Bank Alfalah Fuels Digital Transformation by Investing in UAE FinTech Innovator Jingle Pay

Bank Alfalah Fuels Digital Transformation by Investing in UAE FinTech Innovator Jingle Pay

Bank Alfalah, recognized as one of Pakistan’s premier commercial banks, has made a significant move by acquiring a 9.9% equity stake in the rapidly growing UAE-based FinTech, Jingle Pay. This strategic partnership is set to reshape the landscape of cross-border payments and digital banking in Pakistan.

About Jingle Pay

Jingle Pay has swiftly positioned itself as a frontrunner in the FinTech sector, leveraging its proprietary AI-driven platform. The company achieved remarkable milestones in 2024, processing over two million transactions and facilitating more than $1 billion in international money transfers, resulting in savings of over $6 million in fees for its customers.

Key Features of Jingle Pay

  • Multi-currency accounts
  • Instant money transfers through a remittance marketplace
  • Card payments
  • Last-mile payouts across over 150 corridors in 99 currencies
  • Remittance-as-a-Service solution for banks, FinTechs, and non-financial institutions

The Strategic Partnership

This collaboration not only secures Bank Alfalah a seat on Jingle Pay’s board but also aims to enhance the impact of Jingle Pay’s services by utilizing the bank’s extensive infrastructure. This synergy is expected to bolster cross-border payment capabilities, further supported by key investors like MoneyGram and U.S.-based venture capital firms.

Future Plans for Inclusive Finance

In early 2025, Jingle Pay plans to introduce branchless digital banking services in Pakistan, focusing on the country’s largely unbanked population. By integrating with Bank Alfalah’s infrastructure, Jingle Pay aims to offer inclusive financial solutions to millions of potential customers.

Impact on Pakistan’s Economy

As the fifth-largest remittance partner for Pakistan, Jingle Pay plays a vital role in enhancing global financial flows that contribute significantly to the nation’s GDP. Establishing a local presence in Pakistan is anticipated to strengthen its partnership with Bank Alfalah, solidifying its position in the remittance ecosystem.

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Statements from Leadership

Farooq A. Khan, the Group Head of Corporate, Investment Banking, and International Business at Bank Alfalah, stated, “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, emphasized, “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.”

For more information on digital banking initiatives in Pakistan, visit Bank Alfalah’s official website or explore Jingle Pay’s platform for insights into their services.

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