The China-based third party mobile and online payments platform Alipay is to start operations in Pakistan by the end of this year. The statement was made by Irfan Wahab Khan, the Telenor chief executive officer, who is a board member of the Telenor Microfinance Bank in which Ant Financial, the parent company of Alipay and the financial services affiliate of Alibaba.
In order to commence financial operation in the country, Ant Financial is in the process of taking approval from relevant authorities such as the State Bank of Pakistan (SBP) and Competition Commission of Pakistan (CCP).
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Earlier this year Alibaba, the Chinese e-commerce giant also acquired Daraz.pk from venture capital company Rocket Internet, with a mission to expand their footprint in the country.
The arrival of Alipay in Pakistan is said to help the likes of PayPak of 1link, Fonepay, and Avanza Premier Payment Services (APPS) that have also entered the digital payments space with investments to the tune of millions of dollars in the country.