Bank Alfalah acquires stake in UAE Fintech as part of global expansion
Bank Alfalah has acquired a 9.9% equity stake in Jingle Pay, a UAE-based fintech known for its expertise in cross-border money transfers. This strategic move aligns with Bank Alfalah’s increased focus on digital transformation and financial inclusion in key markets, according to international media reports.
Jingle Pay operates in the UAE, Bahrain, and Pakistan, positioning itself as a prominent fintech in the MENAP region. In 2024, it was recognized as the leading global fintech for remittances to Pakistan, having processed over 2 million transactions and $1 billion in international money transfers. Its AI-driven platform has saved customers more than $6 million in fees.
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The partnership will enable Bank Alfalah to utilize its robust infrastructure to support Jingle Pay’s digital banking expansion, including a planned launch in Pakistan in early 2025.
Jingle Pay offers a range of services, including multi-currency accounts, instant remittances across more than 150 corridors in 99 currencies, card payments, and remittance-as-a-service solutions. The fintech is backed by notable players such as MoneyGram and US-based investors like PayPal and N26.
Source: Pro Pakistani