TMBL gets $70mln from Ant Financial

KARACHI: Telenor Microfinance Bank (TMB), a subsidiary of Telenor Group, has received a second tranche investment of $70 million from Ant Financial Services Group to further develop TMB’s mobile payment and digital financial services.

It was part of a strategic partnership agreement between Telenor Group and Ant Financial Services Group, announced in March 2018. As part of the agreement, Ant Financial would invest $184.5 million for a 45 percent stake in TMB. The closing of the second tranche completes the placement and further solidifies Telenor Microfinance Bank’s capital position to continue its growth in the digital banking space. The investment from Ant Financial is a sizeable international investment for any bank operating in Pakistan and it will further facilitate Easypaisa in expansion and diversification of its services and provide inclusive financial services to more consumers and small businesses in Pakistan, including digital banking and credit services.