China’s central bank levied a fine of 4.12 million yuan on Alipay

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.

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