Bank Alfalah, a commercial bank in Pakistan with a network of over 1,000 branches, has acquired a stake in Jingle Pay, a UAE-born fintech specialising in cross-border money transfers licensed by the Dubai Financial Services Authority (DFSA).
Jingle Pay, which operates in the UAE, Bahrain and Pakistan, is one of the fastest-growing fintechs in the MENAP region, and will work alongside Bank Alfalah, after it secured 9.9 per cent equity in the fintech firm. The bank’s fintech investment forms part of its move to drive digital transformation and financial inclusion across key markets.
Jingle Pay was recently awarded the top global fintech for remittances into Pakistan, having processed over 2 million transactions and facilitating over $1billion in international money transfers in 2024, with its proprietary AI-powered tech stack saving customers over $6million in fees.
Jingle Pay has established itself in the MENAP region, supported by the likes of MoneyGram, G42-backed Applied AI, and US VC firms including N26 and PayPal. Bank Alfalah’s equity investment and appointment to Jingle Pay’s board signal a robust partnership aimed at driving growth and innovation.
This collaboration leverages Bank Alfalah’s extensive infrastructure to amplify Jingle Pay’s impact on cross-border payments and digital banking, advancing its vision for the region.
“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, corporate, investment banking and international business of Bank Alfalah.
Jingle Pay provides multi-currency accounts, instant money transfers via a remittance marketplace, card payments, and last-mile payouts across over 150 corridors in more than 99 currencies. Additionally, its remittance-as-a-service solution enables banks, fintechs, and non-financial institutions to facilitate seamless international money transfers.
Jingle Pay’s inclusive finance vision
Jingle Pay plans to launch its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app to bring seamless and inclusive financial services to the country’s largely unbanked population. The cross-border payment company will leverage Bank Alfalah’s infrastructure to bring seamless banking solutions to millions of customers.
Amir Fardghassemi, founder and CEO of Jingle Pay, commented: “Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance. Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
As Pakistan’s fifth largest remittance partner, Jingle Pay plays a crucial role in driving global financial flows that contribute significantly to the country’s GDP. It hopes that by establishing a local presence in Pakistan, it can strengthen its cross-border capabilities.
