Bank Alfalah Acquires Strategic Stake in UAE's Jingle Pay
Deal News | Jan 10, 2025 | PR Newswire Cision Jingle Pay
Bank Alfalah, a prominent Pakistani commercial bank with an extensive branch network, has acquired a 9.9% equity stake in Jingle Pay, a leading fintech company in the MENAP region. This strategic acquisition underscores Bank Alfalah's commitment to digital transformation and financial inclusion. Jingle Pay, renowned for its innovative AI-powered fintech solutions, has processed over $1 billion in international money transfers in 2024. The partnership with Bank Alfalah aims to enhance Jingle Pay's capability in cross-border and digital banking services, notably ahead of its planned digital banking launch in Pakistan in 2025. Supported by investors like MoneyGram and notable US venture capital firms, Jingle Pay is poised for expansion. This collaboration signifies a merger of Bank Alfalah's infrastructure with Jingle Pay’s fintech prowess, aiming to redefine cross-border financial services in the MENAP region and support Pakistan’s large unbanked population.
Sectors
- Financial Services
- FinTech
- Cross-Border Payments
Geography
- Pakistan – Bank Alfalah is a leading commercial bank headquartered in Pakistan, and Jingle Pay plans to expand its digital banking services there.
- United Arab Emirates – Jingle Pay, the target company in the investment, is based and operates in the UAE.
- MENAP Region – Jingle Pay is a fintech leader in the MENAP region, focusing on expanding its financial services across these regions.
Industry
- Financial Services – The article discusses Bank Alfalah, a leading bank involved in corporate and consumer banking, as well as Jingle Pay, a fintech company offering digital financial solutions.
- FinTech – Jingle Pay operates within the fintech industry, providing innovative digital solutions for cross-border money transfers and digital banking.
- Cross-Border Payments – The collaboration enhances the facilitation of international money transfers, a key component of the cross-border payments industry.
Financials
- 9.9% – Equity stake acquired by Bank Alfalah in Jingle Pay.
- $1 billion – Total value of international money transfers processed by Jingle Pay in 2024.
- $6 million – Amount saved by Jingle Pay customers in fees during international money transfers in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bank Alfalah | Bidding Company/Buyer | Company | A leading commercial bank in Pakistan with international operations in UAE, Bahrain, and Afghanistan. |
| Jingle Pay | Target Company | Company | A fast-growing fintech based in UAE, known for cross-border money transfer solutions and financial inclusivity. |
| Farooq A. Khan | Group Head - Corporate, Investment Banking and International Business at Bank Alfalah | Person | A senior executive at Bank Alfalah commenting on the strategic acquisition. |
| Amir Fardghassemi | Founder and CEO of Jingle Pay | Person | The CEO of Jingle Pay discussing the partnership and future plans. |
| MoneyGram | Investor | Company | An investor in Jingle Pay supporting its global remittance services. |