PM witnessed signing of an MoU between Telenor Group and Ant Financial Services Group for strategic partnership agreement in Pakistan

March 13, 2018

Prime Minister Shahid Khaqan Abbasi today witnessed signing of an MoU between Telenor Group and Ant Financial Services Group for strategic partnership agreement in Pakistan. Minister for IT & telecom Ms. Anusha Rehman, Chinese Ambassador to Pakistan Mr. Yao Jing, Norwegian Ambassador to Pakistan Mr. Tore Nedrebo and senior management of Telenor and Ant Financial were present on the occasion.

According to the MoU, Ant Financial Services Group will invest USD 184.5 m in Telenor Microfinance Bank (“TMB”), a subsidiary of Telenor Group, to further develop TMB’s mobile payment and digital financial services.

Prime Minister Shahid Khaqan Abbasi appreciated the partnership between Telenor Group and Ant Financials, and 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. He said that the collaboration would help broadening access to financial services through digital payment solutions.