Consumers in the UAE can use the Jingle Pay app, supported by MoneyGram's global payment rails and near real-time capabilities, to send money to over 200 countries and territories around the world. MoneyGram has also announced the completion of a minority investment in Jingle Pay, giving it an approximate 12% equity stake in the UAE-based fintech.
MonayGram’s officials stated that as consumer preference increasingly moves online, investing in digital startups around the world is a critical component of their strategy. They're happy to partner with Jingle Pay, as they believe in their strategic vision to improve the key elements of traditional banking through its suite of digital offerings. MoneyGram's direct ownership in the company will strengthen its position in the Middle East and further accelerate strategic goals towards the evolution of digital payments.
As an important trade hub, the UAE hosts nearly 9 million expatriates, constituting approximately 89% of the population and making the country a powerhouse for outbound remittances. With a focus on financial inclusion, Jingle Pay is targeting ex-pats in the region and providing consumers with access to an extensive list of accessible financial services, such as its multi-currency card and money transfer services.
Commenting on the partnership, Jingle Pay’s officials said that the partnership with MoneyGram extends their network of global remittance destinations and allows them to tap MoneyGram's remittance clearing expertise. It gives their users global coverage and cost-effective rates. Jingle Pay is committed to reinventing how people store, spend, and send money while furthering financial inclusion and low-cost remittance corridors.
MoneyGram recently reached mobile wallets in Saudi Arabia through a partnership with Mobily Pay to enable people in the country to send money to and from in near real time.
This launch marks the integration of MoneyGram's white label offering that enables financial technology companies to access its global money transfer network. Through this partnership, Mobily Pay will increase its existing digital offerings by adding new services and scale, while MoneyGram will expand the number of payments it processes through its API-driven infrastructure and technology.
MoneyGram’s officials stated that the digitalisation of their global network is a core component of their growth strategy. As mobile wallet adoption growth accelerates, digital partnerships with companies like Mobily Pay create value for consumers and strengthen their position in this market.
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