Bank Alfalah, a commercial bank in Pakistan with a network of over 1,000 branches, has announced the acquisition of a 9.9% stake in Jingle Pay, a fast-growing fintech company in the MENAP region.

Jingle Pay has redefined the fintech space with its proprietary AI-powered technology stack, already processing over 2 million transactions and enabling over $1 billion in international money transfers in 2024, providing customers with over $6 million Save dollars in fees.

Jingle Pay has cemented its position as a high-growth fintech leader in the MENAP region, backed by high-profile investors including MoneyGram, G42-backed Applied AI and prominent US venture capital firms known for supporting global fintech giants such as N26 and PayPal , Jingle Pay, continues to disrupt the industry.

This collaboration leverages Bank Alfalah’s extensive infrastructure to strengthen Jingle Pay’s impact on cross-border payments and digital banking and advance its ambitious vision for the MENAP region.

Jingle Pay offers services including multi-currency accounts, instant money transfers through the world’s first remittance marketplace, card payments and last-mile payouts across more than 150 corridors in more than 99 currencies.

Jingle Pay plans to launch its digital banking services in Pakistan in the first quarter of 2025 as a branchless mobile banking app to provide seamless and inclusive financial services to the country’s largely unbanked population.

The partnership will create synergies in cross-border payments, which will be strengthened by shareholder MoneyGram.

As Pakistan’s 5th^Th As the largest remittance partner, Jingle Pay plays a crucial role in facilitating global financial flows, contributing significantly to the country’s GDP. Establishing a local presence in Pakistan will strengthen its partnership and cross-border capabilities, further cementing Jingle Pay’s position in the remittance ecosystem.

Farooq A. Khan, Group Head, Corporate, Investment Banking and International Business, Bank Alfalah, emphasized: “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 achieve this goal of redefining cross-border financial services and delivering exceptional value to millions of users.” Amir Fardghassemi, founder and CEO of Jingle Pay, said: “The partnership with Bank Alfalah enables us to realize our vision of inclusive financing. Together we want to enrich the digital economy and create transformative cross-border actions.”

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