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China has fined Tenpay, an online-payment unit of Tencent Holdings, USD 438,000 for violating foreign exchange rules amid growing regulatory scrutiny of the nation’s fintech industry.
The unit received warnings and was also ordered to rectify its failure to submit relevant materials and for carrying out foreign exchange business beyond the scope of its business registration, according to a statement published by the State Administration of Foreign Exchange (SAFE) branch in Shenzhen.
The penalty came amid a growing list of malpractices highlighted by authorities in their ongoing crackdown on Big Tech. The government meted fines to firms including Alibaba Group Holding, Tencent, and Baidu for not disclosing deals going back for years, on top of major crackdowns on monopoly practices and data privacy.
The People’s Bank of China (PBOC) will deepen its antitrust investigations into the nation’s mobile payments sector, which has been dominated by a few private financial technology firms.
Chinese authorities also issued a USD 1.3 million administrative penalty against Tenpay in December 2021 for irregularities including providing payment services for illegal and false transactions and poor record-keeping.
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