Banxa 始终定位于传统法币与加密货币的"桥梁" 服务商，而非与主营加密货币对充交易的传统开放式加 密货币交易所展开竞争。公司拥有一套支付网关基础设施，可支持多币种（包括美元、澳元、加元、欧 元等）与数字资产的兑换交易、多支付类型的在线支付业务。由于Banxa 同时拥有全球和本地的支付选 项，同时在各运营国家有深厚的业务积淀，并坚持对当地法律法规、国际反洗钱（AML）及客户身份 识别（KYC）标准全面合规遵循，一些主要的行业参与者比如全球交易所和钱包，愿意成为Banxa 的客 户，并使用其自身系统内高效可靠的法币与加密货币双向兑换服务。除此之外，Banxa获得了Mica 的牌 照，在合规性方面有充分的保证。 强化牌照壁垒效应，加速全球性业务扩张。在全面整合Banxa 的国际支付网络后，OSL 集团将取得包括 美国、加拿大、欧盟、英国与澳大利亚的超过40 张交易与支付牌照，可强化OSL 的全球出入金通道能 力，支持更多区域客户的法币及加密货币兑换需求，顺应公司在欧洲、北美等区域的业务扩张战略。 业务协同互补，服务能力升级，规模效应有望得到发挥。此次战略收购后，Banxa 成为OSL 集团的间接 全资附属公司， ...

Banxa是一家总部设于澳大利亚、欧洲及北美地区的支付服务提供商PSP及监管科技公司 智通财经APP获悉，国海证券发布研报称，2026年1月2日，亚洲领先的稳定币交易及支付平台OSL集团 （00863）宣布，公司已完成对Banxa Holdings Inc.的战略收购。OSL集团和Banxa的共同点在于重视合 规监管、聚焦B2B领域、寻求全球拓张，这样的共识基础有助于后续业务的吸收与整合。考虑公司扩展 支付产品线及全球扩张，维持"增持"评级。 国海证券主要观点如下： Banxa致力于搭建传统金融机构及业务流程与数字资产领域之间的桥梁，该公司于2014年3月开始运 营，经历了将业务重心转向商对商（B2B）领域的过程，深耕支付基础设施与合规系统建设。Banxa已 在澳大利亚市场奠定稳固的领先地位。自2020年6月收购EU Internet Ventures B.V以来，Banxa便将战略 重心转向国际化扩张，积极开拓新兴增长市场。 Banxa始终定位于传统法币与加密货币的"桥梁"服务商，而非与主营加密货币对充交易的传统开放式加 密货币交易所展开竞争。公司拥有一套支付网关基础设施，可支持多币种（包括美元、澳元、加元 ...

短视频巨头——快手，毫不掩饰它的放贷野心。 天眼查信息显示，2025年底，广州快手小额贷款有限公司（简称"快手小贷"）注册资本发生变更，从5亿元增至10亿元。 此前2025年9月，其母公司北京云掣科技有限公司（下称"云掣科技"）注册资本大增10亿元，从12.55亿元壮大至22.55亿元。 同年4月，欢聚小贷更名为快手小贷。获得网络小贷资质后，快手便开始着手布局现金贷业务。 ▲图源：天眼查 通常来讲，小贷公司增资，除了满足监管杠杆率的要求，更重要的是扩大资金池，提高贷款投放能力，抢占市场份额。 按照相关规定，小贷公司融资杠杠上限为"1+4"，10亿元注册资本理论上可撬动50亿元的放贷资金池，即快手小贷的放贷资金池将较增资前翻倍。 01 无缝金融：刷视频—借钱—下单 梳理快手在金融领域的足履，虽然步步为营，却早已织就大网。 快手涉水金融，始于2020年。当年，快手以近3亿元现金+部分股票的方式，收购易联支付超50%的股份，间接获得了这张重磅牌照。 之后三年，快手凭借资金和流量的对接通道这一支点，双管齐下促成转化（抽佣），也暗暗培育自己的金融生态：一边为助贷平台导流，赚取佣金；一边 上架"贷超"，把第三方平台的现金 ...

中国银行间市场交易商协会在相关业务检查和自律调查过程中发现，部分机构内控缺失、合规风控流于 形式，且一些机构未按要求保存债券交易记录的问题较为普遍，严重阻碍还原交易真相，不利于有效监 管和打击违法违规。 三、债券交易记录未按规定全程留痕； 四、对涉嫌严重违法违规的交易，无法提供完整交易记录还原交易真相； 五、其他违反债券交易记录保存相关要求的行为。 健全夯实内控，按要求完整、准确、全面保存交易记录是债券市场的基本制度要求，也是市场参与 者的重要义务，各市场参与者务必高度重视，切实提高合规意识和履职水平。交易商协会将持续强 化相关管理，促进市场健康有序发展。 本文来源：新华财经 中国银行间市场交易商协会发布关于提示做好债券交易记录保存相关工作的通知。通知称，近一段 时间以来，中国银行间市场交易商协会（以下简称交易商协会）在相关业务检查和自律调查过程中 发现，部分机构内控缺失、合规风控流于形式，且一些机构未按要求保存债券交易记录的问题较为 普遍，严重阻碍还原交易真相，不利于有效监管和打击违法违规。针对上述情形，交易商协会将加 大对相关违规行为的惩戒力度。对存在以下问题的机构将从严从重处理，根据具体违规行为的情节 ...

交易商协会表示，健全夯实内控，按要求完整、准确、全面保存交易记录是债券市场的基本制度要求， 也是市场参与者的重要义务，各市场参与者务必高度重视，切实提高合规意识和履职水平。交易商协会 将持续强化相关管理，促进市场健康有序发展。 北京商报讯（记者 孟凡霞 周义力）1月5日，中国银行间市场交易商协会（以下简称"交易商协会"）发 布《关于提示做好债券交易记录保存相关工作的通知》称，近一段时间以来，交易商协会在相关业务检 查和自律调查过程中发现，部分机构内控缺失、合规风控流于形式，且一些机构未按要求保存债券交易 记录的问题较为普遍，严重阻碍还原交易真相，不利于有效监管和打击违法违规。针对上述情形，交易 商协会将加大对相关违规行为的惩戒力度。对存在以下问题的机构将从严从重处理，根据具体违规行为 的情节轻重给予相应自律处分，具体包括：未按规定建立健全债券交易记录保存相关内控制度；合规风 控流于形式，未有效落实债券交易记录保存相关内控制度；债券交易记录未按规定全程留痕；对涉嫌严 重违法违规的交易，无法提供完整交易记录还原交易真相；其他违反债券交易记录保存相关要求的行 为。 ...

印度证券交易委员会于周五发布的一份公告显示，该机构已针对投资银行出台新规，内容涵盖提高资本 充足率要求、强化合规监管措施等方面。 现有投资银行将拥有两年过渡期，以全面落实新规要求。 大型投资银行需在2027年1月前将资本充足率对应的最低净资产维持在2.5亿卢比，2028年1月前进一步 提升至5亿卢比； 小型投资银行则需在2027年1月前将该指标达标线设为7500万卢比，2028年1月前提升至1亿卢比。 责任编辑：刘明亮 印度证券交易委员会于周五发布的一份公告显示，该机构已针对投资银行出台新规，内容涵盖提高资本 充足率要求、强化合规监管措施等方面。 现有投资银行将拥有两年过渡期，以全面落实新规要求。 大型投资银行需在2027年1月前将资本充足率对应的最低净资产维持在2.5亿卢比，2028年1月前进一步 提升至5亿卢比； 小型投资银行则需在2027年1月前将该指标达标线设为7500万卢比，2028年1月前提升至1亿卢比。 责任编辑：刘明亮 ...

Core Insights - The article emphasizes the importance of regulatory measures in the insurance industry, focusing on compliance, product innovation, and market adaptation to enhance consumer protection and industry stability. Regulatory Measures - The integration of insurance and banking is a key regulatory policy aimed at standardizing rates and managing costs, which is essential for curbing irrational competition in the market [1] - Compliance supervision has intensified, as evidenced by penalties against executives and companies like Evergrande Life, highlighting the regulatory authority's commitment to industry health [1] - The classification and tiered regulation optimize supervisory authority allocation, improving precision and efficiency in line with the diverse development of industry institutions [1] Product Innovation - Participating insurance products have become mainstream, with new policies accounting for over 40% of the market, reflecting consumer demand for wealth accumulation [1] - Health insurance is supported by policies that expand coverage, with the introduction of innovative drug lists, serving as a crucial growth engine for the industry [1] - Long-term care insurance has been fully implemented, covering 190 million people, addressing the long-term care protection gap and enhancing the multi-tiered social security system [1] Market Adaptation - Premiums for new energy vehicle insurance have increased by 41.44% year-on-year, indicating a shift towards independent operating models that align with the development of the new energy vehicle industry [1] - The insurance sector is responding to the aging population trend by strategically positioning itself in retirement finance, including profitable senior living communities with occupancy rates exceeding 80% [1] - Inclusive insurance products, such as home and education insurance, are expanding to cover broader demographics, reflecting the industry's social responsibility [1] Technological Integration - The integration of AI in insurance processes enhances underwriting, claims, and service delivery, driving the industry's digital and intelligent transformation [1] - Data security insurance is becoming increasingly relevant due to rising risks of data breaches and cyberattacks, with policies tailored to meet these emerging needs [2] Risk Management - The solvency ratio remains a core indicator for risk management in insurance companies, with ongoing regulatory assessments reinforcing the industry's ability to withstand risks [1] - Catastrophe insurance is being developed to address risks from natural disasters, filling gaps in traditional insurance coverage through a combination of policy guidance and market operations [2] Cross-Border Opportunities - International insurers like AIA and Allianz are increasing their presence in the Chinese market, showcasing the industry's openness and enhancing market supply through innovative cross-border medical insurance [2]

此前，财通证券已多次因合规问题受到监管关注。11月7日，财通证券因场外衍生品业务违规被浙江证监局采取责令改正的措施。经查，财通证券场外衍生 品业务存在标的管理机制不健全、未对挂钩标的实施及时动态调整、投资者资质年度复核工作不到位、未对业务管理系统权限、密码实施有效管理等问题。 同时，财通证券高级管理人员裴根财作为分管领导，也被出具警示函。 江苏证监局指出，财通证券员工陈炯在无锡永乐路证券营业部从业期间，存在在微信群中提供、传播误导客户的信息，未向客户充分提示证券交易的风险、 操作客户账户等行为。 江苏证监局决定对陈炯采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 12月17日，江苏证监局发布关于对财通证券员工陈炯采取出具警示函行政监管措施的决定公告。 ...

Core Insights - The Chinese medical aesthetics industry has surpassed 300 billion yuan, with the light medical aesthetics market expected to grow at a compound annual growth rate (CAGR) of over 20% in the next five years, becoming the mainstream segment by 2024 [1] - Injection projects, as the core growth engine of light medical aesthetics, have seen their market size grow from 25.7 billion yuan in 2018 to 67 billion yuan in 2023, with a CAGR of 21.1%, projected to reach 147 billion yuan by 2027 [1] - The industry faces challenges such as rapid market changes driven by consumer preferences and increasing competition, necessitating innovation in material research to build competitive barriers [1] Market Dynamics - In 2024, the market share of injection materials is projected to be approximately 36% for hyaluronic acid, 29% for botulinum toxin, 19% for collagen, and 16% for regenerative materials [3] - The competition in the hyaluronic acid market has intensified, leading to revenue declines for major companies like Huaxi Biological and Aimeike, with revenue drops of 18.36% and 21.49% respectively in the first three quarters of 2025 [3][4] - In contrast, the recombinant collagen market is rapidly growing, with a projected CAGR of 44.93%, expected to reach 58.57 billion yuan by 2025 [3] Innovation and Product Development - Companies are accelerating new product launches to capture market opportunities, with Huaxi Biological introducing compliant products for facial skin improvement and other companies like Jinbo Biological launching innovative recombinant collagen products [5] - The emergence of new materials such as alginate and hydroxyapatite is set to enrich the market supply, with several products receiving regulatory approval in 2025 [6] Regulatory Environment - The industry is experiencing a shift towards compliance, with increased regulatory scrutiny leading to a "survival of the fittest" scenario, pushing medical aesthetic institutions to accelerate compliance transformations [2] - Despite the growth in compliant products, issues such as illegal operations and counterfeit products remain prevalent, posing risks to consumer safety [11][12] Pricing and Market Structure - The supply expansion has led to a restructuring of interests within the industry, with upstream manufacturers and downstream medical institutions engaged in pricing power struggles [8][9] - New platforms like Xinyang are disrupting traditional pricing models by significantly reducing costs through digitalization and centralized procurement, indicating a shift from a seller's market to a buyer's market [9][10] Future Trends - The industry is expected to evolve towards a more transparent and competitive landscape, with a focus on product and scenario-driven strategies, comprehensive treatment solutions, and enhanced consumer awareness [10] - The ongoing regulatory efforts and market dynamics suggest that the medical aesthetics industry is moving towards a more mature and compliant operational model, emphasizing innovation and safety [14]

Core Viewpoint - The rapid development of financial technology and the popularity of mobile internet have made mini-programs a crucial channel for financial institutions to provide online services, despite exposing significant security risks and compliance loopholes [1][2]. Group 1: Security Risks in Financial Mini-Programs - A recent inspection by the China Internet Finance Association revealed that all 55 sampled financial mini-programs exhibited varying degrees of security risks, with an average of 18.13 risk issues per program [5][6]. - High-risk issues, which threaten core financial security, were found in 18.19% of the inspected mini-programs, primarily related to "key leakage" and "application error vulnerabilities" [6]. - Medium-risk issues were highly concentrated, with 38 programs showing "unobfuscated code" risks and 30 programs having "internal domain leakage" risks [6]. Group 2: Regulatory and Compliance Issues - Some local financial organizations were found to be using mini-programs to conduct illegal financial activities, such as high-interest lending, violating national regulations on interest rate management and financial marketing [9]. - The association has requested the removal of these problematic mini-programs from the WeChat platform and will refer the cases to relevant authorities [9]. Group 3: Recommendations for Enhancing Financial Security - The China Internet Finance Association recommends that financial institutions strengthen their management responsibilities for digital channels, including mini-programs, and enhance their security governance systems [10]. - Mini-program platforms should establish comprehensive admission review, daily monitoring, and violation handling mechanisms to maintain a clear digital financial ecosystem [10]. - Financial consumers are encouraged to improve their self-protection awareness and risk identification capabilities, carefully assess their repayment abilities, and be cautious of excessive marketing and false advertising [10]. Group 4: Ongoing Self-Regulation Efforts - The association plans to enhance self-regulation of financial apps and mini-programs, conducting regular self-checks and initiating mini-program filing work to improve industry safety and compliance levels [11]. - The initiation of mini-program filing work indicates a shift towards proactive regulation, allowing for better oversight and risk prevention from the outset [11].