With the official entry of the world’s leading e-commerce and technology company Alibaba into Pakistan, the Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued a Non-Banking Finance Company (NBFC) license to its subsidiary Coco Tech Pakistan, paving the way for the introduction of Buy Now Pay Later (BNPL) services in the country.
Coco Tech Pakistan, a company of the internationally renowned Alibaba Group, will provide consumers in Pakistan with the facility to purchase goods from the e-commerce market through easy installments.
According to the SECP, this initiative will create new opportunities in the financial services sector while enabling consumers to access modern financial facilities.
SECP Chairman Dr. Kabir Sidh said that Pakistan’s large consumer market and rapidly growing digital economy are attractive for international investors.
He added that there are vast opportunities in the financial services sector and that this development will improve access to financial facilities for youth, freelancers, and small businesses.
According to the SECP chairman, the inclusion of Alibaba Group will promote competition and innovation in the market, while the company will also make direct investment in Pakistan.