On May 22 of this year, Xiaomi loaned 3 billion yuan of shelf-type ABS on the Shanghai Stock Exchange, which means that the securitization of Xiaomi loan (hereinafter referred to as “Xiaomi loan ABSâ€) will break through the past approval system and achieve more than one registration. Issuance. Xiaomi Co., Ltd. is the minority gold company that has been approved to store ABS after Ali and Jingdong. The first installment amounted to RMB 600 million, which was successfully established by CITIC Securities as a plan manager and underwriting agency on June 5. According to industry sources, Xiaomi Loan has issued three phases of public ABS in just six months, which means that Xiaomi's loan business has entered the fast lane or is expected to become a rising force in the consumer finance field.
Chen Xiao, head of Xiaomi Loan, stated that “consumer credit assets have gradually become one of the mainstream assets of the ABS market. Xiaomi Finance follows the trend, relying on Xiaomi’s ecosystem, and relying on the Internet and data technologies, and on the spending power and habits of active users. For data mining and integration, the current business has formed a set of bottom-level risk control capabilities driven by data models, and the NPL rate is controlled at a relatively low level in the industry's similar assets, and its high-quality asset quality has been widely recognized by market investors. Millet loans will export more quality consumer financial assets to the market through ABS channels."
Data Ecology Drives Intelligent Wind Control Millet Loan Asset Quality Accepted by Market
In fact, since the second quarter of this year, financial regulatory policies have been centralized, and the situation of market capital tensions has continued. In this situation, market funds are more cautious in finding investable assets. Industry analysts pointed out that the successful implementation of Xiaomi Finance's record-based distribution of ABS loans is of milestone significance. This not only enables Xiaomi's loan business to further broaden its financing channels, but also fully demonstrates the market's recognition of Xiaomi's loan asset quality. With the continued export of quality asset capabilities, Xiaomi Finance will also become an important promoter of the direct financing market.
In October 2016, the first issue of ABS for millet loans was issued on the Shanghai Stock Exchange with a scale of 500 million yuan. In April 2017, the second issue of millet loan ABS continued to be listed on the Shanghai Stock Exchange with a scale of 500 million yuan. This time, the millet loans After ABS was granted a quota of 3 billion yuan on the Shanghai Stock Exchange, it completed the issuance of 600 million yuan at the ideal rate on the second day of no objection letter. Under the tight funding conditions, Xiaomi's loan ABS can be successfully issued at an advantageous price continuously. This is due to the continuous improvement of the data risk control system.
Xiaomi Finance relies on Xiaomi's ecological chain, including Xiaomi Mobile Terminal, Xiaomi Official Website, MIUI App Store, and user forums to mine the user behavior data of these channels and learn from machine habits, consumption patterns, and economic capabilities through machine learning. Dimensions such as integrity, integrity, etc., comprehensively determine the user's credit quality and the degree of demand for financial services.
At present, Xiaomi Finance has built a tens of millions of data feature space, and gradually formed a data model system supporting dozens of businesses such as credit risk, repayment ability and financial demand. In the dynamic tracking process of pre-lending, loan-in-lending, and post-lending users, using the "million brain" big data artificial intelligence technology, iterate, update and analyze the data, continuously improve the portrait of the user, and finally form a loan service to the user. Access, pricing and credit line judgments.
Chen Hao pointed out that "the use of data model technology can help us improve the efficiency of loan operations; the refinement of user data in Xiaomi's ecological chain will allow us to fully understand the financial needs of users; Xiaomi's ecological chain and data technology capabilities will gradually form a closed loop. This will be Xiaomi. Finance can be the biggest advantage of a rising star."
Developing a dual engine for consumer loans and instalment business
It is understood that since September 2015, Xiaomi Finance has started to arrange loan business, including credit consumer loans for individual users, and consumer instalment services provided in Xiaomi's official website and e-commerce spending scenarios. At present, Xiaomi has a large share of credit consumer loans. In the future, Xiaomi’s instalment services will gradually expand user access and expand into more online consumption scenarios.
At present, Xiaomi's credit consumer loans are online approvals and real-time loans. Users can apply for, borrow, and repay on mobile phones through Xiaomi Finance or the Xiaomi Loan client. In terms of post-lending management, Xiaomi Loan will also use the automated risk management system to track the whole process dynamically. This will not only allow users to enjoy a one-stop self-service consumer financial experience online, but also make the risk control more efficient.
The data shows that as of now, Xiaomi has already issued more than 10 billion loans to its users, and the total amount of loans issued in the first quarter of 2017 has increased by 63% in a single quarter. Nearly 50 million users have received letters of pre-grant letter from Xiaomi.
In the long run, a huge user base size and financial needs, as well as a sound data risk control system, will enable Xiaomi's loan business to gradually expand its market scale and become an important player in consumer finance and inclusive financial service market innovation. "In the future, Xiaomi's loan will also bring users more abundant consumer rights with the ultimate and safe product experience." Chen Xiao said.
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