The influence of virtual currency on Commercial Banks
Publish: 2021-03-27 18:45:44
1. There are two sides to everything. To come up with something new and to have an impact and impact on old things, there must be its unique advantages. The choice of market freedom is like the birth of Alipay. If there are not some things to be done, banks may be closed. Of course, the benefits and harms are inseparable and relative, so we need to comprehensively measure them. From the overall macro perspective, whether the harm to our Chinese nation is greater than the benefit or the advantage is greater than the disadvantage, we need not worry about this. The country has a powerful think tank to make suggestions, Just follow the pace of the party and the state.
2. Hello friend, digital currency is not recommended
3. In my opinion, many people today will lay an impermeable thing under the bottom of the fish pond. I don't know what it is. It looks like canvas or plastic cloth. We can learn from it.
4. In fact, there is no standard answer, it depends on what you like, but I think privacy is more important than circle and revenue is more important than brand
in today's network environment, personal privacy is far more important than circle, because once your privacy is gone, your circle will also be affected, such as number theft and money fraud. Therefore, it is more appropriate to choose btchat, a social software with burning after reading and double encryption. Although there are not many friends now, it doesn't mean there won't be many in the future, It takes time to discover value
when it comes to brands, it's actually an era when brands are consumed and abused. Many software celebrity endorsements have become high-end brands, and what they actually earn is consumers' cognitive tax; However, it is difficult to make money. Not every social software can provide free money making function. Btchat can make users make money while chatting through chatting and socializing. This function can be said to be more practical and valuable than the brand.
in today's network environment, personal privacy is far more important than circle, because once your privacy is gone, your circle will also be affected, such as number theft and money fraud. Therefore, it is more appropriate to choose btchat, a social software with burning after reading and double encryption. Although there are not many friends now, it doesn't mean there won't be many in the future, It takes time to discover value
when it comes to brands, it's actually an era when brands are consumed and abused. Many software celebrity endorsements have become high-end brands, and what they actually earn is consumers' cognitive tax; However, it is difficult to make money. Not every social software can provide free money making function. Btchat can make users make money while chatting through chatting and socializing. This function can be said to be more practical and valuable than the brand.
5. Yaohai.
6.
Hangzhou AISI blockchain Technology Co., Ltd. is a limited liability company (invested or controlled by natural person) registered in Jianggan District, Hangzhou City, Zhejiang Province on June 12, 2018, with its registered address at room 1424, Ding business building, No. 122, Yuzhang Road, Jianqiao street, Jianggan District, Hangzhou City, Zhejiang Province
the unified social credit code / registration number of Hangzhou AISI blockchain Technology Co., Ltd. is 91330104ma2cceqy9n, and the enterprise legal person is Fang xuchu
Hangzhou AISI blockchain Technology Co., Ltd. has a general registered capital within the province
view more information and information of Hangzhou AISI blockchain Technology Co., Ltd. through network enterprise credit
7. Of course! The emergence of yu'ebao has replaced banks, and the emergence of virtual currency will graally replace yu'ebao
8. There are three main impacts:
1. The impact of Internet Finance on the deposit business of commercial banks
the Internet financial services that challenge the deposit business of commercial banks mainly include the new fund sales model represented by yu'ebao and P2P credit services. In particular, yu'ebao model not only has the characteristics of traditional deposits, but also has higher interest and better liquidity than bank deposits, which has won the favor of the majority of users, It directly reces the competitiveness of the deposit business of commercial banks and achieves better development. For commercial banks, whether they have sufficient deposits is the basis for carrying out other business activities. The emergence of yu'ebao and P2P credit services not only has an impact on the deposit business of commercial banks, but also has a negative impact on the loan business and other business activities of commercial banks because deposits are affected
2. The impact of Internet Finance on the loan business of commercial banks
the impact of Internet Finance on the loan business of commercial banks mainly comes from P2P loan and crowdfunding mode. The emergence of P2P loan and crowdfunding mode, for the potential loan demand, enterprises and indivials have more choices in the process of financing. Different from the complex loan proceres of commercial banks, the use of P2P loan and crowdfunding method for loan not only has simple proceres, but also greatly simplifies the loan process, which has a far-reaching impact on the loan business of commercial banks
3. The impact of Internet Finance on the payment business of commercial banks
payment business is a traditional service provided by commercial banks. With the development of Internet Finance and the existence and development of the third-party payment platform allowed by China's policy, the payment business provided by the third-party payment platform is not only convenient to use, but also low-cost, while the payment business provided by commercial banks has complex proceres, Different commercial banks are facing more difficulties in handling payment business, and Internet financial services effectively overcome the problems existing in the payment business of commercial banks, which has a negative impact on the development of payment business of commercial banks.
1. The impact of Internet Finance on the deposit business of commercial banks
the Internet financial services that challenge the deposit business of commercial banks mainly include the new fund sales model represented by yu'ebao and P2P credit services. In particular, yu'ebao model not only has the characteristics of traditional deposits, but also has higher interest and better liquidity than bank deposits, which has won the favor of the majority of users, It directly reces the competitiveness of the deposit business of commercial banks and achieves better development. For commercial banks, whether they have sufficient deposits is the basis for carrying out other business activities. The emergence of yu'ebao and P2P credit services not only has an impact on the deposit business of commercial banks, but also has a negative impact on the loan business and other business activities of commercial banks because deposits are affected
2. The impact of Internet Finance on the loan business of commercial banks
the impact of Internet Finance on the loan business of commercial banks mainly comes from P2P loan and crowdfunding mode. The emergence of P2P loan and crowdfunding mode, for the potential loan demand, enterprises and indivials have more choices in the process of financing. Different from the complex loan proceres of commercial banks, the use of P2P loan and crowdfunding method for loan not only has simple proceres, but also greatly simplifies the loan process, which has a far-reaching impact on the loan business of commercial banks
3. The impact of Internet Finance on the payment business of commercial banks
payment business is a traditional service provided by commercial banks. With the development of Internet Finance and the existence and development of the third-party payment platform allowed by China's policy, the payment business provided by the third-party payment platform is not only convenient to use, but also low-cost, while the payment business provided by commercial banks has complex proceres, Different commercial banks are facing more difficulties in handling payment business, and Internet financial services effectively overcome the problems existing in the payment business of commercial banks, which has a negative impact on the development of payment business of commercial banks.
9. 1. Internet finance has changed the way of value creation and value realization of commercial banks
in the past decade, China's commercial banks have achieved sustained, rapid and stable development, with an average annual compound growth rate of total assets and total liabilities of nearly 20%. However, up to now, the development mode and profit-making mode of commercial banks are still the traditional extensive growth mode of "emphasizing investment over efficiency, quantity over quality, scale over structure, speed over management". The intensive operation of "one high, two low, three excellent" has a long way to go. At present, interest margin is still the main source of income for China's commercial banks. In 2011, the proportion of non interest income in China's banking instry increased, but only accounted for 19.3%. From the traditional way of value creation and value realization of commercial banks, because their customers are mainly large enterprise customers and high-end retail customers with stable demand for loans, safety, stability, low cost and low risk are the basic demands of customers. The value creation and value realization of banks mainly provide customers with safety, stability, low cost and low risk with their professional technology, complex knowledge and tedious process Stable, low-cost and low-risk financial procts and services
under the Internet financial model, the types of target customers have changed, the consumption habits and consumption patterns of customers are different, and the value appeal instry has undergone a fundamental change, which has completely subverted the traditional value creation and value realization methods of commercial banks. Market participants are more popular. Small and medium-sized enterprises, entrepreneurs and the general public can participate in various financial transactions through the Internet. Financial procts or service providers are emerging financial institutions that focus on providing customers with fast and low-cost services, and their social division of labor and specialization are greatly weakened. Customers are mainly small and medium-sized enterprise customers and young consumers who pursue diversification, differentiation and personalized services. Convenience, quickness, participation and experience are the basic demands of customers
the competitive basis of Internet financial institutions is network technology, information technology and data processing technology. The business processes of demand response, term matching, risk pricing and management are greatly simplified. Under the mode of Internet finance, the procts and services provided by financial institutions to customers are molar asset portfolio in data analysis. In the past, the advantages of financial procts based on intensive knowledge and complex technology provided by traditional commercial banks to customers have been weakened. According to the theory of disruptive innovation, Internet finance has changed the competitive basis of traditional commercial banks from security, stability, low cost and low risk to fast, convenient and experience, and then destroyed the core business of banks from the bottom of the pyramid
2. Internet Finance leads to the marginalization of the payment function of commercial banks
the payment method under the Internet finance mode is based on mobile payment, which transfers the monetary value through mobile communication devices and wireless communication technology to pay off the debt relationship. Internet finance further accelerates financial disintermediation, marginalizes the payment intermediary function of commercial banks and substitutes their intermediary business. For example, Alipay, tftD, Yi Po payment and express line have already provided customers with payment and payment, automatic payment and transfer remittance, air tickets and train tickets purchasing, electricity payment and insurance payment, and so on.
so far, the central bank has issued payment business licenses to 197 third-party payment enterprises in five batches, including Alibaba, Tencent, Shanda, Internet and eBay. At present, the business scope of the third-party payment has covered mobile phone and fixed phone payment, bank card payment, currency exchange, prepaid card issuance acceptance, Internet payment, digital TV payment, etc. the services provided by the third-party payment have penetrated from simple payment and settlement to providing instry solutions for the whole instry chain, and the regional scope has broken through Beijing, Shanghai and coastal areas to expand to Henan, Shanxi, Sichuan, etc Chongqing, Inner Mongolia, Heilongjiang and other central and western regions
with the development of Internet and e-commerce, the transaction volume of China's Internet third-party payment platform, the issuance and circulation of virtual currency are increasing, involving more and more users, and the third-party payment has become a huge instry. According to the data of Yiguan think tank, the annual transaction volume of China's third-party Internet payment market reached 2.16 trillion yuan in 2011, an increase of 99% over 2010. Although it is far from the amount of nearly 2000 trillion yuan handled by the national payment system in that year, the third-party payment organization has extended its hand to the core business of banks and established a dominant position in the field of electronic payment. Instry insiders expect that its trading volume will usher in explosive growth in the next few years, and its business proportion will continue to rise< Under the Internet finance mode, the Internet Finance search platform provides a market for both the supply and demand of funds to discover. At the same time, modern information technology greatly reces the information asymmetry and transaction costs. Both sides basically understand each other's information, and the fund intermediary will no longer be needed, Instead, it is fund information intermediary
for example, Zopa, the world's first people's loan company established in March 2005, acts as an information intermediary in the process of fund lending: on the Zopa website, borrowers can list the loan amount, interest rate and the time they want to lend money; Borrowers can freely find their own loan procts without intermediary, and the loan interest rate reached by both sides is mainly determined by the risk preference of the lender. The risk preference lender will pursue a higher interest rate, while the risk averse lender will determine a lower interest rate to avoid related risks. Similarly, domestic finance360 is also committed to providing customers with professional financing loan search services, realizing the direct docking between users and business personnel, so that users can obtain more cost-effective financing loan procts through search
it should be emphasized that Internet finance has unique advantages in serving the financing of small and medium-sized enterprises and personal consumption loans, including simple loan approval process, fast lending speed, rich and diverse proct types, etc. For example, Alibaba credit, which focuses on financing services for small and micro enterprises, has Taobao merchant loan process, including three minutes of application, no manual approval, and one second of payment. In recent years, Internet finance has been developing rapidly. Since its establishment in 2010, Alibaba finance has provided financing services for more than 130000 SMEs, with a total loan of 28 billion yuan. In the first half of 2012, it issued 13 billion yuan of loans, increased 40000 enterprises with loans, and the non-performing loan ratio was only 0.72%
according to another report, some experts even predicted that "if Alibaba gets the banking license, it will not be a problem to surpass Minsheng Bank in three years!". Therefore, Internet finance model can not only achieve the same resource allocation efficiency as direct financing and indirect financing, but also greatly rece transaction costs. Xie Ping, deputy general manager of China Investment Co., Ltd., pointed out that in 20 years' time, the "Internet direct financing market" or "Internet financial model" may form a third financial operation mechanism, which is not only different from the indirect financing of commercial banks, but also different from the direct financing of the capital market< Mishkin (1995) pointed out that there are two main reasons for the existence of Financial Intermediation: first, financial intermediation has economies of scale and expertise, which can rece the transaction cost of financing; second, financial intermediation has the advantages of scale economy and expertise; Second, financial intermediaries have special information processing ability, which can alleviate the information asymmetry between savers and financiers, and the adverse selection and moral hazard problems caused by it. Therefore, capital intermediary and information intermediary are the two most basic functions of commercial banks as financial intermediaries. Sharing risks, providing liquidity and information have become the main services of banks. With the emergence and rise of Internet finance, the foundation of traditional financial intermediary theory of commercial banks has formed a strong challenge, which can be analyzed from three aspects:
firstly, Internet Finance reces market transaction costs. Although bank direct financing and indirect financing in stock and bond markets play an important role in promoting resource allocation and economic growth, they also proce a lot of market transaction costs, including the cost of collecting loan information, the cost of signing contracts between banks and customers, the cost of evaluating customers' credit rating, the cost of post loan risk management and the cost of dealing with bad debts. This can be reflected in the high profits of banks and securities companies. According to the third quarter report of 2012, 2471 listed companies achieved net profits of 1.49 trillion from January to September, of which 16 listed banks reached 812.767 billion yuan, accounting for 54.5%
under the Internet finance mode, the operation of the supply and demand side of funds is completely dependent on the Internet and mobile communication network for contact and communication, and can realize multi-party to multi-party transactions at the same time. The evaluation of customer credit rating and risk management are mainly completed through data analysis, and the transaction parties are in the cost of information collection, the cost of credit rating evaluation of both sides of the loan, the cost of credit rating evaluation of both sides of the loan, the cost of credit rating evaluation of both sides of the loan The cost of bilateral contract signing and post loan risk management are very small
secondly, Internet Finance reces information asymmetry. Information asymmetry is one of the important foundations for the existence of commercial banks. Under the Internet finance mode, the information communication between the two parties is sufficient, the transaction is transparent, the pricing is completely market-oriented, and the risk management and trust rating are completely data-based. For example, a Shanghai customer needs to apply for a consumer loan with a term of 12 months and an amount of 100000 yuan. When financing through rong360 professional loan search platform, he can choose from 27 loan procts provided by 10 commercial banks and 9 non bank financial institutions, and each proct has unique proct features
for another example, when Zopa platform undertakes the intermediary function of fund lending, it will first refer to the borrower's risk rating based on the credit score of Equifax credit rating agency; Secondly, enter the borrower's family situation, loan purpose, loan amount, maximum loan interest rate and credit rating, and arrange them to enter the corresponding level of market segments; Finally, the lender with specific credit rating refers to the borrower's credit rating, combines with the loan term, and participates in the bidding with its own loan interest rate, and the one with lower interest rate wins
thirdly, Internet Finance accelerates financial disintermediation. The emergence and rise of a large number of third-party payment institutions in Internet finance has greatly accelerated financial disintermediation. In the traditional payment instry chain, e-commerce, third-party payment companies and banks play their respective roles: e-commerce provides online trading platform for users; Third party payment establishes gateway service platform, realizes online payment among consumers, businesses and financial institutions, and provides cash flow and fund clearing services; The bank is the provider of the final capital settlement service
however, with the development of the third-party payment institutions, they are no longer satisfied with the gateway payment platform of banks, but with the advantages of data information accumulation and mining, they begin to expand directly to supply chain financing, small and micro enterprise credit financing and other fields. Although the proportion of credit business derived from third-party payment in Internet finance is still relatively small, it has become an important part of commercial banks' strategy and business transformation because it provides a direct channel between the two sides of capital lending
in the past decade, China's commercial banks have achieved sustained, rapid and stable development, with an average annual compound growth rate of total assets and total liabilities of nearly 20%. However, up to now, the development mode and profit-making mode of commercial banks are still the traditional extensive growth mode of "emphasizing investment over efficiency, quantity over quality, scale over structure, speed over management". The intensive operation of "one high, two low, three excellent" has a long way to go. At present, interest margin is still the main source of income for China's commercial banks. In 2011, the proportion of non interest income in China's banking instry increased, but only accounted for 19.3%. From the traditional way of value creation and value realization of commercial banks, because their customers are mainly large enterprise customers and high-end retail customers with stable demand for loans, safety, stability, low cost and low risk are the basic demands of customers. The value creation and value realization of banks mainly provide customers with safety, stability, low cost and low risk with their professional technology, complex knowledge and tedious process Stable, low-cost and low-risk financial procts and services
under the Internet financial model, the types of target customers have changed, the consumption habits and consumption patterns of customers are different, and the value appeal instry has undergone a fundamental change, which has completely subverted the traditional value creation and value realization methods of commercial banks. Market participants are more popular. Small and medium-sized enterprises, entrepreneurs and the general public can participate in various financial transactions through the Internet. Financial procts or service providers are emerging financial institutions that focus on providing customers with fast and low-cost services, and their social division of labor and specialization are greatly weakened. Customers are mainly small and medium-sized enterprise customers and young consumers who pursue diversification, differentiation and personalized services. Convenience, quickness, participation and experience are the basic demands of customers
the competitive basis of Internet financial institutions is network technology, information technology and data processing technology. The business processes of demand response, term matching, risk pricing and management are greatly simplified. Under the mode of Internet finance, the procts and services provided by financial institutions to customers are molar asset portfolio in data analysis. In the past, the advantages of financial procts based on intensive knowledge and complex technology provided by traditional commercial banks to customers have been weakened. According to the theory of disruptive innovation, Internet finance has changed the competitive basis of traditional commercial banks from security, stability, low cost and low risk to fast, convenient and experience, and then destroyed the core business of banks from the bottom of the pyramid
2. Internet Finance leads to the marginalization of the payment function of commercial banks
the payment method under the Internet finance mode is based on mobile payment, which transfers the monetary value through mobile communication devices and wireless communication technology to pay off the debt relationship. Internet finance further accelerates financial disintermediation, marginalizes the payment intermediary function of commercial banks and substitutes their intermediary business. For example, Alipay, tftD, Yi Po payment and express line have already provided customers with payment and payment, automatic payment and transfer remittance, air tickets and train tickets purchasing, electricity payment and insurance payment, and so on.
so far, the central bank has issued payment business licenses to 197 third-party payment enterprises in five batches, including Alibaba, Tencent, Shanda, Internet and eBay. At present, the business scope of the third-party payment has covered mobile phone and fixed phone payment, bank card payment, currency exchange, prepaid card issuance acceptance, Internet payment, digital TV payment, etc. the services provided by the third-party payment have penetrated from simple payment and settlement to providing instry solutions for the whole instry chain, and the regional scope has broken through Beijing, Shanghai and coastal areas to expand to Henan, Shanxi, Sichuan, etc Chongqing, Inner Mongolia, Heilongjiang and other central and western regions
with the development of Internet and e-commerce, the transaction volume of China's Internet third-party payment platform, the issuance and circulation of virtual currency are increasing, involving more and more users, and the third-party payment has become a huge instry. According to the data of Yiguan think tank, the annual transaction volume of China's third-party Internet payment market reached 2.16 trillion yuan in 2011, an increase of 99% over 2010. Although it is far from the amount of nearly 2000 trillion yuan handled by the national payment system in that year, the third-party payment organization has extended its hand to the core business of banks and established a dominant position in the field of electronic payment. Instry insiders expect that its trading volume will usher in explosive growth in the next few years, and its business proportion will continue to rise< Under the Internet finance mode, the Internet Finance search platform provides a market for both the supply and demand of funds to discover. At the same time, modern information technology greatly reces the information asymmetry and transaction costs. Both sides basically understand each other's information, and the fund intermediary will no longer be needed, Instead, it is fund information intermediary
for example, Zopa, the world's first people's loan company established in March 2005, acts as an information intermediary in the process of fund lending: on the Zopa website, borrowers can list the loan amount, interest rate and the time they want to lend money; Borrowers can freely find their own loan procts without intermediary, and the loan interest rate reached by both sides is mainly determined by the risk preference of the lender. The risk preference lender will pursue a higher interest rate, while the risk averse lender will determine a lower interest rate to avoid related risks. Similarly, domestic finance360 is also committed to providing customers with professional financing loan search services, realizing the direct docking between users and business personnel, so that users can obtain more cost-effective financing loan procts through search
it should be emphasized that Internet finance has unique advantages in serving the financing of small and medium-sized enterprises and personal consumption loans, including simple loan approval process, fast lending speed, rich and diverse proct types, etc. For example, Alibaba credit, which focuses on financing services for small and micro enterprises, has Taobao merchant loan process, including three minutes of application, no manual approval, and one second of payment. In recent years, Internet finance has been developing rapidly. Since its establishment in 2010, Alibaba finance has provided financing services for more than 130000 SMEs, with a total loan of 28 billion yuan. In the first half of 2012, it issued 13 billion yuan of loans, increased 40000 enterprises with loans, and the non-performing loan ratio was only 0.72%
according to another report, some experts even predicted that "if Alibaba gets the banking license, it will not be a problem to surpass Minsheng Bank in three years!". Therefore, Internet finance model can not only achieve the same resource allocation efficiency as direct financing and indirect financing, but also greatly rece transaction costs. Xie Ping, deputy general manager of China Investment Co., Ltd., pointed out that in 20 years' time, the "Internet direct financing market" or "Internet financial model" may form a third financial operation mechanism, which is not only different from the indirect financing of commercial banks, but also different from the direct financing of the capital market< Mishkin (1995) pointed out that there are two main reasons for the existence of Financial Intermediation: first, financial intermediation has economies of scale and expertise, which can rece the transaction cost of financing; second, financial intermediation has the advantages of scale economy and expertise; Second, financial intermediaries have special information processing ability, which can alleviate the information asymmetry between savers and financiers, and the adverse selection and moral hazard problems caused by it. Therefore, capital intermediary and information intermediary are the two most basic functions of commercial banks as financial intermediaries. Sharing risks, providing liquidity and information have become the main services of banks. With the emergence and rise of Internet finance, the foundation of traditional financial intermediary theory of commercial banks has formed a strong challenge, which can be analyzed from three aspects:
firstly, Internet Finance reces market transaction costs. Although bank direct financing and indirect financing in stock and bond markets play an important role in promoting resource allocation and economic growth, they also proce a lot of market transaction costs, including the cost of collecting loan information, the cost of signing contracts between banks and customers, the cost of evaluating customers' credit rating, the cost of post loan risk management and the cost of dealing with bad debts. This can be reflected in the high profits of banks and securities companies. According to the third quarter report of 2012, 2471 listed companies achieved net profits of 1.49 trillion from January to September, of which 16 listed banks reached 812.767 billion yuan, accounting for 54.5%
under the Internet finance mode, the operation of the supply and demand side of funds is completely dependent on the Internet and mobile communication network for contact and communication, and can realize multi-party to multi-party transactions at the same time. The evaluation of customer credit rating and risk management are mainly completed through data analysis, and the transaction parties are in the cost of information collection, the cost of credit rating evaluation of both sides of the loan, the cost of credit rating evaluation of both sides of the loan, the cost of credit rating evaluation of both sides of the loan The cost of bilateral contract signing and post loan risk management are very small
secondly, Internet Finance reces information asymmetry. Information asymmetry is one of the important foundations for the existence of commercial banks. Under the Internet finance mode, the information communication between the two parties is sufficient, the transaction is transparent, the pricing is completely market-oriented, and the risk management and trust rating are completely data-based. For example, a Shanghai customer needs to apply for a consumer loan with a term of 12 months and an amount of 100000 yuan. When financing through rong360 professional loan search platform, he can choose from 27 loan procts provided by 10 commercial banks and 9 non bank financial institutions, and each proct has unique proct features
for another example, when Zopa platform undertakes the intermediary function of fund lending, it will first refer to the borrower's risk rating based on the credit score of Equifax credit rating agency; Secondly, enter the borrower's family situation, loan purpose, loan amount, maximum loan interest rate and credit rating, and arrange them to enter the corresponding level of market segments; Finally, the lender with specific credit rating refers to the borrower's credit rating, combines with the loan term, and participates in the bidding with its own loan interest rate, and the one with lower interest rate wins
thirdly, Internet Finance accelerates financial disintermediation. The emergence and rise of a large number of third-party payment institutions in Internet finance has greatly accelerated financial disintermediation. In the traditional payment instry chain, e-commerce, third-party payment companies and banks play their respective roles: e-commerce provides online trading platform for users; Third party payment establishes gateway service platform, realizes online payment among consumers, businesses and financial institutions, and provides cash flow and fund clearing services; The bank is the provider of the final capital settlement service
however, with the development of the third-party payment institutions, they are no longer satisfied with the gateway payment platform of banks, but with the advantages of data information accumulation and mining, they begin to expand directly to supply chain financing, small and micro enterprise credit financing and other fields. Although the proportion of credit business derived from third-party payment in Internet finance is still relatively small, it has become an important part of commercial banks' strategy and business transformation because it provides a direct channel between the two sides of capital lending
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