MoneyGram Announces Partnership, Minority Investment in UAE’s Fintech Jingle Pay

MoneyGram International, Inc. (NASDAQ: MGI), a global player in the evolution of digital P2P payments, and Jingle Pay, a financial super-app based in the United Arab Emirates (UAE), 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% equity stake in Jingle Pay.”

Alex Holmes, MoneyGram Chairman and CEO, has “joined the Jingle Pay Board of Directors as Chairman to help guide Jingle Pay’s strategic path forward.”

Holmes stated:

“As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy. We’re excited to partner with Jingle Pay, as we believe in their strategic vision to improve the key elements of traditional banking through its suite of innovative digital offerings. As the startup continues to grow, MoneyGram’s direct ownership in the company will strengthen our leading position in the 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, constituting approximately 89% of the population and making the country a powerhouse for outbound remittances.”

With a focus on financial inclusion, Jingle Pay is “targeting expats in the region and providing consumers with access to an extensive list of accessible financial services, such as its multi-currency card and money transfer services.”

Amir Fardghassemi, Founder and CEO of Jingle Pay, remarked:

“Jingle Pay is the super-app transforming the daily financial lives of consumers seeking accessible, instant and innovative money services. Our partnership with MoneyGram extends our network of global remittance destinations and allows us to tap MoneyGram’s remittance clearing expertise. It gives our users global coverage and cost-effective rates. At Jingle Pay, we are committed to reinventing how people store, spend and send money, while furthering financial inclusion and low-cost remittance corridors.”

The Jingle Pay app is now “live in the UAE.”

As covered, MoneyGram International, Inc. is “a global leader in the evolution 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,”

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