MoneyGram Announces Strategic Partnership and Minority Investment in UAE-Based Fintech Startup Jingle Pay

Through this strategic partnership, consumers in the UAE can use the Jingle Pay app to send money in near real-time to over 200 countries and territories around the world

MoneyGram has also completed a minority investment in Jingle Pay, giving the company a direct ownership position in the startup

DALLAS, 4 October 2022 /PRNewswire/ — MoneyGram International, Inc., a global leader in the development of digital P2P payments, and Jingle Paya financial super app based in United Arab Emirates (UAE), today announced a partnership to enable convenient and fast global money transfers through the Jingle Pay app. Consumers in the UAE can use the Jingle Pay app – powered by MoneyGram’s global payment rails and near-real-time capabilities – to send money to over 200 countries and territories around the world.

MoneyGram has also announced the completion of a minority investment in Jingle Pay, giving MoneyGram an approximate 12% stake in Jingle Pay. Alex HolmesMoneyGram chairman and CEO, has joined the Jingle Pay board as chairman to help guide Jingle Pay’s strategic path forward.

“As consumer preferences increasingly shift online, investing in digital startups around the world is a critical component of our strategy,” Holmes said. “We are excited 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, MoneyGram’s direct ownership of the company will strengthen our leadership position in Middle East and further accelerate our strategic goals to lead the evolution of digital payments.”

As a global trade hub, the UAE hosts nearly 9 million expatriates, who make up approximately 89% of the population and make the country a powerhouse for outbound remittances.¹ With a focus on financial inclusion, Jingle Pay targets expats in the region and provides consumers with access to a comprehensive list of available financial services, such as multi-currency cards and money transfer services.

“Jingle Pay is the super app that transforms the daily financial lives of consumers seeking 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 remittance clearing expertise. It provides our users with global coverage and cost-effective pricing. At Jingle Pay, we are committed to reinventing how people store, spend and send money, while promoting financial inclusion and affordable remittance corridors are promoted.”

The Jingle Pay app is now live in the UAE.

About MoneyGram International, Inc.
MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the development of digital P2P payments, delivers innovative financial solutions to connect the world’s communities. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation and leading customer-centric capabilities, MoneyGram has grown to serve over 150 million people over the past five years. The company leverages its modern, mobile and API-powered platform and partners with the world’s best brands to serve consumers through its digital direct-to-consumer channel, global retail network and embedded finance business for corporate clients. MoneyGram is also a leader in cross-border payment innovation 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.

About Jingle Pay
Jingle Pay is a UAE-born financial super app, providing users with a fast digital account, free of fees and zero obligations, to reliably store, spend and send money to 160+ countries, in 99+ currencies, at the best exchange rates globally. Jingle Pay’s operations span 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.

MoneyGram Media Contact
Sydney school field
[email protected]

Jingle Pay Media Contact
Christian Farioli
[email protected]

¹https://www.globalmediainsight.com/blog/uae-population-statistics/

SOURCE MoneyGram