Sayeed Muhammad: In a surprise move, the Ant Financial Services Group, which operates global e-commerce firm Alibaba Group-linked payment platform Alipay, is set to buy 20% share of mobile financial services provider bKash. Selim RF Hussain, managing director and CEO of BRAC Bank, of which bKash is a subsidiary, confirmed the matter to the media after Ant Financial and bKash sealed a deal at a Dhaka hotel yesterday, reports bdnews24.com.
bKash, he said, will retain 51 of its shares and Alibaba will get the shares from the remaining 49% of Money in Motion, International Finance Corporation, and Bill and Melinda Gates Foundation.The agreement on strategic partnership is meant for promoting financial inclusion for the unbanked and underbanked communities in Bangladesh. Kamal Quadir, the CEO of bKash, and Douglas Feagin, Ant Financial Senior Vice President of Global Business, signed the deal on behalf of respective companies.BRAC Bank Chief Financial Officer Abdul Kader Joaddar said Bill and Melinda Gates Foundation owns preferential shares of bKash while Money in Motion’s stake in bKash is 36.5% and IFC’s 12.5%.
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