Manama, Kingdom of Bahrain – Arab Financial Services (AFS), the leading enabler for digital payment solutions and Fin-Tech enabler in the Middle East and Africa, has entered into a strategic alliance with Jingle Pay, a financial super-app, to provide payment services out of Bahrain servicing GCC residents.  

Jingle Pay, the Middle East, North Africa, and Pakistan (MENAP) financial super-app, provides expatriates with the world-first remittance marketplace. In Bahrain, Jingle Pay app users will have access to instant account opening, multi-currency cards, instant and fee-free money transfers to over 160+ countries and 99+ currencies, P2P payments including splitting bills, AI-embedded financial analytics, in addition to other value-added services.

Samer Soliman, AFS Chief Executive Officer, remarks, “Part of AFS’s success and expansion strategy is built on partnering with market disrupters with the aim of creating innovative solutions that bridge gaps in more traditional offerings present in today’s payment ecosystem. This has proven to have a significant impact on our local and regional economy and further develops and enhances the mechanics of the financial services industry.”

Jingle Pay focuses on simplifying the lives of young adults who are seeking an instant, accessible, and user-friendly application to service their daily financial needs. The International Fund for Agriculture and Development, a UN agency, states, “A staggering one billion people worldwide… are involved with remittance. Every year, 200 million migrant workers send money home, and 800 million people…benefit from these flows.”[1] Accordingly, Jingle Pay developed its innovative world-first remittance marketplace while acknowledging the key role remittances play in contributing to the GDP and achieving income equality in the MENAP region.

Amir Fardghassemi, Chief Executive Officer of Jingle Pay, states, “Through this strategic collaboration, Jingle Pay will operate as the digital financial technology arm of AFS’s mobile consumer business. AFS will provide end-to-end support in Bahrain for prospective Jingle Pay users, from digital onboarding to the processing of transactions made using the Jingle Pay app. Ultimately, customers can look forward to free and instant account opening accompanied by various instant payment and money transfer services, one of which is Jingle Pays world-first remittance marketplace, which allows users to send money to over 160 countries at the best exchange rates"

Following the successful launch in the UAE, the AFS/Jingle Pay services are expected to launch in the Bahrain market during the 4th Quarter 2022.

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About AFS:

Arab Financial Services was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment eco-system.

A key to the growing and continued success of the company was an executive team determined to invest in the most up-to-date, leading-edge technologies. AFS is owned by a total of 37 banks and financial institutions and serves over 60 clients in more than 20 countries across MEA.

Today, AFS is the region’s leading digital payment solutions provider and Fintech enabler, regulated by the Central Bank of Bahrain.

AFS’s innovative approach to the provision of financial services is evidenced by a series of pioneering payment services that span card processing, merchant acquiring, fintech solutions and an impressive array of value-added services.

The emphasis that AFS places on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions including digital mobile wallets, customer orientated merchant acquiring services; Bahrain’s leading digital payroll solution Al Rateb, cloud contact centers and much more.

Trusted by businesses across the region AFS (and its various products and services) has been recognized as the “Best New Payment Solutions Provider for MSME Business Bahrain 2022" by Global Business Magazine, “Most Innovative New Digital Payment Solution for SMEs 2022” by Global Business Outlook and “Best Expense Management Platform Bahrain 2022” by World Economic Magazine.

Visit www.afs.com.bh for more information and join the conversation on LinkedIn.

About Jingle Pay:

Jingle Pay is a MENAP 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.

[1] https://www.ifad.org/en/web/latest/-/12-reasons-why-remittances-are-important