Josh

Jingle in Pakistan - The Final Countdown Every carrier in the world has the same problem. They pay too much to terminate calls. International voice traffic passes through layers of middlemen - each one taking a cut, each one adding cost. The telecommunications market is worth over $250 billion, and the routing chain hasn't fundamentally changed in decades. By the time a call reaches its destination, the margin has been carved up and handed out to everyone except the company that originated it. Jingle changes that. Completely. What Jingle Actually Does Jingle delivers calls directly to the final leg - over data. No third-party carrier on the last mile. No legacy interconnect fees at the point of termination. The call arrives from the originating carrier, passes through Minutes Network's infrastructure, and lands on the recipient's device via the Jingle-enabled endpoint. That means Minutes Network sets its own price. Not a negotiated rate with a terminating carrier. Not a blended cost squeezed through intermediaries. Our price. Because we own the delivery. For carriers, this is not an incremental improvement. This is a structural shift in how termination economics work. Pakistan - Final Launch Stage Pakistan is already live with production traffic under our LDI license - carrier minutes flowing through our infrastructure every day. Traffic volumes have grown more than 10x in recent months. We hit a record-breaking 500,000+ minutes in a single day to Pakistan. Jingle is already terminating calls to Pakistan. Right now, it handles a select portion of traffic alongside our standard termination routes. But this is about to change dramatically. Hundreds of device types have been tested across Pakistan over months of development and field work. Compatibility, call quality, network behaviour, battery optimisation, verification flows - all refined across real-world conditions. The Jingle campaign is now in the final launch stage. We hold a 20-year LDI license in Pakistan. We are targeting 20% of the country's total international voice traffic. As Jingle endpoints come online, every call that lands on a Jingle-compatible device is a call where we capture close to 100% of the termination revenue. The Hybrid Model We are carrying live production traffic through traditional carrier-grade infrastructure. Jingle layers on top, converting off-net users to on-net, dramatically increasing margins on traffic already flowing. The Revenue Turbine optimises every call. Jingle captures the final leg. Together, they turn a standard wholesale operation into something no other carrier can match on cost. Pakistan is the proof of concept at scale. And it is working. What's Next Additional countries are being prepared under the same model. 10+ new Tier-1 and Tier-2 carrier interconnections added in the past 90 days. Applications of various sizes are at different stages of Jingle integration across multiple markets - but Pakistan is where it all converges. Every carrier needs lower cost routing - it's one of their core profit drivers. Jingle gives Minutes Network the ability to deliver that at a cost structure nobody else can touch, because nobody else owns the last mile the way we do. Pakistan is live. Scale is next. Follow the rollout as new markets come online.

Pakistan continues to scale at pace, with production traffic volumes having recently reached new heights and preparing to reach new heights again. This growth reinforces our position in one of the most active international termination markets globally. We are pleased to confirm that Jingle integration with our Pakistan operations is now being deployed, with a range of other countries in various phases of their integration. This integration marks a significant milestone in our expansion strategy. As traffic scales, we gain visibility into high-frequency callees within the market. Working alongside local partners, we will onboard these callees through Jingle-enabled applications, enabling calls to terminate directly on our network at full margin. This creates a compounding effect: increased traffic generates greater callee insights, Jingle onboards those callees, calls terminate at full margin, revenue grows, and we can offer even better rates to the carriers sending traffic - reinvigorating their margins and incentivising them to send more. Network capacity expands, more carriers are attracted to the network, and the flywheel strengthens with every minute of traffic we handle. Alongside this deployment, we will be releasing an updated Minutes Network Explorer. The new Explorer will feature dedicated Jingle analytics, providing detailed insights into integration performance and network activity. Further updates and a comprehensive progress report will be shared during our live communications event and AMA on January 30th at 4pm CET. We invite the community to join us as we discuss this milestone and our continued progress.