Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have jointly issued the "Management Measures for Bank Card Clearing Institutions," which will take effect on November 1, 2025, to enhance the regulatory framework for bank card clearing institutions and promote a healthy development of the bank card clearing market [1][2]. Group 1: Regulatory Framework - The new measures consist of seven chapters and 58 articles, including general provisions, application and licensing, changes and termination, operational management, supervisory management, legal responsibilities, and supplementary provisions [2]. - The revised measures introduce chapters on operational management and supervisory management, aimed at fostering orderly competition and protecting the legal rights of market participants [2]. Group 2: Operational and Supervisory Requirements - The measures establish basic requirements for governance structure, business rules, standard systems, member management, internal control, risk management, and business continuity for bank card clearing institutions, enhancing compliance management [2]. - The regulatory framework aims to ensure that the supervision of bank card clearing institutions is systematic and orderly, maintaining the integrity of the bank card clearing market [2]. Group 3: Current Market Landscape - Currently, three institutions hold licenses for bank card clearing business: China UnionPay, LianTong (Hangzhou) Technology Service Co., Ltd., and WanShiWangLian, with the latter two obtaining their licenses in June 2020 and November 2023, respectively [3]. - The measures maintain existing regulatory principles for bank card clearing institutions, refining the regulatory system to promote healthy development and orderly operation of the bank card clearing market [3]. Group 4: Policy Objectives - The measures emphasize a legal approach to administrative licensing, aiming for transparency, sufficient basis, and standardized processes to optimize the legal business environment [3]. - The measures advocate for high-level openness, aligning with foreign investment regulations to promote development and enhance clearing service levels [3]. - The measures also focus on balancing development and security, ensuring the safety and continuity of bank card clearing operations [3].