央行新规精准覆盖核心风险点并鼓励主动风控——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 of payment institutions 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 results categorized into five classes and eleven levels, guiding the focus of regulatory efforts [1]. Group 2: Impact on Industry - The new regulations are seen as a critical step in refining the regulatory framework for the payment industry, establishing a solid institutional foundation for high-quality development [1]. - A quantitative rating system will enhance transparency and precision in regulatory standards, encouraging institutions to proactively manage risks and improving regulatory efficiency [1]. Group 3: Compliance and Market Dynamics - Higher-rated institutions will benefit from enhanced market opportunities, while lower-rated institutions will face increased compliance costs and operational pressures [2]. - The classification results will be used solely for regulatory purposes by the People's Bank of China and will not be disclosed publicly, preventing misuse for advertising or marketing [2]. Group 4: Future Outlook - The implementation of regular classification ratings is expected to integrate compliance concepts deeply into the operational processes of institutions, promoting a competitive market environment and reducing regulatory arbitrage [2][3]. - The recent 2026 work meeting of the People's Bank of China emphasized strict implementation of comprehensive regulatory measures for payment institutions [2].