W2 will help the digital bank boost financial inclusion in a region where more than half the population does not have access to a bank account.
Newport, South Wales – 21st May 2020 – W2, the leading provider of real-time digital solutions for global regulatory compliance, announced today that it has joined forces with neobanking group Jingle Pay to power a new digital solution for the unbanked and underbanked in the U.A.E.
Addressing financial exclusion by offering the unbanked / underbanked population access to a paperless bank account within minutes from registering, Jingle Pay are planning to aggregate a number of financial services.
As a multi-currency card, P2P payments for sharing and splitting bills with friends, access to cheaper and transparent remittance/exchange services, micro/nano financing and other value added services are all housed within a social network mobile application.
Sharing details of the banking solution, Amir Fardghassemi, Jingle Pay Founder & CEO, stated “The Jingle Pay Super app delivers a personalized consumer journey powered by the cutting-edge technologies of W2.”
“We’re looking to give an overlooked audience a convenient, cost-effective and safe alternative to a traditional bank account and accessibility to core financial services/products which can improve their welfare.”
According to the latest report from World Bank Group, 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.
This means that the financial inclusion opportunity in the Arab world is 92 per cent.
“By automating complicated processes, start-ups such as Jingle Pay can better monitor risk factors, reduce human error, cut costs, and react more quickly to the needs of their customers giving them a significant competitive advantage.”
“Making strategic decisions the choice of technology platforms ensures that such innovative businesses are well placed to benefit from the massive growth ahead.”
Russell went on to say, “Jingle Pay are the perfect partner for us – values driven, flexible and full of ideas about how we can collaborate, grow and be successful together.”
Fardghassemi added, “Financial inclusion remains a primary policy objective amongst governments, banks, businesses and the wider community to ensure greater socio-economic development.”
“Access to finance has become a necessity for such underserved communities. New players such as Jingle Pay have an opportunity to unlock financial access in a way that traditional banks have been unable to.”
“In a matter of minutes, Jingle Pay customers can be verified and issued with a new bank account, opening up a whole new world of opportunities for them.”
About Jingle Pay
Providing Banking Services to the 168M population lacking access to a basic bank account in the Arab world, Jingle Pay is a Neo Bank Super App, empowering the unbanked communities with access to a bank account and accessibility to an aggregate of financial services.
Offering a social payment system with solutions tailored for enterprise and individual accounts, a new revolutionary social super app for the new age, combining financial and non-financial services for the dreamers.
The company uses bank grade security systems and proprietary algorithms to protect your personal identity and account.
Jingle Pay conducts business from the U.A.E, and has plans to enter SE Asia and Neighbouring countries in the GCC very soon where financial exclusion exists.
For more information, visit https://jinglepay.com/