China foreign exchange regulator fines Tencent’s Tenpay for misconduct
The State Administration of Foreign Exchange (SAFE) Shenzhen branch fined Tenpay, Tencent’s online payment platform, 2.78 million yuan (US$436,000) for misconduct, including conducting foreign exchange business beyond the scope of its registration, according to a statement posted late Friday on the regulator’s website.
The FX regulator also gave the company a number of warnings, ordered it to rectify the violations and confiscate illegal gains, the statement said.
“In response to the problems found in the routine inspection in 2019-2020, Tenpay has immediately formulated an improvement plan and implemented it item by item, and has now completed the rectification of all of them,” Tenpay said in a statement to Reuters on Monday.
It added that the company will further strengthen compliance management under the guidance of SAFE’s Shenzhen branch.
China launched a widespread clampdown on its technology sector this year, with the competition regulator in particular dishing out fines and warnings and conducting investigations into the biggest names in the “platform economy”.