With the unwavering support of Pakistan’s telecommunication company Telenor and China’s leading platform for payments and digital services, Alipay (Ant Financial), as shareholders, Easypaisa, Pakistan’s leading mobile wallet company, is all set to spearhead the fintech revolution and digital transformation in Pakistan. On January 28, 2025, Easypaisa became Pakistan’s first digital retail bank to receive commercial approval for digital banking operations from the State Bank of Pakistan (SBP).

The official licensing ceremony took place at SBP. In a recent announcement, Irfan Wahab Khan, CEO of Telenor, expressed his pride in this historic milestone for Pakistan's financial sector. “Easypaisa has evolved into Pakistan's first digital retail bank!  According to the Gwadar Pro, the transformation from a pioneering fintech to a full-fledged digital bank marks a new chapter in our journey of financial inclusion,” he said. Starting as a vision, Easypaisa has grown into a profitable institution, handling 9% of Pakistan's GDP. 

With 50 million registered users and one in four adult Pakistanis holding an Easypaisa account, the company has established one of the largest financial networks across the country, Wahab added. He thanked the State Bank of Pakistan and stakeholders for their visionary guidance.  “To our dedicated teams who processed PKR 9.5 trillion worth of transactions in 2024 alone—your commitment to excellence made this possible.  This milestone underscores our commitment to Pakistan's digital future. Stay tuned as we introduce innovative financial solutions worthy of our customers' trust.”

Douglas Feagin, Director on the Board of Easypaisa Digital Bank, President of Ant International, and Senior Vice President of Ant Group, stated, “Easypaisa’s evolution into a digital bank marks a significant milestone in Pakistan’s financial services landscape.” Easypaisa is the branchless banking service of Telenor Microfinance Bank, jointly owned by Telenor Group, one of the world’s largest telecom companies across the Nordics and Asia with 186 million customers, and Ant Group, an affiliate of Alibaba Group and the operator of the world’s leading open digital lifestyle platform, Alipay.

China's Ant Group has significantly contributed to Pakistan's financial sector by investing USD 184.5 million for a 45% stake in Telenor Microfinance Bank (TMB).  This partnership has enhanced the Easypaisa platform, making it the country's largest branchless banking service for individuals and small businesses.  The collaboration aims to provide inclusive financial services to the unbanked and underbanked population in Pakistan.  By utilizing Alipay's technology, it offers transparent, safe, low-cost, and efficient financial solutions.

Credit: Independent News Pakistan (INP) — Pak-China