MENA-based BaaS provider of embedded finance NymCard has formed a strategic collaboration with Visa in the Middle East that will allow NymCard’s network of fintech partners to onboard onto Visa’s global network through Visa’s Fintech Fast Track Program. This move will give NymCard’s fintech partners, fast tracked access to leverage the reach, capabilities, and security of Visa’s global payment network to help them create innovative payment solutions.
NymCard has also previously completed the Visa Ready ‘Issuer Processor’ program that ensures NymCard’s commitment to deliver tech solutions that meet Visa’s industry-leading security standards and specifications. NymCard’s tech solution will be added to Visa’s partner directory listing.
“Embedded finance is emerging as one of the most disruptive trends in the banking industry. It is progressively enhancing financial services and increasing the role of fintechs such as NymCard in the financial lives of enterprises and consumers,” said Omar Onsi, CEO and Founder of NymCard. “Our partnership with Visa strategically positions NymCard to be one of the go-to partners for the region’s growing fintech community enabling them to issue and process payment cards seamlessly and in record time. This allows our fintech customers to focus on building innovative and customer-centric products while leaving the complexities of compliance and relationships with banks on us,” added Omar.
The announcement follows NymCard’s newly launched open API platform that aims to remove the friction from the regional payments industry by making the process of issuing card programs and payment solutions quick and seamless.
“Visa enables global and regional brands to expand their product offerings to markets in MENA. We are pleased to enter into this partnership, as this is another way for fintechs and startups in the region to have access to state-of-the-art tech infrastructure that enables them to quickly launch digital financial services across the MENA region. Having NymCard positioned in this space with Visa provides further acceleration to fintech enablement in the region,” said Otto Williams, SVP, Head of Partnerships, Innovation and Digital Solutions, CEMEA.
NymCard’s open API platform supports multiple emerging use cases, including real-time payments, alternative authorization flows, multi-currency wallets, On-Demand delivery services, buy now pay later offerings, and parent-child relationship models among many others.