People’s Bank of China headquarters, Beijing
China’s financial regulators imposed large fines on several fintech companies including Ant Group and Tenpay, sending a signal that they are winding up a years-long overhaul of online platforms.
Regulators fined Ant Group and its subsidiaries 7.1 billion yuan ($984 million), the People’s Bank of China, China Securities Regulatory Commission and the National Financial Regulatory Administration said in a joint statement on July 7.
Original Article: https://www.centralbanking.com/regulation/7959229/chinese-regulators-impose-fines-on-ant-group-and-tenpay
