Alipay hit with fine by PBOC
Print Edition
THE payment affiliate of e-commerce giant Alibaba Group, Alipay.com Co Ltd, has been fined 4.12 million yuan (US$605,882) for breaching payment regulations.
The Shanghai branch of the People’s Bank of China found Alipay had breached the Administrative Measures for Payment Services of Non-financial Institutions, the regulator said in a statement on its website yesterday.
The PBOC is stepping up its scrutiny of payment organizations to prevent financial risks and irregularities and protect consumers.
Several other payment service providers also received administrative punishments last week, including Ka You Payment which was fined 25 million yuan and ordered to stop acquiring new businesses in 25 provinces and cities.
Ant Financial, Alipay’s owner, said in an e-mail response yesterday that it has rectified most of the issues pointed out by the PBOC and will continue to abide by all relevant regulations.
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