{"id":2571,"date":"2025-01-13T10:32:20","date_gmt":"2025-01-13T10:32:20","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=2571"},"modified":"2025-01-13T10:32:20","modified_gmt":"2025-01-13T10:32:20","slug":"bank-alfalah-acquires-stake-in-uae-based-fintech-company-jingle-pay","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=2571","title":{"rendered":"Bank Alfalah Acquires Stake in UAE-based fintech company Jingle Pay"},"content":{"rendered":"

DUBAI<\/span>, UAE<\/span>,\u00a0Jan. 10, 2025<\/span><\/span>\u00a0\/PRNewswire\/ \u2014 Bank\u00a0Alfalah<\/a>, a leading commercial bank in\u00a0Pakistan<\/span>\u00a0with a network of over 1,000 branches, has announced its acquisition of a 9.9% equity stake in Jingle Pay<\/a>, one of the fastest growing fintechs in the MENAP region. The Bank\u2019s fintech investment underscores its commitment to driving digital transformation and fostering financial inclusion across key markets.<\/p>\n

Jingle Pay has redefined the fintech space with its proprietary AI-powered tech stack already processing over 2 million transactions and facilitating over\u00a0$1 billion<\/span>\u00a0in international money transfers in 2024, saving customers over\u00a0$6 million<\/span>\u00a0in fees. Jingle Pay was recently awarded the top global fintech for remittances into\u00a0Pakistan<\/span>.<\/p>\n

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\u2019s equity investment<\/a> and appointment to Jingle Pay\u2019s Board signal a robust partnership aimed at driving growth and innovation. This collaboration leverages Bank Alfalah\u2019s extensive infrastructure to amplify Jingle Pay\u2019s impact on cross-border payments<\/a> and digital banking, advancing its ambitious vision for the MENAP region.<\/p>\n

Jingle Pay provides innovative services, including multi-currency accounts, instant money transfers via the world\u2019s 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\u2019s, and non-financial institutions to facilitate seamless international money transfers.<\/p>\n

Jingle Pay plans to launch its digital banking services in\u00a0Pakistan<\/span>\u00a0in Q1 2025 as a branchless banking mobile app targeting to bring seamless and inclusive financial services to the country\u2019s largely unbanked population. Jingle Pay will leverage Bank Alfalah\u2019s infrastructure to bring seamless banking solutions<\/a> to millions of customers. The partnership will create synergies in cross-border payments strengthened by shareholder MoneyGram.<\/p>\n

As\u00a0Pakistan\u2019s<\/span>\u00a05th<\/sup>\u00a0largest remittance partner, Jingle Pay plays a crucial role in driving global financial flows that contribute significantly to the country\u2019s GDP. Establishing local presence in\u00a0Pakistan<\/span>\u00a0will strengthen its partnership and cross-border capabilities, further cementing Jingle Pay\u2019s position as a leader in the remittance ecosystem.<\/p>\n

Leadership Remarks<\/b><\/p>\n

Farooq A. Khan<\/span>, Group Head \u2013 Corporate, Investment Banking and International Business of Bank Alfalah, emphasized: \u201cThis acquisition is a milestone in our journey to lead the digital banking revolution. By combining Jingle Pay\u2019s innovative platform with Bank Alfalah\u2019s resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users.\u201d<\/p>\n

Amir Fardghassemi<\/span>, Founder and CEO of Jingle Pay, said: \u201cPartnering 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.\u201d<\/p>\n

The collaboration also enhances Bank Alfalah\u2019s 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.<\/p>\n

About Bank Alfalah<\/b><\/p>\n

Bank Alfalah is a leading commercial bank in\u00a0Pakistan<\/span>, with over 1,000 branches across 200 cities and an international presence in the UAE,\u00a0Bahrain<\/span>, and\u00a0Afghanistan<\/span>. Its heritage and prominence extend over 25 successful years, highlighted by achievements that reflect exponential growth in the country\u2019s financial sector.<\/p>\n

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.<\/p>\n

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\u00a0Pakistan\u2019s<\/span>\u00a0first digital lifestyle branch.<\/p>\n

About Jingle Pay<\/b><\/p>\n

Jingle Pay, a UAE born fintech, is the MENAP region\u2019s leading and fastest-growing fintech, specializing in cross-border money transfers licensed by Dubai Financial Services Authority (DFSA). Jingle Pay operates in the UAE,\u00a0Bahrain<\/span>, and\u00a0Pakistan<\/span>, 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.<\/p>\n

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.<\/p>\n

CONTACT: Jingle Pay,\u00a0Media@jinglepay.com<\/a>, +971 4 547 7778<\/p>\n

Photo \u2013\u00a0https:\/\/mma.prnewswire.com\/media\/2594862\/Jingle_Pay.jpg<\/a><\/p>\n

\"Cision\"View original content:https:\/\/www.prnewswire.co.uk\/news-releases\/bank-alfalah-acquires-strategic-stake-in-uae-fintech-jingle-pay-302347236.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":2572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t