Abu Dhabi-based fintech NymCard has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FRSA) to hold and transfer money, issue payment instruments with stored value and carry out currency exchange.
As the first company to have received an IPA from the FRSA this year - following TransferWise in 2019 - the startup will enable financial institutions, banks and other fintech firms to provide virtual card programmes for customers with simplified off-the-shelf APIs.
Alongside eliminating obstacles associated with operating in a highly regulated industry, the IPA will allow NymCard to partner with Visa, Mastercard and Western Union, removing the complexities from payment card issuance.
Co-founder and CEO of NymCard Omar Onsi reveals to MENAbytes that as a regulated business, organisations that need to issue payments cards can now move forward.
“If we are not licensed, our customers need to be regulated and licensed themselves to do any of the regulated activities. With the IPA, we are becoming the one-stop-shop for tech companies and fintechs to offload all of their payment requirements to NymCard and they can focus on their core business model,” he adds.
After launching in Lebanon in 2018 NymCard shifted its headquarters to Abu Dhabi earlier this year, becoming part of the capital city’s global tech ecosystem Hub71.