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 acquires 45 percent stake in Telenor Microfinance Bank 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.
The Pakistani Acting-High Commissioner in Canada, Muhammad Saleem, talked about the importance of the China-Pakistan Economic Corridor (CPEC), and envisioned it as a corridor of peace and prosperity. While addressing a Belt and Road conference in Ottawa, he said that CPEC is already addressing Pakistan’s energy crisis, and at the culmination of the project, Pakistan’s GDP growth will increase by 2-3%. He also said that CPEC has provided tremendous benefits to the locals of Pakistan, creating 40,000 jobs through various projects.
Acting High Commissioner (HC) of Pakistan Muhammad Saleem has said that China Pakistan Economic Corridor (CPEC) is a major part of Belt and Road Initiative (BRI) and it is envisioned as a corridor of peace, prosperity and development.
Saleem said this while speaking at the BRI conference arranged by Carleton University here, according to a press release received from Ottawa.
The acting high commissioner said that CPEC will bring in steady socio-economic development in Pakistan by attracting foreign and local investment into the energy and infrastructure sectors. He added that through CPEC, Pakistan will become an energy secure country and its GDP growth will increase by 2-3 per cent