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A 9.9% ownership share in Jingle Pay, a fintech company located in the United Arab Emirates (UAE), That specialized in cross-border money transfers, has been bought by Bank Alfalah. International media said today that Bank Alfalah is putting more of its focus on banking accessibility and digital change in important markets .Jingle Pay is a prominent fintech in the MENAP area, with operations in the United Arab Emirates (UAE) , Bahrain, and Pakistan. After handling more than 2 million deals and $1 billion in foreign money transfers in 2024, it was just named the leading fintech worldwide for remittance to Pakistan.
What Does 9.9% Mean?
Alfalah Bank now has an important stake in the fintech startup after acquiring a 9.9% investment. This expenditure is about leverage and possible cooperation, not simply money. The bank Alfalah may obtain a vote in the business by acquiring a portion of the company, which enables cooperative projects and beneficial technological advances.
Results of This Investing
Improve Services for Clients
The Alfalah Bank hopes to enhance the services that it provides to its clients by collaborating with a tech business. Imagine simpler applications, quicker transactions, and customized financial solutions that cater to each person’s demands. This seems like an ideal fulfilled to anybody who has dealt with the sometimes tiresome procedures of banking!
Improving Classical Banking
Seeing how conventional banks react to the fresh surroundings is intriguing. Fintech may seem like a danger to many, but the Bank of Alfalah proves that collaborating is the way to go with this investment. They may provide services that rival those of independent fintech businesses while maintaining the credibility and dependability associated with well-established banks by using modern technologies.
Bank Alfalah Supports Jingle Pay’s
Furthermore, clients have saved over $6 million in expenses because of its AI-powered platform. Under collaboration, Alfalah Bank will assist Jingle Pay’s digital banking activities, including a planned debut in the country early 2025, by utilizing its huge technology.
Jingle Pay Offers Global Payments
Jingle Pay provides payment by card, remittance-as-a-service options, multi-currency user accounts, and quick transfers in well over 150 regions in 99 currencies. Major participants like MoneyGram in order and US-based businesses like PayPal and N26 support it.
