Bank Alfalah, one of Pakistan’s leading commercial banks with a network of over 1,000 branches across 200 cities, has announced the acquisition of a 9.9% equity stake in Jingle Pay, the fastest-growing fintech in the MENAP region.
Jingle Pay, specializing in cross-border money transfers and licensed by the Dubai Financial Services Authority (DFSA), has established itself as a prominent fintech leader in the MENAP region. Its investors include MoneyGram, G42-backed Applied AI, and renowned US venture capital firms with a track record of supporting global fintech giants like N26 and PayPal.
Jingle Pay is set to launch its digital banking services in Pakistan in Q1 2025 through a branchless banking mobile app, providing seamless and inclusive financial services to the country’s largely unbanked population and advancing its ambitious vision for the MENAP region. This partnership aims to create synergies in cross-border payments, enhanced by the involvement of shareholder MoneyGram.
"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," said Farooq Khan, Bank Alfalah’s group head of corporate, investment banking, and international business.
Amir Fardghassemi, founder and CEO of Jingle Pay, stated: "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."
Jingle Pay, Pakistan’s fifth largest remittance partner, plays a vital role in driving global financial flows that will significantly contribute to the country’s GDP. This collaboration also bolsters Bank Alfalah’s position in the global payments ecosystem.