Pakistan-based commercial bank Bank Alfalah has acquired a 9.9% equity stake in Jingle Pay, a fintech company with operations in the Middle East, North Africa, and Pakistan (MENAP) region.
Through the investment, Bank Alfalah aims to strengthen its efforts to bolster digital transformation and financial inclusion across its markets.
Based in the UAE, Jingle Pay has leveraged its proprietary artificial intelligence (AI)-powered platform to process more than two million transactions and facilitate over $1bn in international money transfers in 2024.
It has also helped customers save over $6m in fees.
The partnership with Jingle Pay aligns with Bank Alfalah’s strategy to enhance its position in cross-border payments and digital banking.
Jingle Pay plans to utilise Bank Alfalah’s infrastructure to bolster its cross-border payment offerings and launch branchless digital banking services in Pakistan in Q1 2025.
The fintech’s innovative offerings include multi-currency accounts, instant money transfers via a remittance marketplace, card payments, and last-mile payouts across more than 150 corridors in over 99 currencies.
Its remittance-as-a-service (RaaS) solution also enables financial institutions and non-financial entities to facilitate seamless international money transfers.
Backed by investors such as MoneyGram, G42’s Applied AI, and US venture capital firms that have supported major fintech firms like PayPal and N26, Jingle Pay is expected to further disrupt the MENAP fintech landscape.
The collaboration with Bank Alfalah aims to deliver cutting-edge financial solutions and driving innovation in the digital payments ecosystem.
Jingle Pay’s expansion into Pakistan seeks to address the financial needs of the country’s largely unbanked population, contributing to greater financial inclusion.
Its local presence is also expected to strengthen its cross-border capabilities and solidify its position in the remittance ecosystem.
Jingle Pay founder and CEO Amir Fardghassemi said: “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.”
Bank Alfalah offers a range of services, including corporate, investment, consumer, and Islamic banking, as well as small and medium enterprise (SME) financing.
The bank’s international footprint extends to the UAE, Bahrain, and Afghanistan.
Bank Alfalah corporate, investment banking and international business head Farooq Khan said: “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.”
