11 C
Saturday, January 28, 2023
Generic filters
HomeBusinessChinese company to invest $100m in Pakistan's digital payments sector

Chinese company to invest $100m in Pakistan’s digital payments sector

A Chinese firm ‘Opay’ with operations in several countries wants to invest $100 million in Pakistan’s digital payments sector by expanding points of sale (POS) from 10,000 to 100,000.

According to Opay national President Ali Mubashir Kazmi, the company has also applied for the necessary license and aims to purchase a microfinance bank.

- Advertisement -

“Opay entered Pakistan with an initial investment of $4 million but now aims to invest up to $100 million.” According to him, the business will reach its initial goal of 20,000 points of sale.

Opay Fintech raised $400 million from foreign investors, with Japan’s SoftBank serving as the lead investor. The company has a $2 billion market cap. Capturing new markets like Pakistan was the goal of the venture.

Fintech and digital banks in Pakistan are attempting to tap into the enormous potential in a sizable unbanked market in light of the shifting financial landscape and technology advancement.

- Advertisement -

He said, “Opay has an extended perspective on Pakistan. We are prepared to do our part in the development of the financial industry, which presents a huge potential. Opay intends to enter the unbanked market and has experience with digital technology. According to the commercial perspective, Pakistan should receive $100 million in [foreign direct investment].”

Opay Pakistan already has over 200 employees, but it now intends to dramatically boost that number.

It has already installed over 10,000 POS and is offering financial services as a third party. Its parent is currently awaiting a license from the State Bank of Pakistan after investing $4 million in POS devices and related infrastructure.


Top news

Related articles