Alibaba tencent wechat pay beijing12/27/2023 Regulators are discussing the size of the impending fine but it could run to hundreds of millions of yuan, larger than typically levied in the past, it added. In January, the central bank announced it will begin a nationwide campaign to clamp down on money laundering in the years to 2024.Ĭentral bank officials discovered irregularities on WeChat Pay, which competes with Ant Group's Alipay, after concluding a routine inspection of the payments platform in late 2021, the Journal reported. The reports came as Beijing is preparing to step up efforts to fight illegal fund flows, aiming to avert systemic risk and shore up the financial industry. Unlike rivals Alibaba and Meituan (3690), the WeChat operator hasn't yet been the direct target of any government probe. ![]() Tencent itself has thus far mostly escaped formal regulatory action. WeChat Pay was also judged non-compliant with other rules that required Tencent to identify users and merchants transacting on the platform.Ī probe into potential money laundering would open a new front in Beijing's sweeping crackdown on the internet industry, an effort that's already wiped out hundreds of billions of dollars in arenas from ride-hailing and e-commerce to online education. ![]() The People's Bank of China found Tencent's WeChat Pay had allowed the transfer of funds for illicit purposes such as gambling, a newspaper reported, citing unidentified people familiar with the matter. Tencent (0700) faces a record fine after China's central bank discovered its WeChat Pay had violated anti-money laundering regulations while the market claimed that the tech giant and Alibaba (9988) will lay off up to 30 percent of their employees in the next few weeks.
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