Ant Financial, the internet finance affiliate of Chinese e-commerce company Alibaba Group, has agreed a deal to take a 45% stake in Pakistan’s largest mobile financial services provider, Telenor Microfinance Bank (TMB), Caixin Global reports.
The deal, which Ant Financial and TMB’s Norway-based parent company Telenor Group are describing as a “strategic partnership,” will see Ant help TMB develop mobile payment and digital financial services for the Pakistan market.
Ant Financial, the operator of China’s most popular mobile payment app, Alipay, will pay $184.5 million for the stake in TMB.