Zhongxin Jingwei client, February 9 - according to the financial times on the 9th, China's science and technology groups Alibaba and Tencent were involved in the war against capital outflow, and the financial service departments of the two groups were fined 600000 yuan each for violating the laws and regulations on cross-border foreign exchange transactions
before the overseas payment business of the institutions under the two Internet giants was hit, China UnionPay also carried out similar tightening controls. Since 2016, China UnionPay has tried to restrict the use of UnionPay cards to pay for overseas real estate investment and insurance, and the competition with visa and MasterCard has become increasingly fierce overseas
Wang Hanyang, financial technology analyst at Shanghai 86 securities research, said: "in the long run, the government supports these payment groups to expand overseas, but at the operational level, they need to strengthen compliance and supervision."
ant financial services, a financial company under Alibaba, and wechat payment under Tencent dominate China's $16 trillion third-party mobile payment market, and are increasingly expanding overseas, allowing Chinese tourists to pay all kinds of expenses, from shopping to visiting the Seine River by boat
but this expansion has also attracted the attention of China's State Administration of foreign exchange, which has repeatedly cracked down on capital outflows and illegal capital transfers in the past two years. In recent months, safe has issued a series of notices on cracking down on illegal money changers, banks' improper foreign exchange transactions and false trade invoices. It is reported that Alipay operated by ant financial involved in the payment of Uber travel in violation of regulations. Although the transaction occurred before didi travel acquired Uber's business in China in 2016, regulators are worried about the outflow of funds to the U.S. headquarters of this car Hailing service app
according to China foreign exchange, an official magazine of safe, Alipay was fined 600000 yuan (US $95000) for "problems in the business scope of cross-border foreign exchange payment services and the reporting of cross-border foreign exchange payment services' balance of payments statistics". Tencent's payment department was also fined 600000 yuan for "failing to submit abnormal risk reports and other materials to relevant departments in accordance with regulations" and "failing to file cross-border foreign exchange payment business for non residents"
ant financial said that the fines were related to foreign exchange payments in 2014, which violated the payment service regulations at that time. The company said that Alipay made corrections after identifying these violations. (Zhongxin Jingwei APP)
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