The Millennium Semiconductor Survival Guide.

Chapter 307

Baidu, which is ambitious in the field of electronic payment, will never give up such an opportunity.

For Madoff, Baidu is a better partner. Although Baidu Pay is not as good as X.com in the field of electronic payment, Baidu has traffic and a lot of high-quality and cheap traffic.

Madoff easily saw through the essence of the Yu'E Bao game, which is that NewPay controls the largest and most high-quality traffic in the electronic payment field.

Once they reach cooperation with Baidu, Baidu's large amount of high-quality traffic will be guaranteed with the support of "good products", and the conversion rate will be guaranteed.

So when George discussed this matter with Madoff, he almost suppressed his inner joy and agreed.

The private remuneration originally promised to Zhou Xin was now given to George Reyes in the same form. As an intermediary, he obtained a verbal promise from Madoff that the difference in profits from Madoff's financial products would be used as his private remuneration.

This also gave George greater motivation to promote this matter. In his opinion, there was no reason not to pursue a win-win cooperation between Madoff, Baidu and himself.
No, it should be a win-win situation for all four companies. Baidu users can also buy high-interest financial products that they would not otherwise have access to.

When Zhou Xin's informant in Silicon Valley, that is, Emerging Investments (America), brought back the news, he felt happy in his heart, and he also sensed that the fate was the same through different paths.

Zhou Xin himself wants to use NewPay to help Madoff's Ponzi scheme last a few more years, and at the same time let more Americans step into this pit, causing more serious consequences in the future.

However, Peter Thiel, a law professor and investor, realized the danger and firmly disagreed with cooperating with Madoff. Zhou Xin could not force the matter out of concerns about supervision.

Zhou Xin guessed that Madoff would seek cooperation with A surprise came to him, and that was the end of Baidu.

As the Internet company with the most traffic at the moment, Baidu's position in the industry is unquestionable, and they can influence far more customers than NewPay.

Because this is the early stage of the mobile Internet, no matter how rapidly electronic payment develops, its ceiling is still far lower than that of search engines. As long as you surf the Internet, you need to use a search engine.

When you use Baidu's search engine to search for financial news, and it pushes Baidu's financial products with self-operated interest rates as high as 10% to you, how many users can resist the temptation?
Americans and Chinese are both human beings. We are all the same in human nature, and there is no essential difference in the pursuit of interests.

Change it to China 16 years later. When Alipay’s Yu’e Bao was killing everyone, Baidu and Evergrande Wealth jointly launched financial products with interest rates as high as 10%. Evergrande, which was at its peak at that time, and Baidu, which had not yet shown its decline, prepared for this. With this financial product platform, how many users can resist the temptation?

After reading the email, Zhou Xin stood up and looked at the green plants outside. He had a hunch in his heart that the cooperation between Baidu and Madoff would bring about more serious consequences than expected.

Because in the original time and space, Madoff's scam could last until 08, but now that new funds have joined, the scam will only last longer.

When Baidu enjoys the benefits of cooperation with Madoff and uses this financial product to achieve rapid growth in the field of electronic payments, they cannot resist the temptation and will only use greater efforts to promote it in the future.

At the same time, when users who purchase Madoff's financial products in the first year gain profits, more users will be attracted to purchase. Under the influence of multiple spirals, the impact of Madoff's financial products on the public will be much greater than in the original time and space.

"Mr. Zhou, this should be your first time to attend our financial summit. Normally, this kind of speech in the morning would be a bit boring because it is too official."

America is facing the first year of Internet finance brought by Zhou Xin, and at this time, China is holding the China Financial Summit in the Pearl Hall on the seventh floor of Shenhai International Convention Center.

This financial summit is also known as the World Securities Market Summit, and a large number of big names from major national stock exchanges were invited to participate.

Zhou Xinhui participated because of the warm invitation from Shenhai and a certain boss named Chen. They really wanted to hear Zhou Xin’s understanding of Internet finance and whether China needed to loosen restrictions in this field.

The boss surnamed Chen was the president of the China Development Bank at this time. Zhou Xin’s biggest impression of this person was that he was very energetic. When Jack Ma bombarded China’s financial system at the Bund Financial Summit, the boss surnamed Chen was at the scene. After the meeting caused an uproar, photos of Jack Ma going to meet with Mr. Chen and Zhou Xiaochuan were circulated on the Internet.

Zhou Xin turned sideways and grinned: "Fortunately, the main thing is that I want to go up and talk about it soon, and I am still familiar with the manuscript.

Wu Shiqiang helped me write the manuscript. "

The summit lasted for two days. The morning of the first day was all about speeches. After the vice president of the People's Bank of China finished his speech, it was Zhou Xin's turn.

For those present at the meeting, they were obviously more concerned about what Zhou Xin said, because there was nothing new in what the vice president said, and it was completely old wine. "Strengthen the construction of financial legal systems and prevent institutional financial risks."

To be honest, 20 years later, China's defense against institutional financial risks will not rely on legal construction, but on
Without a few words of conversation with the boss, it was Zhou Xin's turn. Zhou Xin didn't want to write a speech, but he didn't dare to express himself completely on such an occasion.

What if he doesn't keep his mouth shut and blasts China's financial mechanism like Jack Ma? Although he can bear the consequences, he can still cause less trouble.

Therefore, Zhou Xin asked Wu Shiqiang to write a manuscript for him. Whether he would use it or not was another matter.

When Wu Shiqiang was in China, all he knew about Internet finance was the news and some internal investigation reports of emerging investments, and his understanding was not very deep. It can only be said that he had been with Zhou Xin for more than half a year, and he knew to some extent what Zhou Xin was about. The views on Internet finance can also be written down in hard copy.

“Good morning everyone, this is my first time to participate in such a grand summit in the financial field. My achievements in the financial field are far from being comparable to those of the industry veterans present.

When President Chen found me at that time, he asked me to talk about my understanding of Internet finance and teach us a bunch of rubbish. It was President Chen who said that we are rubbish. If you feel uncomfortable, go to him. "

After listening to the boring stuff just now, when I listen to Zhou Xin's speech again, I will feel as if it is the first heavy rain in early summer after a month without rain.

The applause that had erupted when Zhou Xin came on stage was heard again, but there was no laughter. Everyone was still more serious.

Zhou Xin continued: "Everyone in the financial field is my senior. To be honest, the only financial-related work I have done is buying and selling. I only know these two actions, buying and selling.

Whether I sell Quora or buy Apple and Nvidia, when the price reaches my psychological price, I choose to trade. I only know this trick.

If the topic changes to Internet finance, then I still have some thoughts on it.Because NewPay launched Yu'E Bao, Yu'E Bao's assets under management have exceeded US$100 billion in just three months, making it the world's largest currency fund.The scale sounds huge. "Zhou Xin paused: "Of course it is indeed very big.

But in fact, excluding the operating costs, in order to operate this financial product well, we built the core middle platform, computing costs, etc., it is not profitable.

Because the scale of Yu'E Bao is too large and our risk preference is extremely conservative, the underlying assets we can choose are limited. In order to maximize user income, we cannot charge too high handling fees.

In addition, such a large sum of money comes from tens of millions of different users. We need to show them the income in real time and deposit and withdraw it at any time. This requires extremely high backend servers and computing power.

Therefore, Internet finance seems to be directly connected from enterprises to users through the Internet, reducing a large number of intermediate links and seemingly saving the cost of intermediate links. However, its cost in the middle and high-end is far higher than that of traditional financial models.

I like to call this cost computing power cost.

From the birth of Yu'e Bao to the end of other major electronic payment companies and the launch of a variety of financial products, this stage can be regarded as the initial stage of Internet finance at best. It only changed the sales side.

NewPay is about to make its next attempt, which is to launch a loan business, which we currently name internally as Huabei, and we will cooperate with the three major credit bureaus Experian, Aifeike and TransUnion."

There were many people to speak in the morning session, and each person was allotted either 15 minutes or 25 minutes. Zhou Xin and the big boss of the People's Bank of China were allotted 25 minutes, and everyone else was allotted 15 minutes, so what they could speak was very limited.

Zhou Xin just briefly talked about what NewPay has done before, what it will do in the future, and what Internet finance can bring to users and the industry.

After he finished speaking and returned to his seat, the boss said: "Mr. Zhou, your speech is very good, but there is one thing I want to correct.

You don’t just know how to buy and sell, you also know about other financial businesses. The supply chain finance model created by NewPay in China is still something that major banks need to learn from today.

The model including UnionPay was also built with your suggestions. UnionPay is the Sword of Damocles to many people. "

The UnionPay fund supervision system for state-owned enterprises was developed at the suggestion of Zhou Xin. It was first piloted in Pengcheng and then slowly rolled out across the country.

When it was piloted in Pengcheng, it was still a secret who came up with this thing. After it was implemented nationwide, it was no longer a secret that it was Zhou Xin's idea.

And even if it is a secret, the identity of the boss surnamed Chen can fully know such a secret.

UnionPay was very useful in the early days. Later, the role of this mechanism gradually weakened, because as long as the system is built by people, there will be loopholes. Under the supervision of UnionPay, I don’t make money from the company itself, I let the cooperation Many private enterprises gave me money.

If you supervise my bank account, then I want a bearer bank account in an overseas bank, or even a bank account directly. I want an overseas trust and list the beneficiary as my family.

As long as you want to make trouble, there are always more ways than difficulties.

The role of UnionPay in the design has been weakened, and it can only supervise small shrimps, and individuals with slightly greater power cannot supervise it.

Therefore, by the end of 2004, UnionPay was given new powers and responsibilities. It obtained the first batch of domestic electronic payment licenses, and UnionPay was also transforming.

“NewPay’s supply chain finance is done by subordinates. As a chip maker, I don’t know anything about supply chain finance.

UnionPay does not require any financial knowledge at all. It is a matter of common sense. If you understand the ins and outs of money, you can prevent it from happening randomly. " Zhou Xin explained.

"Hahaha Mr. Zhou is indeed a wonderful person, but he is already good enough if he only knows how to buy and sell. To put it bluntly, isn't finance just about buying and selling?
The difference between masters and ordinary people lies in timing. "

The boss changed the subject: "Mr. Zhou, do you think China now has the foundation for Internet finance?

The Internet industry is one of the few industries where we are not far behind European and American countries. Is it possible for us to create some products with Chinese characteristics in the field of Internet finance? "

Zhou Xin thought to himself, the Yu'e Bao I created at Americen is Chinese-style, otherwise how could Americen's financial products be named after Bao.

Because of NewPay, the electronic payment software developed by Ali is directly called Alipay, and its English name is AliPay. Although its English name was originally also called AliPay, the difference now is that Alipay's Chinese name is Alipay.

Of course, Amerikan has also developed its own characteristics, such as Madoff's financial products, and various hedge funds with a maximum return of more than 200% dare to sell them on the platform. NewPay has a bottom line, which does not mean it needs to survive. Small electronics that need financing Payment companies have a bottom line. In order to attract users to make good data, attract financing or sell the company, they dare to sell anything.

“I think China has the soil for Internet finance, but it still needs to wait in various aspects such as network, user acceptance, and regulatory strength.

Electronic payment was only launched in China at the end of last year. Last year was a period of rapid growth. However, according to NewPay’s backend data in China, most of NewPay’s payments were in first-tier cities.

Second-tier cities like Jiangcheng, Jinling, and Chang'an have very few electronic payment users. The only second-tier city that performed well is Hangzhou, which is also because Alibaba is in Hangzhou.

Nowadays, the user base for Internet finance is too weak. Americen has been in the Internet field for more than ten years, and electronic payment has also accumulated five years of users.

I personally think there is no need to be so anxious. What China needs to do now is to build the infrastructure before considering further expansion.

For example, fiber optic network, 3G network, logistics system, user base, etc. "

The boss quickly grasped the key point: "Logistics system? What is the relationship between Internet finance and the logistics system?"

(End of this chapter)