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
Pakistan arrests suspect arriving from Cambodia amid crackdown on human smuggling
- Suspect worked at an “online fraud company” in Cambodia, later started smuggling people from Pakistan, says FIA
- Pakistan has intensified crackdown against human smugglers after hundreds of migrants drowned near Pylos in 2023
ISLAMABAD: Pakistan’s Federal Investigation Agency (FIA) on Sunday said it had arrested a key suspect involved in smuggling humans who had arrived from Cambodia, alleging he was also part of an international fraud network.
The suspect, identified as Zainullah, was arrested by FIA officials when he arrived in the southern port city of Karachi from Cambodia.
Zainullah had traveled from Pakistan to Cambodia in September 2024, a press release issued by the agency said.
“He worked at an online fraud company in Cambodia and later became involved as an agent in recruiting individuals from Pakistan,” the FIA said.
The FIA said it recovered images of multiple individuals’ passports, payment receipts and bank transaction records after extracting data from Zainullah’s phone.
It said the suspect received money through personal bank accounts and a cryptocurrency account.
“The suspect has been handed over to the FIA Anti-Human Trafficking Circle, Karachi, for further legal proceedings,” the FIA said.
“Further investigation is underway.”
Pakistan intensified action against illegal migration in 2023 after hundreds of migrants, including 262 Pakistanis, drowned when an overcrowded vessel sank off the Greek town of Pylos, one of the deadliest boat disasters in the Mediterranean.
Authorities say they continue to target networks sending citizens abroad through dangerous routes, following heightened scrutiny at airports and a series of arrests involving forged documents.
Pakistan’s interior ministry said this week illegal migration to Europe has declined by 47 percent this year after its nationwide crackdown, saying that more than 1,700 human smugglers have been arrested in 2025.
