Chinese payment giants Alipay and Tenpay fined for rule breaches

China's Central Bank said in statements on Friday that Chinese payment giants Alipay and Tenpay have been fined and their illegal income has been confiscated.

Ant Group's Alipay was slapped with a fine of 3.01 billion yuan ($416 million) while Tencent Holdings Ltd's Tenpay was fined 2.99 billion yuan, the central bank said.

Separately, Ant Group has been fined 7.12 billion yuan for violating laws concerning consumer protection and corporate governance.