China’s banking authorities fine WeChat’s operator Tenpay for violating payment regulations

The Shenzhen branch of the People’s Bank of China, the country’s central bank, announced Thursday that it warned and fined Tenpay, a subsidiary of Tencent, RMB 1.49 million (USD 210,770) on August 30, as the latter violated regulations on payment and consumer rights protection.

The banking authorities did not provide details on how Tenpay went against the regulations.

Tenpay, which was set up in 2005 and was among the first companies to gain a third-party payment license from the central bank, is the platform behind Tencent’s WeChat Pay, which was launched in 2013.

Tenpay is 95% owned by Tencent, according to Ce.cn, a Chinese business news outlet, which added that this is the second time the company got a fine from the banking authorities. In 2017, it was fined RMB 30,000 for also violating payment regulations.

Tencent has not replied to KrASIA‘s request for comment.