The People’s Bank of China (PBOC) is keeping up the pressure on the country’s payments sector with the issuance of a hefty fine to Shanghai-based Sandpay.
PBOC’s Shanghai branch announced on 12 October that it had hit third-party payments company Sandpay (杉德支付网络服务发展有限公司) with penalties worth a total of 24.7333 million yuan (approx. USD$3.58 million) for regulatory breaches.
The Chinese central bank has hit multiple payments companies with fines above the ten million yuan threshold in 2018, including Gopay (国付宝), which received a 46.46 million yuan penalty, Card Info (卡友支付), which was hit with a 25.83 million yuan penalty, Union Mobile Financial Technology, which incurred a 24.25 million yuan penalty, and Yinsheng E-pay (银盛支付), which received a fine of 22.8 million yuan.
Data from stcn.com indicates that as of 5 July 2018 the Chinese central bank had cancelled the payments licenses of 33 companies, leaving 239 licenses in circulation.