Dubai-based JinglePay is a new challenger bank that has announced plans to change the banking world for millennials in the Middle East.
The digital bank was founded by Amir Fardghassemi, an ex-hedge fund manager and FinTech startup founder, and Nadeem Hussein, founder of Telenor bank and EasyPaisa in Pakistan.
JinglePay combines many of the regular challenger bank stalwarts we’ve seen by other companies in this sector such as mobile wallets backed by cash accounts for instantaneous payments and easy money transfers to friends and family.
“We’re seeing tremendous demand for a new way of offering banking services in the Middle East,” said Fardghassemi. “Bricks and mortar banks don’t have the immediacy of response that a new generation of always-connected consumers want. And though we’re seeing conventional banks move to digital, there are gaps in user-friendliness and joyful engagement that we want to address.”
The company was founded in 2017 and JinglePay is currently in the process of getting licensed in the UAE, Indonesia, Philippines and other GCC markets. It is expected to move to full-fledged operations in the UAE in the latter half of 2020.
Its goal is to leverage the region’s demand for secure contactless payments.
“JinglePay will be offering a multi-currency account and card, remittance, nano financing, instant and free money transfer services in addition to other value-added services,” said Fardghassemi. “We are more than an alternative banking solution – we are the region’s first Super App Neo Bank.”
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