Alipay fined $29,000 by PBoC for irregularities

Online payment giant Alipay has been fined 180,000 yuan (29,000 US dollars) by the People's Bank of China for regulatory violations, reports huanqiu.com.

The logo of Alipay [File photo: IC]

The Hangzhou sub-branch of the PBoC issued the fine on March 22, 2018, punishing Alipay for violating rules connected to client rights and interests, product promotion and personal information protection.

According to the PBoC, Alipay failed to secure its user's right to know and right to make independent choices. The central bank also says Alibaba distributed misleading publicity and published false data about consumer complaints. Alipay is also accused of inappropriately collecting and misusing personal financial information.

Alipay said it immediately launched an improvement plan after the problems were discovered by the Hangzhou central sub-branch of the PBoC in late 2017. The relevant measures have already been implemented and acknowledged by authorities, said the company.