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Bangkok Post
Bangkok Post
Business

Chinese tech firms handed massive fines

Ant Ant Group Tencent Alibaba Beijing CSRC Jack Ma Alipay fintech
A woman checks her phone in front of signs bearing QR codes for the digital payment services Alipay by Ant Group and WeChat Pay by Tencent, at a snack shop in Beijing. (Photo: Bloomberg)

BEIJING: Chinese regulators said on Friday they had fined the fintech giant Ant Group almost $1 billion for “illegal acts” and handed an affiliate of rival Tencent a $415-million penalty, adding that a long-running crackdown on technology companies was drawing to a close.

Ant operates Alipay, the world’s largest digital payments platform, which boasts hundreds of millions of monthly users in China and beyond.

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