Through this strategic partnership, consumers in the United Arab Emirates can use the Jingle Pay app to send money in near real-time to more than 200 countries and territories around the world.
MoneyGram also made a minority investment in Jingle Pay, giving the company a direct ownership position in the startup.
DALLAS, October 6, 2022 /PRNewswire/ — MoneyGram International, Inc., a global leader in the evolution of P2P digital payments, and JinglePaya financial super app based in United Arab Emirates (UAE), today announced a partnership to enable convenient and fast international money transfers through the Jingle Pay app. UAE consumers can use the Jingle Pay app, powered by MoneyGram’s global payment rails and near real-time capabilities, to send money to more than 200 countries and territories around the world.
MoneyGram also announced the completion of a minority investment in Jingle Pay. Alex HolmesChairman and CEO of MoneyGram, joined the Jingle Pay Board of Directors as Chairman to help guide Jingle Pay’s strategic course.
“As consumer preferences increasingly shift towards the internet, investing in digital startups around the world is a critical part of our strategy,” said Holmes. “We are thrilled to partner with Jingle Pay, as we believe in their strategic vision to enhance key elements of traditional banking through their suite of innovative digital offerings. As the startup continues to grow, the direct involvement of MoneyGram in the business will strengthen our leadership position in the Middle East and further accelerate our strategic objectives to lead the evolution of digital payments.”
As a global trade hub, the UAE hosts nearly 9 million expatriates, constituting about 89% of the population and making the country a powerhouse for outgoing remittances.1 With a focus on financial inclusion, Jingle Pay targets expats in the region and offers consumers access to a long list of accessible financial services, such as its multi-currency card and money transfer services.
“Jingle Pay is the super app that is transforming the everyday financial lives of consumers looking for accessible, instant and innovative money services,” said Amir Fardghassemi, Founder and CEO of Jingle Pay. “Our partnership with MoneyGram expands our network of global remittance destinations and allows us to leverage MoneyGram’s expertise in remittance clearing. It provides our users with global coverage and cost-effective rates. At Jingle Pay, we are committed to reinventing the way people store, spend and send money, while promoting financial inclusion and low-cost remittance corridors”.
The Jingle Pay app is now available in the United Arab Emirates.
About MoneyGram International, Inc.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of P2P digital payments, provides innovative financial solutions to connect communities around the world. With a focused strategy to mobilize the movement of money, a strong culture of fintech innovation, and industry-leading customer-centric capabilities, MoneyGram has grown to serve more than 150 million people over the past five years. The company leverages its modern, mobile-based, API-based platform and works with the world’s leading brands to serve consumers through its direct-to-consumer digital channel, global retail network and integrated finance business. for corporate clients. MoneyGram is also a leader in pioneering innovation in cross-border payment and blockchain-enabled settlement. For more information, visit ir.moneygram.com, follow @MoneyGram on social media, and explore the website and mobile app through moneygram.com.
Jingle Pay is a financial super app born in the United Arab Emirates, which offers its users a fast, no-cost, no-commitment digital account to reliably store, spend and send money in over 160 countries, in over 99 currencies, at the best exchange rates in the world. Jingle Pay’s operations span across the MENAP region with a presence in the UAE, Bahrain, Pakistan and Egypt. For more information, visit jinglepay.com and follow us @JinglePay on social media.
Jingle Pay Media Contact
+971 4 54 7777 8
SOURCE ESD FZC (Dubai Exhibition Stand)