|2025年11月25日 星期二| 点评：作为全国网点分布广泛的公司，将保险代理业务纳入其服务范围能够充分利用邮政网点优势，扩 大保险产品的覆盖面。此举不仅增加了邮政的业务多样性，还可能促进整个保险市场的活跃度。 NO.3 太平养老获批增资至33.33亿元，引入比利时富杰保险为新股东 11月24日，国家金融监督管理总局发布《关于太平养老保险股份有限公司增加注册资本和变更股权的批 复》，同意太平养老保险股份有限公司增加注册资本3.33亿元，由30亿元变更为33.33亿元。同时，同意 比利时富杰保险国际股份有限公司认购太平养老保险股份有限公司10%股权。 点评： 通过增资引入像比利时富杰这样的国际战略投资人，不仅能获得资金，更能借鉴其在全球养老 金管理、资产配置和风险管理方面的先进经验，实现战略协同，提升专业化、国际化水平 NO.1 央行11月25日将开展10000亿元MLF操作 11月24日消息，为保持银行体系流动性充裕，中国人民银行将于2025年11月25日以固定数量、利率招 标、多重价位中标方式开展10000亿元MLF操作，期限为1年期。鉴于11月有9000亿元中期借贷便利 （MLF）到期，这也意味着11月 ...

"免密支付功能开通时容易，想要关闭却找不到入口。"针对这类消费者时常面临的问题，近期，中 国支付清算协会发布"加强'免密支付'业务安全管理的倡议"，要求支付服务主体杜绝默认开通、增设便 捷关闭通道。 免密支付不需要输入支付密码即可快速支付。随着移动支付技术的快速发展和广泛应用，免密支付 业务通过简化支付流程，大幅缩短了交易时间，提升了用户的支付体验，也在一定程度上帮助商户提高 了结账效率和客流周转率。但在提高便捷性的同时，部分支付服务主体在业务安全管理方面还存在提升 空间。不少消费者反映，免密支付在开通时经常能"一键开启"，但想要关闭却难以找到入口。尤其对老 年人来说，一旦误操作开启该功能，后期管理起来更为困难。 （责任编辑：关婧） 为此，中国支付清算协会在倡议中提出，支付服务主体应进一步加强免密支付业务安全管理。规范 授权管理，确保用户真实意愿。在用户开通环节，严格审核用户身份信息，通过显著页面完成用户开通 意愿确认以及免密支付协议签订，杜绝默认开通行为，充分保证用户开通免密支付业务的选择权和知情 权。针对老年人，中国支付清算协会在倡议中强调，应全面评估老年人的风险偏好和业务承受能力，以 显著方式展示业务核 ...

相关事件 移卡(09923.HK)11月24日耗资9.7万港元回购1.2万股 港股异动丨移卡涨超6%，Q3海外支付业务交易额 环比升50% 格隆汇11月24日丨移卡(09923.HK)发布公告，2025年11月24日，公司耗资9.7万港元回购1.2万股。 ...

Visa和Mastercard正加速拥抱加密货币支付，押注稳定币在发展中国家的增长潜力，同时抵御商户绕过 其网络的竞争威胁。 截至9月30日的季度，使用稳定币关联Visa卡的消费额较上年同期增长了三倍，Visa首席执行官Ryan Mclnerney在上月财报电话会议上表示。Visa目前在40多个国家拥有超过130个稳定币关联卡发行项目， Mastercard在全球拥有超过100个加密卡项目。 据The Information周一报道，两家支付巨头近期大幅扩张海外加密支付业务，并积极寻求收购和投资机 会。Mastercard正洽谈以至少15亿美元收购提供稳定币支付基础设施的Zerohash。Visa则在5月投资了英 国稳定币支付公司BVNK，并表示希望投资更多稳定币初创企业。 由Sapphire Ventures支持的初创公司Rain和Stripe旗下的Bridge是应用程序的主要卡片供应商。Rain表 示，其卡片年化消费金额已超过20亿美元，较8月翻倍。阿根廷加密应用Lemon Cash称，其用户70%的 总支付量来自Visa卡。Visa加密业务负责人Cuy Sheffield表示："五年后，我认为这将成为我 ...

小雪至，寒意渐浓，正是添置换季好物的绝佳时节。为回馈广大消费者，银联携手北京龙湖天街推出商 圈支付优惠活动。即日起至2026 年3月31日，用户使用银联手机Pay非接（线下NFC、不含二维码）支 付，即可享满200元立减30元福利，为冬日消费注入暖心活力。 作为北京城市商业的重要地标，龙湖商业在北京多区域布局，长楹、丽泽、大兴、房山、亦庄、北苑、 熙悦、长安共8座天街，分布在北京市6个片区，为消费者提供城市美好质感生活体验，以新品牌开业、 新场景打造、新空间亮相，全方位不间断地提供新的体验、新的内容、新的生活感知。 图片来源：北京龙湖天街 值得一提的是，天街不仅是购物空间，更是情绪价值体验场。这里融合了品质零售、尝鲜美食、休闲娱 乐与生活体验；这里汇聚众多首进品牌、潮流快闪、热门IP；这里通过不断的更新提升，持续适应着不 断变化的消费趋势，为消费者提供高品质购物与休闲体验。 本次优惠活动覆盖龙湖天街八座商圈，参与方式便捷高效。用户只需持有境内发行的62开头银联卡及银 联- Visa双标卡（不含港澳地区），在指定购物中心商户门店消费时，选择银联手机Pay非接（线下 NFC、不含二维码）支付方式，即可享受单笔实付 ...

文/刀客doc 01 去年10月我写《PayPal和支付宝都想赚广告费，但我并不看好》的时候，PayPal 还只是成立广告部门， 声称要把支付数据变成媒体资产。 那会儿，感觉更像是PayPal写给华尔街听的故事，落地路径模糊，产品形态也看不清。 我当时的判断是：支付工具离交易很近，但离广告生意其实挺远。 一年过去了，情况有了些的变化。 PayPal把广告业务独立成BU，请来了在Xaxis、亚马逊、Uber都打过仗的 Mark Grether掌舵，在纽约广 告周上对外把产品线摊开：自有场景里的展示广告、站外的Offsite Ads，再加上让千万级小商户把自己 网站变成零售媒体网络的Ads Manager——一整套商业媒介的动作，真地跑了起来。 eMarketer的一个分析提到，在PayPal的2025年Q2财报里，包含广告在内的Brand Experiences业务，对 营收同比增长的贡献是2个百分点，和 P2P、Venmo 这些老业务贡献相当。 这些新闻出来之后，我回头去翻了翻自己去年的那篇文章，发现有一些话确实得修正了。 我也不能再简单用一句我不看好把它们的广告模式，尝试一笔带过。更准确的说法可能是：这是一 ...

当前，金融科技化和科技金融化的进程加速。 一方面， 从技术对金融的影响看，金融始终是技术革命的坚定拥护者和推动者。以人工智能、大数据、云 计算为代表的新一代技术革命加速突破，提升了金融服务的广度、深度和效率，缓解了信息不对称、降低了交易成本。金融业充分利用新兴技术优化业务 流程、创新产品服务和推动数字化转型，技术人员和资源投入前所未有。其中，人工智能是推动金融变革的重要技术，尤其是生成式人工智能已进入规模 化应用阶段。今年8月，国务院印发了《关于深入实施"人工智能+"行动的意见》，提出"到2035年，我国全面步入智能经济和智能社会发展新阶段"。金融 业或将迎来根本性、颠覆性革新。 另一方面， 从金融对技术的支持看，技术创新离不开金融资源的持续大量投入。自中央金融工作会议提出做好科技金 融等五篇大文章以来，金融业加大对实现科技自立自强和科技强国建设的支持力度。人民银行统计数据显示，截至今年6月末，科技贷款余额同比增长 12.5%，比全部贷款增速高5.8个百分点；科技型企业平均获贷率为51.9%，比上年同期高2.3个百分点。从世界范围内看，人工智能等技术领域投资浪潮方 兴未艾，未来五年人工智能总投资规模复合增长率 ...

Summary of Conference Call Company Overview - The company operates in the payments industry, specifically focusing on patient affordability and plasma donation services. The leadership team has extensive experience in financial technology and services, with backgrounds in mergers and acquisitions [1][2]. Financial Performance - Market capitalization is approximately $300 million, with annual revenue for 2024 reported at $58.4 million and trailing 12-month revenue at $74.9 million [2]. - Fully diluted EPS for 2024 was $0.07, with trailing 12-month EPS at $0.13. Adjusted EBITDA for 2024 was $0.17, and trailing 12-month adjusted EBITDA was $0.30 [3]. - Total cash balance is around $120 million, with unrestricted adjusted cash just under $17 million [3]. Business Segments Patient Affordability Business - The patient affordability business is a significant growth driver, with the company facilitating copay assistance for patients unable to afford their medications [4][9]. - The company charges pharmaceutical companies for claims processing, with fees ranging from $2-$3 per claim and up to $50 for sending checks to providers [6][7]. - The proprietary technology, Dynamic Business Rules, allows the company to identify and prevent unnecessary claims, saving pharmaceutical companies over $200 million last year [10][11]. Plasma Donation Services - The company has about 50% market share in the plasma donation sector, serving approximately 75% of plasma companies in the U.S. [13][14]. - The plasma collection industry has seen an oversupply, but the company expects this to normalize by early 2026 [16]. - Revenue from the plasma business is projected to remain flat year-over-year, contrary to earlier expectations of a 10% decline [16]. Market Dynamics - The patient affordability business is complex and not well understood, even within the pharmaceutical industry [24]. - The company faces competition from established players like IQVIA and McKesson, but has been successful in winning business from them due to its innovative technology and service model [30][32]. - Barriers to entry in the patient affordability space include the slow adoption of technology by pharmaceutical companies and the need for trust [32][33]. Growth Strategy - The company employs a "land and expand" strategy, adding new programs with existing customers and acquiring new pharmaceutical clients [28][29]. - The leadership team is focused on leveraging their domain expertise to capture more market share in both patient affordability and plasma donation services [1][2]. Future Outlook - The company anticipates continued growth in both business segments, with expectations for revenue in the low $30 million range for 2025 [13]. - The approval of the Donor Management System is expected to enhance the company's offerings in the plasma sector, with potential market entry in early 2026 [19][20]. Analyst Coverage - The company is covered by five sell-side analysts, all of whom have buy ratings with price targets ranging from $8 to $10 [22]. Conclusion - The company is well-positioned in the payments industry, with strong financials and a clear growth strategy. The focus on patient affordability and plasma donation services, combined with innovative technology, provides a competitive edge in a complex market.

◎记者 温婷 徐潇潇 当SHEIN、Temu的下载量在全球应用商店持续攀升，当墨西哥的消费者签收来自义乌的小商品，当迪 拜的贸易商日益习惯通过手机完成跨境结算——中国支付机构的全球化足迹逐步渗透至拉美、中东等新 兴市场。 在我国连续第八年保持全球货物贸易第一的背景下，贸易格局的深刻变革，让支付"出海"跑出了"加速 度"，一场关乎效率、合规与生态的全球竞争已拉开帷幕。 "拿牌潮"瞄准新兴市场 最近，一些非银支付机构的海外负责人异常忙碌。忙碌的背后，是今年以来支付机构在全球的"拿牌 潮"：PingPong获得阿联酋央行原则性批准，有望成为中国境内首家持有阿联酋央行支付牌照的第三方 支付企业；移卡拿下美国亚利桑那州MTL州级支付牌照；连连数字建立了由65项支付牌照及相关资质 组成的全球支付牌照格局，增设新兴市场海外办事处、组建海外本土化运营团队。 "高价值牌照是构建全球支付网络的地基，地基牢固，我们才有机会搭建更多可能性。"PingPong联合创 始人卢帅的话，道出了行业共识。 与早年"粗放式出海"不同，如今的支付机构正以"牌照+本地化"的"组合拳"深耕全球，新兴市场成为增 长的核心引擎。 支付机构加速"出海"，既 ...

Core Insights - The future of cross-border consumption and payment is expected to diminish the perception of national boundaries, allowing users to purchase goods easily regardless of their origin, and making cross-border remittances as simple as sending a message [2][4] - Tencent is leveraging its WeChat ecosystem and financial technology capabilities to accelerate its global expansion in the increasingly competitive cross-border payment market [2][4] Industry Trends - The core driving factors for the growth of cross-border payment include increased communication between China and other countries, rising market demand, and the growing acceptance of Chinese goods and services abroad [4] - Future cross-border payments will integrate AI and mini-programs to create a more intelligent and seamless user experience, aiming for a "WeChat global payment ecosystem" [4][5] Business Segments - Tencent's cross-border payment business is divided into three main segments: cross-border remittances, cross-border consumption, and cross-border trade services [6][7] - Cross-border remittances allow global users to transfer funds to their WeChat accounts, while cross-border consumption includes transactions for both foreign visitors in China and Chinese users traveling abroad [7] Market Challenges - The main challenges in expanding into different countries include cultural differences, regulatory environments, and varying technological infrastructures [7] - Tencent adopts a "1+1+1" cooperation model, combining its technological capabilities with local financial institutions and major brands to overcome these challenges [7] Recent Developments - Since the resumption of cross-border consumption post-pandemic, Tencent has expanded its WeChat Hong Kong dollar wallet to support payments across millions of merchants in mainland China [9][10] - The company has also engaged in the construction of a "cross-border QR code unified gateway," allowing foreign users to pay using their local wallets without needing to install WeChat [10] Competitive Advantages - Tencent's significant advantage lies in its vast user base of over one billion WeChat users, which facilitates partnerships with merchants and institutions [11] - The integration of WeChat's ecosystem, including public accounts and mini-programs, enhances Tencent's value proposition in the cross-border payment space [11] Solutions for Businesses - Tencent has launched solutions like TenPay Global and Tencent Smart Goose to support cross-border e-commerce, providing comprehensive payment services and compliance management for businesses [12] AI Integration - AI technology plays a crucial role in Tencent's cross-border payment operations, particularly in risk identification and enhancing user experience [14] - The company has achieved a fraud rate of approximately one in a million, significantly lower than the overseas average, by utilizing AI for risk management [14]