Web Desk

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted a license to Alibaba-backed Koko Tech Pakistan Pvt. Ltd. to operate a &quot;Buy Now Pay Later&quot; business in Pakistan. In a press release issued on Tuesday, the SECP said the development marked a significant step for Pakistan&rsquo;s digital financial ecosystem.&nbsp; Koko Tech is owned by Alibaba, making the move a notable entry by a major global technology company into Pakistan&rsquo;s fintech space. The regulator said Alibaba&rsquo;s move reflected growing international confidence in Pakistan&rsquo;s large consumer base, expanding digital economy and untapped financial services market.&nbsp; It added that Koko Tech was expected to introduce innovative, data-driven lending solutions in the Buy Now Pay Later segment by using advanced AI-driven credit assessment systems and globally tested digital infrastructure. According to the SECP, the company&rsquo;s entry would help expand access to consumer financing, particularly for young users, freelancers and small businesses that remain underserved by traditional banking channels.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2044020211641397593&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=59cf929660b953b1a57fd64f6b4703305659807c&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 897px; display: block; flex-grow: 1;">&nbsp;</iframe></div></div>The commission said the new license could also help support small and medium-sized enterprises, increase e-commerce activity and accelerate the shift toward a more inclusive, technology-led financial system. The SECP described the development as a direct inflow of foreign investment into Pakistan&rsquo;s financial sector.&nbsp; In the press release, SECP Chairman Dr Kabir Ahmed Sidhu said the entry of Alibaba Group would boost competition and innovation in Pakistan&rsquo;s fintech market.&nbsp; He added that Pakistan remains an attractive destination for international investment because of its large population, growing digital adoption and an improving regulatory framework. The licensing of KTPL comes as Pakistan seeks to deepen financial inclusion and broaden the use of digital financial services across the economy.&nbsp; Buy Now Pay Later services, which allow consumers to pay for purchases in installments, have expanded rapidly in many markets as an alternative form of short-term consumer credit, especially in online retail. The move is likely to be closely watched by Pakistan&rsquo;s banking, fintech and e-commerce sectors, as Alibaba&rsquo;s entry in the Buy Now Pay Later segment could intensify competition and spur further innovation in consumer lending and digital payments. Alibaba Group has a significant and growing presence in Pakistan. Its operations span e-commerce, digital payments, logistics, and cloud computing, including platforms such as Daraz and AliExpress.

Economy

Pakistan’s SECP grants a 'Buy Now Pay Later' license to Alibaba-backed Koko Tech Pakistan, signaling the growing confidence of foreign companies in its digital financial market.

Articles tagged with "Ali Baba"

Alibaba-backed firm granted Buy Now Pay Later license for Pakistan

Alibaba-backed firm granted Buy Now Pay Later license for Pakistan