Money transfer service businesses MoneyGram International and Jingle Pay announced a partnership Tuesday (Oct. 4) to enable global money transfers through the Jingle Pay app.
Consumers in Jingle Pay’s native market, the United Arab Emirates, can now use the Jingle Pay app to send money to over 200 countries and territories around the world.
In a press release announcing the move, MoneyGram also revealed that it has completed a minority investment in Jingle Pay, giving MoneyGram an approximate 12% equity stake in Jingle Pay. As part of the deal, Alex Holmes, MoneyGram chairman and CEO, has also joined the Jingle Pay board of directors.
“As consumer preference increasingly shifts online, investing in digital startups around the world is a critical component of our strategy,” Holmes said in the release. “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.”
Amir Fardghassemi, founder and CEO of Jingle Pay, said that the startup is helping to transform consumers’ financial lives, giving them access to instant and innovative money services.
“Our partnership with MoneyGram extends our network of global remittance destinations and allows us to tap MoneyGram’s remittance clearing expertise,” Fardghassemi continued. “It gives our users global coverage and cost-effective rates.”
MoneyGram has made a number of moves recently, having also expanded its partnership with e& to grow its mobile wallet use.
See also: MoneyGram Helps e& Offer Mobile Wallets to 160M People
Formerly known as Etisalat Group, e& reaches more than 16 markets across Africa, Asia and the Middle East.
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