MoneyGram has acquired a 12% stake in Jingle Pay as a part of a wider partnership with the UAE-based monetary superapp focusing on the area’s large expatriate neighborhood.
The partnership signifies that these individuals can use the Jingle Pay app – powered by MoneyGram’s world cost rails and close to real-time capabilities – to ship cash to over 200 international locations and territories world wide.
Alex Holmes, MoneyGram chairman and CEO, has joined the Jingle Pay board as chairman to assist information the agency’s path.
Says Holmes: “We’re excited to associate with Jingle Pay, as we consider of their strategic imaginative and prescient to enhance the important thing parts of conventional banking by means of its suite of modern digital choices.
“Because the startup continues to develop, MoneyGram’s direct possession within the firm will strengthen our main place within the Center East and additional speed up our strategic targets to guide the evolution of digital funds.”