DUBAI, UAE, Jan. 10,
2025 /PRNewswire/ -- Bank Alfalah, a leading
commercial bank in Pakistan with a
network of over 1,000 branches, has announced its acquisition of a
9.9% equity stake in Jingle Pay, one of the fastest growing
fintechs in the MENAP region. The Bank's fintech investment
underscores its commitment to driving digital transformation and
fostering financial inclusion across key markets.
Jingle Pay has redefined the fintech space with its proprietary
AI-powered tech stack already processing over 2 million
transactions and facilitating over $1
billion in international money transfers in 2024, saving
customers over $6 million in fees.
Jingle Pay was recently awarded the top global fintech for
remittances into Pakistan.
Jingle Pay has solidified its position as a high-growth fintech
leader 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, Jingle Pay continues to disrupt the industry. 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, FinTech's, 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 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.
Leadership Remarks
Farooq A. Khan, Group Head -
Corporate, Investment Banking and International Business of Bank
Alfalah, emphasized: "This acquisition is a milestone in our
journey to lead the digital banking revolution. By combining Jingle
Pay's innovative platform with Bank Alfalah's resources, we aim to
redefine cross-border financial services and deliver exceptional
value to millions of users."
Amir Fardghassemi, Founder and
CEO of Jingle Pay, said: "Partnering with Bank Alfalah empowers us
to scale our vision of inclusive finance. Together, we aim to
enrich the digital economy and create transformative cross-border
financial solutions."
The collaboration also enhances Bank Alfalah's role in the
global Payments ecosystem, strengthening its position as a leader
in cross-border financial flows and delivering unparalleled value
to customers in the MENAP and beyond.
About Bank Alfalah
Bank Alfalah is a leading commercial bank in Pakistan, with over 1,000 branches across 200
cities and an international presence in the UAE, Bahrain, and Afghanistan. Its heritage and prominence
extend over 25 successful years, highlighted by achievements that
reflect exponential growth in the country's financial sector.
The Bank offers various products and services to private-sector
institutions and governments, including corporate and investment
banking, consumer banking, securities brokerage, commercial, small
and medium enterprises, agricultural, Islamic, and asset
financing.
The Bank has established itself as a premier digital bank by
introducing various features on its banking app, such as Alfamall,
Buy Now Pay Later, and Term Deposit Receipts. It has also launched
Pakistan's first digital lifestyle
branch.
About Jingle Pay
Jingle Pay, a UAE born fintech, is the MENAP region's leading
and fastest-growing fintech, specializing in cross-border money
transfers licensed by Dubai Financial Services Authority
(DFSA). Jingle Pay operates in the UAE, Bahrain, and Pakistan, offering cutting-edge financial
services. Backed by global financial institutions like MoneyGram,
Bank Alfalah, top-tier U.S. and international venture capital firms
that have backed PayPal and N26, as well as G42 backed, Applied
AI.
The company provides a wide array of solutions, including
Remittance-as-a-Service for financial institutions, enabling
seamless global payouts across 150+ corridors and 99+ currencies.
Additionally, Jingle Pay operates a B2C app for retail customers,
facilitating card payments and international money transfers
focused on driving financial inclusion and leveraging AI to
redefine cross border payments.
CONTACT: Jingle Pay, Media@jinglepay.com, +971 4 547 7778
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SOURCE Jingle Pay
