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].

Core Viewpoint - The People's Bank of China has introduced a new classification and rating management method for non-bank payment institutions, effective from February 1, 2026, aimed at enhancing regulatory precision and promoting high-quality development in the industry [1][5]. Group 1: Classification and Rating System - The classification rating will occur annually, evaluating the previous year's performance, and will categorize payment institutions into five classes (A, B, C, D, E) with a total of 11 levels [1][5]. - The rating will be based on seven modules: corporate governance, business norms, reserve fund management, user rights protection, system security, anti-money laundering measures, and operational stability, with a total score out of 100 [3][5]. Group 2: Regulatory Implications - The classification results will guide the People's Bank of China in determining regulatory focus and resource allocation, allowing for differentiated supervision based on the ratings [5][6]. - Institutions rated as E will face immediate classification due to severe violations, such as failing to submit self-assessment reports or being involved in criminal activities [4][5]. Group 3: Impact on Industry Practices - The new regulations encourage payment institutions to proactively enhance compliance and risk management, shifting from reactive to proactive strategies [6][8]. - High-rated institutions may benefit from more flexible development opportunities, while low-rated ones will encounter increased compliance costs and operational pressures [7][8]. Group 4: Future Outlook - The ongoing implementation of the classification rating is expected to integrate compliance deeply into the operational processes of payment institutions, fostering improvements in governance, security, and service quality across the industry [8]. - The unified compliance standards will create a fairer competitive environment and reduce regulatory arbitrage, promoting a healthier market landscape [8].

具体来看，《办法》对支付机构分类评级设置了七个模块，包括公司治理、业务规范、备付金管理、用户权益保护、系统安全、反洗钱措施、经营稳健性 等，各模块在评级中占比有所差异。在分析人士看来，非银支付行业的监管进入"精准分类、差异施策"的新阶段，将有限的资源集中到风险更高的机构上， 推动行业优胜劣汰。 七大模块量化支付机构评级 《办法》指出，支付机构分类评级每年进行一次，评价期为前一年度。人民银行及其分支机构将根据支付机构分类评级结果，确定监管重点，进行差异化监 管。支付机构分类评级结果分为A（AAA、AA、A）、B（BBB、BB、B）、C（CCC、CC、C）、D、E，共5类11级，是衡量支付机构经营状况和风险程 度的重要依据。 根据《办法》介绍，支付机构分类评级包括公司治理、业务规范、备付金管理、用户权益保护、系统安全、反洗钱措施、经营稳健性等七个模块。各模块内 设置若干评级要素，由定量和定性两类指标组成。 评级满分为100分，其中业务规范模块占比最高，为25分；系统安全、反洗钱措施、经营稳健性分别为15分，剩余公司治理、备付金管理以及用户权益保护 分值均为10分。人民银行及其分支机构根据支付机构实际情况，对照评级 ...

Core Viewpoint - The People's Bank of China has approved an increase in the registered capital of Tenpay Technology Co., Ltd. to 22.3 billion yuan, marking the second capital increase in 2024 and solidifying its position as the highest registered capital payment institution in China [2][3]. Group 1: Company Developments - Tenpay's registered capital increased from 1 billion yuan to 15.3 billion yuan in March 2024, and now stands at 22.3 billion yuan, surpassing the second-ranked payment institution by nearly 18 billion yuan [2]. - The increase in capital reflects regulatory recognition of Tenpay's development and its commitment to investing in technological innovation, service quality, and payment security [2]. - Tenpay supports WeChat Pay and QQ Wallet by providing secure underlying technology for online transactions [2]. Group 2: Industry Context - Since the implementation of the Non-Bank Payment Institutions Supervision Management Regulations in May 2022, several payment companies have increased their registered capital, altering the rankings of leading non-bank payment institutions [3]. - The second-ranked institution is PayPal's subsidiary with a registered capital of 4.52 billion yuan, followed by Du Xiaoman Payment at 4 billion yuan, and Douyin Payment at 3.15 billion yuan [3]. - Alipay, under Ant Group, has not increased its registered capital since last year, remaining at 1.5 billion yuan [3]. Group 3: Regulatory Environment - The Non-Bank Payment Institutions Supervision Management Regulations set a minimum registered capital requirement of 1 billion yuan, which is deemed insufficient for effective regulation of leading payment institutions [3]. - The regulations introduce a classification and rating system for non-bank payment institutions, emphasizing the importance of systemic risk management [4]. - The capital increase for payment institutions is influenced by transaction volumes and regulatory requirements, with Tenpay holding an 80-90% market share in offline mobile payments [4][7].