Bank Alfalah Buys 9.9% Stake in UAE Fintech

Bank Alfalah has acquired a 9.9 percent equity stake in Jingle Pay, a UAE-based fintech specializing in cross-border money transfers. This comes as Bank Alfalah shifts more focus on digital transformation and financial inclusion across key markets, international media reported today. Jingle Pay operates in the UAE, Bahrain, and Pakistan, and has emerged as a leading fintech in the MENAP region. It was recently recognized as the top global fintech for remittances to Pakistan after processing over 2 million transactions and $1 billion in international money transfers in 2024. Also, its AI-driven platform has saved customers more than $6 million in fees. The partnership will see Bank Alfalah leverage its extensive infrastructure to support Jingle Pay’s digital banking initiatives, including a planned launch in Pakistan in early 2025. Jingle Pay offers multi-currency accounts, instant remittances across over 150 corridors in 99 currencies, card payments, and remittance-as-a-service solutions. It is backed by major players like MoneyGram and US-based investors such as PayPal and N26.