北京商报讯（记者 廖蒙）支付领域再现百万元罚单。12月9日，北京商报记者注意到，人民银行深圳市 分行近日发布的行政处罚决定书显示，嘉联支付有限公司（以下简称"嘉联支付"）因违反商户管理规定 及违反清算管理规定，被给予警告、通报批评，并处以141万元罚款，同时没收违法所得1293.91元。 商户管理、清算业务违规等为何会成为支付机构被罚的重灾区，王蓬博直言，支付机构尚未跳出规模优 先的老思路。收单市场竞争激烈，不少机构为抢商户放宽资质核验，甚至外包审核环节，给黑灰产留有 通道；清算端则为了提升资金周转效率，搞非标准化流程，导致资金流向失控。 嘉联支付方面从经营角度表示："这是监管强化、业务特性、合规管理与行业生态演变等多重因素交织 作用的结果，后续公司将秉持'风险为本'理念，以全生命周期管控筑牢风险防线，依据监管要求落实商 户全流程闭环管控等核心举措，不断完善合规建设。" 一直以来，合规都是支付行业不可触碰的高压红线，自去年《非银行支付机构监督管理条例》进一步明 确商户实名制、交易真实性的刚性要求以来，不仅倒逼支付机构重构前端审查流程，同时要求从业机构 规范清算环节的资金流转路径，从根源上防范资金挪用风险。 素 ...

Core Points - The payment industry has seen significant penalties, with Baofu Network Technology (Shanghai) Co., Ltd. receiving a fine of 3.77 million RMB for multiple violations [1][2] - The penalties reflect a broader trend in the industry, with at least 37 fines exceeding one million RMB issued since 2025, indicating a systemic issue with compliance [3][4] Company Summary - Baofu Payment was penalized for violating merchant management, clearing management, and account management regulations, resulting in a total fine of 3.77 million RMB and the confiscation of illegal gains amounting to 11,291.48 RMB [1][2] - The company has acknowledged the penalties and stated that it has established a special team to address regulatory guidance and has completed self-inspection and rectification work [3] - Baofu Payment emphasizes that compliance is fundamental to its business development and aims to optimize its management processes following regulatory guidance [3] Industry Summary - The payment industry is facing increased regulatory scrutiny, with a focus on compliance and risk management, as evidenced by the high frequency of penalties [4][5] - Regulatory bodies are enforcing stricter compliance measures, particularly in merchant management, clearing management, and account management, which are critical for licensed payment institutions [4] - Analysts suggest that the industry needs to improve its compliance frameworks, incorporating advanced technologies for real-time monitoring and prevention of violations [5]

Core Viewpoint - The third-party payment industry is facing ongoing stringent regulations, with numerous institutions penalized for compliance failures, particularly in anti-money laundering and account management practices [1][2][3] Group 1: Regulatory Environment - As of June 30, 2025, 43 payment institutions received 49 fines and warnings from the People's Bank of China, totaling nearly 160 million yuan [1] - Major fines were issued to companies like 汇元银通, 中通支付, 雅酷时空, and 汇聚支付, with amounts exceeding 10 million yuan [1] - The regulatory focus has shifted towards comprehensive oversight, emphasizing compliance in areas such as data security and anti-money laundering [3][4] Group 2: Compliance Issues - Common violations include failure to report large or suspicious transactions, inadequate transaction information management, and non-compliance with customer identification protocols [2] - 汇元银通 faced six specific violations, including improper use of prepaid cards and failure to enforce real-name account management [2] - Industry experts highlight that many licensed institutions compromise on risk management for business expansion, leading to significant penalties [2][5] Group 3: Financial Performance - 汇元科技 reported a 19.43% decline in revenue from its payment business in 2024, with a gross margin decrease of 3.34 percentage points [5] - Other companies in the sector, such as 海科融通 and 拉卡拉, also experienced significant drops in net profit, indicating broader industry challenges [5] - The ongoing regulatory environment is expected to further pressure institutions reliant on traditional business models, potentially leading to market consolidation [5] Group 4: Future Outlook - Experts suggest that payment institutions must enhance compliance and risk management to adapt to the new regulatory landscape [4][6] - A successful transformation requires institutions to integrate compliance into their operational frameworks and ensure transparency in their processes [6]

Core Insights - The non-bank payment industry in China is facing intensified regulatory scrutiny, with compliance requirements tightening further in the first half of 2025 [2][5][10] - A total of approximately 125 million yuan in fines has been imposed on over 30 payment institutions, including major players and regional small to medium-sized enterprises [2][5] - The majority of penalties are concentrated in specific areas, particularly anti-money laundering obligations and inadequate merchant management, which together account for about 60% of violations [6][8] Regulatory Environment - Regulatory pressure remains high, with a total of 1.25 billion yuan in fines issued by June 30, 2025, indicating a trend towards larger penalties and focused enforcement [2][5] - The fines are characterized by a dominance of large penalties, with over 60% of the total amount stemming from fines exceeding 1 million yuan [2][5] - The regulatory landscape is shifting towards a more detailed and precise approach, targeting specific compliance failures rather than general violations [6][8] Penalty Breakdown - Notable penalties include: - Huayuan Yintong fined 24.31 million yuan for multiple violations including improper use of prepaid cards and failure to implement real-name systems [3][4] - Zhongtong Payment fined 18.95 million yuan for failing to establish required network protocols and conduct customer due diligence [3][4] - Guangzhou Huiju Payment fined 10.62 million yuan for various management violations [3][4] - Other significant fines in the 5 million to 10 million yuan range were also issued to companies like KQ Payment and Haike Rongtong Payment for various compliance failures [4] Industry Coverage - The fines reflect a comprehensive regulatory approach, affecting both leading payment institutions and smaller regional players, indicating that compliance is mandatory across the board [5][10] - The regulatory focus includes a wide range of institutions, from well-known brands to niche service providers, emphasizing the need for all entities to adhere to compliance standards [5][10] Compliance Challenges - The most frequently cited violations involve anti-money laundering practices and merchant management, highlighting persistent issues in these areas [6][8] - The regulatory framework is evolving to include new risks associated with digital and scenario-based payment services, with a growing emphasis on cybersecurity and account management [7][8] - Institutions are urged to enhance their compliance management systems to address these risks effectively, particularly in light of competitive pressures that may lead to lax compliance [7][8] Licensing and Future Outlook - The issuance of long-term payment licenses marks a significant shift in regulatory strategy, indicating a move towards more stable operational expectations for payment institutions [9][10] - However, this does not imply a relaxation of regulatory standards; rather, it raises the bar for compliance, necessitating a comprehensive regulatory framework that encompasses all aspects of payment operations [10]

Core Viewpoint - Company Fuyou Payment has submitted its third IPO application to the Hong Kong Stock Exchange after previous attempts failed, highlighting ongoing challenges in profitability and compliance issues in its pursuit of capital market entry [2][3][6]. Group 1: Company Background - Fuyou Payment, established in 2011 and headquartered in Shanghai, holds various payment licenses in mainland China, Hong Kong, and the United States, focusing on commercial, financial, and cross-border digital payment services [6]. - The company has processed over 545 billion payment transactions, with a total payment volume (TPV) of 15.1 trillion RMB as of the end of 2024 [10]. Group 2: IPO Attempts - Fuyou Payment has previously attempted to list on the A-share market in 2018 and 2021 but was unable to proceed, leading to the termination of related agreements [6]. - After shifting focus to the Hong Kong market, the company submitted its IPO applications on April 30 and November 8, 2024, both of which ultimately expired [6]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 1.142 billion RMB, 1.506 billion RMB, and 1.634 billion RMB, respectively, reflecting a compound annual growth rate of 19.6% [8]. - However, net profits for the same years were 71.17 million RMB, 92.98 million RMB, and 84.43 million RMB, indicating a decline in profit for 2024 compared to the previous year [8]. Group 4: Market Position - In 2024, Fuyou Payment ranked eighth among independent digital payment service providers in China, holding a market share of 0.8%, with no change in market share from 2023 [10]. - The overall digital payment service market in China is projected to reach a TPV of 268.6 trillion RMB in 2024, with the top three non-independent providers holding a combined market share of 75.6% [8][10]. Group 5: Compliance Challenges - Fuyou Payment has faced multiple regulatory penalties since its inception, including significant fines for compliance violations related to payment services and foreign exchange regulations [12]. - The company has been under pressure to enhance compliance and improve service quality to navigate the competitive landscape and regulatory environment [13].

Core Viewpoint - Multiple payment institutions have recently faced penalties from the People's Bank of China for various violations, highlighting ongoing compliance issues within the industry [1][2][4]. Group 1: Penalties and Violations - Xunfu Information Technology, Huifutong Payment, and Sund Payment were fined 2.04 million, 2.23 million, and 2 million RMB respectively for violations including breaching clearing management regulations and engaging in transactions with unidentified clients [1][2]. - The penalties reflect a trend of dual penalties, where senior executives of the companies, such as the general manager of Sund Payment, were also fined, indicating a focus on holding leadership accountable [2][4]. - In the first quarter of 2025, payment institutions received over 20 fines totaling more than 60 million RMB, with significant penalties for companies like Beijing Yaku Space Information Exchange Technology and Guangzhou Huiju Payment Electronic Technology [5]. Group 2: Compliance Issues - The recurring issues of clearing and outsourcing violations are significant problems for payment institutions, particularly those involved in offline acquiring [3][4]. - Regulatory focus remains on anti-money laundering, merchant authenticity, and compliance, indicating that payment institutions must enhance internal controls and compliance measures [4][5]. - The increase in penalties and the introduction of new violation categories, such as failure to report cybersecurity incidents, suggest a tightening regulatory environment for the payment industry in 2025 [5][6]. Group 3: Future Regulatory Focus - As the digital economy evolves and new technologies like AI are adopted, issues related to information security and data protection are expected to become key regulatory concerns [6]. - Payment institutions are advised to review and strengthen their compliance frameworks across all operational processes to enhance risk management capabilities [6].