China Imposes Hefty Fines on Tencent, Alibaba as it Wraps Up Crackdown on the Tech Sector

China Imposes Hefty Fines on Tencent, Alibaba as it Wraps Up Crackdown on the Tech Sector

Chinese regulators imposed hefty fines on the country’s two most prominent fintech firms Alibaba and Tencent as it wrapped its crackdown on the tech sector. Tencent along with its payments subsidiary Tenpay was fined approximately $410 million by the Chinese central bank.

Ant Group, the fintech affiliate of the e-commerce giant Alibaba was ordered to pay roughly $1 billion for a range of “illegal” activities such harming consumer rights.

The tech firms are also accused of engaging in unfair competition, tampering with user data and compromising the national security.

China | Fintech | Alibaba | Tencent | Technology Sector | Tenpay | Ant Group | Firstpost | World News | Global News | Latest News | Trending News

#china #alibaba #tencent #firstpost #worldnews #globalnews #latestnews #trendingnews

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