{"product_id":"chugin-five-forces-analysis","title":"Chugin Financial Group Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGo Beyond the Preview—Access the Full Strategic Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eChugin Financial Group’s Porter's Five Forces snapshot highlights moderate supplier power, intense competitive rivalry, and evolving buyer bargaining driven by digital channels. Threats from fintech entrants and substitutes are rising, while regulatory barriers temper new competitors. This brief shows key pressure points and strategic levers. Unlock the full Porter's Five Forces Analysis to explore force-by-force ratings, visuals, and actionable recommendations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentrated core IT vendors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChugin relies on a small set of core-banking and payments vendors with high switching costs, creating material vendor lock-in. Vendor lock-in elevates service and maintenance fees and limits negotiation leverage because system integrations are complex and risky. Long contracts, commonly 5+ years, partially stabilize pricing but materially reduce flexibility and upgrade velocity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCard networks and processors\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eCard schemes and processors maintain largely non‑negotiable fee schedules—interchange + scheme fees typically amount to 0.8–2.0% per credit tx and 0.2–0.3% for debit in 2024—so Chugin, as issuer\/acquirer, must pass changes through to its cost base. Limited scale versus megabanks prevents securing the 20–40% lower processing spreads large banks obtain, forcing reliance on partner processors that compress payments margin.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eWholesale funding and capital markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eMarket-based funding for Chugin remains smaller than deposits (roughly 12–18% of liabilities in 2024) but is highly price-sensitive. BOJ normalization pushed 10y JGB yields toward 0.8–1.0% in 2024, widening regional bank funding spreads by ~20–60 bps. Rating agency views can swing issuance costs materially—one-notch moves often add 25–75 bps. This supplier set exercises episodic but material power in stress periods.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSkilled talent and fintech partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpcompetition for risk digital and cybersecurity talent in japan tightened with a job-offer-to-applicant ratio around an isc2-estimated global workforce gap of roughly million boosting supplier power labor dependence on fintech partners innovation raises integration operational retention programs lower turnover but do not remove exposure.\u003e\n\u003cp\u003e\u003c\/p\u003e\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eLabor scarcity: job-offer ratio ~1.36 (2024)\u003c\/li\u003e\n\u003cli\u003eCyber gap: ~3.4M unfilled roles (ISC2, 2024)\u003c\/li\u003e\n\u003cli\u003eFintech dependence: integration risk; retention mitigates but not eliminates\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pcompetition\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eData, analytics, and compliance providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eExternal KYC, AML, ESG and credit feeds are mandatory for compliance and underwriting; in 2024 the top vendors supplied over 60% of high-quality data, limiting Chugin's pricing leverage. Rapid regulatory shifts frequently force platform upgrades on supplier terms, while multi-vendor strategies reduce concentration risk but raise integration and operating costs.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMandatory feeds: KYC\/AML\/ESG\/credit\u003c\/li\u003e\n\u003cli\u003eMarket concentration: top vendors \u0026gt;60% (2024)\u003c\/li\u003e\n\u003cli\u003eRegulatory-driven upgrades: supplier-timed\u003c\/li\u003e\n\u003cli\u003eMulti-vendor: lowers vendor risk, ups complexity\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh supplier power: vendor lock-in, card fees, market funding reliance, talent \u0026amp; cyber squeeze\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSupplier power is high: core-banking vendors create strong lock‑in (5+ yr contracts), card fees 0.8–2.0% credit \/ 0.2–0.3% debit (2024), market funding 12–18% of liabilities with 10y JGBs ~0.8–1.0%, and labor\/cyber scarcity (job-offer ratio 1.36; ISC2 gap ~3.4M) plus top data vendors \u0026gt;60% concentration.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eCore contract length\u003c\/td\u003e\n\u003ctd\u003e5+ yrs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCard fees\u003c\/td\u003e\n\u003ctd\u003e0.8–2.0% (cred) \/ 0.2–0.3% (debit)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMarket funding\u003c\/td\u003e\n\u003ctd\u003e12–18% liabilities\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e10y JGB\u003c\/td\u003e\n\u003ctd\u003e0.8–1.0%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eJob-offer ratio\u003c\/td\u003e\n\u003ctd\u003e1.36\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCyber gap\u003c\/td\u003e\n\u003ctd\u003e~3.4M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTop data vendors\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;60%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored exclusively for Chugin Financial Group, this Porter's Five Forces overview uncovers key drivers of competition, buyer and supplier influence, and market entry risks affecting pricing and profitability. It identifies disruptive substitutes and emerging threats while highlighting the dynamics that deter new entrants and protect incumbents.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA clear, one-sheet summary of Chugin Financial Group’s Porter’s Five Forces—perfect for quick decision-making and board-ready slides; swap in your own data and adjust pressure levels to reflect evolving market trends for seamless reporting.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge corporates and municipalities\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eLarge corporates and municipalities run multi-bank competitive RFPs for loans and cash management, with US municipal debt outstanding around $4.3 trillion in 2024 and corporate facility sizes commonly exceeding $100m, giving these buyers strong pricing leverage. Their credit quality and scale let them demand tighter spreads, bespoke covenant terms and fee concessions. Deep, cross-product relationships are essential to defend share.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSMEs with multiple options\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eRegional SMEs, which make up about 99% of firms and roughly 60% of employment, actively compare offers across local banks and government programs, increasing bargaining power. Moderate switching costs for standardized lending and payment products limit price insulation, though advisory services and faster turnaround blunt price pressure. Cross-selling leasing and card solutions raises stickiness and improves retention.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRetail depositors post-rate shifts\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eWith Fed funds near 5.25% in 2024 savers have become notably rate-sensitive, shifting funds toward higher-yield options. Online banks and securities firms advertised yields up to about 5.0% on savings and cash equivalents, intensifying competition. Chugin may need to raise deposit rates by 50–100 bps to retain balances, compressing NIM. A loyal cohort still values branch convenience and service.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInvestment customers via NISA\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eExpanded NISA in 2024 redirected retail savings toward low-fee ETFs and index funds on brokers and online platforms, increasing price sensitivity among investors.\u003c\/p\u003e\n\u003cp\u003eTransparent fee comparisons let customers demand lower fees, forcing Chugin to compete on personalized guidance, advisory bundles and value-added services.\u003c\/p\u003e\n\u003cp\u003eDigital UX became a decisive factor in 2024 client acquisition, with seamless onboarding and app features materially influencing platform choice.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2024 trend: shift to low-fee passive funds\u003c\/li\u003e\n\u003cli\u003ePressure: fee transparency → lower margins\u003c\/li\u003e\n\u003cli\u003eResponse: guidance + bundled services\u003c\/li\u003e\n\u003cli\u003eCritical: superior digital UX\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCredit card and payment users\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eConsumers rapidly switch cards and wallets chasing rewards, and with US revolving credit at about 1.07 trillion USD in Q1 2024 (Federal Reserve), volume-sensitive offers drive behavior; EU interchange caps (0.3% credit, 0.2% debit) and aggressive issuer promotions increase buyer leverage, while merchants negotiate acceptance terms and network fees, even as differentiated rewards and ecosystem tie-ins reduce churn.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eConsumers: reward-driven switching\u003c\/li\u003e\n\u003cli\u003eEU cap: 0.3% credit \/ 0.2% debit\u003c\/li\u003e\n\u003cli\u003eUS revolving credit: $1.07T (Q1 2024)\u003c\/li\u003e\n\u003cli\u003eMerchants: negotiate fees and acceptance\u003c\/li\u003e\n\u003cli\u003eRewards\/ecosystems: lower churn\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCorp\/muni pricing power vs SME shopping; savers push \u003cstrong\u003e5.25%\u003c\/strong\u003e deposit hikes\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eLarge corporates and municipalities (US muni debt $4.3T in 2024) wield strong pricing leverage via multi-bank RFPs; SMEs (99% of firms, ~60% employment) shop lenders, limiting spreads. Rate-sensitive savers (Fed funds ~5.25%, online yields ≈5.0%) force deposit rate hikes; consumer card churn tied to $1.07T US revolving credit (Q1 2024). Digital UX, fee transparency and bundled advice are key retention levers.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eCustomer\u003c\/th\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMunicipal\/corporate\u003c\/td\u003e\n\u003ctd\u003eDebt\/Facility scale\u003c\/td\u003e\n\u003ctd\u003e$4.3T \/ \u0026gt;$100M\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSMEs\u003c\/td\u003e\n\u003ctd\u003eShare of firms\/employment\u003c\/td\u003e\n\u003ctd\u003e99% \/ ~60%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRetail savers\u003c\/td\u003e\n\u003ctd\u003eRates\u003c\/td\u003e\n\u003ctd\u003eFed funds 5.25%; online ≈5.0%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsumers\u003c\/td\u003e\n\u003ctd\u003eRevolving credit\u003c\/td\u003e\n\u003ctd\u003e$1.07T (Q1 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eChugin Financial Group Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Chugin Financial Group Porter’s Five Forces analysis you’ll receive after purchase—fully formatted and ready for use. No placeholders or samples; the file available for instant download is this same professional, complete analysis. Use it immediately for strategy or valuation.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":55676054372729,"sku":"chugin-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/chugin-five-forces-analysis.png?v=1755814454","url":"https:\/\/portersfiveforce.com\/products\/chugin-five-forces-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}