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Core Viewpoint - The People's Bank of China has introduced a new regulatory framework for non-bank payment institutions, effective from February 1, 2026, aimed at enhancing supervision and resource allocation in the payment industry [1][3]. Group 1: Regulatory Framework - The new regulation, titled "Measures for the Classification and Rating Management of Non-Bank Payment Institutions," includes seven modules for classification: corporate governance, business norms, reserve fund management, user rights protection, system security, anti-money laundering measures, and operational stability [1][3]. - The classification rating will occur annually, with results determining regulatory focus and differentiated supervision based on the risk levels of payment institutions [3][6]. Group 2: Rating System - The rating system consists of five categories (A, B, C, D, E) and eleven levels, with a total score of 100 points. The business norms module has the highest weight at 25 points, while system security, anti-money laundering measures, and operational stability each account for 15 points [3][4]. - Institutions rated A will only need to rectify issues within a specified timeframe, while those rated D will face more stringent regulatory measures, including mandatory meetings with key personnel [4][5]. Group 3: Implications for the Industry - The new classification system is expected to lead to a more precise allocation of regulatory resources, focusing on higher-risk institutions, thereby promoting a competitive environment where stronger institutions can thrive [4][7]. - The regulation encourages payment institutions to proactively manage risks and improve compliance, with high-rated institutions likely to gain more market opportunities [4][6]. Group 4: Confidentiality and Compliance - The classification results will not be publicly disclosed and cannot be used for marketing purposes, ensuring that the focus remains on regulatory compliance rather than promotional activities [5][6]. - The regulation aims to shift the supervisory approach from reactive measures to comprehensive risk management throughout the operational lifecycle of payment institutions [7].