back Back

Mastercard certifies NymCard as principal Mastercard issuer in UAE

By Leandra Monteiro

June 20, 2022

  • API Banking
  • BaaS
  • Banking-as-a-Service
Share

MastercardMastercard has certified NymCard, a plug-and-play banking-as-a-service (BaaS) provider, as a Principal Mastercard Issuer in the UAE. The milestone announcement marks the first time a FinTech in the UAE is licensed to issue cards by Mastercard.

The license from Mastercard enables NymCard to become the UAE’s one-stop provider for FinTechs and digital partners, removing the need for multiple vendors and payment rails by offering its clients open and modern APIs.

Now, FinTechs and financial institutions can plug and play into NymCard’s modern BaaS infrastructure to issue their own Mastercard cards and enable their unique business models faster than ever before. Through their Principal Mastercard License, NymCard will empower digital partners, enabling them to go live in as little as a few weeks.

Ngozi Megwa, SVP, Digital Partnerships, Eastern Europe, Middle East and Africa, Mastercard said, “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.”

J.K. Khalil, Cluster General Manager, MENA East, Mastercard added, “We are delighted to welcome NymCard as the UAE’s first Principal Mastercard Issuer in the fintech space. We are committed to accelerating the booming fintech market and paving the way for all players to help realize the UAE’s vision to become a global fintech Hub.”

“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,” said Omar Onsi, CEO and Founder, NymCard.

MENA-based Banking as-a-Service (BaaS) provider NymCard have built their tech stack from the ground up and are fully regulated by the central bank of the UAE. They offer FinTechs and other industry innovators the infrastructure to plug and play ready finance into their applications, enabling them to frictionlessly scale their payments programs across multiple markets.

Previous Article

June 20, 2022

Revolut partners with Vonage to improve the customer service experience

Read More
Next Article

June 20, 2022

Destaxa raises $3.1m seed round

Read More








IBSi Daily News Analysis

UAE

February 27, 2024

API Banking

Saudi Arabia’s FinTech market poised for exponential growth: vision 2030 sparks innovation surge

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 27, 2024

Geidea strengthens operations in Saudi Arabia with key leadership appointments

Read More

February 27, 2024

Aevi and Silverflow partner to support banks in Europe & North America

Read More

February 27, 2024

Aryza taps Acquired.com to offer secure, convenient payment options

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023