Chinese e-commerce giant to begin services in Pakistan this year
Alipay, the online payment platform owned by the Chinese tech giant Ant Financial and e-commerce leader Alibaba, is set to begin its services in Pakistan by the end of this year. A deal was signed between Norwegian multinational telecommunications company and Ant Financial Services Group back in March this year.
Accordingly, the latter invested $184.5 million for a 45% stake in Telenor Microfinance Bank, a subsidiary of Telenor Group. The investment was made with the aim to further the development of Telenor Microfinance Bank’s mobile payment and digital financial services in Pakistan.
Photo courtesy of Institute for Money, Technology and Financial Inclusion.