Unveiling Financial Licenses Which Companies Hold Them and What Lies Beneath?

Exploring the Financial World Which Companies Hold Financial Licenses, and What Lies Behind Them?

In today's era of economic globalization and accelerating financial innovation, financial licenses have become a crucial pass for companies to enter the financial market. Whether traditional banks, insurance companies, or emerging fintech firms, they must go through strict regulatory reviews to obtain the necessary financial business qualifications. These licenses not only serve as the foundation for legal operations but also reflect the capital strength, compliance capabilities, and industry status of the companies behind them.

In recent years, with the continuous opening of China's financial market and the gradual improvement of regulatory policies, more and more companies have begun to invest in the financial sector, aiming to expand their business boundaries and enhance market competitiveness. So, which companies hold financial licenses? And what stories lie behind them?

I. Traditional Financial Institutions The Old Faces of Financial Licenses

In China, traditional financial licenses are mainly held by banks, insurance companies, securities firms, and fund management companies. For example, large institutions such as China Merchants Bank, Industrial and Commercial Bank of China ICBC, and China Life Insurance have long possessed comprehensive financial license systems covering banking, insurance, funds, and trust.

Take China Merchants Bank as an example. It not only holds a banking license but also expands into securities, funds, and insurance through its subsidiaries, forming a comprehensive financial group. In 2025, China Merchants Bank mentioned in its annual report that the asset management scale of its subsidiary, CMB Wealth Management, had exceeded 10 trillion yuan, demonstrating its strong capabilities in wealth management.

Similarly, China Life Insurance, one of the largest life insurance companies in China, holds an insurance license and has expanded into investment management and pension finance. In early 2025, China Life Insurance announced partnerships with multiple tech companies to explore the application of artificial intelligence in insurance actuarial science and customer service, marking the active digital transformation of traditional financial institutions.

II. Internet Giants Cross-Border Layout of Financial Licenses

With the development of financial technology, many internet companies have also started to apply for and hold financial licenses, trying to occupy a place in payment, credit, and wealth management sectors. Alipay and WeChat Pay, as two major mobile payment platforms in China, both hold third-party payment licenses.

In 2025, the People's Bank of China conducted a new round of license reviews for payment institutions. Some small payment companies were revoked or merged, while Alipay and WeChat Pay maintained their leading positions due to their strong user base and technological capabilities.

JD Finance and Duxiaoman Finance have also been actively applying for various financial licenses. For instance, Duxiaoman Finance obtained a consumer finance license in 2025 and officially entered the consumer credit market. According to reports, Duxiaoman Finance's loan balance exceeded 500 billion yuan in 2025, showing strong growth momentum.

Notably, although these internet companies have rapidly expanded into the financial sector, they also face stricter regulatory requirements. In 2025, the State Administration of Financial Regulation issued multiple policies to strengthen supervision over internet finance platforms, requiring them to enhance risk control, data security, and consumer protection.

III. Local Financial Institutions The Regional Economy Behind the Licenses

In addition to national-level financial institutions, local banks and financial companies are also actively seeking financial licenses to support local economic development. For example, Jiangsu Bank and Shanghai Bank have continuously expanded their business areas and obtained licenses for securities, funds, and insurance in recent years.

In 2025, Jiangsu Bank's subsidiary, Jiangsu Jinzu, successfully obtained a financial leasing license, further enriching its financial service chain. Some local fintech companies are also trying to obtain financial licenses. For example, Ant Group, although headquartered in Hangzhou, has branches in multiple provinces and actively participates in local financial reform pilot projects.

In 2025, Ant Group cooperated with multiple regions to promote the application of digital currency in retail and transportation scenarios, showing its influence in the local financial ecosystem.

IV. The Hidden Forces Behind Financial Licenses

Although financial licenses are a prerequisite for companies to conduct business, they often involve complex interest relationships and resource allocations. First, the approval process for financial licenses is extremely strict, requiring companies to have certain registered capital, professional teams, and risk control capabilities. According to regulations from the China Banking and Insurance Regulatory Commission, establishing a bank requires at least 1 billion yuan in registered capital, while setting up a securities company requires over 500 million yuan.

This makes it possible for only a few companies with strong capital to obtain relevant licenses. Second, the value of financial licenses has also been increasing. In recent years, with the opening of the financial market, some foreign institutions have also applied for financial licenses. For example, international investment banks such as JPMorgan and Goldman Sachs have set up joint ventures in China to seize the Chinese market.

In 2025, JPMorgan was approved to establish a foreign-controlled securities company, marking the further opening of China's financial market to international capital. Finally, holders of financial licenses often enjoy policy dividends and market advantages. For example, companies holding banking licenses can engage in deposit and loan businesses, while those with fund licenses can issue and manage public offering funds. These businesses generate much higher profits than traditional manufacturing, attracting a large amount of capital into the financial sector.

Summary

Financial licenses are not only an entry ticket for companies to enter the financial market but also a symbol of their overall strength and industry status. From traditional financial institutions to internet giants, and then to local financial companies, the distribution pattern of financial licenses is constantly changing.

In the future, as regulatory policies become more detailed and market competition intensifies, those who can gain an advantage in the competition for financial licenses may stand out in the fierce market competition.

For ordinary investors, understanding which companies hold financial licenses helps better assess their business capabilities and market prospects. For companies, holding a financial license is not only a means of business expansion but also a key step toward long-term development.

In this financial world full of opportunities and challenges, behind the licenses, there may be more secrets yet to be uncovered.