Shengpay was fined and confiscated 2.97 million yuan, and T+0 fund settlement services were suspended for 6 months.

NightAirdropper · 2026-03-28T19:54:56+00:00

The People's Bank of China has imposed penalties on Shanghai Shengfutong Electronic Payment Service Co., Ltd. for violating payment and settlement management regulations, fining them 2.611 million yuan and confiscating illegal gains of 363,300 yuan. Additionally, the responsible individual's illegal activities have been met with warnings and fines. Meanwhile, some of the company's payment services have been restricted for a period of 6 months. The central bank will strengthen the regulation of payment institutions in the future to ensure healthy industry development.

NightAirdropper

2026-03-28 19:54:56

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Another third-party payment company has been fined heavily by the central bank and restricted from certain payment services.

The administrative penalty decision information disclosure form released by the Shanghai headquarters of the People’s Bank of China on March 26 shows that Shanghai Shengfutong Electronic Payment Service Co., Ltd. was warned by the Shanghai branch of the People’s Bank of China for violating payment settlement management regulations, having illegal gains of 363,378.31 yuan confiscated and fined 2,611,000 yuan. The penalty notice also indicates that Shengfutong Electronic Payment Service Co., Ltd. is restricted from certain payment services, specifically the suspension of new T+0 fund settlement services for six months.

At the same time, He (the person in charge of Shanghai Shengfutong Electronic Payment Service Co., Ltd.) is directly responsible for the illegal activities, has been warned, and fined 250,000 yuan.

Shanghai Shengfutong Electronic Payment Service Co., Ltd. obtained its payment business license on May 3, 2011, and is one of the first third-party payment companies to obtain a payment license. Currently, its business types include Class I stored value account operations, Class II stored value account operations (limited to online real-name payment account recharge), and Class I payment transaction processing, valid until May 2, 2026.

At this year’s payment settlement work conference, the central bank emphasized that in 2026, strict implementation of the penetrating supervision of payment institutions and functional supervision of payment services will be required, fully leveraging the complementary roles of administrative and self-regulation to shape a compliant and sustainable industry health ecosystem.

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