Pakistan has taken a major step toward strengthening its digital economy as Alibaba Group receives regulatory approval to operate in the country’s financial services sector, ARY News reported.The Securities and Exchange Commission of Pakistan (SECP) has granted a license to Alibaba’s subsidiary, KOKO Tech, to operate as a non-banking finance company. This development marks Alibaba’s formal entry into Pakistan’s growing fintech landscape.KOKO Tech plans to introduce modern “Buy Now, Pay Later” (BNPL) services, enabling Pakistani consumers to purchase goods from e-commerce platforms through convenient installment plans. This initiative is expected to significantly improve access to digital financial services across the country.With this move, Alibaba Group is set to make direct investments in Pakistan, signaling strong confidence in the country’s large consumer market and rapidly expanding digital economy.SECP Commissioner Kabeer Sidhu highlighted that Pakistan offers vast opportunities in financial services and remains an attractive destination for global investors. He added that the initiative will enhance financial access for youth, freelancers, and small businesses.The Chairman of SECP also emphasized that the entry of a global player like Alibaba will drive innovation and competition in Pakistan’s financial and e-commerce sectors.Overall, this development is expected to accelerate digital transformation, improve financial inclusion, and create new economic opportunities across Pakistan.Also Read: Alibaba unveils new Qwen3.5 model for ‘agentic AI era’Last month, the head of Alibaba Group’s Qwen artificial intelligence model division, Lin Junyang, stepped down from his role, becoming the third senior Qwen executive to depart this year.“Bye my beloved Qwen,” Lin wrote in a post on X, without providing further explanation.Yu Bowen, who headed post-training for Qwen, also resigned, Chinese media outlet LatePost reported.That follows the departure of Hui Binyuan, a staff research scientist focused on coding, in January.The three men did not respond to requests for comment. Alibaba also did not respond to requests for comment on the departures.