Group 1 - The People's Bank of China (PBOC) Shenzhen Branch has recently imposed fines on two payment institutions, SF Hengtong Payment Co., Ltd. and Shenzhen Kuai Putong Payment Co., Ltd., for multiple violations [1] - Kuai Putong was fined over 3.5 million yuan for six violations, including failure to manage merchants properly and not fulfilling customer identity verification obligations [1] - SF Hengtong Payment was fined nearly 210,000 yuan for violations related to clearing and account management, marking its first penalty from the PBOC [1] Group 2 - SF Hengtong Payment, established in April 2011, is a wholly-owned subsidiary of SF Group and provides comprehensive payment solutions primarily for its ecosystem through the "Shunshou Pay" platform [2] - Kuai Putong, founded in 2009 and renamed in 2024, was one of the first companies to receive a payment business license from the PBOC, authorized to conduct prepaid card issuance and internet payment services [2]