Core Viewpoint - The introduction of two new regulations by the China Payment and Clearing Association aims to strengthen the management of outsourcing services in the payment industry, enhance self-regulation, and promote a healthy development of the payment service market [1][3]. Group 1: New Regulations Overview - The two new regulations are the "Record Management Specification for Acquiring Outsourcing Service Institutions" and the "Evaluation Management Specification for Acquiring Outsourcing Services," which provide detailed guidelines for the registration, risk information sharing, and self-evaluation of outsourcing institutions [1][4]. - These regulations are designed to ensure the effective implementation of the "Self-Regulatory Management Measures for Acquiring Outsourcing Services," which was released in 2024, and to establish a basic framework for managing outsourcing services [3][4]. Group 2: Industry Challenges and Responses - The payment industry faces issues such as illegal subcontracting, inadequate merchant audits, and insufficient information security, which disrupt the order of the payment market [3][5]. - Since 2020, the association has been working to improve transparency and governance in the outsourcing service market, aiming to combat illegal activities such as gambling and fraud [3][6]. Group 3: Specifics of the New Regulations - The "Record Management Specification" outlines the conditions and requirements for outsourcing institutions to apply for registration, including the types of services they can offer, such as transaction information transfer services [4][6]. - The "Evaluation Management Specification" identifies 30 types of risky behaviors for outsourcing institutions, categorizing them into three risk levels and establishing a blacklist management system to enhance accountability [6][7]. Group 4: Market Impact and Future Outlook - The new regulations are expected to accelerate the reshaping of the industry, particularly affecting high-risk small outsourcing institutions, and will help establish a higher barrier to entry in the payment sector [7]. - In the long term, outsourcing institutions with strong compliance capabilities and high technical standards are likely to gain more business opportunities, shifting the focus from price competition to compliance and technology [7].

Core Viewpoint - The People's Bank of China has officially revoked the payment license of Shanghai Runtong Industrial Investment Co., marking the 102nd payment license cancellation in the industry [1] Company Summary - Shanghai Runtong Industrial Investment Co., established on September 21, 2006, had a registered capital of 100 million yuan and was initially licensed for prepaid card issuance and acceptance in June 2012 [4] - The company was operating under the license number Z2013631000019, with its legal representative being Wu Hongbin, and its business was primarily focused on the operation of stored value accounts in Shanghai [3] - The payment license was set to be valid until June 26, 2027, but it will be officially canceled on May 31, 2025 [3] Industry Summary - A significant proportion of recently revoked payment licenses belong to prepaid card institutions, which have struggled due to changes in the regulatory environment and increased competition from alternative payment methods [4] - Compliance is emphasized as a fundamental requirement for the survival of payment institutions, with experts highlighting the importance of risk control and adherence to regulations [5] - The overall growth rate of the payment industry is slowing, leading to intensified competition among payment institutions, which may result in lower profit margins and a need for diversification of services [5]

周末，特朗普和马斯克继续刷屏！ 据最新消息，特朗普当地时间6月7日表示，若马斯克资助反对共和党预算案的民主党候选人，将面临"非常严 重的后果"。特朗普补充说，已无意愿修复自己与马斯克的关系，暂时也没有讨论过是否调查马斯克。 另外，特斯拉与SpaceX首席执行官马斯克已经删除了一些批评美国总统特朗普的社交媒体帖子，其中包括他 暗示特朗普与"爱泼斯坦案"有关联的帖子，以及他表示支持弹劾特朗普的帖子。 美国媒体认为，马斯克与特朗普"决裂"，有三大原因：1）马斯克寻求延长任期但遭拒；2）马斯克对特朗普政 策不满；3）马斯克的"好友"提名遭撤销。 来看详细报道！ 特朗普警告 当地时间6月7日，美国总统特朗普表示，若马斯克资助反对共和党预算案的民主党候选人，将面临"非常严重 的后果"。 特朗普称："如果他这么做，他会为此付出代价。"但未透露具体措施。特朗普补充说，已无意愿修复自己与马 斯克的关系，"我认为这段关系已经结束了"。然而，特朗普也表示，他没有考虑终止美国政府与马斯克的星链 （Starlink）或SpaceX公司的合同。特朗普继续补充说，他还没有讨论过是否调查马斯克。 据央视新闻报道，近日，特朗普与马斯克因一项税 ...

美国正面临一场前所未有的风暴，表面看似是特朗普与马斯克之间的纷争，实则蕴藏着深刻的政治与经济动荡，可能引发更大的腥风血雨。深究其中，问题 远不止个人争斗那么简单，而是触及了国家根本利益和权力的博弈。 在特朗普不懈推动下，美国的经济数据已陷入困境。四月新增失业人数高达24万，进口量下降了16%。在这些严峻的经济挑战面前，美联储依旧拒绝降息， 而特朗普则因信任危机将曾深受信任的经济顾问米莱雪与纳瓦罗一并排除。这一系列举动显然加剧了美国的经济不确定性。与此同时，特朗普不得不在华尔 街及深层政府压力下启用贝森特主导的日内瓦谈判，试图通过外交手段稳住局势。 然而，特朗普不仅在经济上碰壁，政治上也遭遇巨大的反对压力。特别是他主导的医疗改革、退出"窝冲突"的决定，都激怒了美国的军事工业复合体。而与 马斯克的公开争斗，更是彻底激怒了美国科技圈，给他带来了前所未有的政治压力。 马斯克最近公然暴露了一个惊人的信息——他公开了爱泼斯坦的未披露档案，这显然是他从白宫获取并带走的资料。更为讽刺的是，他还公开表示支持，显 然此举是为了给自己保命的筹码。此举已经远远超出了简单的口舌之争，它触及了国家的最深层次利益，成为一场没有回头路的权力 ...

Group 1: Core Insights - Airwallex has successfully completed a $300 million Series F funding round, achieving a post-money valuation of $6.2 billion, positioning itself as a benchmark in the fintech sector amid a challenging market environment [1] - The funding round attracted top-tier venture capital firms such as Square Peg and Lone Pine Capital, along with strategic investment from Visa Ventures, highlighting market recognition of Airwallex's innovative model [1] Group 2: Performance and Global Strategy - Airwallex's valuation is supported by impressive performance metrics, with an annualized revenue of $720 million by March 2025, reflecting a 90% year-over-year growth, and processing transaction volumes exceeding $130 billion [2] - The company has established a strong presence in the Americas and Europe, with a compound annual growth rate of over 250% in gross profit in these regions over the past four years [2] - Airwallex has set up branches in 37 countries and regions, holding over 60 financial licenses, including recent acquisitions of payment service provider MexPago in Mexico and a payment institution license from the Central Bank of Brazil [2] Group 3: Technological Innovation - Airwallex has built a global clearing network that reduces 95% of cross-border payments to hours, with 68% processed in real-time, contrasting with traditional banks reliant on the SWIFT system [3] - The company leverages AI to enhance its technological advantages, reducing account misjudgment rates by 50% through machine learning-based risk control models and helping clients mitigate foreign exchange losses with an intelligent foreign exchange engine [3] - The introduction of the "AI agent finance" concept aims to integrate AI into cash flow forecasting and tax compliance decision-making processes, redefining service boundaries for cross-border payment platforms [3] Group 4: Market Opportunity - Airwallex is targeting a significant market gap in cross-border financial services for SMEs, with an estimated potential market size of $570 billion by 2027 [5] - The company offers a suite of solutions including multi-currency accounts, global acquiring, and embedded APIs to reduce service costs and enhance operational efficiency for businesses [5] Group 5: Future Outlook - With the new $300 million funding, Airwallex plans to expand its global financial services network and deepen the application of AI technology in cross-border payments [7] - The company's trajectory from addressing SMEs' cross-border payment challenges to building a financial infrastructure covering over 180 countries exemplifies how technology is reshaping cross-border finance [7]

佛州可不是小打小闹。它是美国人口第三大州，经济总量能排全球前二十。这么个"大块头"突然甩开美元拥抱金银，等于在美元霸权的心脏上插了把刀。德 桑蒂斯签完字就放话："联邦政府拼命印钞，咱老百姓的血汗钱不能跟着蒸发！"他翻出数据啪啪打脸：黄金从2015年到现在涨了快两倍，可美元购买力呢？ 自1971年和黄金脱钩后，直接缩水90%以上。有个议员算得更扎心：1979年买套房要268盎司黄金，现在同价值的房还是268盎司黄金——变的不是金子，是 美元成了"纸"。 我是真没想到，第一个朝美元"开枪"的居然是美国人自己。就在前天（5月27日），佛罗里达州州长德桑蒂斯大笔一挥，签了份法案——黄金白银正式成为 佛州法定货币。这意味着啥？你去便利店买瓶水，理论上能用金币付钱；欠了债，掏块银条也能抵账。更绝的是，州政府要求PayPal这类支付平台必须接受 金银转账，连销售税都给免了。 为啥佛州非要硬啃这块骨头？德桑蒂斯的小算盘响着呢。他去年竞选总统败给特朗普，正需要新招牌。签法案时他故意呛联邦政府："国会到现在一分钱没 省，全是空话！"这招"金银抗通胀"牌，摆明了拉拢对美元失望的选民。美国宪法其实留了道缝：各州虽不能造币，但能用金银 ...

以下文章来源于妙投APP ，作者董必政 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 董必政 头图 | AI制图 2024年中国第三方互联网支付市场年度监测报告里藏着最残酷的行业密码——前五大机构鲸吞 76.5%市场份额。与此同时，约160家中小支付机构的生存空间正被压缩成一张A4纸的厚度。 2024年支付牌照注销数达到10张；而支付宝的"碰一碰"仅用321天用户破亿。这两个数字划出了支 付行业最锋利的价值断层线。 这已不是简单的"大鱼吃小鱼"，而是生态位的系统性重构。 当监管重拳击碎备付金利差幻想，汇付天下因客户备付金产生6000万元的利息收入直接清零；当支 付宝、微信支付垄断90%以上的第三方移动支付规模，中小玩家突然发现，过去靠牌照套利的躺赚 模式，已经彻底失效。 但总有幸存者在裂缝中点亮微光。连连国际在跨境支付撕开缺口，2024年跨境支付营收增速23%； 2024年拉卡拉的外卡受理活跃商户同比增长2倍。 这些案例都在诉说同一个真相，在支付这个修罗场，要么找到自己的匕首，要么成为巨头的垫脚 石。 # 01 一、合规高压线加 ...

Core Insights - Visa operates one of the largest electronic payment networks globally, facilitating transactions for billions of people and millions of businesses [1][2] - The company has a strong financial performance, with net revenues of $9.6 billion in Q2 2025, reflecting a 9% year-over-year increase [3] - Visa's strategic initiatives in AI, digital currencies, and B2B payments position it well for future growth [5][6][7][8] Financial Performance - Visa's adjusted earnings per share (EPS) rose by 10% to $2.76, surpassing analysts' expectations [3] - Payment volume increased by 8%, while cross-border volume surged by 13% [3] - VisaNet processed 60.7 billion transactions, marking a 9% increase [3] - Operating margins consistently exceed 60%, indicating strong efficiency in converting revenue to profit [4] Strategic Initiatives - The "Visa Intelligent Commerce" initiative aims to integrate AI into shopping, enhancing consumer experience and operational efficiency [6] - Visa is exploring digital currencies through partnerships to offer stablecoin-linked cards, enhancing practicality for everyday spending [7] - The company is expanding into B2B payments and prioritizing Value-Added Services, which are growing at over 20% annually [8] Shareholder Returns - Visa has a dividend yield of 0.64% and has increased its dividend for 17 consecutive years, with an annual dividend of $2.36 per share [11][12] - The company has authorized a $30 billion share repurchase program, following $8.4 billion in buybacks in the first half of fiscal 2025 [13] Long-Term Investment Appeal - Visa's consistent financial results, innovative strategies, and commitment to shareholder returns make it a strong candidate for long-term investment portfolios [14][15]

21世纪经济报道记者 唐婧 北京报道 记者从中国支付清算协会了解到，为加强收单外包服务自律管理，规范支付外包服务行为，防范收单业 务风险，促进支付服务市场健康发展。中国支付清算协会日前发布了《收单外包服务机构备案管理规 范》和《收单外包服务评价管理规范》，两项规范自发布之日起施行。 两项规范作为《收单外包服务自律管理办法》（以下简称《办法》）配套自律规范，进一步明确了外包 机构备案、信息登记、风险信息共享与黑名单管理、自律评价的具体内容、行业标准与操作流程，确保 《办法》可落地、可操作、可实施，推动收单外包服务市场规范健康发展。 其中，《评价规范》明确了外包机构风险类型、等级、信息共享及黑名单管理标准要求。《备案规范》 则明确了持牌机构、外包机构违规情形及相应管理措施与自律惩戒措施，强调了数据安全、保密管理要 求和工作纪律。 博通咨询金融行业资深分析师王蓬博告诉记者，两项规范都是对《收单外包服务自律管理办法》的细化 和配套，是适应现实支付行业发展的监管规定，通过细化信息登记、风险分级、黑名单管理及自律评价 机制，有助于从根本上解决收单外包市场长期存在的违规经营、涉赌涉诈、套码套现、转包分包、风险 传导等问题。 ...

6月4日，中国跨境支付机构PingPong宣布获得阿联酋中央银行（CBUAE）原则性批准，将成为中国首 家持有阿联酋支付牌照的第三方支付机构。这是继5月29日获得马来西亚MSB牌照后，PingPong在全球 化布局上的又一重要进展。截至目前，PingPong已在中国、美国、欧盟、日本等全球主要经济体获得60 余张支付牌照，覆盖欧美、东南亚、中东等核心贸易区域。 同样值得关注的是，另一家支付机构移卡也在2025年5月获得美国亚利桑那州Money Transmitter License （简称：MTL）牌照，其海外业务交易量在2024年同比增长近5倍至11亿元人民币，展现出中国支付企 业出海的强劲势头。 跨境支付机构的海外扩张背后，是跨境电商的迅猛发展。麦肯锡2025年4月报告显示，中国跨境电商进 出口规模已达2.6万亿元人民币，过去五年年均复合增长率达13%，其中超60%的经营者为年销售额不足 500万美元的中小企业。这一市场催生了大量跨境结算需求，推动支付机构加速完善全球牌照网络。 然而，在传统支付机构竞相布局的同时，稳定币正以其低成本、高效率的特性悄然渗透跨境支付领域。 京东集团首席经济学家沈建光团队指出， ...