NymCard, a leading embedded finance platform in the MENA region, has officially secured a license from the Central Bank of the UAE to provide Open Finance services. This achievement positions NymCard as one of the first entities in the UAE to integrate regulated payment functionality into a comprehensive financial infrastructure through a single modular platform.

Omar Onsi, CEO of NymCard, stated that Open Finance represents a significant transformation in the development and distribution of financial products. He emphasized that this milestone reflects NymCard’s dedication to enhancing the UAE’s financial ecosystem by offering impactful financial experiences.

NymCard distinguishes itself from other providers by offering complete financial products through a single integration, rather than just focusing on connectivity. This capability allows NymCard to cater to a diverse array of sectors, including fintech companies, small and medium enterprises (SMEs), micro-SMEs, banks, and marketplaces that aim to incorporate regulated financial functionalities into their user journeys.

Ihsan Alhayek, Senior Vice President of Open Finance at NymCard, highlighted that the platform is enabling real-world payment scenarios through secure, consent-driven account-to-account (A2A) flows. He noted that this approach gives consumers greater choice and offers merchants a quicker, more cost-effective alternative. Alhayek described this as a significant advancement toward establishing a more open and accessible payment landscape within a fully regulated framework.

This announcement comes on the heels of NymCard’s recent $33 million Series B funding round, which was led by QED Investors, further solidifying its position as the region’s most comprehensive embedded finance provider.