Telenor Group has reached a strategic partnership agreement with Ant Financial Services Group ("Ant Financial") in Pakistan, where Ant Financial will invest USD 184.5m for a 45 per cent stake in Telenor Microfinance Bank ("TMB"), a subsidiary of Telenor Group, to further develop TMB's mobile payment and digital financial services, said a statement.
The strategic partnership between Telenor Group and Ant Financial combines TMB's knowledge and local market presence with more than 20 million customers, and Ant's technology in Alipay, the world's largest digital payment platform, and other financial services, to bring mobile payment and inclusive financial services to individuals as well as small and micro businesses in Pakistan.
TMB offers Easypaisa, Pakistan's first mobile financial services platform launched in 2009, which has since developed into the largest branchless banking service in Pakistan in terms of agent network, active accounts and transaction value, according to the State Bank of Pakistan.
TMB also provides micro-finance and related financial services to the less privileged and unbanked segment of the Pakistani society, said a statement.
-rmc//
