ISLAMABAD: Bank Alfalah, a leading Pakistani commercial bank, on Monday announced it had acquired 9.9 percent equity stake in Dubai-based fintech firm Jingle Pay, underscoring the bank’s commitment to driving digital transformation and fostering financial inclusion in Pakistan and across other markets.
With over 1,000 branches across 200 cities and an international presence in the United Arab Emirates, Bahrain, and Afghanistan, Bank Alfalah offers various products and services to private-sector institutions and governments, and has established itself as a premier digital bank.
Jingle Pay, on the other hand, has redefined the fintech space with its proprietary AI-powered tech stack already processing over 2 million transactions and facilitating over $1 billion in international money transfers in 2024, saving customers over $6 million in fees. It was recently awarded the top global fintech for remittances into Pakistan.
Bank Alfalah said its equity investment and appointment to Jingle Pay’s board signal a robust partnership aimed at driving growth and innovation, and the collaboration leverages its extensive infrastructure to amplify Jingle Pay’s impact on cross-border payments and digital banking, advancing its ambitious vision for the Middle East and North Africa and Afghanistan and Pakistan (MENAP) region.
“This acquisition is a milestone in our journey to lead the digital banking revolution,” said Farooq A. Khan, Bank Alfalah’s group head for corporate, investment banking and international business.
“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.”
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations. Only 60 percent of its 137 million adult population, or 83 million adults, have a bank account, according to central bank estimates.
Jingle Pay plans to launch its digital banking services in Pakistan in the first quarter of 2025 as a branchless banking mobile app targeting to bring seamless and inclusive financial services to the country’s unbanked population.
The partnership aims to create synergies in cross-border payments strengthened by shareholder MoneyGram.
“Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance,” Jingle Pay Chief Executive Officer Amir Fardghassemi was quoted as saying by Bank Alfalah.
“Together, we aim to enrich the digital economy and create transformative cross-border financial solutions.”
Pakistan’s Bank Alfalah acquires nearly 10 percent stake in UAE fintech Jingle Pay
https://arab.news/5jg2u
Pakistan’s Bank Alfalah acquires nearly 10 percent stake in UAE fintech Jingle Pay
- Jingle Pay plans to launch its digital banking services in Pakistan in the first quarter of 2025 as a branchless banking mobile app
- Only 60 percent of Pakistan’s 137 million adult population, or 83 million adults, have a bank account, according to central bank estimates
Islamic military coalition, Pakistan to deepen cooperation to combat ‘terrorism’ — Pakistani military
- Islamic Military Counter Terrorism Coalition is a 43-member alliance that includes Pakistan, Saudi Arabia, Egypt, Jordan, UAE and other nations
- The Pakistani military statement comes after a meeting between IMCTC secretary-general and the chief of Pakistani defense forces in Rawalpindi
ISLAMABAD: Pakistan and the Islamic Military Counter Terrorism Coalition (IMCTC) have reaffirmed their commitment to deepening cooperation, including intelligence sharing and capacity building, to jointly combat “terrorism” and “extremism,” the Pakistani military said on Monday.
The IMCTC is a 43-member military alliance that was formed on Saudi Arabia’s initiative in Dec. 2015 to consolidate Muslim countries’ efforts in countering “terrorism.”
A 17-member IMCTC delegation is visiting Pakistan from Feb. 2-6 to conduct a training at National University of Sciences and Technology on “Re-integration and Rehabilitation of Extremist Elements,” according to the Pakistani military.
On Monday, IMCTC Secretary-General Maj. Gen. Mohammed bin Saeed Al-Moghedi held a meeting with Chief of Pakistani Defense Forces Field Marshal Asim Munir to discuss cooperation among IMCTC member states.
“During the meeting, matters of mutual interest were discussed, with particular emphasis on regional security dynamics and enhanced cooperation in counter-terrorism efforts,” the Inter-Services Public Relations (ISPR), the Pakistani military’s media wing, said in a statement.
“Both sides reaffirmed their shared commitment to combating terrorism and extremism through collaborative strategies, intelligence sharing, and capacity building among member states.”
The IMCTC features Pakistan, Saudi Arabia, Türkiye, Afghanistan, Egypt, Jordan, Qatar, Palestine, UAE, Bangladesh and other nations. In 2017, Pakistan’s former army chief Gen. (retd) Raheel Sharif was appointed as the IMCTC commander-in-chief.
During discussions with Major General Al-Moghedi, Field Marshal Munir appreciated the role of IMCTC in fostering stability and promoting coordinated counterterrorism initiatives across the Islamic world, according to the ISPR.
The IMCTC secretary-general acknowledged Pakistan’s significant contributions and sacrifices in the fight against militancy and lauded the professionalism of Pakistan’s armed forces.
“The meeting underscored the resolve of both sides to further strengthen institutional collaboration for peace, stability, and security in the region,” the ISPR added.
Pakistan enjoys cordial ties with most Muslim countries around the world, particularly Gulf Cooperation Council countries. In Sept. 2025, Pakistan signed a landmark defense pact with Saudi Arabia according to which an act of aggression against one country will be treated as an act of aggression against both.
