Bank Alfalah, one of Pakistan’s leading commercial banks with an extensive network of over 1,000 branches, has acquired a 9.9% equity stake in Jingle Pay, a rapidly growing fintech company operating in the MENAP region. This move underscores Bank Alfalah’s commitment to advancing digital transformation and fostering financial inclusion across key markets. By combining the bank’s robust infrastructure with Jingle Pay’s innovative technological solutions, the partnership aims to deliver transformative cross-border financial services.
Jingle Pay has redefined the fintech landscape with its AI-powered platform, which processed over 2 million transactions and facilitated more than $1 billion in international money transfers during 2024. This achievement saved customers over $6 million in fees and earned Jingle Pay recognition as the top global fintech for remittances to Pakistan. The company’s growth has been supported by prominent investors, including MoneyGram, G42-backed Applied AI, and leading U.S. venture capital firms known for financing global fintech giants such as PayPal and N26.
The equity investment by Bank Alfalah and its subsequent appointment to Jingle Pay’s Board of Directors mark a significant milestone in their collaboration. Together, they aim to drive innovation and expand the reach of Jingle Pay’s cutting-edge financial services. These services include multi-currency accounts, instant money transfers through a remittance marketplace, card payments, and seamless global payouts across over 150 corridors in 99 currencies. Additionally, Jingle Pay’s Remittance-as-a-Service solution enables banks, fintech companies, and non-financial institutions to offer efficient international money transfers.
Jingle Pay plans to launch its digital banking services in Pakistan during the first quarter of 2025 through a branchless banking mobile app. This initiative is designed to provide inclusive financial services to Pakistan’s largely unbanked population. Leveraging Bank Alfalah’s extensive infrastructure, Jingle Pay will work to enhance financial access and deliver seamless banking solutions to millions of customers. The partnership is further strengthened by shareholder MoneyGram’s expertise in cross-border payments, creating synergies to amplify financial flows and innovations.
As Pakistan’s fifth-largest remittance partner, Jingle Pay plays a crucial role in facilitating global financial flows that significantly contribute to the country’s GDP. Establishing a local presence in Pakistan will bolster its capabilities in cross-border payments and deepen its impact on the remittance ecosystem.
Farooq A. Khan, Group Head – Corporate, Investment Banking, and International Business at Bank Alfalah, emphasized the importance of the collaboration, describing it as a milestone in the bank’s digital banking journey. He highlighted the potential to redefine cross-border financial services and deliver exceptional value to millions of users by combining Bank Alfalah’s resources with Jingle Pay’s innovative platform. Amir Fardghassemi, Founder and CEO of Jingle Pay, echoed this sentiment, expressing confidence that the partnership would enable the fintech company to scale its vision for inclusive finance and enrich the digital economy.
Through this strategic investment, Bank Alfalah enhances its role in the global payments ecosystem while solidifying its position as a leader in cross-border financial flows. This partnership represents a forward-looking step in advancing financial inclusion and innovation across Pakistan and the MENAP region.