MoneyGram has acquired a 12% stake in Jingle Pay as part of a wider partnership with the UAE-based financial superapp targeting the region’s huge expatriate community.
The UAE hosts nearly nine million expatriates, constituting approximately 89% of the population, making the country a powerhouse for outbound remittances.
The partnership means that these people 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.
Alex Holmes, MoneyGram chairman and CEO, has joined the Jingle Pay board as chairman to help guide the firm’s path.
Says 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.”