Tencent’s Tenpay Fined 1.49M Yuan for Settlement System Breaches
The online payments platform of tech giant Tencent has been hit with a near 1.5 million yuan fine for infractions in relation to China’s settlements system.
The Shenzhen branch of the Chinese central bank has publicly announced that Tenpay (财付通支付科技有限公司) has received a fine of 1.49 million yuan for breaches in relation to China’s payments and settlement management system as well as systems for protecting the rights and interests of financial consumers.
The announcement marks the second time that Tenpay has been publicly fined by the Chinese central bank, following the issuance of a 30,000 yuan penalty for failure to strictly implement the “Non-banking Payments Organisation Online Payment Operations Administrative Measures” (非银行支付机构网络支付业务管理办法).
Tenpay has also previously incurred a 600,000 yuan fine from the State Administration of Foreign Exchange (SAFE) for failure to properly perform filing procedures for the handling of cross-border forex payments operations for non-Chinese residents, and failure to submit irregular risk reports in accordance with regulations.
According to data from iResearch Tenpay was China’s second biggest third party payments organisation in the first quarter of the year with a 39.9% market share. Alipay came in first with a 53.8% share of the Chinese third party payments market.