Bank Alfalah Acquires 9.9% Stake in Jingle Pay
Enhancing Digital Transformation and Financial Inclusion
- Bank Alfalah announced its acquisition of a 9.9% stake in Jingle Pay, a fintech company in the UAE, to enhance its digital services and financial inclusion.
- The company processed over two million transactions and transferred more than one billion dollars in international remittances in 2024, saving customers six million dollars in fees.
- Jingle Pay plans to launch digital banking services in Pakistan in 2025, in collaboration with Bank Alfalah, to expand cross-border payment solutions and digital banking services.
Bank Alfalah, a commercial bank in Pakistan with a network of over 1,000 branches, announced its acquisition of a 9.9% stake in Jingle Pay, a fintech company operating in the Middle East, North Africa, and Pakistan. This investment is part of the bank’s efforts to enhance digital transformation and financial inclusion in key markets.
Jingle Pay relies on artificial intelligence technology and successfully processed over two million transactions in 2024, facilitating international money transfers worth more than one billion dollars, saving customers around six million dollars in fees. The company recently received an award for remittances to Pakistan.
The company is supported by investors such as MoneyGram and G42, which specializes in artificial intelligence, as well as prominent American venture capital firms known for backing global fintech giants like N26 and PayPal.
Bank Alfalah’s investment and its participation on Jingle Pay’s board of directors highlight a partnership aimed at supporting innovation and growth. Jingle Pay will leverage the bank’s infrastructure to develop cross-border payment solutions and digital banking services.
Jingle Pay offers solutions that include multi-currency accounts, instant money transfers, card payments, and last-mile payment services across more than 150 corridors using 99 currencies. The company also provides a comprehensive money transfer as a service solution for banks, fintech companies, and non-financial institutions.
