Entertainment mogul: Starting his business with the internet

Chapter 491 The Seven Major Groups
On March 24th, the excitement of the Weibo Night, a major entertainment event, had not yet completely subsided.

The heart-stirring confession by Song Ci, the richest man in China, still tops the trending search list and is widely discussed.

But at this moment, none of this concerns him.

His honeymoon plans with Liu Shishi were finalized, but he needed to arrange several key tasks for the company before they left.

Inside the science and technology building, the conference room is brightly lit, and outside the huge floor-to-ceiling windows is the outline of the city just beginning to awaken.

Before all the attendees had arrived, Zhang Yong and Wang Jing were talking in hushed tones, while Wu Yi, president of the WeChat business group, occasionally chimed in with a joke, eliciting chuckles from the group.

Occasionally, a few lines of Song Dynasty poetry would be added, creating a harmonious atmosphere in the room.

"I'm sorry, Chairman Song, I'm late." Lin Haifeng, president of Yifutong, hurriedly pushed open the door and entered, his voice filled with apology.

Song Ci looked up and nodded slightly, seemingly unconcerned: "Sit down. It's kind of you to come all the way over the weekend."

Secretary Jian Ning served hot tea, and after Lin Haifeng took his seat, the impromptu meeting of the five began.

"Take a look at this document first." Without any further pleasantries, Song Ci directly pushed a not-too-thick document to her subordinate.

Lin Haifeng hurriedly took it, his eyes sweeping over the cover. In an instant, his pupils contracted sharply, and a huge wave surged in his heart.

The bright red, bold document title immediately catches the eye:
Report on Applying for Pilot Establishment of China's First Internet Commercial Bank

He suddenly looked up, his gaze quickly sweeping over Zhang Yong and Wang Jing opposite him, as well as Wu Yi beside him.

The three of them remained calm, and Wang Jing even gave him a slight smile.

Clearly, they already knew the contents of the report by heart; at today's meeting, he was the only "newcomer" who was suddenly informed of this major strategy.

A tremendous shock surged from the bottom of my heart, mixed with disbelief and a vague excitement.

Taking a deep breath, Lin Haifeng suppressed his turbulent emotions and focused his gaze back on the document, reading every word with utmost care.

1. The current state of my country's financial system and the financing difficulties of micro and small enterprises: ...Traditional banks are limited by branch network and labor costs, insufficient risk identification capabilities, and operational efficiency constraints, making micro-loans economically unfeasible...

2. Transformative Opportunities Brought by Internet Technology: With the rapid development of internet technology, especially the maturity of big data analytics, cloud computing, and artificial intelligence...

Hundreds of millions of internet users have generated massive amounts of online behavior data, transaction data, and social relationship data. This data provides a foundation for innovative financial risk assessment models.
3. National Policy Guidance and Opportunities for Financial Reform: ...In 2012, the China Banking Regulatory Commission issued the "Implementation Opinions on Encouraging and Guiding Private Capital into the Banking Industry"...

The background analysis was insightful and thorough, directly addressing both pain points and opportunities. Lin Haifeng unconsciously slowed down his page-turning speed. The second chapter was "Tengda Online Bank's Overall Plan".

"1. Positioning and Mission: MYbank will position itself as a new type of commercial bank operating entirely on the internet..."

2. Core Business Model: Small deposits and small loans... Unlike traditional banks, we will not establish branches, operate cash transactions, or engage in traditional offline businesses such as checks and drafts..."

Every word is precious, and the blueprint is grand and highly disruptive.

Lin Haifeng's brows furrowed in deep thought at times, and relaxed slightly at others when he saw something ingenious.

Page by page, the feasibility study data is solid, and the implementation steps are clear and meticulous.

When he finally closed the last page of the document, he let out a long sigh, as if to slowly exhale all the shock he had just inhaled.

"Finished reading?" Song Ci put down her teacup, her gentle voice breaking the silence.

Lin Haifeng nodded emphatically: "I've finished reading it."

After a pause, he exclaimed sincerely, "Chairman Song, this is truly a grand gesture! An internet bank like this is unprecedented!"

At the same time, a vague yet alarming premonition quickly took shape in my mind.

Song Ci's gaze was calm as water, and his tone remained gentle: "Haifeng, I have discussed this with President Zhang and President Wang. Within Tengda Group, you are a financial business expert. Internet banking and YiPay are of the same lineage and have many things in common."

After a brief pause, his tone rose slightly: "We hope you can shoulder the important responsibility of establishing MYbank. Furthermore, you will be MYbank's first CEO. What do you think?"

As soon as he finished speaking, all eyes were on Lin Haifeng.

Despite having a premonition, the weight of those words still weighed on his heart when they were actually spoken by the chairman.

This is an unprecedented challenge, but also a unique opportunity.

Almost without hesitation, his business instincts and trust in the young leader before him led him to make a decision instantly.

Meeting the chairman's expectant gaze, he sat up straight and said in a firm voice, "Chairman Song, I am grateful for your and the group's trust! I am willing to give it a try and will do my best to run the online bank well for the group!"

"Good!" Song Ci's face lit up with an appreciative smile, and she praised him generously.

Immediately, his expression turned serious, and his tone became pragmatic: "Haifeng, there are a few important things you should write down."

Lin Haifeng immediately opened his notebook, picked up his pen, and waited attentively.

After a brief pause, Song Ci began to meticulously outline the work: "This report will be formally submitted to the People's Bank of China and the China Banking Regulatory Commission next week to apply for pilot qualification."

There are two core, crucial points that you must personally oversee and fully commit to pushing forward.

"First, it's remote account opening."

This is the crux of whether MYbank can achieve fully online operations. We formally request the regulatory authorities to allow us to explore secure remote account opening methods based on cutting-edge technologies such as facial recognition and big data cross-validation.

The fundamental challenge of identity authentication in internet banking must be addressed while ensuring absolute security.

"Secondly, it involves access to the credit reporting system."

The formal application to access the People's Bank of China's credit reporting system, allowing MYbank to legally and compliantly query and use credit data, is the cornerstone of its risk control model.

"Understood! These two points are crucial. I will immediately assemble a special team to follow up." Lin Haifeng quickly took notes and responded in a deep voice.

At this point, Song Ci lowered her voice slightly, revealing a hint of confident assurance:

"I have already reported to the relevant leaders about the establishment of MYbank, and the initial feedback is positive. There should be no problem with the approval of the pilot qualification."

After reassuring his subordinates, he continued, "Once the banking license is approved, we need to seize the opportunity; the window of opportunity is extremely tight."

Company registration and the establishment of the core team framework must be completed within one month;
Within 2 to 3 months, the development of the core banking system must be initially completed, the internal management system framework must be established, and the construction of the data platform must be launched.
Within 4 to 5 months, complete testing of major functional modules and achieve integration with core ecosystems such as WeChat Pay, while simultaneously launching large-scale employee recruitment and training; within 6 to 7 months, the system enters the comprehensive testing phase, with continuous optimization and iteration of the risk control model, preparing for regulatory approval before opening for business.

Lin Haifeng took notes quickly, the pen tip making a scratching sound as it scribbled across the paper.

Each milestone felt like a military order, the immense pressure weighing him down, causing him to unconsciously tense up.

Seeing his subordinate's tense state, Song Ci softened his tone and comforted him, "Haifeng, there's no need to be so nervous."

After extensive preliminary research, demonstration, and initial technical preparation, Mr. Zhang, Mr. Wang, and Mr. Wu Yi have led their teams to complete the preparations.

Going forward, all of the group's resources will be allocated to you, and each department will provide full support. The technical backbone and business experts you need will also be assigned with the highest priority.

Upon hearing that everything was ready, Lin Haifeng immediately breathed a sigh of relief.

Composing himself, he capped the pen and solemnly stated, "I understand. Please rest assured, you and the company, I guarantee the mission will be completed!"

Immediately, he remembered a crucial question and cautiously asked, "Chairman Song, according to regulatory provisions, the shareholding ratio of a single shareholder in a domestic private bank shall not exceed 30%."

This means the group will hold a maximum of 30% of the shares. Have you already made arrangements for the remaining 70% of the shareholding?

This issue is crucial, as the strength and reputation of the shareholders directly affect the stability and market acceptance of this newly established bank.

Zhang Yong, Wang Jing, and Wu Yi also turned their attention back to Song Ci. The chairman of MYbank had been tight-lipped about the matter of shareholders, not revealing anything before, and now they were all waiting for his answer.

Song Ci was clearly confident. With a slight smile, he clearly stated: "In addition to Tengda Group holding 30% of the shares, as the largest founding shareholder and main initiator, I have initially contacted and obtained the intention of joining six other top companies."

Huawei will act as a strategic investor, holding 20% ​​of the shares and becoming the second largest shareholder.

In addition, New Hope Group, Xiaomi Technology, Haier Group, Wanda Group, and Fosun International each hold 10% of the shares.

Tenda, Huawei, New Hope, Xiaomi, Haier, Wanda, and Fosun—these are the seven founding shareholders of MYbank.

Song Ci was filled with emotion, his gaze sweeping intently over his trusted confidants present.

This list of shareholders represents an alliance he has carefully built. Apart from Huawei, which is a long-term and steadfast strategic ally, the other five groups are all giants in their respective fields.

Not only does it possess abundant capital, but it also brings a massive user base, a rich industrial ecosystem, and unparalleled brand reputation.

Binding them all to Tenda, this chariot heading towards the future of finance, has strategic significance far exceeding the funds themselves.

Seeing that the chairman had completed the most difficult strategic layout and resource integration to such an extent, the huge weight of shareholder pressure on Lin Haifeng's heart immediately lifted.

At this moment, I understand that although my task is to explore new frontiers, I am not fighting alone, but rather standing on a powerful platform that has already been established.

“I understand.” Lin Haifeng’s voice was filled with unprecedented confidence and enthusiasm. “Chairman Song, I will come up with a detailed construction plan and timetable as soon as possible.”

As the meeting moved into a more detailed discussion phase, the sunlight outside the window gradually became brighter and more intense, clearly outlining every focused figure in the conference room.

On this quiet weekend morning, in this top-floor conference room, a new type of bank poised to shake up the traditional financial landscape took its first real step.

With the important task of establishing MYbank settled, Lin Haifeng accepted the mission with great excitement, and the focus of the meeting room shifted accordingly.

Song Ci withdrew her gaze from the documents and said to Zhang Yong, Wang Jing, and Wu Yi, "The matter with the bank can be considered as taking the first step."

However, finance and payments are two sides of the same coin. No matter how grand a bank's strategy is, it still needs payment scenarios to handle the volume of transactions.

After speaking, he lightly tapped the table with his fingertips, his voice steady yet carrying an undeniable driving force: "WeChat Pay, red envelopes, and money transfers—the basic functions of these three payment tools are already complete."

The next core battle will be to conquer territory and seize all available payment scenarios.

He paused for a moment, then added, “I’m not worried about expanding into large supermarkets and chain stores. But as I’ve emphasized many times, we absolutely cannot let our guard down in the small-amount, high-frequency payment market.”

He was referring to those tiny corners that permeate every capillary of the city, breakfast stalls, fruit stands, snack shops, tobacco and liquor stores... a vast network composed of tens of millions of individual businesses.

While a single transaction may be insignificant, when they accumulate, they form a daily, ever-flowing river of funds, containing enormous volume and financial potential.

Wu Yi quickly reported: "Chairman Song, the ground promotion team has been working hard to expand, and has invested a lot of manpower and resources."

However, the reality is that the number of merchants nationwide is too large and geographically dispersed, so the only way to succeed is to reach them one by one by manpower, which definitely takes time.

"Too slow." Song Ci shook her head slightly, her tone containing no blame, only dissatisfaction with the progress and a desire for faster speed.

"The speed at which ants gnaw can't keep up with the changing market landscape. Alipay is keeping a close eye on WeChat Pay and must find a more efficient and penetrating method."

In the brief silence, everyone fell into thought.

At this moment, Zhang Yong pushed up his glasses and suggested, "Chairman Song, General Manager Wu, could we leverage the resources of 'Today's Choice' delivery riders?"
They walk through the streets and alleys every day, having the most frequent contact with small and micro-sized businesses, making them natural promotional touchpoints.

We can design a mechanism that allows riders to recommend WeChat Pay to merchants while picking up and delivering goods.

For each successful referral, the rider receives an extra bonus. For them, it's a simple way to earn extra money, so their motivation should be very high.

Song Ci's eyes lit up, clearly showing his great appreciation for this "using someone else's strength against them" strategy.

Without much hesitation, he immediately decided: "This is a great idea! It fully utilizes our own ecosystem advantages. Riders have a foundation of trust in their daily communication, so there is little resistance to promotion, and costs are controllable."

Turning to Wu Yi, he gave a clear instruction: "Wu Yi, your WeChat Pay team will take the lead on this matter."

Immediately prepare a detailed implementation plan and reward budget, and directly coordinate with Today's Picks to implement it. The reward money will be provided by WeChat Pay.

"Okay, Chairman Song! I'll get on it right after the meeting!" Wu Yi had already started planning the incentive policies and the coordination process in his mind.

With several key issues settled one by one, the tense atmosphere in the meeting room gradually dissipated and became relaxed and lively.

Song Ci leaned back in her chair, her stern work expression melting away like ice and snow, replaced by a rare gentle smile, and said in a light tone, "Alright, we've pretty much finished discussing the important matters."

Just a final heads-up: in April, Shishi and I plan to go to Iceland for our honeymoon. Please take care of all matters, big and small, within the company during this time.

Zhang Yong smiled upon hearing this and replied sincerely, "Chairman Song, you can rest assured and enjoy your time with your wife. We'll keep an eye on the group; nothing will go wrong."

The Northern Lights in Iceland are at their most beautiful this season. Wishing you and your wife a wonderful trip.

(End of this chapter)