PM witnesses inking of MoU for foreign funding in mobile financial sector

ISLAMABAD, Mar 13 (APP):Prime Minister Shahid Khaqan Abbasi Tuesday witnessed signing of a Memorandum of Understanding between the Telenor Group and Ant Financial Services Group for a strategic partnership agreement to inject US$ 184.5 million in the mobile financial sector.
Minister for IT and Telecom Ms. Anusha Rehman, Chinese Ambassador to Pakistan Yao Jing, Norwegian Ambassador to Pakistan 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 US$ 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 it was a manifestation of favorable government policies towards 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 the collaboration would help broaden access to financial services through digital payment solutions.