The Shanghai head office of China’s central bank has levied a fine of 4.12 million yuan ($601,846) on Alipay, the online payment platform of Ant Financial, for violating regulations on payment services, the regulator said on Monday, reports Reuters.
Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma.
