Bank Alfalah, one of Pakistan’s leading commercial banks, has acquired a 9.9% equity stake in UAE-based FinTech Jingle Pay.
Jingle Pay has quickly emerged as a leader in the FinTech space, powered by its proprietary AI-driven platform. In 2024 alone, the company processed over two million transactions and facilitated over $1bn in international money transfers, saving customers over $6m in fees.
The partnership signifies a robust collaboration between the two entities, with Bank Alfalah securing a seat on Jingle Pay’s board.
Leveraging the bank’s expansive infrastructure, Jingle Pay aims to amplify its impact on cross-border payments and digital banking. Prestigious investors such as MoneyGram, G42-backed Applied AI, and renowned U.S. venture capital firms, which previously supported giants like N26 and PayPal, also back the FinTech.
Jingle Pay offers a range of cutting-edge financial services, including multi-currency accounts, instant money transfers via a remittance marketplace, card payments, and last-mile payouts across over 150 corridors in 99 currencies. Its Remittance-as-a-Service solution also allows banks, FinTechs, and non-financial institutions to facilitate seamless international transactions.
In early 2025, Jingle Pay plans to launch its branchless digital banking services in Pakistan, targeting the country’s largely unbanked population. By integrating with Bank Alfalah’s infrastructure, the FinTech aims to provide inclusive financial solutions to millions of customers. The partnership is set to strengthen cross-border payment capabilities, further supported by shareholder MoneyGram.
As the fifth-largest remittance partner to Pakistan, Jingle Pay plays a crucial role in driving global financial flows that contribute significantly to the nation’s GDP. Establishing a local presence in Pakistan will enhance its partnership with Bank Alfalah, cementing its position as a leader in the remittance ecosystem.
Farooq A. Khan, group head of corporate, investment banking, and international business at Bank Alfalah, said: “This acquisition is a milestone in our journey to lead the digital banking revolution. By combining Jingle Pay’s innovative platform with Bank Alfalah’s resources, we aim to redefine cross-border financial services and deliver exceptional value to millions of users.”
Amir Fardghassemi, founder and CEO of Jingle Pay, commented: “Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance. Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
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