that the company achieved both revenue and profit growth. The total annual revenue was 5.562 billion yuan, a year-on-year increase of 13.53%. The net profit attributable to shareholders of listed companies was 931 million yuan, a year-on-year increase of 15.43%. 15%, the cumulative number of service merchants exceeds 25 million.

If we only look at the information disclosed in the financial report, La Cala’s performance in 2020 is impressive, but in fact, from the perspective of revenue growth and profit growth, La Cala’s performance is not stable. This is based on La Cala’s performance in the past three years. Performance can be verified.

In 2018, La Cala’s revenue growth rate was 204%; in 2019, it was -14%; in 2020, it was 13.53%. At the level of net profit, La Cala’s net profit attributable to the parent increased by 27.4% in 2018; 35.56% in 2019; 15.43% in 2020, and profit growth has declined.

On the whole, the current La Cala is experiencing a slowdown in performance growth, the market reputation has declined due to repeated penalties by the regulatory authorities, frequent changes in business operations, and there are problems such as ambiguous relationship installment platforms falling into loan sharks.

In addition, in the third-party complaint platform Black Cat complaints, the financial value-added business “easy installment” spun off by Lakala has been complained many times.

While the malicious recommendation of various routine loans was criticized by consumers, Yi installment was also complained by consumers about the problem of violent collection.

The complainant stated that in December 2020, he borrowed 8,900 yuan from the Easy Installment platform, and after the bill came out, he would have to repay 1,3557.6 yuan and also 897.90 yuan as a security deposit, and the interest was beyond the national scope. And every time the repayment time is not up, I continue to call myself and my family members.

It is worth noting that Lakala does not admit that the company has any relationship with Easy Instalment. It has stated in public response that Easy Instalment is a product operated by the Koala Jinke Holding Company, a subsidiary of Tibet Koala Technology Development Co., Ltd. Cara is an independent company.

Interestingly, in La Cala’s 2020 announcement, Koala Jinke has become a related party of the company.

In addition, it is worth noting that there are reports that many banks will pull Carrara black. Earlier, there was a report that Hua Xia Bank adjusted the credit card scoring rules to “block” 19 third-party payment companies, including Lakala Payment, and that transactions handled by these payment companies would no longer accumulate points. Hua Xia Bank also stated that “payment institutions that do not accumulate points will be updated from time to time.”

In response to this, Lakala responded that the relevant regulations of the competent department are legal and compliant to carry out POS machine business. We have always strictly investigated the behavior of illegal operations under the name of Lakala.

Prior to this, Lakala Payment has been blacklisted by Minsheng, Guangfa, and China Everbright Bank.

In June, Minsheng Bank issued an announcement stating that starting from August 1, 2020, credit card points accumulation rules will be adjusted. Some of the transactions accepted by third-party payment companies will no longer accumulate points. The top three codes of Lakala Payment “822” is on the blacklist.

Subsequently, China Guangfa Bank also issued an announcement that starting from August 2, 2020, in order to ensure the safety of customers’ card use and encourage standardized card use, Guangfa will add a new list of merchants that do not accumulate points, and Lakala Payment will also be listed.

In September, the Everbright Bank Credit Card Center issued the “Announcement on Merchants Not Accumulating Points for Everbright Bank Credit Cards”. Some third-party payment companies will no longer accumulate points for transactions handled by third-party payment companies. Another bank blacklisted Lakala Payment.

In recent years, some cardholders have cashed out through third-party payment transactions and used lower-rate POS machines to brush high points. From this, “wool” arbitrage and other behaviors have been repeatedly prohibited, so banks have resorted to blacklisting and other means.

Relevant data shows that as of the end of 2020, there are 233 third-party payment companies in my country, mainly in the small, medium and micro acquiring market. Due to the large number of market participants, the small, medium and micro acquiring market is already highly competitive.

In addition to third-party payment companies, many Internet giants have begun to turn their attention to this market. WeChat’s Oasis Action and Alipay’s Blue Ocean Action both cultivate and support local service providers and expand small and micro merchants. Meituan is also entering the market through acquisitions. In the past, La Kala could benefit from the increase in industry concentration by virtue of its leading advantages, but now with the Internet giants coming to disrupt the situation, La Kala’s life is becoming more and more sad.

It is worth noting that, in order to consolidate the status of offline acquiring business, Alipay will extend the free withdrawal service of “receiving code” to merchants for another 3 years, until March 31, 2024, and the withdrawal is free, and there is no single upper limit and The single-day cap, which may have an impact on La Cala’s future growth.

Perfect skin In her latest post on her personal page, Tyra Banks says she is trying to find a balance between different roles in life. The supermodel captioned: “Smile very brightly because the big things are coming to you. Life can go crazy. Balance work, be a mother, and remember to take care of yourself.” Tyra Banks shows off a radiant rustic face. Tyra Banks gives thanks to the mothers who are working hard out there. She wants to hear moms’ advice about finding balance. In the post, the founder America’s Next Top Model also share selfies with bare face, no makeup. Supermodel shows off a naturally radiant look. Tyra Banks has shared many information about beauty procedures to help her have a perfect skin. An important trick is to moisturize regularly. “I am obsessed with moisture. I am not afraid of oil. I think moisturizer is one of the ways to help me keep looking no age,” said the supermodel. After leaving the shower or bath, Tyra Banks moisturizes the skin before it dries. “My mother taught me to skin every part of the body right after bathing,” she revealed. According to the Utmedicalcenter Moisturizing is a way to maintain youthful skin. The skin on the face, ears, neck and chest is very sensitive to environmental changes. Besides, these areas of skin peel off faster than other areas of the body. Therefore, they need moisture to self-repair, regenerate, and produce new skin cells. When applying moisturizer, the applied massage movements also stimulate blood circulation, transporting more oxygen and nutrients to skin cells. Tyra Banks is a fan of vaseline. Page Healthline says vaseline is a safe way to lock in moisture, preventing moisture from escaping skin. Vaseline seals the moisture present on the skin. It also protects injured or irritated skin by forming a coating. Environmental factors such as cold winds and hot sun can dry lips quickly. When you apply vaseline to your lips, it protects the sensitive skin around your mouth. Vaseline does not contain perfumes or fragrances, so those with fragrance allergies can use it. Youthful appearance compared to real age Tyra Banks revealed on Essence : “A lot of people say I look younger than my age. I think it was the result of starting to exfoliate early.” Banks’s mother tells her that no matter how much makeup she wears, her face contains a lot of dead skin that will cause make up clumps. Exfoliating is an essential step in skin care, especially during the hot season. Excess oil, dirt, and dead skin accumulate over a long period of time that will clog pores. This is a favorable environment for acne to grow. In addition, too many dead cells will make your face look rough, less smooth and dull. On make-up days, Tyra Banks always removes makeup before going to bed every night. “I have a skin cleanser. I remove make-up 99.9% of the time before I go to bed,” she said. Supermodel focuses on cleansing and moisturizing to maintain youthful skin. Throughout the day, skin must be exposed to dirt, toxic substances from the environment. Sebum, dead skin, and cosmetic residue will remain on the skin if not removed. Not cleaning thoroughly leaves the skin with many undesirable problems. Skin can get acne, irritation or premature aging if not remove makeup, wash face before bed. At the age of 16, Tyra Banks signed with Elite Model Management after being rejected by many companies because of ethnic factors. After graduating from high school, she joined Paris Fashion Week first in her career in 1991. Supermodel performed 25 fashion shows at that time. She has signed many advertising contracts, catwalk for many major brands, and was the first black model to take photos of men’s magazines. GQ, Sports Illustrated . Tyra Banks is also the founder America’s Next Top Model – Fashion reality TV shows are then copyrighted by many countries and regions. Why are you prone to acne? Certain daily habits can cause breakouts, affecting your appearance.

According to statistics from Tianxiang Investment Consulting, as of the end of the first quarter, the top ten major stocks of 3544 actively investing in partial-equity funds included in the statistics were: Kweichow Moutai, Wuliangye, Hikvision, China Freedom, Luzhou Laojiao, Mindray Medical, WuXi AppTec, Midea Group, Longji. Among them, Kweichow Moutai continues to be the largest stock in public funds. At the end of the first quarter, a total of 1,476 funds held Kweichow Moutai, holding a total of 69.937 million shares, an increase of 7,319,700 shares from the previous quarter; total fund holdings The market value is 140.503 billion yuan, an increase of 15.394 billion yuan compared to the market value of positions held at the end of the fourth quarter of last year. The stock rose 0.55% in the first quarter of this year.

It is worth mentioning that in addition to Kweichow Moutai, liquor stocks also include Wuliangye and Luzhou Laojiao in the list of the top ten heavy warehouse stocks. It is reported that at the end of last year, Wuliangye was the second-largest stock in public funds, and the position of Luzhou Laojiao rose one position from the seventh-largest to the sixth-largest stock. Among them, the total market value of the fund holdings of the two stocks is 101.561 billion and 46.302 billion respectively.

In addition to three liquor stocks, which continue to be in the top ten stocks list, there are also the top ten stocks of new funds such as Hikvision and WuXi AppTec. According to data from Tianxiang Investment Consulting, as of the end of the first quarter, there were 505 active equity funds holding Hikvision, an increase of 231 from the previous quarter, and the market value of fund holdings reached 61.230 billion yuan; while the active equity funds holding WuXi AppTec had a total of 505 active equity funds 474, an increase of 78 from the previous month, and the market value of fund holdings exceeded 40 billion yuan.

According to data from Tianxiang Investment Consulting, as of the end of the first quarter, the 50 stocks with the largest increase in active equity funds were mainly concentrated in several sub-sectors such as banking, information technology components, and biological products.

If there is an increase in holdings, there will be a decrease in holdings. In the first quarter, Luxshare Precision suffered a massive sell-off. According to data from Tianxiang Investment Consulting, at the end of the first quarter, a total of 222 active equity funds held Luxshare Precision, holding 49,303.06 million shares; and at the end of the fourth quarter of last year, Shigekura held as many as 627 Luxshare Precision Funds. The number of shares is also as high as 702,371,400 shares. It can be seen that there has been a sharp drop in the number of funds held and the number of shares held.

Deutsche Bank boss Christian Sewing takes over the post of chief lobbyist of the private financial institutions in July. The board of directors of the banking association BdB today elected Sewing as the successor to the chairman of the board of directors of the private bank Berenberg, Hans-Walter Peters. Sewing is considered a “doer” who has managed to get Germany’s largest financial institution out of the red in the middle of the corona pandemic. Nevertheless, Deutsche Bank is also lagging behind its foreign competition, especially the large Wall Street houses. A look at the latest quarterly figures shows how big the gap is. According to this, the American industry leader JPMorgan alone earned in the first three months of this year with 14.3 billion dollars, almost five times the value of the previous year. Goldman Sachs increased profits sixfold to $ 6.7 billion. Deutsche Bank will not publish its new quarterly figures until next week, but a look at the fourth quarter of 2020 reveals how far behind the group is. The German industry leader earned just 189 million euros during this period, compared to 624 million euros for the year as a whole.

Only one percent return

Even beyond the absolute figures, the US banks outshine the domestic institutions by far. JPMorgan’s return on equity for the first quarter of this year is 23 percent. The Deutsche Bank managed eight percent last year, the entire German financial sector together, i.e. the private banks, the savings banks and the cooperative banks, came to just one percent. There are many reasons for such a huge difference. The fact that the US banks were able to increase their profits so strongly in the first quarter is mainly due to the good economic situation in the country. The financial institutions were able to cancel a large part of their risk provisioning for bad loans because they have to fear fewer loan defaults due to the recovery of the economy – US GDP is likely to rise by 6.5 percent this year. At JPMorgan alone, profits soared by $ 5.2 billion.

Big profits from the investment business.

At the same time, the large US companies benefited from their strong position on the capital markets and the companies’ high need for advice. JPMorgan took in investment banking, $ 2.9 billion, more than ever. Goldman Sachs even increased revenues in the division by three quarters. Deutsche Bank is likely to benefit from this boom too, as it is one of the largest foreign exchange and bond traders in the world. But the rest of the German banking industry is just sitting on the bench. Commerzbank has been saying goodbye to trading on the capital markets for years. Savings banks and Volksbanks were never really there. Of course, this is an extremely volatile business, but in times of zero interest rates it is an even more abundant source of income. Investment banking is also the greatest source of income at Deutsche Bank. Without the income from this division, the bank would not have managed to get out of the red.

Fragmented banking market

In other areas, too, German banks and savings banks are finding it difficult to increase their income from fees and commissions. Industry observers point to the still fragmented banking market in this country, which prevents adequate pricing of services. In fact, the division of the market into private banks, public savings banks and Landesbanken as well as cooperative houses remains a German peculiarity. This is an advantage for price-sensitive private customers. However, it was precisely this division that politicians wanted, that Germany, as the leading economic nation in Europe, has only one internationally positioned bank, experts have been complaining for years. However, the banks themselves are to blame for their misery. The German financial institutions are not able to reduce their dependence on the interest business and, in return, to increase their income from fees and commissions. Quite different in the US: JPMorgan increased noninterest income by 39 percent in the first quarter, but interest income by only eleven percent.

Comparatively high costs

According to management consultants at McKinsey, Germany’s banks are not offensive enough. In terms of their deposits, they lend significantly less than their European and US competitors. They are also lagging behind when it comes to selling systems. Overall, German providers are more dependent on recurring fees than their foreign competitors, according to a study published last summer. The sluggish income leads to a relatively high expense ratio for the institutes. The cost / income ratio has risen from 66 percent in 2007 to 83 percent. That is well above the international average of 70 percent. In order to achieve this standard, the banks have to further automate and digitize their business – with the result that Deutsche Bank and Commerzbank in particular have to cut many thousands of jobs.

From Notker Blechner, tagesschau.de When looking at the number of financial firms that have relocated from London to another EU country, the Irish capital, Dublin, has the edge. 135 companies have relocated their headquarters there. This is the result of a study by the New Financial think tank.

More companies went to Paris and Luxembourg than to Frankfurt

The second biggest beneficiary of Brexit was Paris. 102 British financial service providers emigrated to the French capital. 95 companies went to Luxembourg. Only 63 companies dared to move from London to Frankfurt, including Nomura, UBS, Standard Chartered and parts of several major US banks. According to the study by New Financial, a total of more than 400 financial companies – banks, insurers, asset managers and other financial service providers – relocated their businesses from the British capital to EU countries. The authors of the study anticipate that the actual number will be even higher and that even more British financial service providers will relocate their activities in the future. “We are only at the end of the start of Brexit,” says the full-bodied study.

Frankfurt will benefit the most in the long term

In the long term, however, Frankfurt am Main is the big winner – in terms of the reallocation of assets, say the authors of the study. According to the investigation, assets worth more than £ 1 trillion (1.15 trillion euros) have been transferred from London to the EU so far. According to New Financial Paris, Paris should be ahead in terms of the number of newly created jobs. So far, conservatively estimated, a good 7,400 jobs have been relocated from London to the EU, speculate the authors of the study. That number will continue to rise, they prophesy.

3,500 to 10,000 new jobs?

In other studies in the past, the Frankfurt financial center came off better. For example, the Landesbank Hessen-Thüringen (Helaba) sees Frankfurt as the biggest beneficiary of Brexit. Helaba predicted that almost 1,500 new jobs would be created in the Main metropolis by the end of 2022. Overall, Brexit would create 3,500 additional jobs in Frankfurt. Hubertus Väth from the Frankfurt Main Finance location initiative even expects 10,000 new jobs to be created in the Frankfurt financial center thanks to Brexit. According to BaFin, almost 60 licenses have so far been granted to financial institutions and insurance groups that have relocated their headquarters from London to Frankfurt. “That is more than many would have believed,” says lobby representative Väth from Frankfurt Main Finance. The major US banks such as JPMorgan and Morgan Stanley, the major British bank Standard Chartered and the Japanese financial giant Mizuho have chosen the German financial metropolis for their European headquarters. In the first wave of moves, mainly dealers and sales experts from banks came to the EU from London. Investment bankers are likely to follow in a second wave. Frankfurt is an attractive location because of its relatively affordable rents compared to Paris or Luxembourg and its green surroundings.

On April 15, the Consumer Protection Bureau of the China Banking and Insurance Regulatory Commission issued the “Notice on Consumer Complaints in the Fourth Quarter of 2020” (hereinafter referred to as the “Notice”), which notified the banking industry that the China Banking and Insurance Regulatory Commission and its dispatched agencies received and transferred. Consumer complaints.

The “Notice” pointed out that in the fourth quarter of 2020, the China Banking and Insurance Regulatory Commission and its dispatched offices received and forwarded 76,224 consumer complaints from the banking industry, a decrease of 10.4% from the previous quarter.

Among them, there were 25,873 cases involving large state-owned commercial banks, a decrease of 5.2% from the previous month, accounting for 33.9% of the total number of complaints; 31,849 cases of joint-stock commercial banks, a decrease of 15.0% from the previous month, accounting for 41.8% of the total number of complaints.

The “Notice” stated that the median number of complaints from large state-owned commercial banks was 4376. The number of complaints from China Construction Bank and Industrial and Commercial Bank of China ranks among the top two large state-owned commercial banks.

The median number of complaints from joint-stock commercial banks was 2,959. China Merchants Bank, Ping An Bank, and China CITIC Bank ranked the top three joint-stock commercial banks in terms of complaints.

In terms of the number of complaints, the Bank of Communications ranked first in the number of large state-owned commercial banks in terms of complaints per 1,000 business outlets, and the Bank of Communications ranked first in the number of large state-owned commercial banks in terms of complaints per tens of millions of individual customers. Ping An Bank ranks first in the number of joint-stock commercial banks in terms of complaints per 1,000 business outlets, and Hua Xia Bank, Industrial Bank, and Ping An Bank ranks among the top three joint-stock commercial banks in terms of complaints per tens of millions of individual customers.

In addition, in the fourth quarter of 2020, there were 44,621 complaints involving credit card business, a decrease of 7.8% from the previous quarter, accounting for 58.5% of the total number of complaints.

Among the complaints involving large state-owned commercial banks, there were 15,043 complaints about credit card business, a month-on-month increase of 2.8%, accounting for 58.1% of the total complaints of large state-owned commercial banks; among the complaints involving joint-stock commercial banks, there were 26,800 credit card business complaints, a decrease from the previous month. 13.2%, accounting for 84.1% of the total number of complaints from joint-stock commercial banks.

The number of credit card business complaints from China Construction Bank and Bank of Communications ranks among the top two large state-owned commercial banks. China Merchants Bank, China CITIC Bank, and Ping An Bank ranked the top three joint-stock commercial banks in terms of credit card business complaints.

There were 18,102 complaints involving personal loan business, a decrease of 10.5% from the previous month, accounting for 23.7% of the total number of complaints. The personal loan business complaints of Industrial and Commercial Bank of China and Agricultural Bank of China rank among the top two large state-owned commercial banks. Ping An Bank ranked first in the number of joint-stock commercial banks in terms of complaints regarding personal loan business.

In the fourth quarter of 2020, there were 3338 complaints involving wealth management businesses, a decrease of 23.0% from the previous quarter, accounting for 4.4% of the total number of complaints. Postal Savings Bank of China ranked first in the number of large state-owned commercial banks in terms of complaints concerning wealth management services. Ping An Bank, China Merchants Bank, and Shanghai Pudong Development Bank ranked the top three joint-stock commercial banks in terms of complaints about wealth management services.

Recently, a screenshot entitled “Suspension of Internet celebrities’ attention to real estate and related personnel business input” has been circulated in the Shenzhen real estate agency circle.

The screenshots show that the recent supervision risk of Shenzhen Housing Management for real estate speculation is too high. The business of 17 “Shenzhen Housing Management” related personnel and 13 related real estate businesses have been suspended, and these real estates are the previous Internet celebrity real estate in Shenzhen.

According to people familiar with the matter, the notified banks, guarantee companies, and intermediaries have all been notified that the government has listed the above-mentioned properties as key responsible properties, and China Merchants Bank and China Construction Bank have suspended accepting any loans for the above-mentioned properties.

Net celebrity disc changed to kill pig disc?

Shenzhen Housing Management member was borrowed by the bank

According to people familiar with the matter, Noord Holiday Garden, Kaisa Qianhai Plaza, and Zhonghai Sunshine Rose Garden are the hardest hit areas of the Shenzhen Housing Management’s hype. The owners will resell them within two years after they bought it. For example, Noord Holiday Garden has risen to 160,000 square meters and Zhonghai Sunshine Rose. The park rose to 130,000 per square meter, and Kaisa’s Qianhai Square rose to 140,000 per square meter. “As long as the owners have bought these properties since 2019, the banks will not accept any loans, and they must strictly investigate the source of the owners’ down payment funds.”

The above incident coincides with the bank’s loan to Shenzhen Housing Management members a week ago.

On April 8th, according to the Nanfang Daily report, ICBC’s internal documents showed that ICBC required internal inspections on whether branch employees had business cooperation with “Shenfang Li”; and for the release after January 1, 2020, the collateral was ” A comprehensive investigation was carried out on the business of five real estates including “Noord Holiday”, “Kaisa Qianhai Plaza”, “Zhonghai Sunshine Rose Garden”, “Ming (Ming) Zhuli Garden”, and “Qianhai Times Square” (with a list of real estates).

According to reports, some members of the “Shenzhen Housing Management” real estate speculators have been “taken out” by the bank, which means they have received their loans early.

According to people familiar with the matter, the loaned property was sold at Noord Holiday Garden in May 2020 for 6.38 million, and the buyer borrowed 4.46 million from the bank.

In addition, a number of “Shenzhen Housing Management” cradle members were drawn out. Some were notified (required to settle their loans in advance), some business loans were investigated, and some were investigated for unidentified sources of down payment.

Once tens of millions of houses are borrowed, the speculators will inevitably face multiple problems such as the break of the capital chain. Even if it is now listed for sale, for the second-hand housing market after the Shenzhen New Deal, the threshold for getting on the car has become higher, and the loan review has become stricter, leaving many hard-need customers feeling helpless.

Without the taker, the Internet celebrity plate has become a killer plate, and the speculators have increased the price of the house, and they have also locked themselves in.

102 copies of Shenzhen real estate materials exposed

In early April, a user named “Shenfangli Decoration Team 003” caused an uproar. On its Weibo, 102 copies of materials for real estate speculation by members of the Shenzhen Real Estate Co., Ltd. broke out, and said on April 7, “The materials have been directly submitted to the staff of the Banking and Insurance Regulatory Commission. You have worked hard.”

@深房理装饰队003 A Weibo on April 2 pointed out that Weibo user @美妈陈小泉 applied for a personal business loan of 3.85 million yuan for real estate speculation on September 18, 2019. “There are more loans under his name that are also used for real estate speculation. If you need more detailed information, please contact me by private letter. Please check carefully.”

On April 4, @深房理装饰队003 even exposed 102 copies of real estate speculation materials in one fell swoop. He wrote “102 copies of materials for real estate speculation by members of the Cradle of Shenfang Management Partnership” and attached a long picture.

It is reported that most of the contents of the long map are purchase information, mostly in the first half of last year, with the purpose of “recruiting shareholders on behalf of the holders.” In addition, Chang Tuhai mentioned many second-hand housing communities and districts in Shenzhen that had been “hyped” before, such as Qianhai Times and Baoan Central District.

Seven departments including the Shenzhen Municipal Bureau of Housing and Urban-rural Development

Investigate and dispose of the reported matter

On April 8, the Shenzhen Municipal Bureau of Housing and Urban-Rural Development and other seven departments issued a notice on the investigation and handling of reports involving “Shenzhen Housing Management”, stating that recently, some netizens reported that “Shenzhen Housing Management” violated laws and regulations in real estate speculation. In order to implement relevant national laws and regulations and effectively maintain the order of Shenzhen’s real estate market and financial management, the relevant departments have launched a joint investigation into the suspected violations of laws and regulations by the “Shenzhen Real Estate Management”:

Which mentioned,

1. Regarding the “in-depth housing theory” reported and instigated by the real estate speculators to defraud the qualifications of buying houses by falsifying, concealing the true situation, or providing false certification materials, once verified, the relevant parties will be included in the list of dishonesty and be subject to joint punishment. The housing construction department will take measures in accordance with the law to stop using the “House Purchase Intention Registration System” and the contract online signing system, stop buying or renting affordable housing, and stop eligibility for provident fund loans.

2. Regarding the “Shenzhen Real Estate Management” reported in the report in the name of joint venture capital, crowdfunding, etc., to raise funds from unspecified objects for the purchase of houses and promise to return the proceeds, suspected of illegal fund-raising, the handling of the illegal fund-raising department will work with the competent authorities of the industry, The supervisory department will investigate and dispose of it in accordance with the law.

3. Regarding the report reflected that “Shenzhen Real Estate Management” provides “one-stop” services to instigate and assist borrowers to defraud credit funds for illegal use of housing purchases, the financial regulatory authorities will include the “joint investigation action to prevent illegal flow of loans for business purposes into the real estate field” as a guide Check the key clues. Once verified, the financial institution will withdraw the loan in advance in accordance with the law and the contract, and severely penalize the financial institution and its employees who fail to perform their duties in accordance with the law. The housing construction department will investigate and deal with intermediaries that assist borrowers in illegally arranging credit funds, and financial institutions will not be allowed to cooperate.

4. The market supervision department will investigate and deal with the suspected false advertising behaviors of “Shen Fang Li” discovered in the law enforcement inspection in accordance with the “Advertising Law” and other laws and regulations. Currently, the case is under investigation and processing.

5. As for the “Shen Fang Li” publishing false and untrue information through its public accounts and chat groups, once verified, the cyberspace administration will take punishment measures such as suspending relevant account services or shutting down relevant accounts in accordance with laws and regulations.

6. The suspected criminal clues discovered during the investigation will be transferred to the public security organs for handling in accordance with the law.

   Relevant investigation and processing results will be announced to the public as soon as possible.

   Shen Fang Li denies exposing materials

   Issued death threats to the whistleblower

   On the night of the official announcement, a person familiar with the matter broke the news that Shenfangli and its group friends urgently disbanded the “Shenfangli V+ member group” and asked members to delete chat records and his WeChat.

   At the same time, Shenfangli stated on Weibo that regarding the content that has not been circulating recently on the Internet, the application has been filed through a lawyer. And put it on the top, and the latest update of Shenzhen Housing Management stayed on April 13th.

   

   In addition, on the morning of the 15th, a netizen named “Pengcheng Shekou” published a ten-thousand-word essay, reporting to Shen Fangli with his real name and threatening him and the reporter @深房理装饰队003 with death.

   

   According to Pengcheng Shekou Weibo article, he is considered by Shenfangli to be the actual holder of Weibo account @深房理装饰队003. Therefore, Shen Fangli set up a WeChat group in December 2012 to let his cradle members threaten him, and received death threats yesterday.

   

   Just now, the blogger said that Shenzhen Public Security has contacted him and will investigate this.

   

   At present, the “Shenfang Li” related investigations are still being processed, and the results are awaiting official announcement.

At present, large banks have begun to deploy, and some leading financial technology companies such as Suoxinda Holdings Co., Ltd. (abbreviated as Suoxinda, stock code: 03680.HK) have also entered the federal learning application. So what are the problems facing the large-scale implementation of federal learning in the financial industry? How to solve?

Banks “get together” federal study

“At present, some leading banks have begun to commercialize federal learning. For example, the recruitment of suppliers has begun. With the leading role of leading banks in the future, the trend of large-scale implementation of privacy computing technology in the financial industry is very obvious.” Dr. Shao Jun, a data scientist and senior researcher of Federal Learning of Suoxinda Holdings (stock code: 03680.HK) mentioned.

According to Xu Zhen, the application scenarios of federated learning in the industry are very large, which is equivalent to a data Taobao. It is expected that more federated learning-related infrastructure will be launched this year.

According to Dr. Shao Jun, a data scientist at Suoxinda Holdings and a senior researcher at Federated Learning, privacy computing is a computing theory and method for the full life cycle protection of private information. Specifically, it refers to the processing of video, audio, image, graphics, text, numerical value, and When ubiquitous network behavior information flow and other information, the private information involved is described, measured, evaluated, and fused to form a set of symbolic, formulaic, and quantitative evaluation standards for privacy calculation theories, algorithms and application technologies. Support the protection of privacy information of multiple systems integration. Federated learning is a type of privacy computing technology, a solution for machine learning and artificial intelligence to face more stringent data management regulations.

According to the “Federal Learning White Paper” released by Suoxinda Holdings, through compliant multi-dimensional federal data modeling, the effect of the risk control model can usually be improved by approximately 12% , Consumer finance enterprises and institutions have effectively saved credit review costs, and overall costs are expected to drop 5%-10% , And due to the increase and enrichment of data samples, the risk control ability is further enhanced.

The white paper mentioned that the core feature of federated learning is that all participating parties conduct joint data training without transferring their own data, so as to achieve the goal of joint modeling.

At present, federated learning has made progress in some key financial fields, such as smart risk control scenarios and privacy protection scenarios.

Dr. Shao Jun specifically stated that based on the multi-party security knowledge graph, it is possible to calculate financing service projects for small, medium and micro enterprises. Through the integration of graph computing and secure computing technology, cross-institutional (such as banks and operators) data can be realized under the conditions of protecting their respective data. Secure integration, build a joint relationship graph, break the data boundary of graph calculation, and identify more complex and comprehensive relationship chains and fraud risks.

In terms of privacy protection, it uses multi-party secure computing and image recognition technology to effectively verify the identity of merchants and cashiers, solves the management loopholes caused by equipment and manual verification in traditional acquiring management, and protects the privacy of merchants and cashiers. Effectively improve the risk control capabilities of acquiring institutions in anti-fraud and anti-money laundering on the basis of this, and reduce operating costs of acquiring institutions.

What is the difficulty of large-scale landing?

Compared with other fields, the financial field has stricter data control, so in the actual landing process, it always faces various problems.

“The realization of bridging between different privacy computing platforms has become an inevitable trend in the new situation. Different organizations apply different forms of privacy computing technology in different business scenarios; it will gradually form new data barriers that are actually difficult to connect. Therefore, searching for possible bridging agreements or even bridging platforms between different technology platforms will become a future demand.” Dr. Shao Jun from Suoxinda Holding said: “The common horizontal federated learning model is the most common and easy to achieve interconnection. Interoperability considers the joint modeling direction, but the interconnection of vertical federated learning is the main breakthrough point. Federal transfer learning itself can expand unlimited possibilities for future application scenarios.”

Regarding whether privacy computing technology can be implemented on a large scale in the financial industry in the future. Dr. Shao Jun from Suoxinda Holdings analyzed that, at present, every business line and related system in the financial field is undergoing digital transformation, and cross-departmental and even cross-institutional data circulation has become a rigid demand. As the awareness of privacy and security protection is increasing, data circulation is bound to require the support of privacy computing technology.

Speaking of difficulties in landing, Dr. Shao Jun said that there are currently a large number of small and medium-sized banks in my country, but such banks have limited technological capabilities, and have invested a lot in the preliminary construction of financial technology, and related projects have a long cycle. In addition, the market supervision of privacy computing products needs to be further improved. For privacy calculations, financial institutions should transform from passively accepting requirements to actively implementing financial-related products.

In response to the bottleneck of landing applications, Dr. Shao Jun, a data scientist at Suoxinda Holdings and a senior researcher at Federated Learning, pointed out that the first problem is efficiency. At present, large-scale general-purpose calculations cannot be done, only some simple calculations; secondly, security is due to privacy. It is difficult to quantify, and how to prove safety and how to evaluate needs to be further resolved. In addition, in addition to technology, there are more factors to consider. Such as compliance issues, how to define product attributes, and how to be recognized and supervised by relevant agencies are all issues that need to be considered.

The big banks in the euro zone are increasingly struggling with weak earnings. According to the European Central Bank (ECB), the institutions’ so-called return on equity fell to just 1.53 percent in the fourth quarter of 2020. A year earlier it was 5.16 percent. This key figure shows how high the share of profit is in the equity capital employed. The ECB attributes the fact that the profitability of the banks has fallen so sharply to increased value adjustments in the balance sheets and to provisions in the wake of the corona pandemic. In addition, it is increasingly difficult for institutions to generate profits – this is a longer-term trend in the banking industry in times of persistently low and penalty interest rates.

Share of bad loans decreased

According to experts, the longer the pandemic affects economic life, the greater the risk that credit defaults will put a strain on the balance sheets of the institutes. As the supreme supervisor of the big banks in the euro zone, the ECB has asked the industry to prepare for growing risks. In fact, according to the ECB banking statistics, the institutions have made progress in reducing loans at risk of default. The rate of “bad” loans fell to 2.63 percent in the fourth quarter of 2020 – from 3.22 percent in the same period of the previous year. However, according to the statistics, 444 billion euros of such problematic loans are still slumbering on the balance sheets. The ECB currently monitors 115 institutions – including Deutsche Bank and Commerzbank. The penalty interest that they have to pay on deposits at the central bank is a burden for the institutes and increasingly also for bank customers. This currently costs the commercial banks 0.5 percent. More and more financial institutions are passing this on to account holders. According to the comparison portal Verivox, more than 100 institutes introduced penalty interest rates for their customers in the first 100 days of the year alone. “More banks are currently being added almost every day,” said Oliver Maier, Managing Director of Verivox Finanzvergleich GmbH. Nice more than 300 banks and savings banks already charge a so-called custody fee – especially for overnight money.

Family offices: practically unregulated

The advantage of a so-called family office in which investors manage their own assets is that they are practically not subject to any regulatory or disclosure requirements. This is different with other constructions such as hedge funds that do business with other people’s assets: They must be registered with the US Securities and Exchange Commission and report quarterly on the investments in their portfolio. They are also obliged to disclose data on the ownership structure, assets under management and contacts with banks. For wealthy private individuals, a family office is therefore an ideal opportunity to move billions away from the public and regulatory authorities and to do business that should not necessarily be known. Which super-rich would like their investments to be discussed in detail by a broader public? This is also the reason why very few details are known about Hwang’s bets. The trigger for the problems at Archegos was apparently the price development of the share of the US media company ViacomCBS. Credit Suisse and the Japanese bank Nomura were particularly hard hit. Competitors such as Morgan Stanley, Goldman Sachs, JP Morgan or Deutsche Bank, who also had business relationships with Archegos, were able to get themselves to safety in good time.

The warning ignored

For Hwang, the secretive nature of a family office is likely to have been a major factor, as he has repeatedly come into conflict with laws in his investor life. In 2012, the US Securities and Exchange Commission accused him of insider trading. Hwang had to pay $ 44 million to get this done. Hwang has learned a painful lesson, he would be well advised to heed this warning, SEC Director Robert Khuzami advised him in the Securities and Exchange Commission notice. Khuzami’s warning went unheeded: In 2014, a court in Hong Kong banned him from trading stocks there for four years after Hwang admitted using inside information when trading Chinese bank stocks. In 2013 he founded his family initiative Archegos Capital.

Family offices are becoming increasingly popular

Family offices are playing a growing role as actors in the financial markets. Of course, many wealthy families do not want to increase their capital in extremely risky ways – and in the process get shipwrecked like Hwang. The aim is to manage the capital for years to come and generate returns. Most family offices are interested in long-term investments, as a study by the Insead business school found. A 2019 study by analyst firm Campden Research said they managed roughly $ 6 trillion in assets worldwide. In 2020, the family office of the Walton family, the founding family of retailer Walmart, was at the top with more than $ 160 billion in assets under management. According to estimates by the consulting firm EY, there are currently around 10,000 family offices around the world. The trend has been increasing for years. Most family offices have been created in the past 20 years, according to Insead. According to the experts at the consulting firm KPMG, one reason for the popularity is simply the fact that there are more and more wealthy families.

Where were the regulators?

The collapse of Archegos could now bring the issue of regulation of family offices on the agenda: The massive transactions and losses would raise questions that affect the banks and their relationship with Archegos, commented the Democratic US Senator Sherrod Brown on the incidents. The treatment of family offices should also be questioned. The “Financial Times” quotes Mark Sobel, chairman of the US think tank OMFIF, a longstanding and high-ranking employee in the US Treasury. He agrees with Brown: Archegos raise fundamental questions about the suitability of banks’ risk management. The regulatory perspective on the interactions between banks and non-banks should also be examined – to which, as we have seen, family offices have long belonged as powerful players in the financial markets. ECB director Isabel Schnabel told “Spiegel” that the collapse shows that there are significant regulatory gaps in funds. “Fortunately, it has only been a single fund so far. Nevertheless, this is a warning signal that there are considerable systemic risks here that need to be better regulated.” So why do banks provide at least a seedy figure like Hwang with credit billions that he can gamble away on dubious bets? And why doesn’t a supervisory authority know anything about it? Questions that should be answered quickly.