China imposed a fine of almost 3 billion yuan ($415 million) on Friday on a payment platform affiliated with the giant Tencent, shortly after announcing an even greater sanction against the technology company. AntGroup.
tenpayTencent’s online payment subsidiary, was fined 2.43 billion yuan and authorities seized 556 million yuan of illegal proceeds, according to the notification issued by the People’s Bank of China (central).
Both companies offer financial services.
AntGroup operates Alipay, the world’s largest digital payment platform, which has hundreds of millions of users in China and other countries.
The Commission of regulation of financial markets (CSRC) imposed to him to AntGroup a fine of 7.123 million yuan (US$984 million).
In the case of AntGroupthe authorities viewed with suspicion the weight that a private company was gaining in the financial system, without being subject to the same regulations as banks.
The regulator stated that this decision was made “taking into account the illegal and irregular acts of Ant Group and its subsidiaries in recent years” in their banking activities and in consumer protection.
Source: AFP
Source: Gestion
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