CMBC(SH:600016) Zhong Guo Jing Ying Bao·2025-08-25 11:59Core Viewpoint - Minsheng Bank is terminating its cooperation with third-party platforms "Yutong Life" and "Huawei Wallet" for the distribution of public money market funds, in response to the new regulatory framework set to take effect on October 1, 2025, which mandates banks to operate their own sales channels without relying on external institutions [3][5][6]. Group 1: Regulatory Changes - The new "Sales Agency Management Measures" issued by the National Financial Supervision Administration aims to clarify the responsibilities of commercial banks as sales agents and promote the healthy development of agency sales [6][8]. - Banks are required to establish a compliance framework, standardize sales behaviors, and enhance customer management to align with the new regulations [6][8]. Group 2: Operational Adjustments - Minsheng Bank will close its fund distribution channels on the "Yutong Life" platform starting August 25, 2025, and on the "Huawei Wallet" platform starting September 4, 2025, directing customers to use the Minsheng Bank mobile app for fund transactions [4][5]. - The bank's customer service indicated that the integration of third-party platform operations into the bank's mobile app is part of compliance with the new regulations [6]. Group 3: Challenges in Implementation - The implementation of the new sales regulations presents structural challenges, including product homogeneity among banks, which leads to low customer loyalty and increased competition [9][10]. - There is a gap between diverse customer needs and the banks' ability to respond effectively, particularly for different demographic groups such as the elderly and younger consumers [9][10]. Group 4: Strategic Recommendations - To address product homogeneity, banks should innovate and create differentiated product lines tailored to specific customer segments, such as specialized financial solutions for tech enterprises [11][12]. - Banks are encouraged to leverage big data for dynamic risk assessment and enhance customer service through personalized and digital offerings [11][12]. - Collaboration with fintech companies to share resources and reduce IT costs is recommended, especially for smaller banks [11][12].