Business Desk 
Jan 13, 2025
In a move to expand its portfolio in the realm of financial services, Pakistan's Bank Alfalah has acquired a 9.9% stake in Jingle Pay, a UAE-based fintech renowned for overseas money transfers.
This partnership will allow Bank Alfalah to leverage its extensive infrastructure to back Jingle Pay’s digital banking initiatives, out of which one is slated to go live soon this year.
The acquisition comes following the bank's visible inclination towards digital transformation and financial inclusion across its major markets, ProPakistani reported while citing an international media outlet on Monday.
The UAE-based fintech giant offers its services in the UAE, Bahrain, and Pakistan, as it widens its footprint in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region.
Jingly Pay was recently honoured as the top global fintech for remittances to Pakistan after it covered over 2 million transactions and $1 billion in international money transfers last year. It was also reported that its AI-backed platform saved customers over $6 million in fees.
Notable among its offerings include multi-currency accounts, instant remittances across over 150 corridors in 99 currencies, card payments, and remittance-as-a-service solutions.
Interestingly, Jingly Pay is also backed by fintech giants like MoneyGram and US-based investors including PayPal and N26.
