Bank Alfalah acquires strategic stake in UAE FinTech Jingle Pay
By Gloria Methri
Bank Alfalah, a commercial bank in Pakistan, has acquired a 9.9% equity stake in Jingle Pay, a FinTech based in the MENAP region.
Jingle Pay’s proprietary AI-powered tech stack has already processed over 2 million transactions and facilitated over $1 billion in international money transfers in 2024, saving customers over $6 million in fees.
Jingle Pay has solidified its position as a high-growth FinTech in the MENAP region, supported by prestigious investors, including MoneyGram, G42-backed Applied AI, and prominent U.S. venture capital firms known for backing global FinTech giants like N26 and PayPal.
Bank Alfalah’s equity investment and appointment to Jingle Pay’s Board signal a robust partnership aimed at driving growth and innovation. This collaboration leverages Bank Alfalah’s extensive infrastructure to amplify Jingle Pay’s impact on cross-border payments and digital banking, advancing its ambitious vision for the MENAP region.
Jingle Pay provides innovative services, including multi-currency accounts, instant money transfers via the world’s first remittance marketplace, card payments, and last-mile payouts across 150+ corridors in 99+ currencies. Additionally, its Remittance-as-a-Service solution enables banks, FinTechs, and non-financial institutions to facilitate seamless international money transfers.
Jingle Pay plans to launch its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app targeting to bring seamless and inclusive financial services to the country’s largely unbanked population. Jingle Pay will leverage Bank Alfalah’s infrastructure to bring seamless banking solutions to millions of customers. The partnership will create synergies in cross-border payments strengthened by shareholder MoneyGram.
As Pakistan’s 5th largest remittance partner, Jingle Pay plays a crucial role in driving global financial flows that contribute significantly to the country’s GDP. Establishing a local presence in Pakistan will strengthen its partnership and cross-border capabilities, further cementing Jingle Pay’s position as a leader in the remittance ecosystem.
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