The Bank's fintech investment underscores its commitment to foster financial inclusion across key markets.
Jingle Pay has a proprietary AI-powered tech stack processing over 2 million transactions and facilitated USD 1 billion in international money transfers in 2024. This saved customers USD 6 million in fees.
The company operates in the MENAP region and is supported by investors such as MoneyGram, G42-backed Applied AI, and US venture capital firms like N26 and PayPal.
Jingle Pay provides services such as multi-currency accounts, instant money transfers via the remittance marketplace, card payments, and payouts across 150+ corridors in 99+ currencies. Additionally, its Remittance as a Service (RaaS) solution enables banks, fintechs, and non-financial institutions to facilitate international money transfers.
Jingle Pay plans to leverage Bank Alfalah's infrastructure to launch its digital banking services in Pakistan in Q1 2025 as a branchless banking mobile app to bring inclusive financial services to the country's largely unbanked population. This will drive global financial flows that contribute significantly to the country’s GDP. Being established in Pakistan will help the company strengthen its partnerships and cross-border capabilities.
Bank Alfalah's equity investment and appointment to Jingle Pay's Board aims to build a partnership that drives growth and innovation. This marks a significant step in advancing digital banking services by integrating Jingle Pay's innovative platform with Bank Alfalah's resources.
This collaboration aims to enhance cross-border financial services, support inclusive finance, and contribute to the digital economy. It also strengthens Bank Alfalah's position in the global payments ecosystem, particularly in the MENAP region, while delivering improved value and solutions for its customers. The partnership is expected to drive growth and innovation in cross-border financial flows.
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