摩根大通的数据费：这条线上的金融科技估值？

摩根大通（JPMorgan）向数据费收取的措施正在震撼金融科技。它会损害估值还是激发创新？看看财务的未来。

JPMorgan's Data Fee Gambit: Fintech Valuations on the Line?

摩根大通的数据费：这条线上的金融科技估值？

The financial world's buzzing about JPMorgan Chase's plan to charge fintechs for customer data access. Set to potentially launch by late 2025, this move is more than just a fee hike; it's a potential earthquake reshaping fintech valuations and sparking a regulatory showdown. Let's dive into what this means for everyone involved.

金融界对摩根大通（JPMorgan Chase）计划为客户数据访问收取金融科技的计划引起的嗡嗡声。这一举动将在2025年底之前推出，不仅仅是收费。这是一场潜在的地震重塑金融科技估值并引发监管摊牌。让我们深入了解这对参与每个参与的每个人意味着什么。

The Data Fee Breakdown: A Fintech Squeeze?

数据费分解：金融科技挤压？

JPMorgan's tiered fee structure hits transactional fintechs (think payments, crypto, trading) the hardest. Some internal docs even suggest fees could, in extreme cases, eclipse a transaction's revenue by 1,000%! Ouch. The timeline hinges on the Biden-era open-banking rule, which mandates free data access but faces legal challenges from banks with a court decision expected by early 2026.

摩根大通的分层费用结构击中了交易金融科技（认为付款，加密，交易）最困难。一些内部文档甚至表明，在极端情况下，费用可能会超越交易的收入1,000％！哎哟。时间表取决于拜登时代的开放银行规则，该规则要求免费的数据访问，但面临银行的法律挑战，并在2026年初预计的法院判决中面临法院裁决。

Adding fuel to the fire is the ISO 20022 migration by November 2025, standardizing payment messaging. This shift could accelerate fee implementation as banks leverage new infrastructure to monetize data.

在2025年11月之前，ISO 20022迁移是标准化付款消息传递的燃料。由于银行利用新的基础设施来使数据获利，因此这种转变可以加速费用实施。

Fintechs in the Crosshairs: Adapt or Perish?

十字准线中的金融科技：适应还是灭亡？

For fintechs reliant on free data, this could be an existential threat. Giants like PayPal, Robinhood, and Coinbase could see their profit margins vanish if these fees materialize. Imagine Venmo facing a $0.10 fee on its ~$100B in annual transactions—that's a big bite out of their 5% gross profit margin.

对于依靠免费数据的金融科技，这可能是存在的威胁。贝宝，罗比尼和共同库等巨人，如果这些费用实现，他们的利润率可能会消失。想象一下，Venmo的年度交易面临$ 0.10的费用，这是其5％的毛利润利润率中的一大口。

Even aggregators like Plaid and MX, which connect banks and fintechs, will likely pass costs downstream. Fintechs might be forced to raise consumer fees, cut services, or pivot to subscription models. The Financial Data and Technology Association warns this could stifle innovation, potentially pushing smaller players out of the game.

即使是连接银行和金融科技的Plaid和MX等聚合器，也可能会将成本通过下游。金融科技可能被迫提高消费者费用，削减服务或订阅模型的枢纽。财务数据和技术协会警告说，这可能会扼杀创新，有可能将较小的玩家赶出游戏。

Regulatory Roulette: A High-Stakes Game

监管轮盘：高风险游戏

The fate of the open-banking rule is a binary event: either JPMorgan's fees are blocked, preserving the status quo, or the rule is struck down, allowing banks to monetize data and compress fintech valuations. JPMorgan could rake in an estimated $500M+ annually. Jamie Dimon, JPMorgan's CEO, has been aggressively lobbying against the rule, hinting that banks might have the upper hand. However, regulators might push for compromises, like grandfathering in smaller fintechs.

开放银行规则的命运是二进制事件：摩根大通的费用被阻止，保留现状，或者删除了规则，使银行可以将数据货币化并压缩金融科技估值。摩根大通可能每年赚取5亿美元以上的价格。摩根大通（JPMorgan）的首席执行官杰米·戴蒙（Jamie Dimon）一直在积极游说该规则，暗示银行可能占上风。但是，监管机构可能会推动妥协，例如祖父穿着较小的金融科技。

Investment Strategy: Navigating the Fintech Minefield

投资策略：浏览金融科技雷区

So, how should investors play this? First, avoid high-risk fintechs like PayPal, Robinhood, and Coinbase, which are vulnerable to margin contraction. Their current stock multiples assume stable growth, which is unlikely if fees become reality. On the flip side, banks like JPMorgan, Bank of America, and Citigroup stand to gain a new revenue stream. Also, aggregators like Plaid and MX could see valuation premiums if they negotiate favorable fee terms.

那么，投资者应该如何玩这个呢？首先，避免使用Paypal，Robinhood和Coinbase等高风险金融科技，这些金融科技容易受到保证收缩的影响。他们当前的股票倍数假设稳定增长，如果费用成为现实，这不太可能。另一方面，摩根大通，美国银行和花旗集团等银行将获得新的收入来源。此外，如果汇总者和MX等聚合商谈判有利的费用条款，则可以看到估值保费。

Smart Moves for Investors:

投资者的聪明举动：

• Short Fintech ETFs: Bet against the Global X FinTech ETF (FINX) or ARKF.
• Long Volatility: Use options to capitalize on price swings in JPM vs. fintech peers.
• Sector Rotation: Shift into banks or legacy financials with diversified revenue streams.

The Future of Finance: Who Controls the Data?

金融的未来：谁控制数据？

JPMorgan's fee proposal is a pivotal moment. Fintechs need to adapt quickly, perhaps by offering premium services or subscription models, to offset the potential costs. Investors should tread carefully with high-flying fintech stocks and consider safer bets like banks. The next 12 months will be crucial in determining whether data becomes a weapon or a collaborative tool.

摩根大通的收费提案是一个关键时刻。金融科技家需要通过提供高级服务或订阅模型来快速适应，以抵消潜在的成本。投资者应谨慎行事，以高飞的金融科技股票，并考虑像银行这样的更安全的赌注。接下来的12个月对于确定数据是武器还是协作工具至关重要。

Final Recommendation: Underweight fintechs, overweight banks, and hedge with volatility plays until the regulatory dust settles. This data fee battle isn't just about profits—it's about who controls the future of finance, and it will be interesting to see what EngageLab and others in the MarTech space will do.

最终建议：体重不足的金融科技，超重的银行和对冲，波动性发挥了作用，直到监管灰尘沉降为止。这场数据费不仅仅是利润，还与谁控制财务的未来有关，看看Martech Space中的Engagelab和其他人会做什么会很有趣。

Disclaimer: This is not financial advice. Do your own research before making any investment decisions.

免责声明：这不是财务建议。做出任何投资决策之前，请进行自己的研究。