Alibaba, the Chinese e-commerce giant is getting ready to make its mark in the Pakistani industry as the company looks to buy major stakes in Telenor Bank, reports ProPakistani.
Ant Financial, formerly known as Alipay is reportedly doing due diligence on Telenor Bank which may hint that the affiliate company of the Alibaba group may have locked a deal with the bank.
Telenor Bank changed its name from Tameer Bank in July 2017 after acquiring it last year. Ant Financial may acquire 40 percent shares in it for around $100 million. Earlier this year, Easypaisa also formally became part of the Telenor bank where the mobile financial services division will come directly under the latter’s authority.
If the news of Alibaba moving in on the Telenor Bank is true, then it would be safe to assume that the company is looking to bring its own payment gateway solution in Pakistan.
Alibaba signed a Memorandum of Understanding (MoU) with the Trade Development Authority of Pakistan (TDAP) in June where Ant Financial and TDAP agreed to foster the growth of worldwide exports of products by small and medium-sized enterprises (SMEs) in Pakistan through e-commerce.
The company will reportedly sign another MoU with the Benazir Income Support Programme (BISP) for the online sale of the products made by the beneficiaries of BISP.