The partnership unlocks remittances and instant money transfers to 140+ countries through Al Fardan Exchange’s powerful global networks
Dubai, UAE: Al Fardan Exchange, one of the UAE’s leading financial services providers, has today announced a strategic partnership with Jingle Pay, a Dubai-based fintech start-up providing money services.
The agreement sees Al Fardan Exchange’s global processing and clearing capabilities allied with Jingle Pay’s digital technology to amplify the partners’ abilities to serve migrant workers, who are in desperate need of no-fee accounts and low- or no- cost cross-border transfers, furthering the cause of financial inclusion by allowing overseas workers to easily remit money home.
The alliance also unlocks a better experience for millennials and Gen Z customers demanding instant financial and money transfer services that are as mobile as they are. Users will now be able to send remittances to multiple global destinations in-app, with low fees and preferential FX rates along with a seamless user experience.
“Al Fardan Exchange is constantly looking to innovate its service offerings. As the industry explores digital transformation, we can stay ahead of the curve by offering new channels that offer unique money transfer services to our expansive customer base. Jingle Pay offers a unique user experience through its mobile app, and its users will now be able to benefit from Al Fardan Exchange’s unparalleled network of global agents and presence in 140 plus countries. Al Fardan Exchange will tap into specific segments of the market by better catering to the needs of younger consumers who demand flexibility and innovation,” said Mr. Hasan Fardan Al Fardan, CEO of Al Fardan Exchange.”
“We are very pleased to have signed an agreement with Al Fardan Exchange, which is one of the UAE’s foremost names in international remittances and money transfers. As Jingle Pay transforms the money services experience for our users, we value the support we have gained from Al Fardan Exchange in processing instant transfers to locations all over the world. The partnership bolsters our global reach and processing capabilities, helping us empower our users through financial services in new ways,” said Jingle Pay founder Amir Fardghassemi.
Under the partnership, users will be able to conduct remittance transactions anytime, anywhere, through their smartphones and mobile devices.
The UAE is a crucial hub for money services, and was the second biggest source for global remittances in 2020, behind only the United States. In 2020, remittances by foreign workers in the UAE totaled US$43 billion.
Al Fardan Exchange was founded in 1971, and since then has grown its exchange network to more than 70 locations across the UAE and enjoys longstanding relationships with more than 150 banks and other financial institutions across the world
About Al Fardan Exchange:
Al Fardan Exchange is a member of the Al Fardan Group, one of the leading family-owned conglomerates in the region with a 50-year legacy. It is one of the many different businesses across several sectors under the umbrella of Al Fardan Group, ranging from real estate, to high- end jewelry to trading. The success of the group is largely built upon the business acumen and strong personal values espoused by its founder, Ibrahim Al Fardan, who established himself as a respected pearl trader back in 1954. Established in 1971, we are proud to serve the UAE’s cosmopolitan community through our 70+ strong network, spanning across all Emirates. Reinforced by strong relationships with over 150 global corresponding banks, financial institutions, and other financial service providers, we offer secure transactions that firmly place reliability and trust in the forefront.
About Jingle Pay:
Jingle Pay is the world’s first hybrid Money Service Business offering both Islamic and conventional account and services operating out of the UAE democratizing banking and payments. The mobile-first application is built with a user-centric experience around expats providing affordable, accessible, and transparent financial services to the underserved, millennials and Gen Z clients who are looking for a better alternative to spend, save, and manage their finances.