SHANGHAI—China’s foreign exchange regulator said it fined Tencent Holding’s Tenpay for violating foreign exchange rules, as the Chinese regime step up supervision of the country’s fintech (financial technology) industry.
The State Administration of Foreign Exchange (SAFE), Shenzhen branch, fined Tenpay, Tencent’s online payment platform, 2.78 million yuan ($436,000) for misconduct, including conducting foreign exchange business beyond the scope of its registration, according to a statement posted late Friday on the regulator’s website.
