HANGZHOU, April 10 (Xinhua) -- Alibaba's mobile payment service Alipay has been fined 180,000 yuan (28,600 U.S. dollars) by the People's Bank of China (PBOC).
The fine was issued for improper behavior in seven aspects, such as releasing misleading advertisements and collecting users' financial information in additional to requirements, according to the statement issued by the PBOC sub-branch in Hangzhou, where Alibaba is based.
The sub-branch identified such issues during an inspection in the second half of 2017. Following the inspection, the company said it had made corrective actions.
"We will continue to stringently abide by the relevant regulations," the company said in the statement Tuesday.
It is not the first time that Alipay has been punished. Last May, it was fined 30,000 yuan by the PBOC for "violating payment industry regulations."
As China has been playing a leading role in the internet industry globally in terms of innovation, there have also been increased concerns about the security of users' private information.
In June 2017, China enacted a cybersecurity law, which allowed companies and individuals responsible for data leakage to be punished.
Wu Shenkuo, an associate law professor at Beijing Normal University, said the fine given to Alipay signals the country's strengthened efforts to improve information security.
