The payment industry now has another million fines! On November 3, a Beijing Commercial Daily reporter noticed that according to administrative penalty information from the Shanghai branch of the People's Bank of China, Baopay Network Technology Co., Ltd. was warned, confiscated the illegal proceeds of the law, and fined RMB 3.77 million yuan for violating merchant management regulations, and violating account management regulations. This ticket is subject to a “double penalty system”. According to the announcement, Mr. Chen was directly responsible for BaoPay's illegal act of violating account management regulations. He was also warned and fined RMB 160,000. The reporter conducted an interview with BaoPay on issues such as the degree of business restructuring. In response, “Our company sincerely accepts and resolutely implements the results of the supervision and processing. Previously, the Shanghai branch of the People's Bank of China set up a special team to follow up and implement the guidance and opinions of the People's Bank of China, and implemented them one by one in accordance with the regulatory requirements. We have now completed the self-inspection and rectification work.”

The payment industry now has another million fines! On November 3, a Beijing Commercial Daily reporter noticed that according to administrative penalty information from the Shanghai branch of the People's Bank of China, Baopay Network Technology Co., Ltd. was warned, confiscated the illegal proceeds of the law, and fined RMB 3.77 million yuan for violating merchant management regulations, and violating account management regulations. This ticket is subject to a “double penalty system”. According to the announcement, Mr. Chen was directly responsible for BaoPay's illegal act of violating account management regulations. He was also warned and fined RMB 160,000. The reporter conducted an interview with BaoPay on issues such as the degree of business restructuring. In response, “Our company sincerely accepts and resolutely implements the results of the supervision and processing. Previously, the Shanghai branch of the People's Bank of China set up a special team to follow up and implement the guidance and opinions of the People's Bank of China, and implemented them one by one in accordance with the regulatory requirements. We have now completed the self-inspection and rectification work.”