Chinese Central Bank Hits 10 Payments Companies with 1.02M Yuan in Fines

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The People’s Bank of China (PBOC) is keeping up the pressure on the Chinese payments sector with the issuance of fines worth more than a million yuan to ten Shanghai-based payments companies.

On 18 November the Shanghai branch of PBOC announced the issuance a slew of administrative penalties to ten companies in the payments sector, including Kaidianbao (开店宝支付服务有限公司),   99bill.com (快钱支付清算信息有限公司),  Fuyou (上海富友支付服务股份有限公司), Shenxin (上海申鑫电子支付股份有限公司), China TV Pay (银视通信息科技有限公司) and  Shanghai Runtong (上海润通实业投资有限公司).

The total value of the administrative penalties issued by PBOC was 1.02 million yuan.

According to a report from National Business Daily most of the companies have prior records of administrative penalties, with Fuyou incurring multiple fines in the past, including a 30,000 yuan fine in August 2017 from PBOC, and a 50,000 yuan fine from the State Administration of Foreign Exchange in July.

In addition to administrative penalties, payments company Shenxin has also been included in a list of “dishonest” traders by the Jiangsu province Jinhu county people’s court.

Shenxin Zhifu was founded in 2004 with its main operations including POS acquisition, commercial card issuance, mobile services, multi-media self-service platforms, data point services, third party payments, data sales and financial consulting.

In February 2012 Shenxin was officially registered with Shanghai Equity Exchange (SEE), and in the same year it obtained a payments operating license from PBOC.

The latest round of fines in Shanghai arrives following efforts by PBOC to step up the pressure on the payments sector since the start of the year.

Related stories

Regulation of Chinese Payments on Track to Intensify: PBOC Vice-governor Fan Yifei 

PBOC Issues 109 Fines worth over 200M Yuan in 2018, Focus on Payments Sector

PBOC Puts Pressure on Third Party Payments with over 30 Fines in 2018 

 

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