Core Viewpoint - The People's Bank of China has approved the establishment of a new company, Shaanxi Ximei Payment Co., Ltd., through the continuation and division of Shaanxi Coal Trading Center, allowing it to operate as a licensed payment service provider focusing on stored value account operations [3][5]. Company Overview - Shaanxi Coal Trading Center was established in November 2010 and is recognized as one of the three major coal trading centers in China, approved by the Shaanxi provincial government and the State Council [2]. - The center obtained its payment business license from the People's Bank of China in January 2013, which has been successfully renewed in 2018 and 2023, with the current license valid until January 2028 [5][6]. Business Operations - The new company, Ximei Payment, will focus on various payment services including "Qin An Pay" for guaranteed payments, "Qin Chain Pay" for entrusted agency payments, and cross-border RMB payments, targeting large commodity trading, logistics, and cross-border trade sectors [8]. - Ximei Payment aims to provide comprehensive payment solutions for over 4,000 clients, with a cumulative payment volume exceeding 2.7 trillion yuan [8]. Regulatory Compliance - The establishment of Ximei Payment is part of a compliance strategy following the implementation of the Non-Bank Payment Institution Supervision and Management Regulations, which require payment institutions to include "payment" in their names [6][8]. - The Shaanxi Coal Trading Center has maintained a record of compliance, but recently faced a fine of 30,000 yuan for violating payment settlement management regulations, marking its first penalty in nearly twelve years [10][12]. Industry Context - The payment industry is currently undergoing significant regulatory changes, with a focus on optimizing license classifications and strengthening compliance systems [12]. - The recent penalty against Shaanxi Coal Trading Center highlights the importance of adhering to strict regulations regarding payment account management, as violations can lead to severe consequences in the industry [12].