Ant Financial Services Group will invest 184.5 million dollars in Telenor Microfinance Bank in Pakistan.
A memorandum of understanding to this effect was signed in Islamabad today.
Prime Minister Shahid Khaqan Abbasi, Minister of State for IT Anusha Rehman, Chinese Ambassador to Pakistan Yao Jing, Norwegian Ambassador to Pakistan Tore Nedrebo and senior management of Telenor and Ant Financial were present on the occasion.
TMB is a subsidiary of Telenor Group to further develop digital financial services in Pakistan.
Speaking on the occasion, Shahid Khaqan Abbasi said that it is a manifestation of favorable Government policies for foreign investment in Pakistan.
He welcomed Ant Financial’s decision to invest in Pakistan and lauded Telenor’s efforts towards the socio-economic development of the country.
Shahid Khaqan Abbasi said that the collaboration would help broadening access to financial services through digital payment solutions.