The regulatory crackdown that has shaken up China’s fintech industry since late 2020 appears to be ending with the imposition of hefty fines on the country’s two digital payments giants.
Tencent has been fined approximately 2.99 billion yuan by the People’s Bank of China for its past regulatory breaches in relation to the provision of payment services in mainland of China.
The central bank announced it will slap a 7.123 billion yuan fine on Ant Group, the fintech affiliate of Alibaba, for a range of illegal activities, including those concerning corporate governance, consumer protection, banking and insurance, payments and settlement, anti-money laundering practices and fund sales.