Pakistan has made a significant advance in enhancing its digital economy as Alibaba Group secures regulatory approval to operate within the country’s financial services sector. The Securities and Exchange Commission of Pakistan (SECP) has authorized Alibaba’s subsidiary, KOKO Tech, to function as a non-banking finance company, marking Alibaba’s official entry into Pakistan’s expanding fintech market.
KOKO Tech aims to launch innovative “Buy Now, Pay Later” (BNPL) services, allowing consumers to purchase products from e-commerce platforms through flexible installment plans. This initiative is anticipated to greatly improve access to digital financial services nationwide, facilitating easier and more affordable shopping options for Pakistani consumers.
In a significant development, Alibaba Group’s move to invest directly in Pakistan reflects strong confidence in the country’s large consumer base and rapidly growing digital economy. SECP Commissioner Kabeer Sidhu noted that Pakistan presents vast opportunities in financial services and continues to attract global investors. He emphasized that this initiative will expand financial inclusion for youth, freelancers, and small enterprises.
Meanwhile, the Chairman of SECP highlighted that Alibaba’s entry as a global player will stimulate innovation and competition within Pakistan’s financial and e-commerce sectors. This progress is expected to accelerate the country’s digital transformation, enhance financial inclusion, and generate new economic prospects across Pakistan.
Separately, last month saw leadership changes within Alibaba’s Qwen artificial intelligence division. Lin Junyang, head of the Qwen AI model division, resigned, becoming the third senior executive to leave this year. Lin posted a farewell message on social media without further details. Yu Bowen, responsible for post-training of Qwen, also stepped down, following Hui Binyuan, a research scientist specializing in coding, who left in January. Neither the executives nor Alibaba have commented on these departures.
