Breaking: Alibaba is Looking to Buy Major Stakes in Telenor Bank

Jack Ma’s Alibaba, the world’s biggest e-commerce player, is evaluating its options to enter the Pakistani market. Top officials of the company have been in Pakistan for meeting leading local players and shortlisting their investment opportunities.

Contrary to the expectations, Alibaba’s Ant Financial — formerly AliPay — seems to have locked a deal as it is starting due diligence on Telenor Bank in Pakistan, we have checked with sources.

Ant Financial is an affiliate company of Alibaba Group and is considered the most valuable fintech company in the world.

We have confirmation that Ant Financial will be starting due diligence on Telenor Bank within a couple of weeks. From what we have heard, Ant Financial might be looking at 40% shares in Telenor Bank for some $100 million or around.

Ant Financial will be investing in Telenor Bank, primarily to introduce its payment gateway in the country.

Telenor Bank decided not to comment when we asked for their viewpoint on the development.

It maybe recalled that Telenor Bank was recently renamed from Tameer Bank after Telenor Group — the parent group of Telenor Pakistan — bought cent percent stakes in it.

Telenor group previously had bought 51 percent stakes in Tameer Bank in 2008.

After completing the full acquisition, Telenor group renamed the bank to Telenor Bank and brought Easypaisa — Telenor Pakistan’s flagship product — under Telenor Bank.

While we know that AliBaba is more likely to partner with local companies, it needed a payment partner, logistics provider and an e-commerce store.

For payment, it appears that Telenor Bank is their choice.

For logistics, we know that they have met with TCS and Yayvo management, but nothing can be said with certainty on this as of yet.

Daraz – Pakistan’s biggest e-commerce store – seemed to be the most probable candidate for acquisition. But Alibaba’s meeting with TCS and Yayvo management made it another possible candidate for acquisition partly due to TCS’s countrywide delivery network.

Not to mention, Pakistan is a incredible market with over 200 million people but without any international payment gateway. This creates tremendous opportunity for companies likes AliBaba to come in and fill a gap that will reap them millions of dollars on yearly basis.

The company is likely to invest in e-commerce, their core business, to strengthen its position in a new emerging market.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK

  • I really love Telenor services and Telenor bank. If Chinese quality entered Telenor bank, I am done with it. Already fed up with Chinese social media network, their server hacked, nobody at support team understands English, now my Weibo account with my bio and pictures is posting spam statuses. Then these Xiaomi phones with poor camera, developers do not understand English and they want tus to join their QQ crashing app to report beta testing.

  • Easypaisa’s customer service is as shittt as one can expect. They didn’t know anything regarding their own services. I hope things will change if Ali Pay acquire it.

    • Plus there sales agent spam you with dozens of call and ask you to buy their insurance service despite repeatedly declining not to buy it.

      • Yes this is very true easypaisa CR regularly spam call me 3-4 times a day and if i pick up they just say “sir apko hmari services main koye problem to naye h?” WTF and also one time i picked up their call and there was an insurance guy he talked very rudely with me wish i had call recorder active on my phone so that i could file a complaint against that person.I am moving to Jazzcash.

      • Plus I received lots of calls from 345. but when I puckup call, line disconnects. Daily I receive at least one call but this is good news FDI is coming in Pakistan

    • agreed. You start the call and just start telling them your problem, they cut you in between and start talking like oh okay we got it.. you have limit problems. Hold on. Can you verify your CNIC. Here we go we increased your limit. Me: But that was not the issue I was reporting. He: Now the whatever issue you had is resolved with this limit increase.

      Jese speed limit na ho gai koi jadu ki chari ho gai jou sari problems solve ho jayen gi…

  • Easypaisa third class customer services even from bank side, i went 3 time to upgrade my account level and i submet my all document to branch staff and later when i call 3737 they told me that they didi not receive my document.

  • Yeh saray masail jo ham yahan discuss kar rahay hain, hamain kis k samnay in ki application daini chahiay? I don’t know. Aamir Attaa sahib to bilkul iss ka jawab nhi dain gay aur na hi telenor k top officials tak yeh baat ponchain gay. Aur waisay bhi telenor k representative ko us service per kuch faida hota hay aur senior officers un ko majboor kartay hain logon ko inn services per uksanay ko.

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