In November 28th, the daily planet by Odaily combined with 36kr’s 2018 P.O.D New BlockTrend potential new blockchain summit held in Beijing. CITIC construction securities bond underwriting department director Song Zhiqing, vice president of Shanghai coal exchange Zhou Xinsheng, University of Hong Kong Institute of economics and business administration, Professor &Alphaslot chief Innovation Officer Chen Bingxiong, Japan Arashiyama capital executive director of Yan Meixiang, former IBM of cloud computing chief technology officer, Greater China Kei Kun technology chief technology officer Chen Gu, senior editor of the daily planet host Odaily Lu Xiaoming a “block chain under the support of asset securitization” as the theme of the roundtable discussion.
On the table, all the guests with their own practice, from the scene to investigate and analysis of the development, block chain under the support of asset securitization difficulties.
The following table for the record:
Lu Xiaoming (host): Hello I’m Odaily the daily planet editor Lu Xiaoming, welcome to our meeting. Just so many guests share a lot of technology we now talk about some dry cargo, with landing related problems. Asset securitization is a very important way, but now we are faced with the underlying asset securitization cannot penetrate problem. Now we invite guests to share with us their observations. The first problem is the distinguished guests from the technology chain blocks their different position, think it can do some combination of the assets now what pain points, can play what role?
Song Zhiqing: Thank you moderator. As the traditional financial institutions, we tell the truth today is to learn. Whether it is the bank or brokerage, or other financial institutions, in the face of new financial technology products, is still relatively lagging behind, or that is robust. The actual situation, now we can also see the real economy financing more difficult, there are many private enterprises in trouble this year. This is one of the important reasons for our country capital market exists for the discrimination of ownership. A lot of money and resources inclined to state-owned enterprises. On this basis, asset securitization and asset owners also failed to completely cut off. Even if you have very good assets, you have to take it out for securitization, is likely to face the financial capital of less than. In the framework of traditional finance technology, even if the underlying assets as collateral, the creditor is not willing to bear the disposition of collateral, time cost, and put the money to the background of weak private enterprises, this is a very real problem. Block chain this technology can do the basic asset specific, it can prevent other people to tamper with, so as to prevent the original rights and asset service assets on the basis of hands and feet. This is a very promising, promising direction.
Just a lot of guests also talked about, in the supply chain in the financial system, the traditional path, some two or three tier suppliers can go to cash through bills discounting. We think the real way to be able to support private enterprises, is on the one hand allows banks to talk about politics, the overall situation, in the method of drawing lessons from the advanced technology like block chain, to do some of these private enterprises financing innovation better way.
I think a lot of regulators and practitioners of many financial industry think blockchain with bitcoin, ICO too close, talk about money at. When the subprime crisis of 2008, due to the asset securitization caused by global financial markets have also criticized the oscillation of asset securitization. In fact, today, the whole nation has to vigorously promote asset securitization, the tool itself is actually not too big change, the key people in the use of tools. I believe the blockchain is the same, it is not necessary to demonize, but to use it appropriately. At the same time, financial regulators also need to keep a good regulation, we work together, always find a proper way.
Zhou Xinsheng: we say that the first is based on the asset securitization assets, we ABS is based on the assets to do. In the actual operation process, we will find that asset securitization should be one of the biggest difficulty is what? Is often the authenticity of assets. As a representative of the asset securitization case, accounts receivable financing based on trade. How to verify the authenticity of the trade? Or that we how to increase its credibility and authenticity of trade, to achieve cooperation with financial institutions, this is a core issue. At this point, we found that the block chain technology and this problem is a natural fit, can help us solve. This is reflected in two aspects: I am from Shanghai coal exchange, with our main coal trade as an example, on the one hand will generate a number of documents in the process, the information we can through the blockchain technology to upload it, improve the level of confidence. On the other hand, because of the particularity of commodity trade, often to the distinguishing effect of supply chain organization, which key nodes more, and not by a single mechanism to a mirror, and trade is millions, every trade in it have great influence, so how to unity point chain different is very important. This chain refers to the supply chain, for example, from the upper reaches of the railway and port finally arrive at the terminal users, if we use the blockchain way of combining the two, on the establishment of the supply chain and chain blocks, two chain solution and method, each node can be combined together. It can solve some very real problems, so it is also based on such a consideration, we exchange and Kei Kun Shanghai coal science and technology work together to establish a set of China energy financial blockchain application service platform.
Me too, we say in the business pain points and solutions, solutions to some more on the other, listen to the views of the guests.
Chen Bingxiong: Thank you moderator. Why do we have to do asset securitization, this is not just for this process, make it more transparent and more secure, the most important thing is to create value, so we need a really let the public can use the block chain. According to the development status of the blockchain at present, we need two support, a cross chain, cross platform support; another is the need for an open platform. This is from the technical level, it can be through the open API, let developers have a different interface, and applications, their games or social system infrastructure docking, let users can enter this cross chain and manage their assets or data.
Yan Meixiang : Hello, I come from the Japanese capital of Arashiyama, the capital of Arashiyama to focus on China, Japan, South Korea’s high quality assets investment and mergers and acquisitions. We as an innovative investment banking, fund management and project due diligence in the application block chain technology to solve pain points. Currently with blockchain technology companies do some cooperation on technology application. Before several Japanese entrepreneur friends also mentioned that they want to realize the asset securitization financing. For small and medium-sized enterprises, they do not know how the asset securitization, also do not know the direction of the flow. Application of block chain technology, can the securitization of corporate assets, the circulation in the traditional capital market, the financing of small and medium-sized enterprises. Many enterprises in Japan is also very concerned about the Chinese block chain, I will stop here.
Chen Gu: Hello, I am Chen Gu, Qi Kun from science and technology, we are the financial technology company, we mainly make the block chain enabling the real economy, we must put the digital assets securitization again. Just song sum week total are also mentioned in the asset securitization, our company also created a word called “ABDS Asset” Backed Digitization & Securitization and digital asset securitization, why should add this D? Because the D is the key point through the combination of technology and finance, and ABS itself more or the scope of finance. In fact, China, can be a little exaggeration to say that the 99% ABS now we do not care about what is A, but about what is your credit, who can help you out, is actually a kind of credit debt. The ultimate goal of ABS is to issue bonds, and finally help you melt into the capital, the development of your business must be with the funds linked to, including we are now involved in car loan industry, coal industry, are all need to have more money coming in, can do more things. From Qi Kun technology, we focus on ABDS, 12 filed for patents, and is around ABDS to do things, to achieve capital assets through, so as to credit is not strong enterprises, make good use of assets, issue ABS, realize the real asset securitization bonds based on A, the completion of the financing.
Now there are a few companies can get ABS in the field of car loan issued last year, China issued 1400 million. There in the car loan industry, public finance, financial Benz, these enterprises is strong enough, do not need to provide details of the assets can melt into the capital, small and medium-sized enterprises is difficult to melt into the capital. Kei Kun provides scientific and technological means, to verify the car loan assets, from the person to the car, to the electronic contract certification, you have no way to generate, this asset is real, by assets, the formation of financial products, the issue of ABS.
Cooperation with the coal exchange is like this, we put each link transactions first to the chain, the chain block to ensure its authenticity, after the real transaction, we put it into a financial product, with the securities company with the bank, hang up, penetrating into every the details of the deal specific coal trading, finance service finally completed.
So, if all rely on credit financing, for many small and medium-sized enterprises will be difficult to expand in the future business will be greatly affected. We are now doing is to provide a complete set of methods, let the asset first to go up the chain, indeed after the formation of financial products. The financial products in the process of formation with our regulators, securities companies, stock exchange, and under the supervision of banks, in the completion of the asset package, the issue of ABS, the whole chain form of financial services, and ultimately achieve business financing. This is the Qi Kun now mainly do business.
Lu Xiaoming (host) : just guests also shared the asset securitization and the blockchain, why need each other, like the song of the total said asset securitization itself does not depend on the subject. As Zhou Zonggang just said, this is because the underlying asset has no way to ensure that is true, this can be used to block chain technology to solve, like Chen said, when we put the whole process chain can’t guarantee fraud, every act is true. Professor Chen mentioned, there are some technical problems in the process, because so many subjects cooperation involves cross chain cooperation between the need to solve technical problems. As for the strict general mentioned, block chain a little mental disorder, because do not understand the technology, is a can not so demonized, do not say to currency related technology. We also said a beautiful blueprint, can now look at the landing. All the guests in the exploration process, have encountered some worth out to share with the case, not necessarily to do their own business. In this case the landing process, see what is the biggest difficulty, in this process, with the block chain in the process of asset securitization, what is difficult to solve, I feel the time is limited, just ask the guests together.
Song Zhiqing: my position (sitting next to the host for this). To share with you, there is some case, but this case is not representative. There is a national joint-stock bank, it uses block chain technology, creating a platform for the registration of accounts receivable. The bank customer accounts receivable login information in this platform, to ensure no information can be tampered with. But because this is the 3A rating, assets of nearly trillion, so the credit itself enough to support the launch of a product, block chain technology in this case is more icing on the cake. We want to see is the other case, let the blockchain technology specific asset base, which can not be tampered with, and thus play a role in Dinghaishenzhen deal and protect investors’ confidence.
The mainstream investors are not fully aware of the significance of the blockchain products in the asset securitization is the existence of the path dependence of credit. For example, suppose that there are some assets with the blockchain technology, a small enterprise it good assets with blockchain encryption, such a scenario, the cultivation of market investors is still a difficulty, can not find enough interested buyers at a suitable price to subscribe the blockchain accounts receivable product is a difficulty, you need to continue to work hard. I had finished, thank you.
Zhou Xinsheng: this morning, Wei director when shared, referred to the block chain is the biggest problem? The information can not be tampered with the chain, but the chain if the information is false? So the block chain can’t help us solve all problems, but to help us solve part of the problem. Just like the song always said, if I was a 3A rating of large enterprises, rely on the 3A rating itself to do financing. If you do trade financing, also requires a high credit, even high channel multiple high credit points. The trade group for the authenticity of the endorsement, so in the process of practice, we must try to persuade one, two, three, four large enterprises and institutions, to join the block chain to let them on a pen and a pencil to trade the authenticity of the endorsement and verification, this process has certain difficulty. There is a natural contradiction, if we based on a large enterprise to make it do, we will expand the scale of small, the actual value is limited. If we want the asset securitization and the blockchain value can enlarge it, we need to persuade individuals of high credit assets of Jian Zhen, so this is a contradiction, this process also requires us to the whole industry, the whole society joint efforts to raise awareness, strengthen the application.
Chen Bingxiong: for me, if we want to talk about the landing problem, it will have four important directions: the first one is the regulatory body, because if we want to block the chain of massive implementation, no regulatory agency to carry out is very difficult to practice, especially in the financial industry. Or is the game industry, so our company Alphaslot has become the standard set by the gaming industry, the United States GSA the first block chain company member.
The second one is the economy, if not create value, it is no use doing the blockchain.
The third is the technology of reform and opening up, that is why it is to block chain, we put different technologies together, so that the speed of development, credibility, data flow can be enhanced to fall. So how to control well the development of science and technology, is also very important.
The fourth is the most important, the user’s development and application. The development of Dapp to improve the user’s quality of life and life style, to create a user does not need to know what they are but actually have borrowed it to improve the project management and process block chain, through the ecological environment, I think these are some things to pay attention to the floor.
Yan Meixiang: about the asset securitization landing problem, I was with our company related business point of view to study. Look from the perspective of investment banks, to see the general enterprise standard, we will ask the third party financial companies, law firms, experts in specific areas to do due diligence in detail. Audit firms, law firms, experts do research report on the basis of the investment manager to do a project judgment, so the investment manager should have a high level of comprehensive service level. From the perspective of how to identify the authenticity of the project, the investment manager level is very important.
We Arashiyama capital why with block chain technology companies to cooperate, it sounds a bit redundant. In fact, investment banking friends are very clear, as in the adjusting process, identify the authenticity of the data is very important. We are not saying that enterprise is not good, only enterprises want to show their best side. Just like the guests said, based on the contract, the original financial data also have the possibility of fraud. Now these fake things do very true, such as financial transactions are true, the contract is also very true, then how to really confirm the authenticity of business? So we to block chain technology companies to cooperate in some (the best tune) to solve our pain points in the process, hope to use the application block to make transfer chain technology close loopholes.
And see from the perspective of investment banks, our own fund management company’s information disclosure, we want to use block chain technology. Some people are asking whether the excess, is not tied his hands and feet. At present, many investors do not know their money to which the real investment projects, investment funds go through various channels. We combined with the Arashiyama capital chain block technology, the real financial fund and we invest in real data timely disclosure to us LP. When we use the block chain technology in investment banking, the depth of cooperation with Kei Kun technology.
Again, when we use the block chain technology in all enterprises, small and medium enterprises cooperate with the process we do tune in the assets of its authenticity also indirectly verified. Small enterprises in terms of this is to give yourself more financing opportunities. May we have no investment, other investment institutions will invest. In this regard, we with Qi Chen Kun technology in technology in the depth of communication. Well, here, thank you.
Chen Gu: Qi Kun technology is a technology company, we are mainly doing things that are around ABDS, we are doing asset securitization, asset securitization digital landing, we just use a block chain technology. I myself am before the IBM for 20 years, before doing some related with IBM super book project, we based on the realization of the alliance chain based project. We will choose some industry expands gradually, finally forming a plurality of block chain alliance platform, independent platform for each industry. The chain we offer not everyone can participate in the league, but the chain, nodes and provide services only to union members, of course, all the blocks of chain platform are running on the Internet in the cloud environment, also formed the interconnection. Here, the benefits of technology alliance from the chain itself scale, just in front of several people have been introduced, you have to do a chain alliance like a database, the database itself is relatively mature technology. Super block chain platform we use books, books in the super community has been assigned to the 270 large and medium-sized enterprises, has issued a formal product, rather than purely test items, so as to ensure it is technically zhengqu. Our expectation is to build alliances through the chain platform, gradually increase the participants, so that each platform in the industry’s influence is more and more big, so as to provide financial services for each industry financing real.
In the process of the popularization of ABDS, we also encountered difficulties, because this is a kind of innovation and service innovation, the service from scratch is required to participate in supervision. Such as banks, securities companies, stock exchange and other institutions involved, these institutions itself has a very rich experience in financial product design and promotion, we need to get them involved. For example, early asset package is static, once packed, assets can not be changed in this package, this is a limitation, we through technology to achieve a dynamic package of assets, can bad assets in time from the bag out. This requires a number of agencies work together to support the dynamic asset package, for example, the assets of the package Rating firm need to review dynamic asset package, need to take static assets as example, combined with the dynamic asset package model, finally gives a reasonable credit rating. In short, we will meet a lot of new demand and innovation in technology, the business of the above challenges, we need and interested partners together in an industry, an industry forward, to achieve a breakthrough, creating value.
At present, Shanghai coal exchange and Kei Kun together in block chain financial services platform to build coal trading. Japan and Arashiyama capital in building block Qi Kun investment chain platform, provide a platform for future equity investment company, listed companies if you want to, want to finance, real business data into the main block inside the chain to verify your business, not only provide a quarterly report, if every enterprise every month or the business, are in the block chain, to false, the cost is too high.
We think, if more enterprises or industries, and gradually formed a new platform to help enterprises solve real problems by using block chain technology, which enables the company to obtain effective financial services, at the same time, the parties involved in the platform in the future there will be more, because it really provides commercial value. Through the digital assets and securitization, help enterprises to finance capital. The commercial characteristic is very clear, we provide the blockchain platform, the ultimate goal is to provide financial services, financial services for more real data, whether investment or financing do is to some real data, which is the core block chain platform to solve the problem. We will be in the future and our partners together, one by one perfect block chain financial services platform in different industries, each platform well and, using technology to create value for society. Thank you.
Lu Xiaoming (host) : I believe that listening to a few guests to share, you will find that the difficulty is not in the chain and in the chain, including the support and supervision of each customer on the acceptance of the need to change slowly. I think Professor Chen said that a bit of a very classic, how to let users do not understand the blockchain technology at the same time, can see the blockchain to give them benefits. After listening to a few guests sharing a new understanding, give us inspiration. Today we are here to the end of the round table, please sit back a few guests, thank you!