在中国的金融图谱中，似乎没有其他哪类新型非银行金融机构会像消费金融公司(Consumer Finance Co.，以下简称“CFC”)这么纠结。

In China's financial map,There seems to be no other what type of new non-bank financial institutions like consumer finance companies(Consumer Finance Co.,Hereinafter referred to as the"CFC")So entanglements.

　　这边厢，按照此前颁行的试点管理办法，“未经银监会批准，消费金融公司不得在注册地所在行政区域之外开展业务”。那边厢，恰如学者指出，“没有规模的话，它(CFC)盈利的模式很难实现”。

On stage,Promulgated in accordance with the previous pilot management measures,"Without the approval of the CBRC,Consumer finance company shall not conduct business outside the registered in the administrative area".On the,As scholars have pointed out,"No size,it(CFC)Profit model is very difficult to realize".

　　于是，运营三年有余，以十亿计的资产规模和几十万量级的客户规模，手持稀缺牌照的四家CFC仅获得了监管层官员谨慎评价：“目前最多可算借力经济转型，促进自身发展，或者参与个人消费。”与此同时，其也因“规模比较小”而尚未赢得“相关政策制定方的关注”。

so,Operating for more than three years,With billions of assets scale and the scale of hundreds of thousands of customers,Holding a scarce license plates four CFC obtained regulatory officials cautious evaluation only:"The current count up to share the economic transformation,To promote their own development,Or participate in personal consumption."At the same time,It is because of"The relatively small size"But has yet to win"Relevant policy attention".

　　然而，在四家试点CFC揣度下一步将何去何从之际，面对这一蓝海市场——有预测称，“十二五”时期我国消费信贷增速将保持24%的增长速度，2015年消费信贷的规模将突破20万亿元人民币——多家机构已经实质性切入。近期最为惹眼的便是三井住友旗下的消费金融公司SMBC Consumer Finance，今年以来，其不仅频频与多个地方政府接洽，更已在多个省市借门槛更低的小贷暗线布局，而日本永旺、中国香港亚联财等外资机构更已跑马圈地多时。

however,In four pilot CFC circle will go next,Facing the blue ocean market - there are predicted,"The 12th five-year"Period our country consumer credit growth to maintain a 24% growth rate,Consumer credit scale will exceed 20 trillion yuan in 2015 yuan - multiple agencies have substantial cuts.Recently the most eye-catching is sumitomo mitsui's Consumer Finance companies SMBC Consumer Finance,Since the beginning of this year,It is not only frequently consult with various local governments,Have been in many provinces small loans wiring layout of threshold is lower,While Japan aeon/Hong Kong, China and the united fiscal and other foreign institutions have their long more.

　　“不论外资等曲线进入的各路人马日后会否受到银监会监管，更须看到，以阿里金融新近推出的‘虚拟信用卡’为代表的各类金融业态都在盯着消费金融这块肉，无论CFC试点是否推进以及将如何推进，市场本身已经在加速演变。”一位业内资深人士说。

"Regardless of foreign investment, such as curve into the outfits will in the future by the China banking regulatory commission regulation,More to see,In order to ali financial's newly minted‘Virtual credit CARDS’Represented by various financial forms are glued to the consumer the meat,No matter whether CFC pilot will promote and how to proceed,The market itself has been accelerating evolution."One industry veteran said.

消费金融公司盈利面临“规模困局” Consumer finance companies earnings face"Scale problems"

　　在上述2015年我国消费信贷20万亿的规模预测总盘子中，消费金融公司的主流业务属于房、车、信用卡之外，以家电为代表的耐用消费品贷款和以婚庆、旅游、教育等为代表的一般性消费贷款。对比新加坡等成熟市场10%左右甚至更高的渗透率，眼下国内一般性消费信贷在全部消费信贷总额的占比仅在4%左右，其中潜力可见一斑。

The size of the consumer credit in China in the 2015, 20 trillion forecast total plate,Consumer finance company's mainstream business belongs to the room/The car/Besides the credit card,Represented by electrical appliances consumer durables loans and to the wedding/tourism/General consumer loans such as education.Compared to mature markets such as Singapore 10% or even higher permeability,Now the domestic general consumer credit in total consumption accounted for only about 4% of the total amount of the credit,The potential can be seen.

　　此前多年，国内银行对于发展这部分中低端消费金融业务动力不足，但在宏观形势及行业环境发生深刻变化之际，一些银行已然提高对此板块的重视程度，如上年末中信银行(601998,股吧)就专门成立了消费金融部，并极为看好一般性消费信贷的市场前景。另据报道，银监会日前下发了关于银行业服务实体经济的指导意见，要求银行业在信贷投放上支持扩大内需，推进消费信贷业务发展，支持居民家庭大宗耐用消费品、教育、文化、旅游等消费信贷需求。

After many years,Domestic Banks to develop this part of the low-end consumer business running out of steam,But at the macro and industry environment situation of profound change,Already, some Banks increase the importance of this plate,As at the end of the citic bank(601998,stocks)Set up the consumer banking,And very optimistic about the general consumer credit market prospect.According to reports,Banking regulatory commission recently issued a guidance about banking service the real economy,Require Banks to expand domestic demand on the supply of credit support,Promote the development of consumer credit business,Support households large consumer durables/education/culture/Tourism consumption demand for credit.

　　面对经济转型、消费升级、城镇化、人口结构变化、政策推动等众多因素催生出的消费金融市场“历史性发展机遇”，各路机构早已杀将而来。

In the face of economic transformation/Consumption upgrade/The urbanization/Demographic change/Many factors such as policy to promote produce consumer finance market"The historic development opportunity",Various agencies already would come and kill.

　　日前，邦民日本财务（香港）有限公司全资子公司——天津普罗米斯小贷公司在津开业，面向个人推出用于装修、教育、旅游、娱乐、购物等无须担保、抵押的小贷业务。引人注目的是，邦民香港的母公司SMBC Consumer Finance Co.,Ltd为日本消费金融巨头，大股东则为Sumitomo Mitsui Financial Group(三井住友)。

recently,Japan's financial state people(In Hong Kong)Co., LTD., a wholly owned subsidiary - tianjin street, small loan companies opened for business in tianjin,For personal used to decorate/education/tourism/entertainment/Shopping without guarantee, etc/Small mortgage loan business.remarkably,State the people of Hong Kong's parent SMBC Consumer Finance Co.,Ltd as the Japanese consumer finance giants,Large shareholders is Sumitomo Mitsui Financial Group(Sumitomo mitsui).

　　据媒体报道，未来3年内，该公司会在天津投入3亿元，拟设立10个网点。事实上，自2010年6月与鹏元资信评估有限公司合资设立小贷公司进驻深圳以来，SMBC消费金融即加快了在内地市场的开拓步伐，入津之前，其已落子沈阳，今年早些时候亦曾与武昌、重庆等地的相关政府官员有过接洽。

According to media reports,The next three years,The company will invest 300 million yuan in tianjin,Proposed 10 outlets.In fact,,In June 2010 set up joint venture with peng yuan credit rating co., LTD., since the small loan company in shenzhen,SMBC consumer finance which accelerated the pace of market in the mainland to develop,Before in tianjin,It has been move later in shenyang,Earlier this year also has worked with wuchang/Related government officials in chongqing and other places have been approached.

　　岂止SMBC，惹眼的跑马圈地者还有日本零售大鳄永旺集团旗下的AEON信贷及作为香港新鸿基成员的亚联财。除了这些出身不俗的大机构，亦有不少港资背景的中小机构在低调布线，且二者无一例外地采用设立小贷或担保公司的模式快速实现同城乃至全国扩张。

More than SMBC,Highlighted their people and the Japanese retail giants AEON group AEON credit and as members of the Hong Kong's sun hung kai of the goods.In addition to those from common institutions,Also have a lot of Hong Kong background of small and medium-sized agencies in low-key wiring,And they invariably adopt set small loan or guarantee company mode rapidly expanding city and even the whole country.

　　变革时代，搅局者并不仅限传统势力。4月，拥有庞大客户群和数据库的阿里金融再度出手推出了“虚拟信用卡”，不仅阿里强调信用支付功能是消费信贷，此种根据淘宝交易数据灵活给予用户授信额度的模式，亦吸引市场对于其可能引发示范效应的高度关注。

Era of change,Spoiler is not limit conventional forces.In April,With a large customer base and the database of ali financial helped to launch again"Virtual credit CARDS",Ali not only stressed the consumption credit credit payment functions,This flexible according to the taobao transaction data to give the user credit model,Also attract market attention for its may trigger a demonstration effect.

　　硬币的另一面，时至今日，眼见起步时点切近的小贷公司四处开花、融资租赁行业备受瞩目，甚至互联网金融都开始令银行重新审视自己，仅能在单个城市展业的四家试点消费金融公司却仍像“慢跑蜗牛”，无论规模抑或行业影响力，都与各方此前预期颇有距离。

The other side of the coin,today,Saw the start point closest small loans company blossom everywhere/Financing lease industry attention,Even the Internet financial started to re-examine their bank,Only in a single acquisition of four pilot cities is still like a consumer finance company"Jogging is a snail",Regardless of size or industry influence,There is quite a distance are related to the parties previously expected.

　　截至去年年末，四家试点公司中仅有三家实现小幅盈利。在“2012消费金融论坛”上，一位地方银监局官员以当下国内超过3亿张的信用卡发行量、逾500亿元的第三方预付金规模及各类新兴的网贷平台举例称，这些实质上借助消费市场的发展延伸业务的势力，都是消费金融公司潜在和现实的竞争对手。

As of late last year,Only three of four pilot companies realize a small profit.In the"2012 consumer finance BBS"On the,A local branch officials to the present domestic credit card circulation of more than 300 million copies/Third party deposit scale of over $50 billion and net lending of all kinds of emerging platforms, for example,These extensions of essentially with the aid of consumer market development business,Are potential and realistic competitors consumer finance companies.

　　“和我们暂时没有人群交集，他们还是挑选了中上的那部分，其实现在是把蛋糕做大的时候，还不存在你死我活。”对于更多的市场参与者，一位试点消费金融公司人士如是表示。

"And we temporarily no intersection,They picked out the upper middle of the part,In fact now is the time to the cake bigger,Does not exist the life-and-death."For more market participants,A pilot consumer finance company said.

　　不过，即便尚未有敌手短兵相接，消费金融公司仍需尽快将自身的业务量跑起来。IT系统需要高昂的固定成本、典型消费贷款的单笔额度较小且还款周期较短，都决定了消费金融公司需要庞大的业务量来产生足够的回报。国家发改委宏观经济研究院研究员陈新年即在前述论坛上表示，消费金融公司未来的发展方向可能还是要上规模，“因为没有规模的话，它盈利的这个模式很难实现”。

but,Even if there is no adversary rivalry,Consumer finance companies still need to run its own business as soon as possible.IT systems require high fixed costs/A typical consumer loans to smaller single line and shorter repayment periods,All large volumes to the consumer finance companies need to produce enough reward.Macroeconomic research institute researcher at the national development and reform commission (NDRC) Chen Xinnian namely in the BBS said,Consumer finance company's future development direction is likely to be to scale,"Because there is no size,Its profit mode of this difficult to achieve".

　　“允许消费金融公司达到一定规模对他们的生存至关重要。扩大规模可以从两方面进行，一种是地域上的，一种是产品组合的扩展。”摩根士丹利亚太区金融机构集团联席主管德里克·斯坦威尔认为，随着行业的发展，更高的融资成本、更激烈的竞争以及更高的业务拓展成本，会给消费金融公司带来更大的利润压力。

"Allow consumer finance companies reach a certain size is critical to their survival.Scale can be performed in two ways,Is a geographically,One is the expansion of product portfolio."Morgan Stanley Asia Pacific financial institutions group co-head of Derek Stan will think,With the development of the industry,Higher funding costs/More intense competition and higher cost of business development,Can bring more profit to consumer finance companies.

监管框架待定 A regulatory framework to be determined

　　但这正是问题所在，从监管层的角度，较之“可喜的进步”，几家试点公司的示范作用仍有待突破。如“应该在什么样的群体和层面上发展”，运营两年多的试点公司似乎仍需银监会“提点”。

But it is the problem,From the perspective of regulators,Compared with"Gratifying progress",Several pilot companies of exemplary role remains to be breakthrough.Such as the"What kind of group and the level of development should be in",Operating more than two years of pilot companies seem to still need to the CBRC"Propose some".

　　银监会副主席蔡锷生曾在前述消费金融论坛的发言中指出，试点的初衷是希望消费金融公司在小额分散、面向中低收入人群的贷款业务中取得更大发展，但目前仍有公司尚未脱离商业银行零售业务的经营思路，片面追求业务规模，此外还存在单笔贷款大额化、产品类银行化、欠特色化的问题。再者，功能定位、风控与业务发展之间的平衡关系把握的也不佳。

Cai Esheng, vice President of the China banking regulatory commission in the consumer finance BBS speech pointed out,The purpose of the pilot is hope consumer finance companies in small scattered/Geared to the needs of low-income people in make greater progress in the loan business,But now there is still the company is not out of the retail business of commercial Banks business ideas,One-sided pursuit of business scale,There are also large single loan/Product class bank/Owe characterization of the problem.moreover,Function orientation/Wind control also the balance of the relationship between business development and grasp of the poor.

　　此前有试点CFC高管向记者表示，从决策层传递的信息来看，消费金融公司的问题不是是否扩张，而是何时扩张、怎样扩张，但目前还没有具体的时间表。日前，亦有某接近监管层人士向记者透露，消费金融公司今年有望实现跨区，且此种扩展不仅包括引入更多的市场参与者，即发放新一批牌照，或还包括允许已有试点公司将业务网络延伸至其他区域。

After a pilot CFC executives told reporters,Transfer the information from policy makers,The question is not whether expansion of consumer finance companies,But when expansion/How to expand,But there is no specific timetable.recently,There is also a close to regulators told reporters,This year is expected to realize interregional consumer finance company,And this extends not only including the introduction of more market participants,Grant a new batch of licences,Or also include allowing existing pilot company business network will extend to other areas.

　　这位接近监管层人士并未透露新一批牌照的获选名单和具体的跨区模式，比如是渐次放开还是可以“一步到位”在全国范围内展业，但其表示，从市场运行的趋势(包括有更多的参与者想要拿牌)和受众的接受度来判断，“这种推进应该是非常自然的。”

The people close to the regulators did not disclose a new batch of plates the selected list and specific inter-district mode,Such as gradually open or can be"One pace reachs the designated position"Acquisition in the national scope,But it said,From the trend of the market operation(Include more participants to take card)Judging and audience acceptance,"The advance shall be a very natural."

　　《中国经营报(博客,微博)》记者就此致电银监会，相关部门表示现在对此“不好回答”。业内猜测，如若发放新牌，粤、渝、鄂三地“中奖”的可能性较大。隐含线索是，重庆银监局局长洪佩丽曾在“2013年重庆金融工作会”上表示，今年将争取金融消费公司在重庆试点。而据此前湖北本地媒体消息，武汉亦正在积极申请，争取进入第二批试点城市。另有业内人士相信，首批牌照落选后，广东一直“心有不甘”，料将在机会面前不会二度错失。

[China business news(blog,weibo)]The reporter called the China banking regulatory commission,Said now the related department"Not good answer".The industry speculation,If make new card,guangdong/chongqing/Hubei three"Winning the lottery"More likely to.Implicit clue is,Chongqing branch bureau HongPeiLi once"Chongqing financial work in 2013"In the said,Company will strive for the financial consumption this year in chongqing pilot.And according to the hubei local media,Wuhan is also actively apply,For the second batch of pilot cities.Industry insiders believe otherwise,The first license plate after the election,Guangdong has been"Heart has unwilling",Is expected to be before opportunity not miss 2 degrees.

　　不过，对于持牌CFC和寄望获得新一轮入场券的等待方而言，监管框架仍然难以捉摸。

but,For licensed CFC and hope to get a new ticket to wait for the side,The regulatory framework remains elusive.

　　“银监会日前下发的关于银行业服务实体经济的指导意见，专门提到了将‘推进消费金融公司试点’，这本来应该是一个积极的信号，奇怪的是，此后没几天，几个不太知名的股票论坛上近乎同一时间出现了‘监管层拟暂停消费金融公司试点范围扩大’的消息，我们感到很困惑。”一位长期关注消费金融市场的业内人士表示。

"The banking regulatory commission recently issued guidelines about banking service the real economy,Specifically mentioned the will‘Promote pilot consumer finance company’,This was supposed to be a positive signal,It is strange that,After a few days,A few lesser-known stock is almost the same time appeared in the BBS‘Regulators plan to suspend pilot expanding consumer finance companies’The news of the,We feel very confused."A long-term focus on consumer finance market insiders said.

　　但不论第二批“门证”将花落谁家以及试点将如何推行，对于首批四家CFC来说，在市场格局未定之前尽快长硬翅膀已是应有之为。正如前述银监局官员说，“各个金融板块，只要参与了消费金融，都在争抢这块巨大的蛋糕，如何抓住机遇，使我们（试点消费金融公司）能够实现监管方和社会公众对我们的期待，确实是一个值得思考的问题。”

But whether the second batch"The door card"Who will pilot and will be how to carry out,For the first four CFC,Before the market pattern to be decided is due to hard wings, as soon as possible.As the silver inspect bureau official said,"The financial sector,As long as involved in the consumer finance,Are scrambling to acquire the big cake,How to seize the opportunity,Make us(A pilot consumer finance company)For us to be able to realize the regulators and the public's expectations,Is indeed a problem worth thinking about."