Bank Alfalah has acquired a 9.9 percent equity stake in Jingle Pay, a UAE-based fintech specializing in cross-border money transfers, as part of its strategy to accelerate digital transformation and promote financial inclusion across key markets. The acquisition was reported by international media today.
Jingle Pay, which operates in the UAE, Bahrain, and Pakistan, has established itself as a leading fintech in the MENAP region. In 2024, it was recognized as the top global fintech for remittances to Pakistan, having processed over 2 million transactions and $1 billion in international money transfers. Its AI-driven platform has also saved customers more than $6 million in fees.
The partnership will enable Bank Alfalah to leverage its extensive infrastructure to support Jingle Pay’s digital banking initiatives, including its planned launch in Pakistan in early 2025. This collaboration is expected to enhance digital financial services and expand access to innovative banking solutions in the region.
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 major players such as MoneyGram and US-based investors, including PayPal and N26.
