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{"id":36708,"date":"2023-07-09T21:50:31","date_gmt":"2023-07-09T21:50:31","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/07\/09\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba\/"},"modified":"2023-07-09T21:50:32","modified_gmt":"2023-07-09T21:50:32","slug":"china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/07\/09\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba\/","title":{"rendered":"China wraps up fintech crackdown with big fines on Tencent, Alibaba"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/07\/07\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-and-alibaba\/<\/a><\/br>
\nChina wraps up fintech crackdown with big fines on Tencent, Alibaba<\/br>
\n2023-07-09 21:50:31<\/br><\/p>\n

\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

The regulatory crackdown that has shaken up China\u2019s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country\u2019s two digital payments giants.<\/p>\n

Tencent, along with its payments subsidiary Tenpay, has been fined approximately 2.99 billion yuan ($410 million) by the People\u2019s Bank of China for \u201cits past regulatory breaches in relation to the provision of payment services in the mainland of China,\u201d the company said in a filing<\/a> on Friday.<\/p>\n

On the same day, the central bank announced<\/a> it will slap a 7.123 billion yuan (roughly $1 billion) fine on Ant Group, the fintech affiliate of Alibaba, for a range of illegal activities, including those concerning corporate governance, consumer protection, banking and insurance, payments and settlement, anti-money laundering practices and fund sales.<\/p>\n

Together, Alibaba and Tencent enjoy a duopoly in China\u2019s digital payments market<\/a>, along with a range of other financial services that are offered through their respective payment platforms.<\/p>\n

China\u2019s clampdown on fintech is part of its larger efforts to rein in the expanding power of its tech sector and subject it to more regulatory scrutiny in fast-emerging fields. In late 2020, China called off Ant\u2019s initial public offering<\/a>, which would have become the largest IPO in history up to that point.<\/p>\n

Since then, Ant has undergone a major restructuring<\/a> that has significantly curtailed the company\u2019s overall influence on consumer finance. Jack Ma has reportedly given up his control<\/a> of the fintech empire, and importantly, Ant\u2019s main offerings are now subject to regulations that normally target traditional financial services<\/a>.<\/p>\n

At least in the fintech sector, China\u2019s tech clampdown seems to be reaching a conclusion, as indicated by the central bank in a statement:<\/p>\n

\u201cCurrently, most of the prominent problems in the financial business of platform enterprises have been corrected. The focus of the financial regulators has shifted from collectively rectifying the fintech businesses of tech platforms to business-as-usual supervision.\u201d<\/p>\n

The series of regulatory crackdowns across China\u2019s tech industry has dampened investor and business confidence over the past three years. A clear end to the corrective actions in fintech could inject new energy into the industry and reignite interest in investments. As for the fine, Tencent had this to say:<\/p>\n

\u201cThe Company believes the financial regulators will focus on normalised regulation going forward, implementing financial policies and measures to promote the healthy development of the platform economy, and supporting and encouraging platform companies to continue their efforts in financial inclusion.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/07\/07\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-and-alibaba\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/07\/07\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-and-alibaba\/ China wraps up fintech crackdown with big fines on Tencent, Alibaba 2023-07-09 21:50:31 The regulatory crackdown that has shaken up China\u2019s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country\u2019s two digital payments giants. Tencent, along with its payments subsidiary Tenpay, has […]<\/p>\n","protected":false},"author":1,"featured_media":36709,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-36708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nChina wraps up fintech crackdown with big fines on Tencent, Alibaba - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/07\/09\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-alibaba\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China wraps up fintech crackdown with big fines on Tencent, Alibaba - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/07\/07\/china-wraps-up-fintech-crackdown-with-big-fines-on-tencent-and-alibaba\/ China wraps up fintech crackdown with big fines on Tencent, Alibaba 2023-07-09 21:50:31 The regulatory crackdown that has shaken up China\u2019s fintech industry since late 2020 appears to be coming to a close with the imposition of hefty fines on the country\u2019s two digital payments giants. 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