【Fintech Weekly Report is a special product released by Titanium Media TMTpost, which will integrate the most important regulatory policies and industry trends of the financial technology industry this week. 】
Regulatory dynamics
- China Banking and Insurance Regulatory Commission intends to revise Banking and Administration Law , including the major shareholders of institutions in the scope of supervision
- November, the China Banking and Insurance Regulatory Commission publicly solicited opinions on the "Banking Supervision and Administration Law of the People's Republic of China (Draft for Comments on the Revision Draft)", stating that it will improve the system construction and achieve full coverage of supervision. Specifically, it includes: First, strengthen shareholder supervision. Include the main shareholders and actual controllers of the institution in the scope of supervision, and establish a full-process supervision system of pre-entry access approval, continuous supervision during the process, and post-disposal and punishment. The second is to increase regulatory authorization for third-party institutions in the banking industry. Clarify the obligation of diligence and responsibility, and authorize the regulatory authorities to require them to submit information and materials. The third is to add extraterritorial applicable clauses and clarify the basic rules for cross-border information provision.
- China Banking and Insurance Regulatory Commission: Statistics the green insurance liability business of each insurance company in steps, and studies and issues relevant green insurance guidance opinions
- The China Banking and Insurance Regulatory Commission issued the revised " Insurance Guarantee Fund Management Measures ", and implemented
- Six departments jointly issued the "Notice on Further Increasing Support for Delayed Repayment of Principal and Interest for Small and Micro Enterprises Loans"
- financial support for real estate continues to increase investment, and many banks discussed increasing their real estate credit supply
- Regulatory notices the list of bad records for private equity fund managers and stops cooperation
- Bank is actively preparing for personal pension business
- Ant Consumer Finance plans to increase its capital to 18.5 billion
- 360 Digital Technology's second listing hearing was released after the data collection of the Hong Kong Stock Exchange
- rumored that the collection giant Yongxiong Assets will be listed in the United States
- Yibin Commercial Bank plans to list in Hong Kong
- Financial One Account revenue exceeded 3.2 billion yuan in the first three quarters, an increase of 12.95% year-on-year
- ICBC , E Fund, Tianhong and other companies were shortlisted for the first batch of personal pension products list
- 72 micro-loan institutions in Hainan "have certificates and take up their posts" and become licensed local financial organizations
- Bohai Bank digital RMB business was officially launched
- Connect Company's capital increase was approved by the central bank
- Ping An Consumer Finance was approved for national interbank lending qualification
- The major shareholder of CITIC Consumer Finance was changed to CITIC Financial Holdings
- Li Zimin was approved as China Huarong President
- AXING Tianping Generals Qi changed, Zhu Yaming retired as Zuo Weihao as the temporary person in charge
- Zhongcheng Insurance : Election of Du Zhijian as the new chairman, removal of Cai Jie as chairman
- China Post Securities general manager Bu Yanhong resigned and will serve as chairman of Beiyin Wealth Management
- Twitter submitted documents to the US Treasury Department, intending to enter the payment field
- November 11th, the China Banking and Insurance Regulatory Commission recently issued the "Notice on the Green Insurance Business Statistical System" to clarify that green insurance refers to the general term for the insurance industry to provide risk protection and financial support in terms of environmental resource protection and social governance, green industry operation and green life consumption.
The "Notice" officially issued the "Green Insurance Statistical System", which will count the green insurance liability business of each insurance company in steps according to a combination of product dimensions and customer dimensions. All companies should strengthen the construction of green insurance capabilities, strengthen the data governance of green insurance business, optimize the construction of information systems, and establish and improve the identification and management mechanism for green insurance products, green industry customers and green insurance targets. In the next step, the China Banking and Insurance Regulatory Commission will steadily promote the implementation of the "Statistical System", and at the same time further study and issue relevant guiding opinions on green insurance, establish and improve a green insurance policy system, and promote the sustainable and healthy development of green insurance business.
- 1 November 10, China Banking and Insurance Regulatory Commission , in conjunction with the Ministry of Finance and People's Bank of China , revised the "Insurance Guarantee Fund Management Measures" promulgated and implemented in 2008. With the approval of the State Council, it will be implemented from December 12, 2022. The main contents of the modification include: First, the provisions for raising insurance funds have been revised. The current fixed rate system of insurance guarantee funds is adjusted to a risk-oriented rate system, and it is clear that the insurance guarantee fund rate is composed of the benchmark rate and the risk-differential rate. The determination and adjustment of the fee rate shall be proposed by the China Banking and Insurance Regulatory Commission, consult relevant departments and submit them to the State Council for approval; adjust the upper limit of suspension of insurance guarantee funds, and adjust the upper limit of suspension of payment of property insurance companies and personal insurance companies from 6% and 1% of the company's total assets to 6% and 1% of the industry's total assets respectively. The second is to clarify the financial requirements of the insurance protection fund.
- 1 November 14 news, according to the official website of Central Bank , the People's Bank of China and other six departments jointly issued the "Notice on Further Increasing Support for Delayed Repayment of Principal and Interest for Small and Micro Enterprises Loans". The "Notice" clearly states that for loans to small and micro enterprises that expire in the fourth quarter of 2022 and are temporarily in trouble due to the impact of the new crown pneumonia epidemic (including business loans for individual industrial and commercial households and small and micro business owners), in principle, the principal and interest repayment date can be extended to June 30, 2023.
- 1 On November 15, the reporter learned from multiple sources that after the relevant notice on financial support for the stable and healthy development of the real estate market was issued, several banks held internal meetings on November 14 to discuss further increasing the investment in real estate credit supply.First, we will actively provide credit support based on the operation status and sales prospects of residential projects within the "white list" real estate companies; second, we will improve the due diligence exemption system, encourage employees of the bank's credit department to deeply understand the funding needs of real estate companies, and provide various financial services such as development loans and bridge loans when implementing risk control requirements; third, we will increase loans for real estate companies' mergers and acquisitions or bond issuance and financing support. [21 Finance]
Recently, the China Banking and Insurance Regulatory Commission issued the "Notice of the General Office of the China Banking and Insurance Regulatory Commission on the List of bad records for private equity fund managers" in the industry, requiring all insurance institutions to stop investment cooperation with private equity fund managers on the list in accordance with relevant regulations and procedures, and shall not have any business transactions with them, and shall prudently conduct any business transactions with their core managers.
- 1 On November 10, commercial banks are actively planning personal pension business. As of November 9, many large state-owned banks and joint-stock banks have launched personal pension appointment services in their mobile apps, and banks have also launched pension calculator functions to help residents plan their pension wealth. Industry insiders said that under the personal account system, commercial banks, as the only type of financial institution that can open personal pension fund accounts, have mastered the capital entrance and can follow the trend to diversify comprehensive business layout, and the income of intermediate business is expected to be improved. Regarding the first list of banking institutions to start personal pension business, experts expect that large state-owned banks and shares banks are expected to seize the initiative. [China Securities Journal]
Enterprise Dynamics
According to the announcements issued by many listed companies such as Yuyue Medical , Chongqing Ant Consumer Finance Company (hereinafter referred to as "Ant Consumer Finance") has determined that the registered capital of Ant Consumer Finance will increase from the original 8 billion yuan to 18.5 billion yuan. Specifically, the companies participating in this capital increase subscription include Ant Group, Hangzhou Jin Digital Technology, Sunny Optics, Chuanhua Zhilian , Yuyue Medical, Boguan Technology, and Chongqing Rural Credit Co., Ltd.
- 1 On November 14, according to Hong Kong Stock Exchange documents, the data collection of the data collection of the 360 Digital Technology's second listing hearing was released after the data listing on the Hong Kong Stock Exchange. The sponsors for listing this time are Citi and CICC . According to the disclosure of information, the funds raised will be used to increase R&D investment, expand customer acquisition scale, etc. In the third quarter of 2022, 360 Digital Technology's total net income was 4.144 billion yuan and net income was 988 million yuan. As of the end of the third quarter of 2022, 360 Digital Technology helped 141 financial institutions to provide credit services to 43 million users, with the number of users increasing by 317.8% year-on-year; provided loan services to 26.3 million users, a year-on-year increase of 12.9%; and the transaction amount promoted in a single quarter was 110.675 billion yuan, a year-on-year increase of 13.4%. During the reporting period, the cumulative number of registered users of 360 Digital Technology exceeded 200 million for the first time, an increase of 11.9% year-on-year. [Cailianshe]
Hunan Yongxiong Asset Management Group Co., Ltd. Since its delay in listing in 2019, it seems that it has not given up on the idea of continuing to go public. There is currently news that it is preparing to go public in the United States for a second time. It is worth noting that although there are many domestic debt collection companies and many have good performance, there are not yet able to sprint to capital market . Shanghai Yinuo Yinhua Service Outsourcing Co., Ltd., which has been waiting for listing on the New Third Board for many years, is currently only Yongxiong may still be listed in the ranks of listed companies. [Consumer Finance Channel]
- 1 On November 9, Yibin Commercial Bank is preparing to list on H shares . Public information shows that Yibin Bank is publicly selecting and appointing joint sponsors, lead underwriters and overall marketing coordinators for H-share IPO projects, as well as IPO accounting firm . It is understood that the projects selected by the H-share IPO accounting firm have been approved by the project approval/approval/filing authority, and the source of the project funds is self-raised 6.8 million yuan.
- November 11th, in the first three quarters of this year, Financial One Account achieved operating income of 3.222 billion yuan, an increase of 12.95% year-on-year; and achieved a net loss of 695 million yuan, compared with a net loss of 923 million yuan in the same period last year. The gross profit was 1.134 billion yuan, an increase of nearly 15% year-on-year; the gross profit margin increased slightly from 34.6% at the end of September 2021 to 35.2% year-on-year; the net profit margin attributable to shareholders increased by 11 percentage points.
- November On November 11, the first batch of personal pension products and sales institutions list will be released soon. The first batch of products of each fund company shall not exceed two. The first batch of products to complete the additional pension target fund shares include ICBC-RIC , E Fund, Southern , China Merchants Bank, Bank of Communications, Jiashi , Tianhong, Huaxia , Yinhua , Jianxin , GF, Invesco Great Wall and other products. [China Securities Network]
- November 11, recently, the Hainan Microfinance Association disclosed that the Hainan Microfinance Company Business Qualification Certificate Issuance Conference and the 2022 Hainan Microfinance Company Industry Self-Discipline Work Conference were held in Haikou. At the meeting, a total of 72 micro-loan companies in Hainan obtained operating qualification licenses and became formal licensed local financial organizations. Judging from the list disclosed by the Hainan Microfinance Association, the names of the 72 microfinance companies that have obtained licenses do not include the words "online loan". [Securities Daily]
- November, Bohai Bank's digital RMB business was officially launched, which is also an important measure for the bank to improve the infrastructure of the digital RMB business operation. The digital RMB business launched this time was developed by the Ecological Bank Innovation Laboratory of Bohai Bank Suzhou Branch, focusing on three directions: enriching digital currency functions, expanding digital currency application scenarios, and integrating mobile banking. In terms of business functions, the newly launched digital RMB business provides customers with convenient mainstream service functions such as wallet recharge, bank deposit, money transfer, upgrade, collection and payment, transaction record inquiry. [WEMONEY Research Office]
- November 9, recently, People's Bank of China issued the "Notice on the establishment of branches, divisions, mergers, changes of major matters, termination and dissolution approval licensing information on bank card clearing institutions (as of September 2022)". Public information shows that the registered capital of Liantong (Hangzhou) Technology Co., Ltd. has increased from RMB 3.7 billion to RMB 5.06 billion. [Mobile Payment Network]
- November On November 11, Ping An Consumer Finance stated that it has been officially approved to enter the national interbank lending market recently. A relevant person in charge of Ping An Consumer Finance said that the interbank lending market is an important channel for consumer finance companies to lend short-term funds and an important means for various financial institutions to manage liquidity. This time, the approval of entering the national interbank lending market not only further broadened financing channels, but also enhanced the company's popularity and brand value in the interbank market.
- a few days ago, the official website of the Beijing Banking and Insurance Regulatory Bureau issued an approval, agreeing to the application for equity change of CITIC Consumer Finance Co., Ltd. According to the approval, the shareholders of CITIC Consumer Finance will be changed from China CITIC Co., Ltd. to China CITIC Financial Holdings Co., Ltd. , and the actual controller is still CITIC Group . Regarding this change, the relevant person in charge of CITIC Consumer Finance responded that the change of equity is an adjustment made in accordance with the relevant work requirements of the regulatory authorities after the establishment of CITIC Financial Holdings. [WEMONEY Research Office]
- 1 November 8, the official website of the China Banking and Insurance Regulatory Commission disclosed the relevant approval.The content shows that the China Banking and Insurance Regulatory Commission has recently approved Li Zimin's qualifications to serve as the president of China Huarong. Previously, Li Zimin was the vice chairman and general manager of CITIC Trust .
Recently, Ansheng Tianping Property Insurance announced that the position of Zhu Yaming, the company's general manager, ended on October 31, and Zuo Weihao was appointed as the temporary person in charge, and he would become the general manager after approval by the supervision. In addition to the general manager change, the new chairman of AXA Tianping Property Insurance was approved to perform his duties in September. On September 15, Ansheng Tianping Property Insurance announced that the company received a reply from the Shanghai Banking and Insurance Regulatory Bureau that Zhu Shamiao served as the company's chairman.
- 1 November 8, Zhongcheng Automobile Insurance Co., Ltd. (hereinafter referred to as "Zhongcheng Insurance") issued an announcement on the dismissal of directors and chairman elections stating that Du Zhijian as the company's chairman, and the term of office will expire until the expiration of this board of directors. The announcement also shows that Cai Jie was removed from his position as chairman on November 4, 2022 will take effect from the date of review and approval of the 11th meeting of the fourth board of directors of the company.
- November 15th, the reporter learned today that China Post Securities issued an announcement stating that the company's board of directors received a resignation application submitted by Bu Yanhong, and Bu Yanhong resigned from the position of general manager of the company due to personal reasons. Before the new general manager officially takes office, Yu Xiaojun, the company's deputy general manager, will perform the duties of the company's general manager. In addition, the company's board of directors will complete the appointment of the new general manager as soon as possible in accordance with the statutory procedures. [Shanghai Securities News]
- November 10, it is reported that Twitter recently submitted documents to the Financial Crime Enforcement Bureau (FinCEN), a subsidiary of the US Treasury Department, showed that it submitted registration documents last week, paving the way for entering the payment field. Musk is seeking to transform the company after a $44 billion acquisition of Twitter last month. Businesses that conduct business such as transfers, currency exchange or cash checks must register with FinCEN and report suspicious transactions to the institution. Musk often considers including payment business on Twitter, and has said he plans to transform Twitter into a "everything app". 【Cailianshe】
