{"id":167178,"date":"2023-07-09T04:23:33","date_gmt":"2023-07-09T09:23:33","guid":{"rendered":"https:\/\/lifeboat.com\/blog\/2023\/07\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba"},"modified":"2023-07-09T04:23:33","modified_gmt":"2023-07-09T09:23:33","slug":"china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba","status":"publish","type":"post","link":"https:\/\/lifeboat.com\/blog\/2023\/07\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba","title":{"rendered":"China wraps up fintech crackdown with big fines on Tencent, Alibaba"},"content":{"rendered":"<p><a class=\"aligncenter blog-photo\" href=\"https:\/\/lifeboat.com\/blog.images\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba2.jpg\"><\/a><\/p>\n<p>The regulatory crackdown that has shaken up China\u2019s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country\u2019s two digital payments giants.<\/p>\n<p>Tencent, along with its payments subsidiary Tenpay, has been fined approximately 2.99 billion yuan ($410 million) by the People\u2019s Bank of China for \u201cits past regulatory breaches in relation to the provision of payment services in the mainland of China,\u201d the company said in a <a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0707\/2023070701202.pdf\" target=\"_blank\" rel=\"noopener\">filing<\/a> on Friday.<\/p>\n<p>On the same day, the central bank <a href=\"http:\/\/www.pbc.gov.cn\/goutongjiaoliu\/113456\/113469\/4985377\/index.html\" target=\"_blank\" rel=\"noopener\">announced<\/a> it will slap a 7.123 billion yuan (roughly $1 billion) 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The regulatory crackdown that has shaken up China\u2019s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country\u2019s two digital payments giants. Tencent, along with its payments subsidiary Tenpay, has been fined approximately 2.99 billion yuan ($410 million) by the People\u2019s Bank of China [\u2026]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45,1759],"tags":[],"class_list":["post-167178","post","type-post","status-publish","format-standard","hentry","category-finance","category-governance"],"_links":{"self":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/167178","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/comments?post=167178"}],"version-history":[{"count":0,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/posts\/167178\/revisions"}],"wp:attachment":[{"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/media?parent=167178"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/categories?post=167178"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeboat.com\/blog\/wp-json\/wp\/v2\/tags?post=167178"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}