Ant Financial invests $185 mn in Telenor Microfinance Bank

Ant Financial will invest $184.5 million for 45 percent stake in Telenor Microfinance Bank (TMB), a subsidiary of Telenor Group, to develop TMB’s mobile payment and digital financial services.

TMB offers Easypaisa, a mobile financial services platform launched in 2009 in Pakistan. Alipay is the world’s largest digital payment platform from Ant Financial.

“The establishment of this partnership is well in-line with the expressed Telenor strategy of focusing our financial services efforts in emerging markets,” said Sigve Brekke, CEO of Telenor Group.