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Reuters
China foreign exchange regulator fines Tencent’s Tenpay for misconduct
China’s foreign exchange regulator said it fined Tencent Holding’s Tenpay for violating foreign exchange rules, as authorities step up supervision of the country’s fintech industry. The State Administration of Foreign Exchange (SAFE) Shenzhen branch fined Tenpay, Tencent’s online payment platform, 2.78 million yuan ($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. 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”.
