支付机构差异化监管更加完善

Core Viewpoint - The People's Bank of China has issued the "Classification Rating Management Measures for Non-Bank Payment Institutions," which aims to enhance the regulation of non-bank payment institutions and implement differentiated regulatory measures, effective from February 1, 2026 [1]. Group 1: Regulatory Framework - The classification rating includes seven modules: corporate governance, business norms, reserve fund management, user rights protection, system security, anti-money laundering measures, and operational stability [1]. - The classification rating will be conducted annually, with the evaluation period covering the previous year, resulting in five categories and eleven levels [1]. - The classification results will guide the regulatory focus and enable differentiated supervision by the People's Bank of China and its branches [1]. Group 2: Impact on Industry - The new regulations represent a significant step in the continuous improvement of the payment industry regulatory framework, laying a solid institutional foundation for high-quality industry development [1]. - A quantitative rating system will enhance transparency and precision in regulatory standards, covering core risk points and encouraging institutions to proactively manage risks [1]. - Higher-rated institutions will benefit from a stronger market position and more business opportunities, while lower-rated institutions will face increased compliance costs and operational pressures [2]. Group 3: Compliance and Market Dynamics - The classification results will be used solely for regulatory purposes and will not be disclosed publicly, preventing institutions from using ratings for advertising or marketing [2]. - Regular classification ratings will integrate compliance concepts into the entire operational process of institutions, promoting better corporate governance, technical security, and service levels [2][3]. - The unified compliance standards will create a fair competitive environment, reducing regulatory arbitrage opportunities, while differentiated measures will allow high-quality institutions to innovate [2].