NymCard, the embedded finance platform for the MENA region, has secured the necessary licenses to provide open finance services under the Central Bank of the UAE’s Open Finance regulation.
With this milestone, NymCard becomes one of the first entities in the UAE to embed regulated payment functionality within a broader financial infrastructure through a modular platform.
Omar Onsi, CEO of NymCard, discussed the news: “Open finance is a pivotal shift in how financial products are built and delivered. This milestone reflects our commitment to advancing the UAE’s financial ecosystem by delivering impactful financial experiences.”
Unlike providers focused solely on connectivity, NymCard provides complete financial products through a single integration. NymCard says this positions it to serve a wide range of sectors including fintechs, SMEs, micro-SMEs, banks, and marketplaces looking to embed regulated financial capabilities into their user journeys.
Ihsan Alhayek, SVP of open finance at NymCard, also added: “We’re enabling real-world payment use cases through secure, consent-driven A2A flows – giving consumers more choice and merchants a faster, more cost-efficient alternative. It’s a major step toward building a more open and accessible payment landscape within a fully regulated framework.”
This announcement follows NymCard’s recent $33million Series B funding round led by QED Investors, and further strengthens its position as the region’s most comprehensive embedded finance provider.
Last year, NymCard partnered with Mastercard, leveraging the payment giant’s cross-border services, part of the Mastercard Move portfolio of money transfer solutions, to deliver efficient international remittance experiences to various countries including Bangladesh, Egypt, India, Nepal, Pakistan, Philippines, Sri Lanka, United Kingdom, and the United States.
The collaboration gave NymCard access to Mastercard’s extensive payout network, including bank accounts, mobile wallets, cash pickup locations and cards. It also enabled the company to expand its BaaS capabilities and include additional payment streams.
