The revision of the “Business Rules of the RMB Cross-border Payment System” presents opportunities for related A-share listed companies.

On December 26, 2025, the People’s Bank of China officially released the revised “Business Rules of the Cross-border Interbank Payment System” (Yinfa [2025] No. 248), clarifying the upgraded account management rules for CIPS (Cross-border Interbank Payment System), requiring direct participants to implement a “zero balance, no overdraft” mechanism, and allowing overseas institutions to access the system through custodian banks. The new rules will be implemented on February 1, 2026, marking a step towards a more efficient and secure cross-border payment system in my country. This reform not only strengthens the internationalization of the RMB but also brings structural opportunities to related A-share listed companies. This revision focuses on addressing the management challenges arising from the expansion of CIPS participants. The new regulations eliminate the original chapter on “Participant Management,” instead requiring operating institutions to formulate participant management measures that clearly define hard constraints such as zero account balances, daily clearing, and no overdrafts. For example, funds in direct participants’ CIPS accounts must be cleared to the central bank’s HVPS system on the same day to avoid the risk of fund stagnation. Simultaneously, operating institutions can open clearing accounts at the central bank to centrally manage settlement funds, but separate accounting is required to ensure clear ownership of funds. This mechanism both prevents systemic risks and improves the efficiency of cross-border payments, providing institutional guarantees for CIPS to cover 24-hour global transactions. The CIPS system upgrade will directly drive demand in areas such as technology research and development, payment terminals, and cross-border services. Based on the key points of the new regulations and the business layout of listed companies, the following five companies are likely to be core beneficiaries. Sifang Jingchuang (300468), a leading fintech service provider in China, is deeply involved in the construction of the CIPS system, and its blockchain technology solutions have been applied to cross-border settlement scenarios. New regulations require improved payment transparency and anti-money laundering capabilities, and the company’s smart contract and real-time monitoring modules are expected to be implemented more quickly. Furthermore, with the launch of the CIPS Hong Kong access point, the company’s Southeast Asian market business may experience explosive growth. Hengbao Co., Ltd. (002104) is an important hardware partner in the central bank’s digital RMB pilot program, and its smart cards, POS terminals, and other products are adapted to CIPS upgrade requirements. New regulations are driving the expansion of cross-border payment scenarios, and the company’s cross-border digital wallet has entered the testing phase, with large-scale commercial use expected in countries along the Belt and Road Initiative in the next two years. Chutianlong (003040)’s SIM card technology can seamlessly connect to the CIPS system, providing overseas users with a “one-click binding” RMB account service. New regulations explicitly support multi-currency settlement, and Chutianlong’s integrated “digital identity + payment” solution will gain a competitive edge in cross-border e-commerce, overseas remittances, and other fields. Cuiwei Co., Ltd. (603123)’s “Cuiwei Business Circle” has fully integrated with the digital RMB, and the new regulations are promoting the deep integration of CIPS and physical commerce. The company’s “cross-border consumption + digital RMB” demonstration project can realize instant settlement of domestic consumption by overseas tourists through the CIPS real-time clearing channel, and related revenue is expected to grow by more than 50% in 2026. Lakala (300773), as one of the first companies to obtain a cross-border payment license, has consistently ranked among the top in the industry in terms of CIPS interface transaction volume. After the new regulations optimize the clearing path, the company’s cross-border handling fee rate is expected to decrease by 30%, coupled with the promotion dividend of digital RMB, and the profit of cross-border business may exceed RMB 1 billion in 2026. This revision of CIPS rules is not a simple process optimization, but a key step in building an independent and controllable cross-border financial infrastructure. From a technical point of view, the new regulations force banks to upgrade their liquidity management systems, creating opportunities in niche markets such as intelligent reconciliation and real-time risk control; from a policy point of view, the accelerated internationalization of RMB will be a long-term benefit to cross-border payment service providers. However, risks also exist, such as slower-than-expected technology implementation, geopolitical disturbances, and intensified industry competition. After the new regulations are implemented, the CIPS system will have the dual advantages of “account-based transparent supervision + hybrid settlement model,” providing more efficient RMB clearing services globally. For investors, focusing on leading companies with high technological barriers and deep ecosystem layouts may be key to sharing the dividends of this cross-border payment revolution.