China fines Caifutong, Tencent’s WeChat Pay operator, for breaking foreign exchange rules

//China fines Caifutong, Tencent’s WeChat Pay operator, for breaking foreign exchange rules

China fines Caifutong, Tencent’s WeChat Pay operator, for breaking foreign exchange rules

China has fined Tenpay, an online-payment unit of Tencent Holdings, 2.8 million yuan (US$438,000) for violating foreign exchange rules amid growing regulatory scrutiny of the nation’s fintech industry.The unit received warnings last week 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)…

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By | 2021-11-28T08:53:26+00:00 November 28th, 2021|Technology|Comments Off on China fines Caifutong, Tencent’s WeChat Pay operator, for breaking foreign exchange rules