Ant Financial invests $185 mn in Telenor Microfinance Bank

Foreign investment in Pakistan a manifestation of govt's investment-friendly policies: PM

Foreign investment in Pakistan a manifestation of govt's investment-friendly policies: PM

Minister for IT & telecom Anusha Rehman, Chinese Ambassador to Pakistan Yao Jing, Norwegian Ambassador to Pakistan Tore Nedrebo and senior management of Telenor and Ant Financial were present on the occasion.

TMB is a subsidiary of Telenor Group to further develop digital financial services in Pakistan.

Ant Financial will invest $184.5 million for 45 percent stake in Telenor Microfinance Bank (TMB), a subsidiary of Telenor Group, to develop TMB's mobile payment and digital financial services.

The partners say that combining TMB's knowledge and local market presence with Ant's Alipay technology will enable them to bring mobile payments and other financial services to people and small business throughout Pakistan, where more than 100 million are unbanked. The PM appreciated the partnership between the two parties and said it was the manifestation of favourable government policies for foreign investment in Pakistan.