【Fintech 周报】消费贷款贴息落地；微信“分付”灰度上线“借款”功能；银行业“反内卷”持续升级

Regulatory Dynamics - The Hong Kong Monetary Authority (HKMA) is adopting a strict and prudent approach to approving stablecoin issuer license applications, with only a few licenses to be granted initially [2] - As of the end of Q2 2025, China's banking sector showed resilience with total assets reaching 467.3 trillion yuan, a year-on-year increase of 7.9%, while the net interest margin stabilized at 1.42%, down 0.01 percentage points from Q1 [3] Industry Dynamics - The banking sector is undergoing a "de-involution" process, with regulations being implemented to standardize personal housing loan markets, including the prohibition of "rebate" practices in mortgage lending [4] - A new fiscal subsidy policy for personal consumption loans will be implemented starting September 1, 2025, with 19 banks and 4 consumer finance companies selected as eligible institutions [4] - Local state-owned assets have increased their stakes in private banks, with three cases reported, primarily due to the operational difficulties faced by original private shareholders [4] Company Dynamics - Minsheng Bank has terminated its fund distribution partnerships with third-party platforms "Yutong Life" and "Huawei Wallet" in response to new regulations [5] - Changshu Bank reported a 10% increase in revenue and a 13.5% increase in net profit for the first half of 2025, with investment income contributing significantly to its profits [5] - China Pacific Insurance announced plans to abolish its supervisory board, marking a significant governance change [6] - China Agricultural Reinsurance has appointed a new chairman, Li Youxiang, following the resignation of Zhao Yang [6] - Chengdu Bank has announced a leadership change, with Huang Jianjun taking over as chairman [7] - Ping An Insurance has increased its stake in China Pacific Insurance to 5.04% by purchasing shares worth 55.84 million HKD [8] - Zhaolian Consumer Finance reported a 13% decline in net profit for the first half of 2025, with total assets decreasing by 3.58% [8] - Tencent's financial technology segment saw a 10% revenue growth to 55.5 billion yuan in Q2 2025, driven by commercial payment and wealth management services [9]