On November 8th, the Pakistan Competition Commission has approved Alipay's acquisition of a 45% stake in Micronor Bank's Telenor. Alipay is part of the Internet giant Alibaba, and the microfinance bank Telenor is the first bank in Pakistan to offer microfinance on a regular basis. The bank provides small loans for those who want to escape poverty through entrepreneurship.
This is also part of the commitment made by former Pakistani Prime Minister Nawaz Sharif and Alibaba Group founder Ma Yun before 2017. At the annual meeting of the World Economic Forum, Ma Yun showed Sharif the will to invest in Pakistan.
Ant Financial is the parent company of Alipay and a financial services subsidiary of Alibaba. In March 2018, Ant Financial spent $184.5 billion to acquire a 45% stake in Telenor Microfinance Bank.
Telenor Microfin Bank CEO Sigwe & Middot; Sigve Brekke acknowledged the matter in a news, "In cooperation with the world's leading payment service providers such as Ant Financial, will strengthen microfinance Bank Telenor's future payment platform and setting new standards in Pakistan's digital banking business. The establishment of this partnership is in line with Telenor's strategy of focusing on emerging market financial services, which ensures that we can build and modernize our business based on customer needs. I am very excited about this. ”
The partnership aims to connect Telenor and its 20 million customers with Alipay, facilitating an increasing number of small businesses and providing financial support to individuals planning to establish micro-enterprises in Pakistan in the future. Ant Financial seems to be equally satisfied with Telenor's cooperation because its goal is to bring more equal opportunities to the world.