editorial

This content was selected, created and edited by the Finextra editorial team based on its relevance and interest to our community.

Bank Alfalah, one of Pakistan’s leading commercial banks with a network of over 1,000 branches across 200 cities, announced the acquisition of a 9.9% stake in Jingle Pay, the MENAP region’s fastest growing fintech company.

Jingle Pay specializes in cross-border money transfers and is licensed by the Dubai Financial Services Authority (DFSA). Jingle Pay has cemented its position as a high-growth fintech leader in the MENAP region. Investors include MoneyGram, G42-backed Applied AI and well-known US venture capital firms known for backing global fintech giants such as N26 and PayPal.

Jingle Pay plans to launch its digital banking services in Pakistan in the first quarter of 2025 as a branchless mobile banking app that will provide seamless and inclusive financial services to the country’s largely unbanked population, thereby fulfilling its ambitious vision for the MENAP region advances. The partnership will create synergies in cross-border payments, which will be strengthened by 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, Group Head of Bank Alfalah – Corporate, Investment Banking and International Business.

Amir Fardghassemi, Founder and CEO of Jingle Pay, said: “Partnering with Bank Alfalah allows us to realize our vision of inclusive finance. Together we want to enrich the digital economy and create transformative cross-border financial solutions.”

Jingle Pay, Pakistan’s fifth largest remittance partner, plays a critical role in driving global financial flows that will contribute significantly to the country’s GDP. The collaboration also strengthens Bank Alfalah’s role in the global payments ecosystem.