Arab Financial Services (AFS) has entered into a strategic alliance with Jingle Pay to provide payment services out of Bahrain servicing GCC residents.
Jingle Pay, the Middle East, North Africa, and Pakistan (MENAP) financial super-app, provides expatriates with the world-first remittance marketplace. 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.
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.”[1] 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.
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”
Following the successful launch in the UAE, the AFS/Jingle Pay services are expected to launch in the Bahrain market during the 4th Quarter 2022.
[1] https://www.ifad.org/en/web/latest/-/12-reasons-why-remittances-are-important
