Chinese regulators impose fines on Ant Group and Tenpay

People’s Bank of China headquarters, Beijing
People’s Bank of China headquarters, Beijing

China’s financial regulators imposed large fines on several fintech companies including Ant Group and Tenpay, sending a signal that they are winding up a years-long overhaul of online platforms.

Regulators fined Ant Group and its subsidiaries 7.1 billion yuan ($984 million), the People’s Bank of China, China Securities Regulatory Commission and the National Financial Regulatory Administration said in a joint statement on July 7.

The fine was related to violations of laws and regulations in

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