Daiwa PI commenced microfinance business operation in Myanmar

TOKYO: Daiwa PI Partners Co. Ltd., a subsidiary of Daiwa Securities Group Inc., commenced its microfinance business operation under DO Microfinance Company Limited, a joint venture company with OK Myanmar Company Limited (OKM), after obtaining Microfinance Business License. In Myanmar, financial system is at the early stage of development and… Continue reading

Telenor bank introduces blockchain remittances

KARACHI: Telenor Microfinance Bank, in partnership with Vaiyou of Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service to enable Pakistanis living in Malaysia to send money home instantly and securely, a statement said on Tuesday. This new service is powered by Alipay’s blockchain technology operated by Ant Financial Services… Continue reading

SECP issues guidelines for grievance redress system in NBMFCs

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has issued guidelines for grievance redress system in Non-Bank Microfinance Companies (NBMFCs) to protect the interests of clients. Accordingly, the NBMFCs are required to put in place a complaint handling policy and detailed procedures to deal with clients’ complaints. Furthermore, the NBMFC shall designate… Continue reading

Competition Commission approves Alipay’s acquisition of Telenor Microfinance bank

ISLAMABAD: The Competition Commission of Pakistan has approved M/s. Alipay (Hong Kong) Holding Limited’s acquisition of 45% shareholding in M/s. Telenor Microfinance Bank Limited, paving the way for the world’s largest mobile payment platform’s entry into Pakistan. Founded in 2004 by Jack Ma, Alipay is a part of the Alibaba… Continue reading