At the Kiyo Foundation, airplanes are totemic beings, and flying elements can be seen everywhere in the office. Ji Yu's work area hangs various aircraft models, the reception room is designed based on the cabin, the layout of the company's great deeds wall is based on the flight trajectory, and even the wallpaper is a world flight trajectory map.
Wang Xiang, the founder of Jiyu Fund, is a model aircraft athlete born in the second class. He believes that the aircraft is a perfect interpretation of financial technology. "Flying in the sky represents the spirit of daring to imagine and not being afraid of setbacks, but also requires the ultimate reverence and pursuit of rules and details."
Keyu Fund is the first To B independent fund sales organization in the industry. In the list of non-commodity fund ownership in the fourth quarter of 2021 released by the Asset Management Association of China, Jiyu ranked among the top ten fund sales agencies including banks, securities companies and third parties, second only to Ant and Tiantian among independent third parties, while the other two third parties are To C platforms, and the "frontrunner" in the To B market is becoming more and more well known.
"No Man's Land"
The service platform provided by Keyu Fund is called "Ki-Tung", which has been online for more than 5 years. Before the birth of "Matrix", all independent fund sales agencies served the To C market, and To B was unloved and did not sound sexy enough.
On the official website of Ji Yu, there is a "Small Record of the Five Years of The Construction of The Structure" written by Wang Xiang. It is mentioned that the To B market is a long, hard, incomprehensible and unnoticed road, like a no-man's land...
Why did you choose such a lonely path? Wang Xiang looked back and attributed the main reason to "respect for common sense." "There is no crystal ball in this industry, and there is no superiority to point out. The so-called common sense, that is, institutional investors are very important, the proportion of institutional investors in mature markets must be very high, but at that time, institutional investors in the field of fund trading completely no one to serve, fund trading infrastructure is even lagging behind retail investors. Institutional investors manage their wealth for the people, and to serve them well is to contribute to millions of households. ”
As early as 2012, independent third parties, including Daily and Haobao, were approved for fund sales qualifications, and in the same year, a fund trading platform serving individual investors was launched. In the following years, individual investors, whether through PC or mobile phones, can quickly complete electronic transactions, while institutional investor fund transactions can only be achieved through offline, manual, paper, peer-to-peer forms.
At that time, the proportion of institutional investors in the domestic market in the value of the A stock market was still very low, and a large number of institutional investors were still buying non-standard wealth management products. But in Wang Xiang's view, the non-standard tide will definitely fade, and no large economy in the world can maintain the illusory "risk-free yield" of non-standard at the level of 6%-8% for a long time.
In the development stage from 0 to 1, in order to ensure the stable operation of the platform, JiYu took out its own funds to do thousands of tests and experiment with various trading scenarios. This habit has been maintained to this day, and every time Jiyu has a new product, it will test the security of trading with its own funds.
On December 16, 2016, "Matrix" was officially launched, and since then it has been a difficult period of market cultivation. It takes time for new things to be accepted by the market, let alone in the face of professional and strong institutional investors. As an independent third party, institutional customers will hold a "magnifying glass" to look at the credibility of the platform, "Can you ensure the safety of funds?" What should I do if the system crashes? Will the platform run away? The initial market expansion needs to face the various doubts of customers, and emphasize with customers the license qualifications of the platform and the safety of funds under supervision, which is at the upstream end.
At the downstream end, some fund companies do not understand this new model, look at Jiyu from the perspective of "competitors", mistakenly think that Jiyu wants to compete with the fund company for institutional business, and needs to constantly explain to the fund company that the two sides serve different scenarios. In the early days of the platform operation, although Wang Xiang firmly believed that the general direction was right, there was a period of suffering in his heart.
Two years later, the introduction of the new asset management regulations is the beta given by the times to Ji Yu. "We judged that after the non-standard tide faded, it was a public fund to fill the market, but we didn't know how long it would take, thinking that it would take 5 years or 10 years, but we didn't expect that the new asset management regulations would be introduced after 2 years, and we were lucky." Wang Xiang said.
After the establishment of bank wealth management subsidiaries, hundreds of wealth management products at the same time, account management, investment transactions, risk management and other aspects of the workload significantly increased, for transaction efficiency, information and data screening research, risk control compliance process and other aspects of higher requirements, the urgent need for the improvement of related supporting facilities, as well as digital transformation and upgrading.
The development direction of To B, once firm, is to persevere in investment and optimization. In the past, the R&D expenses of The Foundation Fund accounted for more than 30% of the company's total revenue every year, even in the loss period of previous years, and The optimization and improvement of the platform functions and the pursuit of excellence have never been relaxed.
Why become a "front-runner"
What is the difference between To B and To C business logic?
Wang Xiang believes that the difference between the two is huge. "The order of magnitude of individual users is huge, the group is relatively single, the business scenarios and logic are simple, the process is more standardized, and the customer pays more attention to the interactive experience, which is the characteristic of To C." The number of institutional customers is not so much, but the transaction process is highly complex, personalized scenes are also very many, there are many decision makers, long decision cycle, the requirements for service stability, security, timeliness are much higher than To C, To B is to pay attention to the actual needs of customers. Another feature of domestic institutional customers is that many of them are still in a period of rapid development, the internal organizational structure and process have not yet been finalized, and the customers themselves are constantly optimizing, so the complexity of the trading system is much higher than that of To C. ”
According to Jiyu statistics, to B platform institutional customers only place orders for transactions, that is, including 28 scenarios, and in the verification link, there are 38 scenarios, which must be satisfied one by one in the system to ensure transaction stability.
In the past year, on the basis of full research, Jiyu has launched more than 500 iterations of large and small requirements, which are directly obtained from customers, and the complexity of To B can be seen.
Everything takes "customer first", polishes products with the spirit of craftsmen, and is committed to "empowering asset management with science and technology and achieving customers with one heart", which is the market positioning and mission of Jiyu. Keyu has taken the lead in the industry to solve many pain points in institutional investor fund trading, and strives to maximize the service.
"Matrix Pass" has the industry's first "intelligent order" function, which can divide the subscription of large monetary funds into dozens of small orders, dispersed to different fund companies, and the portfolio yield is generally higher than the market average, which solves the workload of one person offline for customers and avoids the liquidity impact on a single fund company.
Some wealth management subsidiaries open dozens of trading accounts a day. "Matrix" has promoted the upgrade of the speed account opening function, shortening the time of opening a single account to a few minutes, and using leading OCR technology to improve the recognition accuracy, and promoting batch account opening to ensure that institutional investors can achieve transactions on the same day of account opening; the investment managers of bank wealth management subsidiaries often manage dozens of product accounts by one person, and may have multiple products to trade on one or a batch of funds at the same time.
Institutional investors have a strict process for redeeming funds, and the pool report is an important part of it, and the "Matrix" research team has developed a robotic research reporting system. If an institution needs to import 200 fund entry reports, the offline workload is about 14 days, and this system can shorten the time to 30 minutes.
"The devil is in the details". At present, the number of fund products in the whole market is as high as more than 9,000, the traditional fund classification standards can not meet the needs of institutional investment, customers will put forward a variety of personalized appeals, such as "can you find some funds that invest in low volatility, high dividend stocks", which requires a more detailed labeling system to classify more than 9,000 funds, so JiYu developed a fund labeling system.
Risk control is an important issue that financial institutions care about, and the division of labor in the trading positions of different financial institutions is very different. For example: transactions, authorization, review, electronic contract signing, fund whitelist settings, different institutions by different positions, the division of labor is also different, which makes the traditional role authority can not be satisfied, "Matrix" has developed a set of flexible and customizable authority system, different institutions can customize the role name and corresponding functional authority, there are currently hundreds of financial institutions customized more than 1300 roles, to solve the different positions of functional operation and authority appeals ... There are many more such cases.
"Temporary lead is good luck, just do a few years earlier, from the long river of history, no company will lead for a long time." We just want to be a reliable company, have a deep understanding of customer needs, have both industrial ideals, and want to do things pragmatically, and self-improvement is strong. Wang Xiang said. At Keyu, Wang Xiang's requirements for employees are to maintain a reverence for customers and compliance, never praise their own leadership, do not make excuses, do not lie, and achieve things to the upper limit of their own ability.
Summarizing the phased achievements of Jiyu, Wang Xiang only used two sentences to summarize: first, developed the first set of Domestic To B fund trading platform serving institutional investors; second, the "Jishutong" product is reliable and efficient, and is the platform that is most selected by domestic head asset management institutions.
In the top 100 list of public fund holdings of fund sales agencies in the fourth quarter of 2021 released by the Asset Management Association in January this year, Jiyu ranked ninth in the industry with a non-cargo ownership scale of 186.9 billion, the top eight being Ant, China Merchants Bank, Tiantian, ICBC, Bank of China, CCB, Bank of Communications and Agricultural Bank of China.
"Among the world's top 50 asset management institutions, there are only 2 or 3 in China, and I hope that there will be more world-class asset management institutions in China in the future, and Jiyu hopes to give these future world-class Chinese asset management institutions a good 'stepping stone' to help them improve efficiency and increase management bandwidth." Wang Xiang expressed his vision for Ji Yu in this way. In the future, Through the two-wheel drive of trading operation + investment and research, Jiyu will realize content specialization, intelligent tool intelligence, and online process.
"China's asset management institutions are in the first stage of digital and intelligent construction, and there are various possibilities in the future. We will continue to meet the actual needs of customers as the goal, with the growth of customers together. This is the persistence and ideal of this enterprise.
Editor-in-charge: Gui Yanmin