2 1 Shi Ji Jing Ji Bao Dao·2025-09-30 10:51Core Viewpoint - The implementation of the new regulatory policy, referred to as the "Assisted Loan New Regulations," will significantly reshape the landscape of the assisted loan industry by establishing clear compliance boundaries for commercial banks' internet-assisted loan businesses [1][3]. Group 1: Regulatory Changes - The new regulation, effective from October 1, 2025, mandates commercial banks to adopt a "list management" system for assisted loan cooperation institutions, which has led to a lack of transparency regarding the cooperation lists of major banks [4][5]. - The regulation imposes strict controls on "comprehensive financing costs," particularly targeting products with annualized comprehensive costs exceeding 24%, which poses a challenge to existing business models in the assisted loan sector [1][9]. Group 2: Market Dynamics - The disclosed cooperation lists indicate a trend where major internet giants are preferred partners for banks, leading to a concentration of funds and resources in the hands of a few leading institutions [5][6]. - Various banks have begun to reveal their cooperation lists, with significant participation from both state-owned and private banks, although the six major state-owned banks have yet to disclose their lists [4][6]. Group 3: Business Models and Strategies - Banks like Ping An Bank have developed platforms such as the "Smart Loan Platform" to enhance compliance and safety while expanding their internet credit ecosystem, reflecting a shift towards more regulated and secure lending practices [7]. - Some banks are reconsidering their involvement in assisted loan businesses due to high default rates and rising customer acquisition costs, which are compressing profit margins [7]. Group 4: Financial Implications - The new regulations are expected to create a significant stratification in funding sources, with high-interest assets losing bank support while assets with annualized rates below 24% become highly competitive [9][10]. - Trust funds have seen a temporary increase in demand as an alternative funding source, but their higher costs and regulatory constraints limit their sustainability [10]. Group 5: Regulatory Focus Post-Implementation - Post-implementation, regulatory scrutiny will focus on pricing transparency and comprehensive cost control, particularly regarding the inclusion of service fees in the overall financing costs [11]. - The regulatory authorities will also evaluate banks' risk management capabilities and their adherence to core responsibilities in the assisted loan sector [11].