ISLAMABAD: The Securities and Exchange Commission of Pakistan has issued a license to Coco Tech Pakistan (Private) Limited as a Non-Banking Finance Company in Pakistan.
Coco Tech Pakistan, a subsidiary of the internationally renowned company Alibaba, will provide digital financial services to Pakistani consumers for purchasing goods on installments.
Alibaba is one of the world’s leading e-commerce and technology companies, and the company’s investment in Pakistan is a significant step towards the development of the country’s digital financial system.
SECP Chairman Dr. Kabir Ahmed Sidhu said that the inclusion of a major e-commerce company like Alibaba Group will boost competition and innovation in the Pakistani market.
Dr. Sidhu said that Pakistan is an attractive destination for international investment due to its large population, increasing digitalization and improved regulatory framework.
Alibaba’s investment reflects the confidence of international investors in Pakistan’s large consumer market, rapidly growing digital economy and opportunities in the financial services sector.
Coco Tech Pakistan will provide fast and reliable financial services to consumers through Alibaba’s experience, advanced AI-based credit assessment system and globally proven digital infrastructure.
This will improve access to financial services, especially for youth, freelancers and small businesses, who are not fully covered by the traditional banking system.
With Alibaba’s international reputation, experience and financial resources, Coco Tech Pakistan will support small and medium-sized businesses and play a key role in promoting modern e-commerce in the country.
