The Chinese central bank has just issued a raft of hefty penalties to domestic payments companies, including the largest fine ever meted out in the sector.
The People’s Bank of China (PBOC) announced on 10 October that it had issued a total of 178 million yuan (approx. USD$26.59 million) in fines to six payments companies, as part of efforts to strengthen regulation of payments organisations and standardisation of the sector’s development.
This included a near 116 million yuan (approx. $17.33 million) fine for Allscore (商银信支付服务有限责任公司), for the largest fine ever handed out to a Chinese payments organisation.
Sina Weibo Pay (北京新浪支付科技有限公司) received a fine of 18.8433 million yuan, and Yufu Payment was hit with a 14.5359 million yuan penalty.
Six payments sector executive also received warnings and cumulative fines of 2.422 million yuan.