NymCard, the MENA region’s top embedded finance platform, has hit a major milestone in UAE! The company has officially been licensed by the Central Bank of the UAE (CBUAE) to provide Open Finance services, putting it among the very first regulated entities in the country to do so.
This achievement follows the UAE’s launch of its Open Finance framework, marking a bold step toward reshaping how financial services are delivered in the region.
What This Means for the Region
Open Finance isn’t just a buzzword—it’s the next frontier in fintech. With this license in hand, NymCard now aims to:
- ✔️ Provide regulated payment services
- ✔️ Enable secure, consent-based A2A (account-to-account) payment flows
- ✔️ Offer seamless integration of financial tools across platforms via a single API
Omar Onsi, CEO of NymCard, shared:
“Open Finance is a pivotal shift in how financial products are built and delivered. This license reflects our commitment to advancing the UAE’s financial ecosystem through innovative and impactful experiences.”
How NymCard Stands Out in the UAE?
Unlike others focused only on connectivity, NymCard delivers an end-to-end, API-first infrastructure. That means startups, banks, SMEs, and even digital marketplaces can plug into their system and launch fully integrated financial products—without dealing with complex regulatory hurdles or tech headaches.
With this model, companies across sectors can embed licensed financial services directly into their platforms, offering users a frictionless and modern financial experience.
Ihsan Alhayek, SVP of Open Finance at NymCard, explained:
“We’re enabling real-world A2A payment flows that are secure and consent-driven. It gives consumers more control and offers merchants faster, more cost-effective options. This is a huge leap toward an open, regulated financial future.”
Backed by Strong Investors
This regulatory win comes right after NymCard’s $33 million Series B funding round, led by global fintech investor QED Investors. With that capital, NymCard is strengthening its infrastructure and doubling down on innovation to power the next wave of fintech in the region.
Their long-term mission? To become the go-to platform for embedded, regulated financial services across MENA and beyond.
Why NymCard matters for UAE and the region?
The UAE is fast becoming a global fintech hub, and NymCard’s licensing is a key indicator of that progress. Open Finance opens the doors for:
- More consumer choice
- Faster, cheaper payment options
- Smarter financial product development
- Greater financial inclusion
As NymCard leads the charge, the future of finance in the UAE looks more open, connected, and user-centric than ever before.