UAE fintech Jingle Pay is set to launch its digital banking services in Pakistan after securing a major strategic investment from Bank Alfalah.
With the Pakistani bank acquiring a 9.9% equity stake in the fastest-growing fintechs in the MENAP region, the partnership promises to drive financial inclusion and redefine cross-border payments in Pakistan, one of the world’s largest remittance markets. The collaboration promises to enhance financial inclusion and offer innovative digital banking solutions, particularly in regions with large unbanked populations like Pakistan.
“This acquisition is a milestone in our journey to lead the digital banking revolution. 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 at Bank Alfalah.
Jingle Pay to launch in Pakistan in Q1 2025
Jingle Pay, is known for its cutting-edge AI-powered platform that has already revolutionized the remittance industry. The company has processed over 2 million transactions and facilitated over $1 billion in international money transfers in 2024 alone. This has resulted in savings of over $6 million in transaction fees for its users.
Recently recognized as the top global fintech for remittances in Pakistan, Jingle Pay is quickly solidifying its position as a dominant player in the region’s rapidly growing digital financial ecosystem. Jingle Pay is backed by global fintech stakeholders such as MoneyGram and Applied AI, a subsidiary of G42, as well as N26 and PayPal.
The investment by Bank Alfalah comes at a pivotal moment in the fintech sector, as Jingle Pay continues to expand its innovative offerings, including multi-currency accounts, instant money transfers via its remittance marketplace, and last-mile payouts in more than 150 corridors across 99 currencies. The fintech also provides a Remittance-as-a-Service solution, enabling banks, fintech companies, and non-financial institutions to streamline cross-border money transfers seamlessly.
Amir Fardghassemi, Founder and CEO of Jingle Pay, said: “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.”
Jingle Pay plans to launch its branchless digital banking app in Pakistan in Q1 2025, aiming to serve its largely unbanked population. This expansion will strengthen its position in Pakistan, where Jingle Pay is the fifth largest remittance partner. Jingle Pay was recently awarded the top global fintech for remittances into Pakistan.
For both companies, the partnership is expected to unlock significant synergies. Bank Alfalah’s vast infrastructure, which includes over 1,000 branches across Pakistan, the UAE, Bahrain, and Afghanistan, will be instrumental in expanding Jingle Pay’s services to millions of underbanked customers in Pakistan.
Bank Alfalah invested $1.7 million in the Pakistani buy now, pay later (BNPL) fintech QistBazaar in May 2023, securing a 7.2% equity stake.
