Multiple Non-Bank Payment Institutions Adjust Executive Teams This Year

Staff Reporter Li Bing

Recently, the Shenzhen Branch of the People’s Bank of China announced an administrative licensing notice, approving Midea Payment Technology Co., Ltd. Shenzhen’s Deng Jianli to step down as Supervisor, with Li Dan taking over.

Since the beginning of the year, several non-bank payment institutions have adjusted their senior management teams, involving key positions such as Supervisors, Compliance Officers, and Technical Leaders. Experts interviewed generally believe this is a proactive move by institutions to optimize governance, meet compliance requirements, and respond to competition.

Specifically, the Shenzhen Branch of the People’s Bank of China approved Liu Ruo-zhen of Zhongfu Payment Technology Co., Ltd. to serve as Senior Management (Risk Control and Compliance Director). The Shanghai Branch of the People’s Bank of China approved Shanghai Feitong Payment Service Co., Ltd. to change Ma Junjie to Deputy General Manager and Lin Jiechong as Compliance and Risk Control Officer; also approved Anfubao Payment Co., Ltd. to change Shen Ruixi to Director and Ma Feng as Technical Leader. The Guangdong Branch of the People’s Bank of China approved Yunhui Payment (Guangzhou) Co., Ltd. to change its Technical Leader from Qi Cao to Xiao Chaojie; and approved the change of director at Zhongjin Payment Co., Ltd. to Deng Han, with Zhang Xin as Technical Leader.

“Looking at the core position adjustments within payment institutions this year, compliance and technical personnel have become the main focus of senior management changes,” said Du Juan, Senior Researcher at the Shushang Bank Research Institute. She believes that payment institutions are accelerating their transition from “payment tools” to “fintech service providers,” which demands higher governance capabilities across the entire management team. The frequent changes in senior management are driven by three main factors: first, the continuous improvement of regulatory rules, which compels payment institutions to strengthen compliance; second, stricter anti-money laundering and other regulatory requirements, prompting institutions to optimize leadership to enhance risk control; third, rapid technological iteration, which accelerates business innovation and creates urgent demand for related professional talents.

Overall, the intensive adjustment of senior management in payment institutions is driven by multiple factors, with increased industry compliance requirements being a key force. On February 1, 2026, the “Measures for the Classification and Rating Management of Non-bank Payment Institutions” officially came into effect, clarifying that the classification and rating of payment institutions include seven modules such as corporate governance, business regulation, reserve fund management, and operational stability. The People’s Bank of China will implement differentiated supervision based on these ratings.

Tian Lihui, Professor of Finance at Nankai University, told reporters that the core logic behind senior management adjustments in payment institutions is “compliance meeting standards + business transformation.” On one hand, optimizing leadership helps meet new regulatory requirements and consolidates compliance foundations; on the other hand, it helps reserve professional talents for cross-border payments, supply chain finance, and other businesses, supporting high-quality development.

Tian Lihui further explained that payment institutions have shifted from a phase of “land grab” and scale expansion to a stage of “refined operation” focused on quality improvement. Management changes are not just personnel shifts but an important beginning of systemic industry transformation. As the industry enters a new stage of “balancing compliance and innovation,” the demand for talent is also evolving, with higher requirements for professional expertise among senior leaders.

“Senior executives with experience in compliance, fintech, and cross-border payments are more favored by current payment institutions,” said Du Juan. She listed four types of talent in demand: first, internal control and compliance personnel familiar with regulatory policies and internal controls; second, market expansion talents knowledgeable about innovative payment markets, comprehensive payment solutions, and cross-border and overseas markets; third, product innovation talents familiar with AI trends, such as AI payments and new hardware payment methods (smart glasses, smart car cabins); and fourth, digital technology talents leveraging AI and other digital tools to reduce costs internally and provide digital solutions to clients externally.

Tian Lihui stated that senior management in payment institutions must possess compliance background, technological acumen, and cross-border vision. Looking ahead, professionalism and stability among senior leaders will become important indicators of overall institutional strength. Payment institutions should take management adjustments as an opportunity to optimize governance, strengthen compliance, and foster innovation and development.

(Edited by Qian Xiaorui)

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