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BUSINESS & TECH

Ant Financial Ventures Into Pakistan Through Telenor Deal

Ant Financial made its first investment in Pakistan by buying $184.5 million stake in TMB. Photo:IC
Ant Financial made its first investment in Pakistan by buying $184.5 million stake in TMB. Photo:IC

Ant Financial Services Group, the internet finance affiliate of e-commerce giant Alibaba Group Holding Ltd., has agreed to buy a 45% stake in Telenor Microfinance Bank (TMB), Pakistan’s largest mobile financial service provider.

Ant Financial and TMB’s Norwegian parent, Telenor Group, announced the “strategic partnership” on Tuesday. Ant Financial, the operator of China’s most popular online payment service, Alipay, will help TMB develop mobile payment and digital financial services in Pakistan.

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