CCP approves world largest mobile payment platform’s entry into Pakistan

ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved M/s Alipay (Hong Kong) Holding Limited's acquisition of 45 percent shareholding in M/s Telenor Microfinance Bank Limited, paving the way for the world's largest mobile payment platform's entry into Pakistan.

According to the CCP’s statement issued here on Wednesday, founded in 2004 by Jack Ma, Alipay is a part of the Alibaba Group, a Chinese multinational conglomerate specialising in e-commerce, retail, Internet, AI and technology. Telenor Microfinance Bank is Pakistan's first scheduled microfinance bank, and provides microfinance and related financial services.

Since January 2018, The Competition Commission of Pakistan has approved 66 mergers, acquisitions and joint ventures, in sectors including Power Generation, Automotive, Information Technology, Oil & Gas, and Food. Some of the transactions include the acquisition of Daraz.com by Alibaba Singapore Holding, etc.