Islamabad, Jan 13: In a strategic move towards advancing digital transformation and financial inclusion, Bank Alfalah has acquired a 9.9% equity stake in Jingle Pay, a leading fintech based in the UAE. This partnership underscores Bank Alfalah’s commitment to driving innovation and enhancing its presence across key markets, including the MENAP (Middle East, North Africa, and Pakistan) region.
Jingle Pay has made waves as a fintech pioneer specializing in cross-border money transfers. With operations in the UAE, Bahrain, and Pakistan, it has rapidly gained recognition for its robust, AI-driven platform. In 2024 alone, Jingle Pay processed over 2 million transactions, facilitating $1 billion in international money transfers while saving customers an impressive $6 million in fees. These achievements earned it the distinction of being the top global fintech for remittances to Pakistan.
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The collaboration between Bank Alfalah and Jingle Pay is set to unlock new opportunities in digital banking. Leveraging Bank Alfalah extensive infrastructure and expertise, Jingle Pay aims to scale its operations and expand its footprint in Pakistan, with a formal launch planned for early 2025.
This synergy will enable both entities to accelerate financial inclusion by offering seamless, tech-enabled banking solutions tailored to diverse customer needs.
Jingle Pay’s innovative services include multi-currency accounts, instant remittances across more than 150 corridors in 99 currencies, and remittance-as-a-service solutions. It also provides card payment services, making it a one-stop platform for cross-border financial transactions.
Supported by global leaders such as MoneyGram, as well as prominent US-based investors like PayPal and N26, Jingle Pay continues to push boundaries in fintech innovation.
For Bank Alfalah, this strategic stake in Jingle Pay signifies more than just a financial investment—it represents a shared vision to redefine digital banking and remittance solutions.
This partnership combines Jingle Pay’s advanced technology with Bank Alfalah’s strong market presence to revolutionize financial technology, offering accessible, affordable, and inclusive banking services in the region.
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As the global banking landscape evolves, collaborations like this highlight the importance of partnerships in driving sustainable growth and empowering customers with innovative solutions.
Bank Alfalah and Jingle Pay will transform cross-border financial transactions, making them more convenient and efficient for customers globally.
