Alibaba subsidiary gets SECP license to launch BNPL services in Pakistan

The Securities and Exchange Commission of Pakistan (SECP) has granted a license to KOKO Tech Pakistan (Private) Limited, a subsidiary of the globally renowned Alibaba Group, to operate as a non-banking financial company (NBFC) in Pakistan. This move will enable KOKO Tech Pakistan to offer digital financial services, allowing Pakistani consumers to purchase goods on installment plans.

Alibaba, one of the world’s leading e-commerce and technology giants, is making a significant investment in Pakistan’s digital finance sector. This investment marks an important step forward in the development of the country’s financial ecosystem.

Through KOKO Tech Pakistan, Alibaba will leverage its expertise, advanced artificial intelligence-based credit assessment systems, and globally tested digital infrastructure to offer fast and reliable financial services. The platform will especially benefit young people, freelancers, and small businesses, who are often underserved by traditional banking systems.

KOKO Tech Pakistan will also support small and medium-sized enterprises (SMEs), playing a crucial role in promoting modern e-commerce in the country.

Dr. Kabir Ahmed Sidhu, Chairman of SECP, stated that the entry of major e-commerce players like the Alibaba Group will foster increased competition and innovation in the Pakistani market.

Dr. Sidhu further added that Pakistan, with its large population, growing digitalization, and improving regulatory framework, is becoming an increasingly attractive destination for international investments.