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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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