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
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, such 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 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.
Warren Russell, Founder & CEO of W2 said, “We are excited by the opportunity to work with Jingle Pay. 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, “They 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.”