ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved Alipay Holding Ltd of Hong Kong to acquire 45 per cent stake in Telenor Microfinance Bank (TMB), paving the way for world’s largest mobile payment platform’s entry into the country.

Alipay is a part of the Alibaba Group, a Chinese multinational conglomerate specialising in e-commerce, retail, internet, artificial intelligence and technology. TMB is Pakistan’s first scheduled microfinance bank, and provides microfinance and related financial services. Since January, the CCP has approved 66 mergers, acquisitions and joint ventures, in sectors including power generation, automotive, information technology, oil and gas, and food.

Some of the major transactions include the acquisition of Daraz.com by Alibaba Singapore Holding and OMV (Pakistan) Exploration GMBH by Dragon Prime Hong Kong Ltd among others.

Published in Dawn, November 8th, 2018