Ant Financial expands into Pakistan market, purchasing a 45% stake in a local startup

13 March 2018

Ant FinancialAnt Financial is looking for further expansion into global markets and wants to anchor its presence in Pakistan through the purchase of a 45% stake in Telenor Microfinance Bank (TMB), a mobile financial services startup owned by Telenor, a Norwegian telecommunications company. According to the reports, under the terms of the deal Ant Financial will pay the price of $184.5 million for the 45% ownership of the startup.

TMB was the first in Pakistan to launch mobile financial service dubbed Easypaisa back in 2009 and is currently serving over 20 million users. According to the official statement made by the companies, the combination of efforts between the partners along with their expertise and access to the local market will contribute substantially to the delivery of mobile payments and financial inclusion to the customers and businesses across Pakistan.

Eric Jing, CEO of Ant Financial, noted that they feel excited about the opportunity to share their knowledge and technology experience with Telenor Microfinance Bank to bring customer experience with Easypaisa to a higher level and ensure more efficient financial inclusion for unbanked and underbanked groups in a transparent way, while strengthening security of transactions and providing lower costs.

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