DUBAI, United Arab Emirates (UAE) —Dubai-based fintech startup
Jingle Pay is bringing
neobanking to the Middle East, starting with its home turf of the
UAE. The neobank has been formulated in response to what
digitally-native Gen Z and millennial audiences want from banking
â€“ such as responsive services, extremely low transfer fees,
transparency and no restrictions such as minimum balance
Jingle Pay is the brainchild of Amir Fardghassemi, an ex-hedge
fund manager and fintech startup founder; and Nadeem Hussein,
founder of Telenor bank and EasyPaisa in Pakistan. The founding
team has 50+ years of experience in card issuance, card payments,
digital banking, payments, micro and nano financing, e-Wallets, and
running fintech start-ups with successful exits in the MENA
Jingle Pay brings elements of social payments to mobile wallets
backed by cash accounts for instantaneous payments and easy money
transfers to friends and family. It combines the best of consumer
banking and payments with social elements, creating a seamless
ecosystem of intuitive engagement.
â€œWeâ€™re seeing tremendous demand for a new way of offering
banking services in the Middle East. Bricks and mortar banks
donâ€™t have the immediacy of response that a new generation of
always-connected consumers want. And though weâ€™re seeing
conventional banks move to digital, there are gaps in
user-friendliness and joyful engagement that we want to
â€œTodayâ€™s consumer is used to an always-on culture of
convenience. If you can hail a cab, order goods from anywhere in
the world to your door, or use your smartphone to order a meal, why
canâ€™t you enjoy the same speed, convenience and customer service
in financial matters? Well, now, you can,â€ said Fardghassemi.
Jingle Pay has digitized the onboarding process and customer due
diligence to cover 7600+ government IDs in 160 countries.
Acceptable identification include Passports, Residency Permits,
Emirates ID and UAE Driver Licenses. A process that can take months
with conventional banks now takes mere minutes. Jingle Payâ€™s
accelerated onboarding involves a live selfie, document
verification and thorough digitized AML checks with local and
global authorities. Jingle Pay is free, easy and without
â€œWe rely on world-class automation technologies to accelerate
onboarding, scale quickly and react far faster than conventional
bricks and mortar banks can. Our technology helps us cut down risk
reduce human error and cut back on overheads â€“ advantages that we
pass on to our clients,â€ Fardghassemi added.
Jingle Pay comes in a time where there is accelerated need for
online mobile banking and payment solutions. In the UAE, for
instance, authorities have urged the public to avoid cash entirely
in favour of contactless online payments and card transactions.
According to Mastercard research, contactless payments have
increased by 100% in the UAE during the Covid-19 pandemic.
â€œJingle Pay 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. We are more
than an alternative banking solution â€“ we are the regionâ€™s
first Super App Neo Bank,â€ said Fardghassemi.
Extending banking services to the unbanked and underbanked, is
another crucial goal for Jingle Pay. The World Bank and the United
Nations have termed financial inclusion one of the most important
foundations for meeting their Sustainable Development Goals on
poverty eradication, ending hunger, achieving food security,
promoting gender equality and sparking economic growth.
â€œWeâ€™re seeing mobile phones and fintech come to the fore in
key global markets that havenâ€™t been ideally served by
traditional markets. Weâ€™re looking to deliver financial inclusion
in new ways to global audiences, starting with the Middle East.
Here, weâ€™re not just talking about the completely unbanked but
also low-income individuals who canâ€™t avail themselves of
financial services in any meaningful way,â€ explained
Recent World Bank figures show that as many as 1.7 billion
adults remain unbanked globally, without an account at a financial
institution or through a mobile money provider. The report also
states that in the Arab world stretching from Muscat to Casablanca,
only 8 per cent of the adults belong to the banked population.
Financial inclusion measurement in the Arab world resulted in a
large unmet demand for financial services with 168 million people
lacking access to a basic bank account.
Jingle Pay 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.
Dubai Startup Jingle Pay Targets the Middle East With Digital
Neobanking Services appeared first on The Fintech Times.