CHINA: An Introduction to FinTech Legal (PRC Firms)
Fintech in China: Industry Scope and Regulatory Landscape
中国的金融科技：行业范围与监管态势
Financial technology (“Fintech”) in China has experienced over a decade of development, evolving from "internet finance" prior to 2015, to "fintech", and into "digital finance" or "technological finance" by 2024. Despite the variations in terminology, the core essence remains the integration of the financial sector with technology, better enabling finance to serve the real economy and enhance financial inclusivity.
金融科技在中国经历了十余年的发展，从2015年及之前的互联网金融，到后来的金融科技，再到2024年的数字金融、科技金融，虽然名称各异，但其核心仍在于金融行业与科技手段的结合，通过科技赋能金融，并在不同领域呈现各自的金融业务形态，以更好地服务实体经济和普惠民生。
In terms of industry scope and licensing regulations, China’s fintech sector primarily involves financial activities such as payment services, online lending, wealth management, and related technological regulatory requirements (such as value-added telecommunications business licences, blockchain information service registration, and information technology system service agency registration). The types of industry players include banks, third-party payment institutions, non-bank financial institutions, securities companies, asset management companies, insurance companies, local financial organisations, and other internet platforms and information technology companies that do not hold financial licences.
从行业范围及牌照监管来看，中国的金融科技行业主要涉及支付、信贷、理财等金融业务以及与之相关的其他技术类监管要求（如增值电信业务许可、区块链信息服务备案、信息技术系统服务机构备案等），而行业主体类型，则包括银行、第三方支付机构、非银行金融机构、证券公司、基金公司、保险公司等金融机构、地方金融组织以及其他不持有金融牌照的互联网平台、信息科技公司。
The macro policy environment shows that regulatory authorities overall adopt a supportive and encouraging attitude towards the development of fintech and have issued a series of guiding documents in this regard. Notable among these are the Guiding Opinions on Promoting the Healthy Development of Internet Finance, issued in July 2015, as well as the Financial Technology Development Plan, issued separately in August 2019 and January 2022, and culminating in the Action Plan for Promoting High-Quality Development of Digital Finance, issued in November 2024. The essence of fintech remains financial in nature, and on the basis that "financial activities must be licensed," regulatory bodies allow appropriate industry innovations while managing and mitigating potential risks.
从宏观政策环境来看，监管部门整体对于金融科技的发展呈现鼓励、支持和规范的态度，并出台了一系列纲领性文件，如2015年7月的《关于促进互联网金融健康发展的指导意见》、2019年8月与2022年1月分别出台的《金融科技发展规划》、2024年11月的《推动数字金融高质量发展行动方案》。金融科技的本质仍属于金融，监管部门在“金融活动必须持牌经营”的基础上，允许相应的行业创新，而对于潜在的风险事件，也会予以管控和化解。
In 2024, regulatory emphasis has increasingly focused on leveraging data elements and digital technologies as key drivers to accelerate the digital transformation of financial institutions, solidifying the foundation for the development of digital finance, and improving the governance framework of digital finance to promote the high-quality development of China’s digital economy.
在2024年，监管也进一步强调要以数据要素和数字技术为关键驱动，加快推进金融机构数字化转型，夯实数字金融发展基础，完善数字金融治理体系，推动中国数字经济高质量发展。
Payments Industry: Restructuring of the Third-Party Payment Business Field
支付领域：第三方支付机构的业态重构
On 1 May 2024, the Regulations on the Supervision and Management of Non-Bank Payment Institutions officially took effect. The regulations adopt a functional supervision approach, redesigning the classification of payment business type based on the essence of their business operations. They transformed the previous “three-category system” (which included online payment, prepaid card issuance and acceptance, and bank card acquiring) into a “two-category system” (ie, stored value account operations and payment transaction processing). This marked a reversal of regulatory principles that had governed third-party payments in China for over a decade.
2024年5月1日，《非银行支付机构监督管理条例》正式生效，其采用功能监管的逻辑，按照业务实质对支付业态的划分逻辑进行了重新设计，针对支付机构是否向用户预收资金，将此前的三分类（即网络支付、预付卡的发行与受理、银行卡收单）变更为两分类（即储值账户运营、支付交易处理），推翻了过去十几年中国对于第三方支付的监管逻辑。
However, the implementation rules for the regulations, which took effect on 9 July 2024, effectively "buffer" this change, establishing a strict correspondence between the new “two-category system” and the previous “three-category system”. The rules clarify that "various payment business categories will temporarily follow the original regulations pertaining to prepaid cards, online payments, barcode payments, and bank card acceptance," thus allowing existing market players to continue operating according to the former regulations without causing disruption.
但2024年7月9日实施的《非银行支付机构监督管理条例实施细则》对这一安排进行了“缓冲”，将最新的两分类与此前的三分类建立起严格的对应关系，并明确“各类支付业务规则暂沿用原预付卡、网络支付、条码支付、银行卡收单等制度规定”，因此目前市场机构仍然可以按照原有规则进行展业，未造成颠覆性影响。
Lending Industry: Upgrading Regulation of Internet Loans and Consumer Finance
信贷领域：互联网贷款与消费金融的监管升级
Previous regulatory rules were relatively clear for internet loan services conducted by commercial banks, with documents such as the Notice on Standardizing and Rectifying "Cash Loan" Business (2017), the Interim Measures for the Management of Commercial Banks’ Internet Loan" (2020), and subsequent detailed notices in 2021 and 2022 guiding the industry towards standardised development.
针对商业银行等资金方开展的互联网贷款业务，此前的监管规则已相对明确，包括2017年的《关于规范整顿“现金贷”业务的通知》、2020年的《商业银行互联网贷款管理暂行办法》以及2021年和2022年分别出台的细则通知，整个行业也在规范发展中。
In 2024, regulation advanced further, including updates to regulations on personal loans and revolving credit, and the issuance of notices to address major issues within the internet loan services of three types of commercial banks. These notifications provided clearer guidelines on core issues of guarantee and risk control, while other industries such as consumer finance and micro-lending also saw updates in regulatory guidelines, emphasising financial institutions' independence, management of co-operative institutions, and the protection of financial consumer rights. Moreover, the regulatory authorities are contemplating the establishment of dedicated supervisory rules for loan facilitation agencies co-operating with funding institutions, although no definitive conclusions have been reached thus far.
而在2024年，监管进一步升级，先后更新了个人贷款与流动资金贷款管理的法规，通报了商业银行互联网贷款业务的主要问题，并且针对三类银行发布了进一步规范互联网贷款业务的通知，对于担保兜底、实质风控等行业内关注的核心事项提出了更明确的要求。对于这一领域的其他从业主体，例如消费金融公司、小额贷款公司，也先后更新了监管法规，更加强调金融机构的独立自主、合作机构管理、金融消费者权益保护（“金融消保”）等事项。此外，针对与资金方合作的助贷机构，监管部门也在考虑是否对其设置专门的监管规则，但目前尚未有定论。
Wealth Management Industry: Improvement of Internet Fund Sales and Insurance Rules
理财领域：互联网基金销售与互联网保险的规则完善
Online marketing of financial products is an important part of the wealth management industry. In 2024, the fields of internet fund sales and internet insurance sales also underwent new regulatory changes aimed at strengthening industry norms and protecting consumer rights for a healthy development of the sector.
金融产品的网络营销是理财领域的重要组成部分。2024年，互联网基金销售和互联网保险销售领域也经历了新的监管变化，旨在加强行业规范，保护消费者权益，推动行业的健康发展。
For fund sales, the Asset Management Association of China proposed in 2024 the establishment of a robust internal assessment mechanism for fund sales businesses. Additionally, a revised Technical Guidelines for Online Fund Sales Information System was issued on 21 June 2024, aimed at enhancing the quality and security of online fund sales information systems. Meanwhile, the ongoing reform of public fund fee structures has led to the exit of many small fund distribution institutions from the market, potentially amplifying consolidation within the industry.
就基金销售而言，中国证券投资基金业协会在2024年提出，要求建立健全基金销售业务内部考核机制。协会还于2024年6月21日发布修订后的《网上基金销售信息系统技术指引》，以提升网上基金销售信息系统质量与安全。此外，从行业变化来看，公募基金费率改革也在持续推进，多家小型基金代销机构退出市场，头部效应或将愈发明显。
Regarding insurance sales, the Management Measures for Insurance Sales Behavior came into effect on 1 March 2024, which provides regulations covering various areas such as standardising sales behaviour, protecting consumer rights, clarifying sales responsibilities, enhancing risk management, improving service quality, and strengthening information disclosure. Additionally, on 17 July 2024, the National Financial Regulatory Administration (NFRA) issued the Notice on the Strengthening and Improvement of the Supervision of Internet Property Insurance Business. This aims to further standardise the internet property insurance market, effectively mitigate industry risks, protect the legitimate rights and interests of financial consumers, and promote the digital and intelligent transformation of the property insurance industry.
就保险销售而言，《保险销售行为管理办法》于2024年3月1日实施，从规范销售行为、保护消费者权益、明确销售责任、加强风险管理、提升服务质量、强化信息披露等各方面进行了规定。此外，国家金融监督管理总局（“金监总局”）于2024年7月17日发布《关于加强和改进互联网财产保险业务监管有关事项的通知》，以进一步规范互联网财产保险业务，有效防范行业风险，切实保护金融消费者合法权益，推动财险业数字化、智能化转型。
Relevant Areas: E-CNY and Blockchain, Financial Consumer Protection, Anti-Money Laundering and Anti-Telecom Fraud其他相关领域：数字人民币与区块链、金融消保、反洗钱与反电诈
In September 2021, the People's Bank of China and nine other ministries jointly issued the Notice on Further Preventing and Dealing with Risks Associated with Virtual Currency Trading and Speculation, which comprehensively banned virtual currencies and clarified that activities related to virtual currencies are considered illegal financial activities. Subsequently, China launched its official digital currency, e-CNY. Until 2024, significant developments have occurred in several relevant areas concerning e-CNY and blockchain. In the e-CNY space, China witnessed continuous market expansion, with a growing number of application scenarios and increasing policy support. International collaborations in this field are also advancing positively. The blockchain sector is seeing mature technical standards and applications, with companies enhancing their strategic positioning. The regulatory environment is progressively improving to ensure healthy industry development. These changes are creating new opportunities for growth in related fields and laying a solid foundation for future innovations.
2021年9月，中国人民银行等十部委联合发布《关于进一步防范和处置虚拟货币交易炒作风险的通知》，全面禁止虚拟货币，并明确虚拟货币相关业务活动属于非法金融活动。后续，中国推出了法定的数字货币——数字人民币。到2024年，中国在数字人民币与区块链领域的行业与监管变化呈现出积极的发展态势。在数字人民币方面，市场规模持续扩大，应用场景不断拓展，政策支持力度不断加强，国际合作也在积极推进。在区块链方面，技术标准和应用不断成熟，企业布局日趋完善，政策环境和监管实践也在不断完善，以确保行业的健康发展。这些变化不仅为相关领域带来了新的发展机遇，也为未来的创新和发展奠定了坚实的基础。
Since 2023, the NFRA has consolidated under its purview the responsibilities for consumer protection supervision previously held by the People's Bank of China and the China Securities Regulatory Commission. This reform aims to unify and enhance the effectiveness of financial consumer protection efforts. Moreover, the revised Anti-Money Laundering Law and the updated Regulations on Beneficial Ownership Information Management illustrate significant progress in refining the legal framework against money laundering. These changes strengthen the obligations of financial and certain non-financial institutions while enhancing the effectiveness of anti-money laundering efforts and international competitiveness. Additionally, a comprehensive penalties regime has been implemented to combat telecom network fraud, effectively addressing telecom-related scams and protecting citizens' financial security. These initiatives elevate financial security and crime prevention standards while also contributing significantly to the stability and harmony of society.
自2023年起，金监总局开始统筹金融消保监管工作，将中国人民银行的金融消保职责和证监会的投资者保护职责划入金监总局，这一改革使得金融消保工作更加集中和高效。此外，2024年新修订的《反洗钱法》和《受益所有人信息管理办法》进一步完善了反洗钱法律法规体系，加强了金融机构和特定非金融机构的反洗钱义务，提高了反洗钱工作的有效性和国际竞争力。反电信网络诈骗方面，《电信网络诈骗及其关联违法犯罪联合惩戒办法》通过综合运用多种惩戒措施，有效打击了电信网络诈骗犯罪，保护了人民群众的财产安全。这些变化不仅提升了金融安全和反犯罪工作的水平，也为社会的和谐稳定提供了有力保障。