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Ant Group Fined ¥7.123 Billion, Tencent Fined ¥2.99 Billion

Jiayi GBA Community 2024-01-29

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Twelve fintech businesses, including the two leading players in the largest e-payments sector in the world, were penalised by China’s central bank.
The People's Bank of China (PBOC) issued Ant, one of the biggest fintech firms in the world and the provider of the Alipay mobile payment service, a fine of 7.123 billion yuan (US$984.33 million), the PBOC announced in a statement on Friday.

According to the website of the central bank, Alipay was fined 3.06 billion yuan. Tenpay, a product of Tencent Holdings, received a 2.99 billion yuan penalties.

The majority of the apparent issues in platform firms’ financial operations have, according to the PBOC, been resolved. “The financial management department’s work focus has shifted from advocating for centralised rectification to regular supervision.”

The statement states that the fine against Ant Group is intended to address the company’s “violations of laws and regulations in corporate governance, financial consumer protection, participation in business activities of banking and insurance institutions, payment and settlement business, fulfilment of anti-money-laundering obligations, and development of fund sales business in the past years.”

The financial management department recently issued administrative penalties on Postal Savings Bank, Ping An Bank, PICC Property and Casualty, and Tenpay, according to the PBOC statement, “targeting the problems found in previous law enforcement inspections.”

Source: south China morning post

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