China tech groups Alibaba and Tencent
have been caught up in Beijing’s war on capital flight, with both being handed fines for breaches of cross-border foreign exchange payments at their financial services units.
The clampdown on overseas payments by affiliates of the two internet heavyweights follows similar tightening of controls at China UnionPay, the state-owned bank-card network that increasingly competes with Visa and MasterCard overseas. Since 2016, UnionPay has sought to limit the use of its cards to pay for investments in foreign property and insurance.
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