MoneyGram has acquired a 12% stake in Jingle Pay as part of a broader partnership aimed at engaging with the UAE’s significant expatriate community.
The UAE is home to nearly nine million expatriates, who make up about 89% of the population, making it a major hub for outbound remittances. This collaboration allows users of the Jingle Pay app, which leverages MoneyGram’s global payment infrastructure and near real-time processing capabilities, to send funds to over 200 countries and territories worldwide.
Alex Holmes, MoneyGram’s chairman and CEO, has taken a seat on the Jingle Pay board as chairman to help steer the company’s direction. “We’re excited to partner with Jingle Pay, as we believe in their strategic vision to enhance key aspects of traditional banking through their innovative digital offerings,” Holmes stated. He added, “As the startup continues to expand, MoneyGram’s direct investment will bolster our position in the Middle East and further accelerate our strategic objectives in the evolution of digital payments.”