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Asia

Alibaba’s Ant Financial Expands Into Pakistan

Ant Financial, Alibaba’s financial affiliate that owns Alipay, is expanding into Pakistan. The Chinese internet finance giant will invest $184.5 million for a 45% stake in Telenor Microfinance Bank, a subsidiary of Norway’s Telenor Group that operates a mobile app for financial services in Pakistan. The investment is part of Ant’s strategy to enter Asia’s fast-growing emerging markets through local alliances and export Alipay’s technology overseas. In India, Ant and Alibaba have invested in local digital payment company Paytm. Ant is also trying to grow Alipay in Southeast Asia where Alibaba has invested in local e-commerce companies. For the next several years, South Asia and Southeast Asia will continue to be the hottest overseas battlegrounds for Alibaba and Ant.

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