Tencent payment platform fined for breaking currency rules

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Tencent Cloud booth at the China International Big Data Industry Expo 2021 in Guiyang, southwest China’s Guizhou Province, May 27, 2021 Photo: Chi Jingyi / GT

Chinese tech giant Tencent’s online payment platform Tenpay fined 2.78 million yuan ($ 434,792) by the local branch of the State Exchange Administration (SAFE) in Shenzhen, in the province of Guangdong (southern China), where Tencent is headquartered.

The branch recently released the latest round of sanctions rulings. Tencent was among a group of banks and securities companies that were fined for breaking the rules on foreign exchange trading. The fines were imposed as part of increased scrutiny by authorities over FinTech companies.

Tenpay failed to submit the relevant documents and to manage the currency sales services in accordance with regulations. The company is also accused of having conducted foreign exchange transactions beyond its scope of registration, according to the foreign exchange regulator.

“In response to the problems encountered during the 2019-2020 routine inspections, Tenpay formulated an improvement plan at the fastest speed and implemented it item by item. So far the rectification has been carried out “Tenpay said in a statement sent to the Global Times on Sunday.

“We will further strengthen compliance management under the leadership of SAFE’s Shenzhen branch,” he added.

Since obtaining payment licenses in 2011 from the People’s Bank of China, the country’s central bank, Tenpay has been fined several times.

At the end of 2020, the central bank fined Tenpay 8.7 million yuan for violations, including offering payment services for illegal transactions.

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