China wraps up fintech crackdown with big fines on Tencent, Alibaba

The regulatory crackdown that has shaken up China’s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country’s two digital payments giants.
Tencent, along with its payments subsidiary Tenpay, has been fined approximately 2.99 billion yuan ($410 million) by the People’s Bank of China for “its past regulatory breaches in relation to the provision of payment services in the mainland of China,” the company said in a filing on Friday.
On the same day, the central bank announced it will slap a 7.123 billion yuan

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