Posted on November 15, 2018 at 03:00 PM
Ali pay showed interest to invest in Pakistan and makes inroads to invest into Pakistan with a heavy investment of Rs 20 billion plan. Last month "Ant Financial services" an affiliate group of Alibaba visited in Pakistan and agreed to acquire 45% of stake worth which was Rs 20 billion with Telenor to broaden and give access to financial services through digital payment solutions in Pakistan.
Telenor group of Pakistan completed a strategic cooperation and partnership with "Ant Financial services" with 45% stake in Telenor Mirco Finance Bank to further enhance the operations of mobile payment and digital services on one-click payment method as resources said:
The strategic partnership of Telenor and Ant Financial Service combines both partners with more than 20 million customers to bring easy services of mobile payment and inclusive financial services to micro financial services.
eCommerce players are also seeking the entry of leading online services and mobile payment to facilitate the customers as 90% of orders were fulfilled using cash on delivery (COD) method.
ECommerce giants also welcomed the entry of Alibaba in Pakistan and appreciated their efforts to be part of CPEC and Pakistan. Jack Ma chairman of Alibaba met with Prime minister and discuss to invest in Pakistan' e-commerce sector. Jack Ma said that we are monitoring the progress of Pakistan e-commerce sector and ready to invest in Pakistan for establishing e-commerce platform in Pakistan. Jack Ma shared his plan for supporting Small Medium Enterprises and industries and industries in developing countries and facilitating 60 million companies across the globe.
Alibaba acquired Pakistani based leading online retailer "Daraz " group for an estimated $200 million a couple of months as Ant Financial Services acquired 45% of stake in local finance services of Telenor.
According to the report of Berlin-based, Rocket internet " Ali Baba group of e-commerce acquired the entire share of South Asia e-commerce. Daraz also provides e-commerce services in Myanmar, Bangladesh, Srilanka and Nepal. Daniel Zhang, the chief executive officer of Alibaba Group said:
Alibaba and Daraz now can empower entrepreneurs to better advertise their products and serve consumers in the region through our technologies. Daraz is operating in five south Asian markets in which Daraz have combined consumers of over 460 million of which 60% are under the age of 35. So, in this regard, an investment of $400 million will be beneficial to e-commerce sector. Foreign investors of e-commerce will provide better services or products and force local e-commerce giants such as homeshopping.pk or daraz.pk to improve their products.
Furthermore, this agreement entails the passage of training for SME using e-commerce platforms with online payment and financial services. The arrival of UPS courier company- a global package delivery and provider of supply chain management system in almost 220 countries and in Pakistan it has a started a joint venture with largest domestic shipping company "TCS" to cut time and cost of shipping coming or going out of the country. Mr Jean-Francois Condamine, the president of UPS ’s said that Pakistan market is very rich with thousands of opportunities to initiate business.
According to the World Bank business report, the cost and the time of trade in Pakistan for both importers and exporters are higher than Asia's average. Mr Condamine further said that business to business terms are growing rapidly across Pakistan and world and we need to change the game.