Tencent's payment unit fined 2.7m yuan

Tencent's (0700) online payment platform Tenpay was fined 2.78 million yuan (HK$3.39 million) by the Shenzhen branch of China's State Administration of Foreign Exchange for violating foreign exchange rules.

The Shenzhen Branch confiscated Tenpay's illegal proceeds of 2,000 yuan and imposed a fine of 2.78 million yuan.

The regulator said Tenpay violated the rules including failing to submit required materials, carrying out foreign exchange business beyond the scope of its registration, failing to handle foreign exchange business as required, and failing to collect necessary information as required.

Tenpay replied yesterday that it has made a plan to improve and the rectifications have all been completed. It is working to further strengthen compliance management under the guidance of the Shenzhen Branch of the SAFE in the future, it added.