Pakistan's Bank Alfalah has acquired a 9.9 per cent stake in MENAP-focused FinTech Jingle Pay to strengthen its position in the region.

Jingle Pay's services include multi-currency accounts; instant money transfers through the world's first remittance marketplace; card payments; and last-mile payments across more than 150 corridors in over 99 currencies.

Bank Alfalah said the deal reinforces its commitment to driving growth and innovation, with the commercial bank using its infrastructure to amplify Jingle Pay's impact on cross-border payments and digital banking in the MENAP region.

Jingle Pay is planning to launch its digital banking services in Pakistan within the next three months. It will use Bank Alfalah's infrastructure to bring banking solutions to millions of customers and create synergies in cross-border payments.

Since its inception, Jingle Pay has been backed by investors MoneyGram, Applied AI, backed by G42, and US venture capital firms.

The FinTech has developed a proprietary stack powered by artificial intelligence that has so far processed over two million transactions and facilitated over $1 billion in international money transfers in 2024, according to data provided by the FinTech.

The company stated that transactions conducted with its proprietary FinTech system have saved customers over $6 million in fees.

Farooq A. Khan, group head of corporate, investment banking and international operations at Bank Alfalah, said: “This acquisition is a milestone in our journey of driving 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.”

Bank Alfalah offers various products and services to private sector institutions and governments, including corporate and investment banking, consumer banking and securities brokerage.

The bank said it has established itself as a premier digital bank by introducing various features on its banking app, such as Pakistani e-commerce marketplace Alfamall, Buy Now Pay Later, and Term Deposit Receipts. It has also launched  Pakistan's first digital lifestyle branch. 

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