Through the acquisition of a stake in the UAE’s based FinTech firm, Jingle Pay, Bank Alfalah has posted a major advance in its digital enhancement process.
The round of funding also featured participation from Applied AI and other American venture capital firms known to back future large-scale financial technology firms such as N26 and PayPal.
Jingle Pay has quickly evolved to be an end-to-end financial service solutions provider with multiple currency accounts, an instant remittance marketplace, card payment solutions and extensive first-mile and last-mile remittance solutions touching over 150 corridors across 99 currencies.
Remittance-as-a-Service is a unique online ecosystem of the company that allows banks, FinTechs, and various non-financial institutions to provide cross-border payment services comprehensively.
It is also the firm’s plan to venture into a new Pakistan market in early 2025 bringing digitized branchless banking services to suit the un-served and under-banked population.
As a part of Bank Alfalah’s existing operational framework, Jingle Pay seeks to bring financial services and products to millions of clients. The synergy is expected to improve cross-border payment solutions as complemented by Shareholder MoneyGram.
As Pakistan’s fifth-largest remittance partner, Jingle Pay plays a vital role in facilitating global financial flows that represent a significant portion of the nation’s GDP. Setting an office in Pakistan will strengthen its partnership with Bank Alfalah and also, create a competitive edge for Orbis in the remittance business.
The aim of the present acquisition is to hit the next step forward to take the leading position in the digital banking market. 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 A. Khan, group head of corporate, investment banking, and international business at Bank Alfalah.
Alfalah was selected as our partner because it can enable us to achieve the goal of expanding the concept of inclusive financial services. Combined, we are to add value to the digital economy and develop disruptive international financial products,” said Amir Fardghassemi, founder of Jingle Pay.
This strategic partnership will be a major step forward in the advancement of financial services and the growth of digital banking services within the country of Pakistan as well as improved capabilities of international remittances between the UAE and Pakistan.
