Chinese firm to invest $100m in digital payments sector

LAHORE: Opay, a Chinese company present in various countries including Nigeria, plans to invest $100 million in Pakistan’s digital payments sector by increasing points of sale (POS) from 10,000 to 100,000, its country president told Dawn on Tuesday. It also plans to buy a microfinance bank and has applied for the requisite licence, Ali Mubashir Kazmi said. “Opay entered Pakistan with an initial investment of $4m but now plans to invest up to $100m,” Mr Kazmi said. As for points of sale, the company would attain the 20,000 POS target in the first phase, he said. Opay fintech raised $400m from international investors led by Japan’s SoftBank, and the company is valued at $2 billion. The investment was aimed at capturing emerging markets like Pakistan. With a changing financial landscape amid technological development, fintech and digital banks in Pakistan are working to tap the immense potential in a large unbanked market.