07-Feb-18, Caixin 

China’s top third-party payment providers Alipay and Tenpay have each been fined RMB600,000 (USD96,000) for violating rules when they handle cross-border payment services.

Alipay Tenpay fined for violations in cross border payments (c) IC Caixin

Image: IC / Caixin

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 messaging app WeChat, was accused of failing to submit risk reports to authorities and improperly handling services for customers.

Also on the fine list is Globebill, the payment unit of Chongqing-based big data company IZP Group. Globebill’s cross-border transaction license was revoked by the State Administration of Foreign Exchange (SAFE) in Apr-17 over suspicion of falsified transaction data and other violations.

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 Financial Services insights