Core Viewpoint - Minsheng Bank is terminating its financial product distribution partnerships with various third-party platforms, including China Mobile's "HeBao" and Huaneng Group's YunCheng JinFu, in response to new regulatory guidelines set to take effect on October 1, 2023 [1][2][4]. Group 1 - Minsheng Bank has ceased its financial product distribution with "HeBao" since September 19, 2023, allowing only for business inquiries without further operations [1]. - The bank is also ending its partnership with Huaneng Group's YunCheng JinFu, with the termination of public fund distribution set for September 19, 2025 [2]. - On September 11, 2023, Minsheng Bank announced the termination of its public fund distribution with the "YiPay" platform, effective September 24, 2025 [2]. Group 2 - The bank previously announced the termination of its public fund distribution with "Huawei Wallet" and "Yutong Life" platforms, with respective termination dates of September 4, 2025, and August 25, 2025 [3]. - Industry insiders suggest that these actions are a proactive response to the upcoming implementation of the "Commercial Bank Agency Sales Business Management Measures" [3]. - The new regulations restrict commercial banks to sell products only through their own channels and prohibit outsourcing sales processes to third-party platforms [4][5].

Core Viewpoint - Minsheng Bank is terminating its cooperation with third-party platforms "Yutong Life" and "Huawei Wallet" for the distribution of public money market funds, in response to the new regulatory framework set to take effect on October 1, 2025, which mandates banks to operate their own sales channels without relying on external institutions [3][5][6]. Group 1: Regulatory Changes - The new "Sales Agency Management Measures" issued by the National Financial Supervision Administration aims to clarify the responsibilities of commercial banks as sales agents and promote the healthy development of agency sales [6][8]. - Banks are required to establish a compliance framework, standardize sales behaviors, and enhance customer management to align with the new regulations [6][8]. Group 2: Operational Adjustments - Minsheng Bank will close its fund distribution channels on the "Yutong Life" platform starting August 25, 2025, and on the "Huawei Wallet" platform starting September 4, 2025, directing customers to use the Minsheng Bank mobile app for fund transactions [4][5]. - The bank's customer service indicated that the integration of third-party platform operations into the bank's mobile app is part of compliance with the new regulations [6]. Group 3: Challenges in Implementation - The implementation of the new sales regulations presents structural challenges, including product homogeneity among banks, which leads to low customer loyalty and increased competition [9][10]. - There is a gap between diverse customer needs and the banks' ability to respond effectively, particularly for different demographic groups such as the elderly and younger consumers [9][10]. Group 4: Strategic Recommendations - To address product homogeneity, banks should innovate and create differentiated product lines tailored to specific customer segments, such as specialized financial solutions for tech enterprises [11][12]. - Banks are encouraged to leverage big data for dynamic risk assessment and enhance customer service through personalized and digital offerings [11][12]. - Collaboration with fintech companies to share resources and reduce IT costs is recommended, especially for smaller banks [11][12].

Core Viewpoint - The implementation of the new regulations for commercial banks' agency sales business, effective from October 1, 2023, is prompting banks to adjust their sales models and strengthen compliance, indicating a shift towards self-managed channels [1][2][4]. Regulatory Changes - The new regulations restrict commercial banks to sell products only through their own channels, such as bank branches, official websites, and proprietary apps, prohibiting outsourcing or embedding sales processes in third-party platforms [4][5]. - Banks are expected to enhance their compliance and transparency in sales practices, ensuring that all sales activities are traceable and within their control [2][4]. Business Model Adjustments - A certain commercial bank has announced the termination of its fund sales cooperation with third-party platforms "Huawei Wallet" and "Yutong Life," signaling a broader trend among banks to reassess and modify their agency sales strategies [1][2]. - Other banks are likely to follow suit, especially those with strong self-channel foundations, as they adapt to the new regulatory environment [3][5]. Long-term Implications - The new regulations are anticipated to lead to a systematic restructuring of the agency sales model, compelling banks to improve their sales processes and service quality [1][4]. - In the long run, the regulations will promote a new phase of regulatory oversight that emphasizes full traceability in sales processes, enhancing the overall compliance level within the industry [4][5]. Strategic Focus - Banks are shifting their wealth management strategies to focus on self-operated platforms, which allows for better customer data management and personalized service offerings [5][6]. - The core competitive advantages for banks in the future will include leveraging their large customer bases, integrating various financial products, and enhancing professional capabilities to provide tailored wealth management solutions [6].

Core Viewpoint - The implementation of the new regulations for commercial banks' agency sales business is prompting banks to adjust their sales models, emphasizing compliance and self-managed channels [1][2][4]. Group 1: Regulatory Changes - The new regulations, effective from October 1, require banks to limit agency sales to their own channels, prohibiting outsourcing or embedding sales processes in third-party platforms [4]. - Banks are expected to terminate partnerships with third-party platforms, as seen with a certain commercial bank ending its fund sales cooperation with "Huawei Wallet" and "Yutong Life" [2][3]. Group 2: Business Model Adjustments - The shift towards self-managed channels is a clear signal of banks reinforcing compliance and risk management, allowing better control over sales processes [2][5]. - The transition may temporarily affect business efficiency as banks invest in system upgrades and customer training [4]. Group 3: Long-term Implications - The new regulations are anticipated to lead to a comprehensive restructuring of the agency sales model, enhancing the overall compliance level in the industry [4][6]. - Banks will focus on building robust self-operated platforms to improve customer engagement and service efficiency, aligning with the growing demand for diversified wealth management [5][6].