Mastercard a global technology organization in the payments industry that connects and empowers a completely digital economy for everyone to access safe, simple, and smart transactions has certified Nymcard as a major Mastercard issuer in UAE. This would be the first-ever time that a FinTech in the UAE has got the license to issue cards by Mastercard.
NymCard is the only Banking-as-a-Service (BaaS) provider in UAE providing a modern payment issuing and processing platform to FinTechs, startups, banks, and large enterprises, in the Middle East to instantly build, and control, and distribute physical or virtual cards using their fully public API platform. It looks forward to cementing the gap of composite legacy systems by simply integrating finance into applications and customer journeys for payment innovators to work with.
Omar Onsi, CEO and Founder, NymCard, stated, “As the only banking-as-a-service (BaaS) provider in the MENA region, our mission is to enable innovators to build, launch and scale payment programs with no friction. Working with Mastercard will enable fast, convenient and cost-efficient card issuing! It represents a real opportunity for us as a fintech enabler to expand our embedded finance capabilities across the whole of MENA.”
Mastercard’s license allows NymCard to transform into the one-stop provider for digital partners and FinTechs in the MENA region, eliminating the requirement for numerous vendors and payment rails by providing its consumers with open and modern APIs.
Ngozi Megwa, SVP, Digital Partnerships, Eastern Europe, Middle East and Africa, Mastercard, commented, “Partnerships play a vital role in realizing the full potential of the digital economy. We are proud to join hands with NymCard; together, we will deliver industry-leading and scalable payment technology solutions that enable fintechs across the region to quickly and easily issue their own cards through the power of our global network.”
With this license, FinTechs and other financial companies can plug and play into the modern BaaS infrastructure of NymCard to issue their own Mastercard cards and allow their business model to expand faster.