Bank Alfalah, one of Pakistan’s largest commercial banks, has acquired a 9.9% stake in Jingle Pay, a rapidly growing UAE-based fintech. This strategic investment strengthens Bank Alfalah’s position in digital transformation while expanding financial inclusion across the MENAP region.
Transforming Cross-Border Financial Services
Jingle Pay has revolutionized fintech with its AI-powered platform, facilitating over $1 billion in international money transfers and processing over 2 million transactions in 2024. This innovation saved customers over $6 million in fees and earned Jingle Pay the title of the top global fintech for remittances into Pakistan.
By leveraging Bank Alfalah’s infrastructure, Jingle Pay plans to amplify its impact in cross-border payments, digital banking, and remittance services. With its Remittance-as-a-Service solution, Jingle Pay enables seamless global money transfers across 150+ corridors in 99+ currencies.
Expanding Into Pakistan
Jingle Pay is preparing to launch its digital banking services in Pakistan in Q1 2025 through a branchless banking mobile app. The platform aims to deliver financial services to Pakistan’s largely unbanked population.
As the fifth-largest remittance partner for Pakistan, Jingle Pay plays a vital role in facilitating financial flows that contribute significantly to the nation’s GDP. Its local presence will strengthen cross-border payment capabilities and establish its leadership in the remittance ecosystem.
Jingle Pay and its Strategic Partnership with Bank Alfalah
Bank Alfalah’s investment in Jingle Pay is more than financial—it’s a partnership to redefine the future of digital banking. Jingle Pay’s innovative services will combine with Bank Alfalah’s extensive resources, creating new synergies in cross-border financial solutions.
Farooq A. Khan, Group Head at Bank Alfalah, stated, “This partnership marks a major milestone in our journey to lead the digital banking revolution. Together, we aim to deliver unmatched value to millions of users.”
Amir Fardghassemi, Founder and CEO of Jingle Pay, shared, “Collaborating with Bank Alfalah empowers us to scale our vision of financial inclusion and enrich the digital economy with transformative solutions.”
About Bank Alfalah
With over 1,000 branches in 200 cities and a presence in the UAE, Bahrain, and Afghanistan, Bank Alfalah has established itself as a leading player in Pakistan’s financial sector. Known for innovation, the bank offers a wide range of services, including corporate, consumer, and Islamic banking.
Its digital-first approach has introduced features like Buy Now Pay Later, Alfamall, and the country’s first digital lifestyle branch. This heritage of innovation aligns perfectly with Jingle Pay’s cutting-edge financial solutions.
About Jingle Pay
Founded in the UAE, Jingle Pay is MENAP’s leading fintech specializing in cross-border payments. Backed by global investors, including MoneyGram and prominent venture capital firms, Jingle Pay is at the forefront of fintech innovation.
The company’s solutions include a B2C app for retail users and Remittance-as-a-Service for financial institutions, offering seamless international money transfers. Powered by AI, Jingle Pay continues to reshape the future of financial services.
