![]() ![]() Tencent And Alibaba Set For Profit Drops As Crackdowns BiteĬhina Orders Alibaba And Tencent To Open Up Platforms To Each OtherĬhina regulator hits Alibaba with record $2. ![]() Tencent Growth At 17-Year Low After Regulatory Onslaught Reuters with additional editing by Jim PollardĪLSO on AF: China’s Tencent to Cut Fee on WeChat Payments for SMEs.Last year, China fined Alibaba Group a record 18 billion yuan ($2.83 billion) for the company’s anti-monopoly violations.Ĭhina recently launched a three-year campaign led by the PBOC and the Ministry of Public Security, to fight money laundering. The mobile payments network was also found to have permitted the transfer and laundering of funds with illicit transactions such as gambling, the report said. added rival Tencent Holdings Ltd.’s payment system to some of its apps, further widening cracks in the internet giants’ walled-off ecosystems. Photo: Bloomberg (Bloomberg) Alibaba Group Holding Ltd. The PBOC uncovered the violations during a routine inspection of WeChat Pay that concluded in late 2021, according to the Journal. Alibaba Offers WeChat Pay on Some Apps at Beijing’s Behest Alibaba is actively working toward introducing multiple payment methods on Taobao. Shares in the Chinese technology giant fell around 10% on the report. Tencent and China’s central bank, the People’s Bank of China (PBOC), did not immediately respond to Reuters’ request for comment. Tencent Holdings Ltd is facing a potential fine, which could be at least hundreds of millions of yuan, for violating some central bank regulations on its WeChat Pay mobile network, the Wall Street Journal reported on Monday, citing people familiar with the matter.įinancial regulators recently found that WeChat Pay had broken China’s anti-money-laundering rules and had lapses in compliance with “know your customer” and “know your business” regulations, the Journal said. ![]()
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