(Yicai Global) Sept. 16 -- The Shenzhen branch of the People's Bank of China has fined Tenpay Payments Technology, the financial arm of tech giant Tencent Holdings, for violating consumer rights rules governing settlement systems.

The subsidiary, which powers the digital wallets for WeChat and QQ and is 95 percent owned by Tencent, will have to pay nearly CNY1.5 million (USD212,150), the central bank said online.

This marks the third time Tenpay has had to cough up for failing to adhere to market regulations.

PBOC's foreign exchange office fined the company CNY600,000 in July 2018 for failing to register its cross-border foreign exchange payments systems for non-residents and not submitting abnormal risk reports or other required information between January 2015 and June 2017.

Tenpay also received a CNY30,000 (USD4,240) fine in May 2017 for failing to adhere to government rules on internet payment services for non-banking payment institutions.

Editor: James Boynton