Didi’s digital payments unit was penalised $632,170 (CNY4.27m) by the China’s apex bank for violating a number of rules, reported Reuters.

The unit was fined for 12 violations, including failure in traceability and authenticity requirements related to transactions.

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According to the People’s Bank of China (PBoC), Didi’s digital payment division also opened payment accounts for enterprises involved in the financial industry.

The Chinese central bank also said that the unit failed to report significant risk events in a timely manner.

Didi did not comment on the news.

Didi’s digital payment unit is also being investigated by the US Securities and Exchange Commission (SEC) for

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The news comes as the Beijing-headquartered ride-hailing company accelerates its effort to appease regulators. The firm went ahead with its $4.4bn initial public offering (IPO) in the US in June last year despite a warning from the regulators.

The firm reportedly delisted from the New York Stock Exchange in this May.

In 2020, Didi struck a strategic partnership with PBoC to drive the development of the bank’s planned digital currency.

As part of the tie-up, Didi agreed to integrate the application of the digital currency, Digital Currency Electronic Payment DCEP, through its on-demand transport platform.

In 2017, Didi acquired third party payment services provider 19Pay in a bid to develop its own payment services. The deal was worth $45.4m (RMB300m).