近期，互联网助贷业务规范化推进迅速。 根据记者不完全统计，当前已经有20余家城商行、31家持牌消费金融公司陆续披露营销获客、增信服 务、贷后催收合作方。 中经记者 郑瑜 北京报道 《关于加强商业银行互联网助贷业务管理提升金融服务质效的通知》金规〔2025〕9号（以下简称"助贷 新规"）落地将近一个月，除了助贷新规明确要求的持牌金融机构主体跟进披露合作名单等监管要求， 及时更新，非持牌的科技平台也在配合金融机构快速完善金融消费者权益保护工作。 "针对我司与资方披露的合作方不一致的问题，已经要求资金侧立刻处理，务必对照资方名单更新我们 的合作名单，保证双方披露名单一致。"近期一家贷款规模在300亿元左右的助贷平台近日在内部工作布 置中要求。 多位业内人士在接受《中国经营报》记者采访时透露，4月以来，持牌金融机构从合作名单动态调整到 准入标准收紧，加速合规；非持牌的第三方助贷公司与互联网平台也同步跟进，在信息披露、消费者权 益保护、利率压降等方面进行调整。 根据助贷新规，商业银行应当加强平台运营机构、增信服务机构准入管理，审慎制定准入标准，有效实 施尽职调查，从严审批。应当对平台运营机构、增信服务机构实行名单制管理 ...

Core Viewpoint - The new regulations on internet lending aim to correct the deviations in the industry, transitioning from unregulated growth to compliant development, thereby ensuring the healthy evolution of the sector [1][2][3] Group 1: Regulatory Changes - The new rules will incorporate all credit enhancement service fees into the comprehensive financing cost management, establishing a cap of 24% annualized interest rate to eliminate illegal practices of high fees beyond interest [1] - The regulations emphasize "penetrating supervision" through three key measures: requiring banks to disclose cooperation institution information, linking profit-sharing to principal recovery progress, and ensuring full-process information disclosure to enhance transparency for borrowers [2] Group 2: Industry Impact - The implementation of the new regulations is expected to cause short-term fluctuations in the industry, with banks tightening funding positions and internet platforms experiencing a decrease in loan issuance [2] - The demand for loans with annualized rates above 24% is primarily concentrated among users with multiple debts, which increases their leverage and poses risks to platforms, necessitating the exit of this customer segment to mitigate risks [2] Group 3: Future Development - The new regulations not only correct the industry's course but also initiate a phase of high-quality development, compelling banks to enhance their risk control capabilities and reducing reliance on lending platforms [3] - For lending institutions, the end of the "channel model" presents an opportunity to transform into financial technology service providers by offering precise customer acquisition, intelligent risk control, and post-loan management services [3] - The ultimate goal is to improve financial accessibility for small and micro enterprises and individual borrowers, ensuring transparent pricing and standardized services to address the challenges of financing difficulties and high costs [3]

Core Viewpoint - The new regulations on internet lending aim to correct the deviations in the industry, transitioning from chaotic growth to compliant development, thereby ensuring the healthy evolution of the sector [1][2]. Group 1: Regulatory Changes - The new rules will enforce stricter management of commercial banks' internet lending operations, addressing compliance loopholes and preventing excessive financing costs disguised as "consultation fees" and "guarantee fees" [1][2]. - A key aspect of the regulations is the inclusion of credit enhancement service fees in the comprehensive financing cost management, establishing a cap of 24% annualized interest rate to eliminate illegal high fees [1][2]. Group 2: Industry Impact - The regulations are expected to reshape the industry ecosystem through three main strategies: requiring banks to disclose cooperation institution information, linking profit-sharing to principal recovery progress, and ensuring full transparency of fees to borrowers [2]. - The tightening of regulations may lead to short-term fluctuations in the industry, with banks tightening funding positions and some mid-tier platforms facing survival challenges [2][3]. Group 3: Long-term Benefits - The new regulations are seen as a catalyst for high-quality development in the industry, compelling banks to enhance their risk control capabilities and reducing reliance on lending platforms [3]. - For lending institutions, the end of the "channel model" presents an opportunity to transition into financial technology service providers, offering precise customer acquisition and intelligent risk management [3]. - The regulations aim to improve financial accessibility for small and micro enterprises, ensuring transparent pricing and standardized services to address financing difficulties [3].

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to enhance the management of internet-assisted lending by commercial banks, aiming for a more standardized and orderly development of this business model [1][2]. Group 1: Development of Internet-Assisted Lending - The internet-assisted lending business has rapidly developed as commercial banks leverage external internet platforms to issue loans, enhancing service efficiency for financial consumers [1]. - Internet platforms have played a complementary role by utilizing mature consumption scenarios, transaction customer groups, and customer data [1]. Group 2: Issues Identified - The rapid growth of internet-assisted lending has exposed several issues, including mismatches in rights and responsibilities, unreasonable pricing mechanisms, imprudent business development, and inadequate protection of financial consumer rights [1]. Group 3: Regulatory Measures - The notice emphasizes the need for commercial banks to establish a sound institutional framework, strengthen the management of cooperative institutions, standardize cost and fee management, and enhance independent risk control [1]. - It mandates that commercial banks include the fees charged by credit enhancement service providers in the comprehensive financing cost and clearly define the cost range [1]. Group 4: Consumer Protection - Commercial banks and their cooperative institutions are required to strengthen the protection of financial consumer rights, standardize marketing practices, and comply with national regulations on online marketing [2]. - There is an obligation to fully disclose key loan-related information to borrowers and to manage post-loan collection practices effectively, correcting any identified violations promptly [2].

Core Viewpoint - The implementation of new regulations for internet lending in China is accelerating a "reshuffling" in the industry, leading to a concentration of resources among major lending platforms while smaller platforms are being forced out due to increased compliance pressures [1][2]. Group 1: Regulatory Changes - The new regulations, effective from October 1, require banks to manage their partnerships with lending platforms through a list system, prohibiting collaborations with unlisted entities [2]. - Financial institutions are currently reducing their partnerships with smaller lending platforms, reflecting a tightening risk appetite in the banking sector [2][3]. Group 2: Impact on Lending Platforms - Smaller lending platforms previously utilized hidden fees to raise effective interest rates above the 24% threshold, but the new regulations have closed this loophole, posing challenges for their business models [1][3]. - Major lending platforms with strong compliance and risk pricing capabilities are expected to benefit from the new regulations, as banks prefer to collaborate with them due to their larger customer bases and better risk management [5]. Group 3: Market Dynamics - The lending market is showing a clear trend towards concentration, with major platforms like Ant Group, Meituan, Douyin, JD.com, and others frequently appearing in the partnership lists of various financial institutions [5]. - Banks are increasingly focusing on the traffic advantages of leading internet platforms, which enhances their customer acquisition strategies [5]. Group 4: Evaluation Mechanisms - Some banks have established systematic rating mechanisms for evaluating potential lending partners, assessing factors such as shareholder background, management stability, and risk management capabilities [6].

Group 1 - The Beijing financial regulatory authority has issued a draft notice prohibiting internet lending services to university students [1] - The draft notice emphasizes that financial institutions must clearly define the comprehensive financing cost range with platform operators and guarantee that the cost of a single loan complies with the Supreme People's Court regulations [1] - The new regulations aim to prevent disguised increases in financing costs through methods such as "membership rights" and "value-added rights" [1] Group 2 - The draft also proposes to regulate cooperation with offline lending institutions, requiring banks to strengthen management of partnerships with lending agencies [2] - It prohibits banks from paying fees outside of agreed terms to lending agencies and forbids these agencies from charging consumers under the guise of providing financial services [2] - The draft bans cooperation with offline information intermediary lending agencies that do not have actual business operations [2]

Core Viewpoint - The regulatory body is accelerating its investigation into the "24% + rights" model in the lending industry ahead of the implementation of the new Internet lending regulations on October 1, indicating a shift towards stricter compliance and oversight in the consumer finance sector [1][2][3] Regulatory Focus on Comprehensive Costs and Compliance - The investigation targets the impact of membership rights fees on borrowers' overall financing costs and whether there are attempts to circumvent the 24% interest rate cap [2][3] - Complaints regarding forced bundling and hidden fees have surged, with over 5,000 complaints reported [2] - The new regulations require clear disclosure of service fees and prohibit any form of disguised interest rate increases [2][3] Industry Transformation and Compliance Challenges - The extension of the investigation to consumer finance companies reflects the regulatory body's commitment to ensuring compliance across the entire lending industry [3][4] - Consumer finance companies face significant challenges in maintaining business sustainability while adhering to new compliance requirements, especially given their focus on higher-risk borrowers [1][4] Risk Pricing and Compliance Development - The strict enforcement of the 24% interest rate cap poses unprecedented pressure on consumer finance companies, limiting their ability to price for risk effectively [4][5] - The "24% + rights" model is seen as a transitional solution that highlights the tension between sustainable business practices and regulatory compliance [4][5] Future Pathways: Technological Solutions and Differentiated Regulation - The industry may need to leverage technology to reduce operational costs and improve risk assessment, thereby decreasing reliance on high-interest rates [7] - There is a call for a more nuanced regulatory framework that allows for differentiated pricing based on risk levels, rather than a blanket interest rate cap [5][7] - The ultimate goal is to create a transparent and sustainable credit market that provides affordable financial services to borrowers in need [7]

Core Viewpoint - The implementation of new regulations for internet lending is accelerating a reshuffling in the industry, leading to a concentration of resources among major lending platforms while smaller platforms are being forced out due to compliance pressures [1][2]. Group 1: Regulatory Changes - The new regulations, effective from October 1, require banks to manage a list of approved lending platforms, limiting partnerships to those on the list [2][3]. - Financial institutions are reducing their cooperation with smaller lending platforms due to increased compliance risks and a tightening of risk appetite [2][3]. Group 2: Market Dynamics - Smaller lending platforms previously utilized hidden fees to raise effective interest rates above the 24% threshold, but the new regulations have closed this loophole [3][4]. - Major lending platforms such as Ant Group, Meituan, Douyin, and JD.com are frequently appearing on the cooperation lists of various financial institutions, indicating a trend towards consolidation in the market [4][5]. Group 3: Risk Management - Financial institutions are focusing on risk management and compliance, leading to a preference for larger platforms with established risk pricing capabilities [3][4]. - Banks are implementing systematic rating mechanisms for assessing potential lending partners, evaluating factors such as shareholder background, management stability, and risk management capabilities [5].

Core Viewpoint - The new regulations on internet lending by commercial banks aim to enhance the management and compliance of lending practices, leading to a significant restructuring and differentiation within the industry [2][4][7]. Summary by Sections Internet Lending Business - Internet lending refers to the model where commercial banks collaborate with external internet platforms to provide loans to eligible borrowers, primarily serving personal consumption and small businesses [1]. New Regulations Highlights - Commercial banks and consumer finance companies must not only act as funding sources but also enhance post-loan collection management, correcting any identified violations promptly [2]. - Banks are required to accurately understand the actual fees charged by credit enhancement service providers, ensuring that the total financing cost for borrowers does not exceed the legal limit of 24% annual interest [2]. - A list management system will be implemented for platform operators and credit enhancement service providers, prohibiting collaboration with entities not on the approved list starting from October 1, 2025 [2]. Industry Response to New Regulations - Following the announcement of the new regulations, several institutions, including Guangzhou Bank and Chengde Bank, have proactively disclosed their lists of lending partners, indicating a trend towards collaboration with leading platforms [3][4]. - The disclosed lists predominantly feature top-tier platforms and various types of institutions, reflecting a significant shift in the industry landscape [3]. White List Disclosure - Guangzhou Bank has revealed a list of 17 cooperative lending platforms and credit enhancement institutions, including major players like Lexin and WeBank [4]. - Chengde Bank's list includes companies under Ant Group and JD Group, showcasing the involvement of major internet firms in the lending space [4]. Business Models of Consumer Finance Companies - Consumer finance companies often establish lending platforms to match third-party funding sources, enhancing their business structure through a combination of off-balance-sheet and on-balance-sheet operations [6]. Industry Differentiation and Restructuring - The implementation of the list management system is expected to intensify industry differentiation, favoring larger, more compliant institutions that can meet regulatory standards [7][8]. - The capital strength of leading internet companies allows them to dominate the market, while smaller institutions may struggle to expand due to capital constraints [7]. Performance of Leading Institutions - Leading consumer finance companies, such as Mashang Consumer Finance, reported a net profit of 2.281 billion yuan in 2024, reflecting a 15.1% year-on-year increase, despite a decline in on-balance-sheet loan issuance [9]. - The company has established partnerships with over 90 financial institutions, with its open platform business lending amounting to 180.6 billion yuan in 2024, indicating a strategic shift towards open platform operations [10].