Bank Alfalah has acquired a 9.9% equity stake in Jingle Pay, a UAE-based fintech specializing in cross-border money transfers. This move aligns with Bank Alfalah’s increasing focus on digital transformation and financial inclusion in key markets.
Jingle Pay, which operates in the UAE, Bahrain, and Pakistan, has quickly become a prominent fintech player in the MENAP region. The company was recently recognized as the top global fintech for remittances to Pakistan, having processed over 2 million transactions and $1 billion in international money transfers in 2024. Additionally, Jingle Pay’s AI-powered platform has helped customers save over $6 million in fees.
The partnership will allow Bank Alfalah to leverage its extensive infrastructure to support Jingle Pay’s digital banking initiatives, including an anticipated launch in Pakistan in early 2025.
Jingle Pay offers a range of services, including multi-currency accounts, instant remittances across over 150 corridors in 99 currencies, card payments, and remittance-as-a-service solutions. The company is backed by major players like MoneyGram and US-based investors such as PayPal and N26.
