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Ant Financial to take 45% stake in Pakistan microfinance bank

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Ant Financial to take 45% stake in Pakistan microfinance bank

Norwegian mobile operator Telenor ASA and China's Ant Financial Services Group have struck an agreement for the latter to take a 45% stake in Pakistan-based Telenor Microfinance Bank.

The Alibaba Group Holding Ltd. affiliate will invest US$184.5 million into the Pakistan-based lender, according to a March 13 statement.

The agreement also covers a strategic partnership between both parties to bring mobile payment and inclusive financial services to individuals and small and micro-sized businesses in Pakistan. It will leverage Telenor Microfinance Bank's local market presence and Ant Financial's technology in payment service Alipay and other financial services.