Ant Financial invests $185 mn in Telenor Microfinance Bank

Remigio Civitarese
Marzo 14, 2018

Ant Financial will invest $184.5 million for 45 percent stake in Telenor Microfinance Bank (TMB), a subsidiary of Telenor Group, to develop TMB's mobile payment and digital financial services.

He welcomed Ant Financial's decision to invest in Pakistan and lauded Telenor's efforts towards the socio-economic development of the country.

Shahid Khaqan Abbasi said that the collaboration would help broadening access to financial services through digital payment solutions.

Prime Minister Shahid Khaqan Abbasi Tuesday witnessed signing of an MoU between Telenor Group and Ant Financial Services Group for strategic partnership agreement in Pakistan.

Ant has been aggressively pursuing worldwide expansion, over the last 12 months in an effort to reach its stated aim of securing two billion users within 10 years.

On the homefront, consumer lending has soared in the a year ago, doubling to reach $95 billion, even as the regulatory environment for securitising loans tightens.

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