Bank Alfalah, a commercial bank in Pakistan, has announced its acquisition of a 9.9% equity stake in Jingle Pay, a Dubai, UAE-based growing fintechs in the MENAP region.
The amount of the deal was not disclosed.
Led by Founder and CEO Amir Fardghassemi, Jingle Pay will leverage Bank Alfalah’s infrastructure to bring banking solutions to millions of customers. The partnership will create synergies in cross-border payments strengthened by shareholder MoneyGram.
Jingle Pay provides innovative services, including multi-currency accounts, instant money transfers via the world’s first remittance marketplace, card payments, and last-mile payouts across 150+ corridors in 99+ currencies. Additionally, its Remittance-as-a-Service solution enables banks, FinTechs, and non-financial institutions to facilitate seamless international money transfers.
Bank Alfalah is a commercial bank in Pakistan, with over 1,000 branches across 200 cities and an international presence in the UAE, Bahrain, and Afghanistan.
The bank offers various products and services to private-sector institutions and governments, including corporate and investment banking, consumer banking, securities brokerage, commercial, small and medium enterprises, agricultural, Islamic, and asset financing. It has established itself as a premier digital bank by introducing various features on its banking app, such as Alfamall, Buy Now Pay Later, and Term Deposit Receipts. It has also launched Pakistan’s first digital lifestyle branch.
FinSMEs
14/01/2025