2014On the afternoon of June 28,，"2014 Cross-Strait and Three Places P2P Online Lending Industry Summit Forum" was grandly held at the Friendship Hall of Shanghai Convention and Exhibition Center。Ms. Zhang Zhengfen, the founding partner of Bubu Liandai, a P2P platform from Hong Kong, was invited to attend and delivered a keynote speech.，In her speech, she mainly introduced the development of the P2P industry in Hong Kong.。The following is a transcript of her speech：Hello everyone，I am Zhang Zhengfen, co-founder of Hong Kong P2P platform Bubu Liandai。
I am very honored to be invited by P2P Online Loan Home to participate in today’s 800-person cross-strait and three-region P2P online lending industry summit forum.，Introducing the development of Hong Kong’s P2P industry，As practitioners, we，The perspective may be a bit more microscopic.。
I will simply share with you the following aspects:：I. Hong Kong’s financial industry regulatory system II. Analysis of the macro environment and advantages and disadvantages of P2P development in Hong Kong III. Introduction to the only two P2P platforms currently in Hong Kong. The entire financial industry in Hong Kong is generally divided into three parts.，The first part is authorized institutions regulated by the Banking Ordinance，Also known as the banking industry。
There are three levels of accreditation institutions in Hong Kong，licensed bank，Restricted license banks and deposit-taking companies。The second part consists of 9 types of regulated businesses regulated by the Securities and Futures Ordinance，Contains stocks，futures，Forex，Trading of various derivatives and other securities。The third part is most closely related to our P2P，Money lending business regulated by the Money Lenders Ordinance。
The money lender here refers to the legal entity，Hong Kong stipulates that only licensed money lenders can engage in money lending business。Licenses must be reviewed and renewed every year，Only licensed companies that have no violations or excessive complaints during the operating year will be renewed.。Hong Kong’s regulations on loan interest rates are as follows:：48%Annual interest rates below are legal，60%The above is illegal，And between 48% and 60%，We have to look at each specific case.，Subject to the judge’s decision。
Next, let’s talk about the macro-environment of P2P development in Hong Kong.。Speaking of Hong Kong, you may think that Hong Kong is a small place.，Not much population，Does P2P have little potential?。actually，We believe that Hong Kong still has great potential for P2P development.。Hong Kong's economy is very developed，GDP per capita is almost 6 times the mainland average。We think this is a positive。
can be seen，Many first-line P2P platforms in the mainland transport funds from developed areas in the east to areas in need of funds in the west.。Economically developed，Hong Kong, which is far ahead in per capita GDP, is very important for P2P development.，Whether it is in terms of the number of investors or the amount invested by a single investor，It will be a powerful market no less powerful than Beijing, Shanghai, Guangzhou and Shenzhen.。Let’s take another look at Hong Kong’s interest rate environment，The table we are seeing now is a regular interest rate table provided by different banks。
we can see，HSBC’s 6-month time deposit only gives 0.05% interest。This interest is far from covering the various debts we give to the bank.
cost
。It can be said with certainty，If the money in your account is less than 1 million，Then there will definitely become fewer and fewer banks in Hong Kong.，这也间接促成了香港金融市场的繁荣。
不管是债券，stock，涡轮，还是黄金期货，高杠杆的外汇保证金交易，甚至彩票赌马在香港都能找到市场。despite this，香港的储蓄率在全球来看还是很高。综合以上，这个低利息的环境对于P2P的发展，我们觉得也是一个利好，投资者的投资意欲会比较高，And there is a lot of money to invest。
The above analysis is based on investors，Let’s analyze the borrower’s side。The chart above shows a comparison of Hong Kong’s debt scale with other developed countries.。Hong Kong’s private debt accounts for 60% of GDP，On par with developed European countries。
But actually，Because our data is from central banks of various countries.，Due to different statistical calibers，香港只采取了受《银行条例》规管的三个认可的机构的贷款量，没有包含受《放债人条例》规管的众多财务公司的贷款量。而其他国家的贷款量涵盖面更加广泛，所以实际上香港的私人债务占GDP的比例高于60%。
在私人债务分类里面，住宅的贷款占到了74%，近四分之三，Another important factor is the repayment purpose of credit cards.，Accounts for 8% of total private debt，Therefore, many financial companies will provide a card clearing service.。Because the overdraft interest on bank credit cards is close to 40%，很多财务公司用稍低一些的利率来帮用户还清信用卡，Transferred credit card debt to a finance company。
To sum up，Hong Kong’s high debt situation is really good news for the development of P2P debt.。
Analyzed macro GDP，low interest rate environment，After high debt scale，Let’s talk about the development of P2P in Hong Kong
Advantages
，We also have to talk about Hong Kong’s credit reporting and legal system.，Compared with the mainland, Hong Kong’s credit reporting system is relatively complete.，There is only one recognized credit reporting company，环联资讯有限公司，这是一家以公司模式运作的盈利性公司，他们的数据量相当可观，包含了470万个消费者的信贷记录。
我们每个人都可以付费查询我们自己的征信记录，里面详细包括了所有变更过的个人资料，过往的所有信贷记录，还款时间，公众破产记录等等。我自己查询过自己的征信报告，虽然从我回到香港工作至今也才不到4年的时间，然而我的征信报告已经有整整10页之长了。每一份报告都有一个信贷评分，从A到J,依次变差。
这个系统的影响力是比较大的，银行机构会使用，财务机构也会使用，很多商家店铺，政府机构都会使用。这个信贷评分大大方便了银行或者财务公司做信贷分析，使得他们可以利用信贷评分来设置一个自动化的初步删选。显然，整个信贷系统对香港P2P的发展绝对是一个强有力的支撑。certainly，更强有力的支撑是香港的法制环境。
法制环境完善对P2P发展是个很大的保障，所有物业的抵押、收回和拍卖等流程都相对比较透明，其强制性和执行效率也是内地暂时无法比拟的，这大大保障了出借人的合法权益。在分析了香港发展P2P这么多的
Advantages
after，我们再来看看劣势。现在香港P2P就只有两家公司，肯定也是有其限制的。
首先就是香港的互联网不是那么的发达，在2000年初互联网泡沫经济之后，很多财团的投资都撤掉了，导致最近10年互联网在香港的发展非常的缓慢。
虽然香港的互联网基础建设做的非常领先，到处都有WIFI热点，无限流量的套餐非常普遍，However，香港还是缺乏互联网龙头企业，没有特别发达的电商，也缺乏依托互联网与传统产业结合而兴起的新型产业，比如互联网金融。互联网基因不够强壮，这一点对整个P2P行业在香港的发展会是一个比较大的挑战。
除了互联网，另外一方面的限制是监管。香港规定没有放债人牌照不可以在香港经营放债业务，这一点也会是一个门槛，这个门槛不仅仅是牌照本身，更是其背后所带来的商业模式的影响。However，挑战背后更多的是机遇。P2P在美国在欧洲尤其在中国大陆都发展得如火如荼，我们有理由相信，香港也不会例外。
最后一部分给大家介绍一下香港目前有且仅有的两家P2P平台。第一家Welab成立于2013年8月是香港首家的P2P平台，成立至今10个月已经撮合了4亿港元的借贷申请，根据公开资料显示，Welab目前做的纯信用贷款模式，每宗贷款上限为30万元，获批比率为15至20%。
2014年6月16日，Welab获得包括TOM集团(02383-HK)及美国硅谷风险投资公司红杉资本等入股，注资共1400万美元(约1.09亿港元)。步步联贷是香港第二家P2P平台，2013年12月初成立，我们的模式和Welab有较大区别。
Welab目前撮合的是“高富帅”(富有的机构股东的出资)和信用贷款申请人，而我们撮合的是众多个人普通投资者和有香港物业抵押的贷款人。香港这边，我们会和香港的老牌财务公司(类似于内地的小贷公司)合作来开发业务，让专业的人做专业的事，而我们就专注打造这个撮合的平台。
同时我们也在开发内地的投资产品，有融资性担保公司担保的优秀中小企业贷款项目，给到香港的投资者选择。从产品的角度，我们是香港唯一一个中港联动的P2P平台。值得一提的是我们这个充满激情敢于闯荡的优才团队。
创始人团队每一个都是毕业于名校，拥有海外留学和工作经历，曾就职于法国巴黎银行、法国兴业银行、汇丰银行、金杜律师事务所、腾讯、益海嘉里等世界500强名企，并且通过了香港优秀人才引进计划的业界精英。顺便提一下，马云也是香港优才，我们希望有机会能够和他合作一起为香港的互联网金融繁荣发展贡献力量。
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