Fintech company NymCard, based in Abu Dhabi, receives initial approval from the Financial Services Regulatory Authority (FSRA) to offer money services.

In an exciting development for the payments industry, NymCard, a card issuing and processing platform, has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market. This approval marks a significant milestone for the startup, allowing it to operate as a regulated business in the region.

Based in Abu Dhabi and originally founded in 2018 in Lebanon, NymCard has moved its headquarters to the United Arab Emirates' capital earlier this year. The startup is now part of Hub71, a global technology ecosystem in Abu Dhabi.

With the IPA, NymCard can go deeper into the payments space, offering more value to companies who need to issue a payment card. The approval allows the company to hold money, transfer it, issue payment instruments with stored value, and do currency exchange. This opens up opportunities for NymCard to work more closely with leading global financial institutions like Visa, MasterCard, and Western Union.

Omar Onsi, the co-founder and CEO of NymCard, stated that the IPA is a big sign of trust in what they're building. "This approval is a significant sign of trust in what NymCard is building," Onsi said. "We are thrilled to be the first fintech company in Abu Dhabi to receive the FSRA's Principles-Based Approval in 2021."

Before the approval, NymCard was a platform facilitating modern card issuing. With the IPA, the company can now eliminate pain points associated with the issuance of payment cards, as the current process involves many parties and has complexities.

NymCard's offerings are provided over easy-to-use APIs, enabling financial institutions, banks, and fintechs to build virtual card programs for their customers. This allows tech companies and fintechs to offload all of their payment requirements to NymCard and focus on their core business model.

The IPA is a rare event in the Abu Dhabi Global Market, with NymCard being the first company to have received in-principle approval this year. The last IPA was awarded to global money transfer fintech TransferWise in late 2019.

NymCard's journey from a Lebanese startup to a regulated business in the Abu Dhabi Global Market is a testament to the company's potential and the trust placed in it by the FSRA. As NymCard continues to grow and evolve, it is poised to make a significant impact in the payments industry.

Fintech company NymCard, based in Abu Dhabi, receives initial approval from the Financial Services Regulatory Authority (FSRA) to offer money services.