With more than 1,000 branches spread over 200 cities, Bank Alfalah, one of Pakistan's top commercial banks, announced that it has acquired a 9.9% equity share in Jingle Pay, the fintech company with the highest rate of growth in the MENAP area.

With a focus on international money transfers and a license from the Dubai Financial Services Authority (DFSA), Jingle Pay has established itself as a leading fintech company with rapid growth in the MENAP area. MoneyGram, G42-funded Applied AI, and well-known US venture capital companies that have supported international financial behemoths like N26 and PayPal are among the investors.

In order to fulfill its ambitious goal for the MENAP area, Jingle Pay intends to provide its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app. This would enable the country's predominantly unbanked population to access seamless and inclusive financial services. MoneyGram, a stakeholder in the alliance, will increase cross-border payment synergies.

"This purchase marks a significant turning point in our quest to spearhead the transformation in digital banking. We want to revolutionize cross-border financial services and provide outstanding value to millions of customers by merging Jingle Pay's cutting-edge platform with Bank Alfalah's assets," stated Farooq Khan, group head for corporate, investment banking, and international operations at Bank Alfalah.

The CEO and founder of Jingle Pay, Amir Fardghassemi, said: "By collaborating with Bank Alfalah, we are able to expand our inclusive financial concept. Our shared goal is to develop revolutionary cross-border financial solutions and enhance the digital economy.

The fifth-largest remittance partner in Pakistan, Jingle Pay, is essential to the global financial flows that would significantly boost the GDP of the nation. Additionally, the partnership strengthens Bank Alfalah's position inside the global payments network.