UAE-based startup Jingle Pay has decided to bring neobank to the Middle East to serve the unbanked and low-income people in the region, starting with its home country.
As part of its plan, Jingle Pay aims to onboard Gen Z and millennial clients and pledges to meet the increased demand for contactless payments during the Covid-19 pandemic.
Jingle Pay will offer a multi-currency account and card, remittance, Nano financing, instant and free money transfer services and other value-added services to its clients.
The neobank will also remove the restrictions on bank accounts like the minimum balance requirements, for its target customers.
On the whole, the startup brings social payments to mobile wallets backed by cash accounts for instant and easy money transfers to friends and family.
Jingle Pay founder Amir Fardghassemi said: “We’re seeing mobile phones and fintech come to the fore in key global markets that haven’t been ideally served by traditional markets.
“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 can’t you enjoy the same speed, convenience and customer service in financial matters? Well, now, you can.”
“We rely on world-class automation technologies to accelerate onboarding, scale quickly and react far faster than conventional bricks and mortar banks can.”
Jingle Pay has already digitised its customer onboarding processes and accepts passports, residency permits, emirates ID and UAE driver licenses for identification.
The company uses live selfie, document verification and digitized AML checks with local and global authorities to boost the onboarding process.