阿里巴巴欲推港版餘額寶
Alibaba is looking to start a Hong Kong version of its enormously popular Chinese money market fund, which pays higher rates on renminbi deposits than are available on conventional accounts.
阿里巴巴(Alibaba)擬推出港版餘額寶。作爲阿里巴巴旗下頗受歡迎的中國貨幣市場基金，餘額寶的收益率要高於傳統賬戶的人民幣存款利率。
Its Alipay financial unit is in talks with the Hong Kong Monetary Authority about securing authorisation to offer a local version of its Yu’E Bao money market fund, which launched in June last year and has already attracted more than Rmb574bn ($94bn).
阿里巴巴旗下的金融部門“支付寶”(Alipay)正與香港金融管理局(HKMA)進行談判，希望獲得推出港版餘額寶的授權。餘額寶於去年6月推出，至今已吸引逾5740億元人民幣（合940億美元）資金。The move underscores Alibaba’s determination to take its template beyond China, now that it has completed its record $25bn initial public offering in New York.
此舉凸顯出，阿里巴巴在紐約完成了融資額創紀錄（250億美元）的首次公開發行(IPO)後，決心將其模式複製到海外。
If Alibaba receives approval from both Hong Kong and China, the funds would be invested in the mainland in order to achieve higher returns. The group says it believes it could offer 4 per cent returns, compared with the 1 per cent currently available.
如果阿里巴巴獲得香港及中國內地雙方批准，港版餘額寶將把資金投到內地，以實現更高的回報。該集團表示，它認爲回報率能達到4%，而目前市面上的回報率爲1%。“We are hoping to introduce it by early next year,” said Ming Shu, who is responsible for micro finance and SME finance for Alipay, which is also China’s largest online payments provider. “And if we can send the money back to China, we can make a big difference. We are pushing hard.”
阿里小微金融服務集團首席戰略官舒明表示：“我們希望不晚於明年初推出這項服務。而且，如果我們能把資金投回內地，我們就能有大的作爲。我們正在努力中。”阿里小微金服旗下的支付寶爲中國最大的在線支付提供商。For Alipay to realise its ambitious plans in Hong Kong it would need a banking licence. “They would have to become a licensed bank and there is a very strict licensing regime in Hong Kong,” said one senior HKMA staffer.
支付寶要想在香港實現這一雄心勃勃的計劃，需先獲得銀行牌照。香港金管局一名資深職員表示：“他們需要成爲一家持牌銀行，香港的發牌制度非常嚴格。”Alipay would also need mainland authorities to sign off on its plans to collect money in the offshore renminbi market but then send the money back into China, given capital controls on the mainland. If the People’s Bank of China and the State Administration for Foreign Exchange agree, it would represent a major step toward liberalisation of the banking system.
支付寶還需內地有關部門批准其在離岸人民幣市場集資、但隨後再將資金投回內地的計劃，因爲內地存在資本賬戶管制。如果中國央行和國家外匯管理局(SAFE)都予以批准，這將是中國銀行業體系朝着自由化邁出的重要一步。Currently the main channel through which fund companies can invest offshore renminbi in mainland capital markets is the Renminbi Qualified Foreign Institutional Investor programme.
目前，基金公司主要通過人民幣合格境外機構投資者(RQFII)項目，將離岸人民幣資金投入內地資本市場。Regulators have not so far approved a money market fund under RQFII, which mainly consists of bond funds and equity exchange traded funds.
RQFII主要由債券基金和交易所交易基金(ETF)組成，監管部門迄今沒有批准過RQFII貨幣市場基金。Renminbi deposits are now 25 per cent of Hong Kong dollar deposits, according to data from Morgan Stanley.
摩根士丹利(Morgan Stanley)數據顯示，香港人民幣存款現相當於港元存款的25%。Alipay is also considering launching a Hong Kong dollar product, although the potential rate difference on that would be smaller than any renminbi product.
支付寶還在考慮推出一個港元產品，儘管該產品的潛在利率差將小於任何人民幣產品。The Alipay plan comes at a time of big debate on both sides of the border about shadow banks and the impact of internet finance on the formal sector.
支付寶披露此項計劃之際，中國內地和香港都在就影子銀行以及互聯網金融對正規銀行業的影響展開激烈辯論。
