The Competition Commission of Pakistan paved the way for Alipay to enter the country after it approved its acquisition of 45% shares of Telenor Microfinance Bank.
Alipay, the world’s largest mobile payment platform, is a part of Chinese billionaire Jack Ma’s Alibaba which specializes in e-commerce, retail, internet, AI and technology.
Telenor Microfinance Bank is the country’s first scheduled microfinance bank, and provides microfinance and other related financial services.
In May, Alibaba acquired Daraz.pk, Rocket Internet’s South Asian e-commerce platform.
Since January 2018, the CCP has approved 66 mergers, acquisitions and joint ventures, in different sectors, including power generation, automotive, information technology, oil and gas and food.
Besides Alibaba’s acquisition of Daraz, other major transactions include the acquisition of OMV (Pakistan) Exploration GMBH by Dragon Prime Hong Kong Limited, the Joint Venture between Riaz Bottlers Private Limited and Lotte Chilsung Beverages Co Limited, the acquisition of shareholding in Total PARCO Marketing Limited by Pak-Arab Refinery Limited and the acquisition of Marshall Gas Private Limited’s liquefied petroleum gas plant by Hascol Petroleum Limited.