PrivEX plans to launch a second-hand loan transaction platform in July. Cheng Dezhao, the bank’s North Asia managing director, said that the current local loan second-hand market mainly relies on direct contact between buyers and sellers via telephone and email, excluding the time required to obtain internal transaction permits, and the transaction itself requires 13 to 19 working hours are completed, and the market lacks transparency to obtain market prices. The bank launched an electronic trading platform, which can shorten the transaction time to 15 minutes, and platform participants can obtain information on past debt transactions from the same lender, which is beneficial for new traders to enter the market.

PrivEX has offices in Hong Kong and Singapore and is responsible for North Asia and South Asia business. Cheng Dezhao said that the bank obtained the Recognized Market Operator license issued by the Monetary Authority of Singapore at the end of 2019. The system is now ready and has been contacted. 60 banks and 20 fund and asset management companies. Due to the impact of the epidemic on meetings with banks and the banks’ internal approval and participation platforms, there are currently more than 10 institutions participating in the platform, which is lagging behind original expectations. However, major banks that are active in the lending market have already joined the platform and can encourage other banks to participate. He expects that after the trial launch of the platform in July, 20 institutions will participate.

Participants of the platform will charge an annual fee. For the time being, the annual fee for the first year will be waived, and transaction fees will be charged to both parties of the transaction. The platform targets at least US$10 million in loans per transaction. Cheng Dezhao said that the platform will adopt an anonymous system for both buyers and sellers. Buyers can search for available loans and related financial information on the platform, and ask the sellers and make bids on the platform. Later, they will also receive transaction documents. The platform will also provide relevant information in the past. Information about the lender and transaction data analysis for platform participants.

Tao Huaifang, a consultant at PrivEX, said that second-hand loan transactions in Asia in 2019 were US$10 billion, which was less than the US$70 billion and US$700 billion in the European and American markets. He pointed out that the Asian market is relatively inactive because transaction prices are not transparent and it is difficult for institutional participants to decide. Participating in transactions, Asian banks tended to hold loans until maturity. However, due to increased regulatory requirements on banks’ capital, banks need to rely on whether holding loans can be beneficial. In recent years, the concept of asset management has been introduced to sell loans. In addition, the new crown pneumonia emerged last year. , The bank will also sell some of the loans in the affected industries to reduce the risk of exposure, and at the same time buy other loans to balance the industry’s risk exposure structure.

Reporter: Ouyang Weifang

PrivEX擬在7月推出貸款二手交易平台，該行北亞洲董事總經理程德昭表示，目前本地的貸款二手市場主要靠買賣雙方直接經電話、電郵聯繫，撇除獲得內部交易許可的時間，交易本身需要13至19工作小時完成，而且市場缺乏透明度，無法獲得市場價格。該行推出電子交易平台，可將交易時間縮短至15分鐘，而且平台參與者可獲得過去同一貸款人借債買賣的資料，有利新交易者入場。

PrivEX在香港和新加坡設有辦公室，負責北亞和南亞業務，程德昭表示該行在2019年底獲得新加坡金管局發出的認可市場營運商（Recognized Market Operator）牌照，目前系統經已預備好，並已接觸60間銀行和20間基金和資產管理公司。因為疫情影響與銀行會面，以及銀行內部審批參與平台，目前暫有逾10間機構參與平台，較原有預期落後。不過目前平台已有活躍於借貸市場的主要銀行加入，並可帶動其他銀行參加，他預期在7月試推平台後，會有20間機構參與。

平台會參與者收取年費，暫時計劃會免首年年費，另向交易雙方收取交易費，平台目標每宗買賣的貸款金額至少1000萬美元。程德昭表示，平台會採取買賣雙方匿名制度，買家可在平台搜尋可供買賣的貸款和相關財務資料，並在平台向賣方發問和出價，及後亦在接收交易文件，平台亦會提供過去相關貸款人的資料，以及為平台參與者提供交易數據分析。

PrivEX顧問陶懷方表示，2019年亞洲二手貸款交易100億美元，較歐洲和美國市場的700億美元和7000億美元為少，他指亞洲市場較不活躍，因為交易價格不透明，機構參與者較難決定參與交易，過去亞洲銀行亦較傾向持有貸款至到期，不過因為監管對銀行資本要求提升，銀行需要視乎持有貸款是否能合乎利益，近年引入資產管理概念出售貸款，另外去年新冠肺炎出現，銀行亦會出售部分受影響行業的貸款，減低暴露的風險，同時買入其他貸款以平衡行業風險暴露結構。

記者：歐陽偉昉

Source: https://m.mingpao.com/fin/instantf2.php?node=1622104639312&issue=20210527