Bank Alfalah, a leading commercial bank in Pakistan with a network of over 1,000 branches, has announced the acquisition of a 9.9% equity stake in Jingle Pay, one of the fastest growing fintechs in the MENAP region.

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, to support pay continues to disrupt the industry.

Bank Alfalah’s equity investment and appointment as a board member of Jingle Pay signals a strong partnership aimed at driving growth and innovation. 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 innovative 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. Additionally, the Remittance-as-a-Service solution enables banks, FinTechs and non-financial institutions to facilitate seamless international money transfers.

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. Jingle Pay will leverage Bank Alfalah’s infrastructure to offer seamless banking solutions to millions of customers.

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

The collaboration also strengthens Bank Alfalah’s role in the global payments ecosystem, reinforcing its position as a leader in cross-border financial flows and providing unprecedented value to customers in the MENAP region and beyond.