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, providing the Company with a direct
ownership position in the startup
DALLAS, Oct. 4, 2022
/PRNewswire/ -- MoneyGram International, Inc., a global leader
in the evolution of digital P2P payments, and Jingle Pay, a
financial super-app based in the 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%
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.
"As consumer preference increasingly shifts online, investing in
digital startups around the world is a critical component of our
strategy," said Holmes. "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.1 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.
"Jingle Pay is the super-app transforming 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
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.
About MoneyGram International, Inc.
MoneyGram
International, Inc. (NASDAQ: MGI), 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, MoneyGram
has grown to serve over 150 million people in the last five years.
The Company leverages its modern, mobile, and API-driven platform
and collaborates with the world's top brands to serve consumers
through its direct-to-consumer digital channel, global retail
network, and embedded finance business for enterprise customers.
MoneyGram is also a leader in pioneering cross-border payment
innovation and blockchain-enabled settlement. For more information,
please 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, which empowers its users with a fast digital account,
free of fees and zero-commitments, to reliably store, spend, and
send money to 160+ countries, in 99+ currencies, at the best
exchange rates globally. Jingle Pay's operations extend across the
MENAP region with presence in the UAE, Bahrain, Pakistan and Egypt. For more information, visit
jinglepay.com and follow us on @JinglePay on social media.
MoneyGram Media Contact
Sydney
Schoolfield
media@moneygram.com
Jingle Pay Media Contact
Christian
Farioli
Christian@jinglepay.com
1
https://www.globalmediainsight.com/blog/uae-population-statistics/
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SOURCE MoneyGram