The strong regulatory trend in the payment industry continues to deepen, with payment institutions being fined over 3 billion yuan this year.

The regulatory situation in the payment industry continues to deepen. Recently, the latest administrative licensing information on the official website of the People's Bank of China showed that Shengya Yunding Payment Co., Ltd. has been included in the "license revoked institutions" list, making this the fifth payment license to be revoked this year. On one hand, the industry is accelerating its consolidation, while on the other hand, the disclosure of massive fines is becoming more frequent. Recently, Shanghai Hanyin Information Technology Co., Ltd. was fined approximately 74.45 million yuan for violating clearing management regulations, setting a new record for the highest single penalty this year. According to statistics from Securities Times, as of July 13, the total amount of fines imposed on payment institutions this year has exceeded 305 million yuan.