July 16, 2024

Investments & Exits

Jingle Pay is the first step in MoneyGram’s expansion in the UAE

MoneyGram has grown its operations and teamed with Jingle Pay, a financial mega app based in the UAE, by purchasing a 12% investment in it. The main aim of this partnership is to target UAE’s vast expatriate group.

Ideally, the Emirates hosts 9 million expatriates, making up 89 per cent of the total population. This also makes UAE the hub of outward remittances. As soon as the collaboration is established, the application will be supported by MoneyGram’s payment network, enabling real-time money transfers to and from all corners of the globe.

MoneyGram’s CEO and chairman, Alex Holmes, has also been on-boarded as Chairperson at Jingle Pay to guide their set strategic goals and provide a super app with a much stronger payment network to facilitate transactions in more than 200 countries.

Regarding this widened partnership, Holmes says that MoneyGram believes in the vision of Jingle Pay to uplift and enhance the traditional methods of banking through an advanced digitalized approach. He also believes that the start-up will continue growing in the UAE after joining hands with MoneyGram. This in turn will benefit MoneyGram in making its standing in the Arab States and will accelerate its goals to become a leader in the evolving digitalized payments market.

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