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Alipay fined over payment rules breach

The payment affiliate of e-commerce giant Alibaba Group was fined 4.12 million yuan (US$605,882) for breaching payment regulations.
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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 an official statement on its website on Monday.

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 punishment last week, including Ka You Payment which was fined 25 million yuan and ordered to stop acquiring new businesses in 25 provinces and cities.

This administrative fine imposed by the Shanghai Branch of PBOC was due to certain irregularities of Alipay’s payment services in the Chinese mainland that occurred in the past.  Alipay said it has started to correct those irregularities immediately after they were identified and most of the corrective measures have already been completed and recognized by the regulators.

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