Alipay acquires 45 percent stake in Telenor Microfinance Bank
Under the rising trade between Pakistan and China through the expansion of the China-Pakistan Economic Corridor (CPEC), China’s e-commerce giant Alipay has been cleared by the Competition Commission of Pakistan (CCP) to acquire a 45% shareholding in Telenor Microfinance bank. Considering Pakistan has a large e-commerce market potential with a population of over 65% under the age of 30, it gives Alipay an ideal platform to tap the untouched potential of the country
Alipay, a subsidiary of Hangzhou-based Ant Financial, has been cleared by the Competition Commission of Pakistan (CCP) to acquire a 45 percent stake in Pakistan’s Telenor Microfinance Bank.
The investment of over US$184 million will expedite widespread adoption of digital payments in Pakistan. With internet penetration continuously on the rise, there are an estimated 60 million subscribers of 3G and 4G in the country that can become potential users of the service.