The five steps to fly the Italian loaning marketplace
From a more organic law to a more equitable taxation, up to the cooperation with the public and banks, here are the suggestions of BorsadelCredito.it
A potential market of at least 50 billion euros – so much so the credit needs of our SMEs that banks can not cope with according to KPMG, and a value, that of the Italian marketplace loaning, which is slightly more than 70 million , according to the updated figures of p2ploaningitalia in April (although exponentially growing, straight at 100 million for the month of May). Who follows this blog these numbers knows them by heart. The gap between potential demand and supply is impressive. How is it filled? In our opinion, removing the bugs , the faults of the domestic market that prevent the expansion as it deserves. What are they? Let’s try to list them and we hope that this short list can be considered a suggestion for policy makers , those who have the power to leverage the driving forces of the system. Here are the five things that are missing today in P2P loaning made in Italy .
1. A single and precise regulatory framework
The only rule that regulates our sector today is Section IX of the new rules on the collection of savings by non-bank subjects. In this standard, social loaning is defined as ” a tool through which a plurality of subjects can request a plurality of potential loaners, via online platforms, repayable funds for personal use or to finance a project. “Today platforms can operate if they are a payment institution under art. 114 TUB, financial intermediary pursuant to art. 106 TUB or credit institution. And they can act as intermediaries in personalized negotiations between entrepreneurs and individual loaners.
In the provisions approved last November, there is little else specified. The lack of an organic regulation can not last long, given the pace of market growth: a clearer and complete clarity in the legislation will certainly be the driving force for greater knowledge and authority of the alternative finance market.
2. A fair tax treatment
The income of any form of investment (shares, funds, corporate bonds, etc.) is taxed at 26%, with the sole exception of government bonds receiving 12.5% subsidized loans and newly established RIPs, which Since they have been structured to help the real economy (which we have raised more than one doubt ), they are completely exempt from taxation. P2P loaning, on the other hand, is taxed at “marginal rate”. That is, the loaner must add to his income the gain he gets from his loaning activity and pay the relevant IRPEF rate, depending on the group in which he is positioned: from 23% for those with income below 15 thousand euro and up to an exorbitant 43% for those who earn more than 75 thousand euros . Despite this, the P2P loaning of BorsadelCredito.it managed however to beat, in terms of returns, all class leasset in some way comparable (see for example, the statistics of April ): this does not mean that the taxation is strongly penalizing and in completely arbitrary way. Especially since the government with the budget law in which it introduced the RIPs has clearly expressed its willingness to facilitate those investing in real economy: and the loaners of BorsadelCredito.it and P2P loaning for SMEs already do so without a doubt. Moreover, in the UK in the instruments to which the RIPs are inspired, P2P loaning is a class of zero tax investment on the income it produces.
3. More investors (institutional and public)
We talked about it here . Direct loaning funds in Europe have provided € 13 billion in loans to businesses and have a firepower of around € 54 billion. The platforms like BorsadelCredito.it are the ideal candidates to host direct loaning funds, or funds that provide credit to the real economy and that can also be invested by institutional investors. Our platform is ready to go and will do it during 2017.
Of course, even on direct loaning funds, the United Kingdom is the beacon to look at. And it is also from another point of view: that of public investment . The UK government has already funded £ 100m Funding Circle, which is the British leader of SME peer loans and 10 percent of that platform’s liquidity comes from public sources (to learn more, we talked about it here ). The declared intent of the British government is “to enable the growth and success of as many companies in the United Kingdom .” In Italy today, only P2P is investing in P2P loaning. Things are changing here too, though, slowly but surely. Public support would not be wrong at this time.
4. Cooperation with banks
In Italy it starts talking, but there are still no concrete cases of P2P loaning and bank collaboration. Yet we ourselves have repeatedly raised opinions about the need for the same banks to get FinTech : just to name a few, that of State Street ; that of the POLIMI Digital Finance Observatory , that of an Italian FinTech genius such as Matteo Rizzi .
In the US , 72% of local banks plan some form of cooperation with FinTech. And in Great Britain, since last September a referral scheme has been approved that requires that every request for funding made by a PMi and not managed by the bank should be reported to the platforms that can offer an alternative service. Even in this case, the legislator has the keys to unlock a market.
5. What if we push to make Milan a FinTech European hub?
In the end, after drawing from the United Kingdom to all that is innovative, we could take the place of London as the world capital of finance. With the approach of the early June 8 elections, the debate on the flight of finance from the City is back in vogue , an escape that could end in Milan, as repeatedly promoted by Guido Rosa, the president of the Italian association of foreign banks, for example here . This was most recently declared by the president of Consob Giuseppe Vegas . To make the city more attractive to foreign investors, an ad hoc bill was also presented in March. Surely the capital of Lombardy has all the credentials, among other things in terms of number and quality of the startups that are born here, to become the European hub of FinTech.