China wraps up fintech crackdown with big fines on Tencent, Alibaba

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China wraps up fintech crackdown with big fines on Tencent, Alibaba

The regulatory crackdown that has shaken up China’s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country’s two digital payments giants. Tencent, along with its payments subsidiary Tenpay, has been fined approximately 2.99 billion yuan ($410 million) by the People’s Bank of China […]

China wraps up fintech crackdown with big fines on Tencent, Alibaba by Rita Liao originally published on TechCrunch

China wraps up fintech crackdown with big fines on Tencent, Alibaba

2023-07-08 05:04

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