Alipay has secured the first mover advantage in the online commerce and digital banking in Pakistan as the Competition Commission of Pakistan (CCP) has formally approved Alibaba subsidiary’s acquisition of 45 percent shares of the Telenor Microfinance Bank Limited Pakistan.
Founded in 2004, Alipay is a third-party mobile and online payment platform owned by the Chinese commerce giant Alibaba. Billionaire owner, Jack Ma, led Alipay in overtaking PayPal as the world’s largest mobile payment platform in 2013. Alipay enjoys a 54 percent share in China’s $5.5 trillion mobile payment market, by far the largest in the world.
Alibaba Group is a Chinese multinational conglomerate specializing in e-commerce, retail, internet, Artificial Intelligence (AI) and technology. Telenor Microfinance Bank is Pakistan’s first scheduled microfinance bank and provides microfinance and related financial services.
Since January 2018, the CCP has approved a total of 66 mergers, acquisitions and joint ventures, in sectors including power generation, automotive, information technology, oil & gas, and food.
Some of the major transactions include the acquisition of Daraz.com by Alibaba Singapore Holding, 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.