July 30, 2018 / 9:34 AM / 4 months ago

China fines two payment firms $5.1 mln for irregularities - cenbank

BEIJING, July 30 (Reuters) - China’s central bank said on Monday it has fined two payment firms - Kayou and Free My Pay - a total of 34.75 million yuan ($5.09 million) for irregularities after months of spot checks in both companies.

The People’s Bank of China will continue to step up regulation on payment and settlement markets, and strictly punish all illicit activities, according to a statement on its website. ($1 = 6.8224 Chinese yuan) (Reporting by Beijing Monitoring Desk, Editing by Sherry Jacob-Phillips)

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