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Alipay, Tenpay Fined for Violations in Cross-Border Payments

The foreign-exchange regulator has stepped up scrutiny over payment companies’ business related to foreign exchange amid concern about rising risks from the internet finance sector. Photo: IC
The foreign-exchange regulator has stepped up scrutiny over payment companies’ business related to foreign exchange amid concern about rising risks from the internet finance sector. Photo: IC

China’s top third-party payment providers Alipay and Tenpay have each been fined 600,000 yuan ($95,771) for violating rules when they handle cross-border payment services, according to a report of China Forex, a journal backed by the state foreign-exchange regulator.

Alipay, affiliated with e-commerce giant Alibaba Group, was fined for violating rules of business scope and information reports related to its cross-border payment services. Tenpay, the payment service of Tencent Holdings’ popular messaging app WeChat, was accused of failing to submit risk reports to authorities and improperly handling services for customers, according to the journal.

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