China’s Central Bank mentioned in statements on Friday that Chinese cost giants Alipay and Tenpay have been fined and their unlawful revenue has been confiscated.
Ant Group’s Alipay was slapped with a positive of three.01 billion yuan ($416 million) whereas Tencent Holdings Ltd’s Tenpay was fined 2.99 billion yuan, the central financial institution mentioned.
Separately, Ant Group has been fined 7.12 billion yuan for violating legal guidelines regarding client safety and company governance.
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Source: economictimes.indiatimes.com