P2P網路借貸平台於臺灣發展趨勢研究

Abstract

2008年金融風暴後，經濟蕭條使得各國政府強化金融監理，金融機構信用限縮並提高借貸門檻，民眾借貸需求無法被滿足，加上近十年來互聯網日益普及與高端資訊技術的成熟，點對點(Peer-to-Peer，P2P)借貸平台因而興起。隨著各國政府金融監管與國情的不同，使各地P2P借貸發展出不同運作模式與借貸市場。第一家線上P2P借貸平台Zopa於2005年成立，而後與RateSetter和FundingCircle成立P2P金融協會(Peer-to-Peer Finance Association，P2PFA)，以確保平台營運公正，而金融市場監管局(FCA)著重於消費者保護與英國P2P借貸產業發展，使英國P2P借貸平台穩定發展。Prosper與Lending Club為美國兩大P2P借貸平台，金融危機後，美國證券交易委員會 (SEC) 規範P2P業者須向其註冊並將貸款商品證券化，以加強對P2P借貸產業的監管。 近年來臺灣政府與銀行業者亦開始Fintech發展與改革，本文透過英國、美國P2P借貸發展與監管過程，以及臺灣借貸產業環境與法律層面等分析，進而探討P2P借貸關係人 – 借款人、投資者、銀行，與P2P借貸平台在面對P2P借貸崛起的影響與回應，並分析P2P借貸平台在台發展的可行性。本文認為P2P借貸平台在臺灣發展部分程度上有利於利害關係人，但其創新性會受限於現有法規體制與過度金融環境。因此，本文建議P2P平台順應臺灣的社會文化調整營運策略，鼓勵政府鬆綁法規、給予其適當的發展空間，以及與銀行合作或產生良性競爭的循環，才能在臺灣永續發展。 關鍵字：點對點借貸，去中介化，替代性金融，監理制度

After the financial crisis, the governments have been stricter in regulating the financial systems so that banks to raise their lending thresholds. Unmet demands for loans coupled with the matured techniques impel the emergence of Peer-to-Peer (P2P) lending. The first online P2P lending platform, Zopa, was established in 2005. The Peer-to-Peer Finance Association (P2PFA) and the Financial Conduct Authority (FCA) promote the steady growth in UK P2P lending marketplace together. Prosper and Lending Club are two major P2P lending platforms. After the financial crisis, Securities and Exchange Commission (SEC) has strengthened regulations on the US P2P lending corporations. In this paper, we discuss the development and supervision process of P2P lending in the UK and US, as well as Taiwan lending marketplace on the aspects of environmental and legal Further, we examine the impact of 4interested parties - borrowers, investors, banks and P2P lending platforms, and whether the development of P2P lending is suitable for Taiwan. In conclusion, the development of P2P lending in Taiwan partly benefits the interested parties. Hence, this paper suggests that the P2P lending platforms should readjust the operational strategies to fit Taiwan’s social culture, encouraging the government to extend the related regulations, and partnered or competing healthily with banks in order to develop sustainably. Keyword: Peer-to-Peer (P2P) lending, disintermediation, alternative finance, regulatory scheme