DUBAI, UAE, Oct. 11, 2022 /PRNewswire/ — Jingle Pay, a financial super-app that provides money services in the Middle East, North Africa and Pakistan (MENAP) region, has entered into a strategic partnership with Arab Financial Services (AFS), the leading digital payments solutions provider and Fin-Tech enabler in the Middle East and Africa (MEA). Jingle Pay and AFS will join forces to deliver unique digital payments and exceptional customer experience in the Kingdom of Bahrain. The partnership expands Jingle Pay’s footprint in the region simplifying the everyday financial lives of the masses.
Jingle Pay, the MENAP financial super-app, provides expatriates with the world-first remittance marketplace. In 2022, the World Bank reports, “Officially recorded remittance flows to low- and middle-income countries (LMICs) are expected to increase by 4.2 percent this year to reach $630 billion.”1 In Bahrain, Jingle Pay app users will have access to instant account opening, multi-currency cards, instant and fee-free money transfers to over 160+ countries and 99+ currencies, P2P payments including splitting bills, AI-embedded financial analytics, in addition to other value-added services
Amir Fardghassemi, Chief Executive Officer of Jingle Pay states, “Through this strategic collaboration, Jingle Pay will operate as the digital financial technology arm of AFS’s mobile consumer business. AFS will provide end-to-end support in Bahrain for prospective Jingle Pay users, from digital onboarding to the processing of transactions made using the Jingle Pay app. Ultimately, customers can look forward to free and instant account opening accompanied by various instant payment and money transfer services, one of which is Jingle Pays world-first remittance marketplace, which allows users to send money to over 160 countries at the best exchange rates”
Samer Soliman, AFS Chief Executive Officer remarks, “Part of AFS’s success and expansion strategy is built on partnering with market disrupters with the aim of creating innovative solutions that bridge gaps in more traditional offerings present in today’s payment ecosystem. This has proven to have a significant impact on our local and regional economy and further develops and enhances the mechanics of the financial services industry.”
Jingle Pay focuses on simplifying the lives of young adults who are seeking an instant, accessible, and user-friendly application to service their daily financial needs. The International Fund for Agriculture and Development, a UN agency, states, “A staggering one billion people worldwide… are involved with remittance. Every year, 200 million migrant workers send money home, and 800 million people…benefit from these flows.”2 Accordingly, Jingle Pay developed its innovative world-first remittance marketplace while acknowledging the key role remittances play in contributing to the GDP and achieving income equality in the MENAP region.
While exploring the influence of Fin-Tech platforms on reducing financial disparities in the MENA region, Aiyub Dawood, a senior correspondent, states that “beyond tech hub cities like Dubai, Abu Dhabi, Riyadh and Manama, the region is home to 85 million of the world’s two billion unbanked adults.”3 Similarly, the World Bank reports that in Pakistan 81.9% of young adults lacked access to bank accounts in 2021.4 Nonetheless, a hopeful sentiment reflected in the Global Findex 2021 report portrays a spike in first-time digital payments made by adults post-COVID-19 lockdowns. The report concludes that the digitalization of the financial sector boosts financial inclusion.5
By offering free and instant activation of digital multi-currency accounts, Jingle Pay focuses on financial inclusion through simplifying daily financial lives – aligned with the UN’s 2030 Sustainable Development Goals (SDG) for increased financial inclusion worldwide.
