4th September 2023, Riyadh: NymCard, a leading white-label banking-as-a-service provider, has signed a Memorandum of Understanding (MOU) with Saudi Payments, the national operator of the national payments systems in Saudi Arabia. The strategic partnership aims to facilitate the introduction of payments processing services and innovative payments solutions to advance the Kingdom’s financial sector.
The MOU was signed at the Seamless 2023 event held in Riyadh, where NymCard participated as a Gold Sponsor. Seamless annually gathers the banking and financial services industry to explore collaboration opportunities.
The partnership aims to explore strategies that enhance productivity and broaden the reach of payment ecosystem contributors to payment services. NymCard’s primary objectives are to create digital payment offerings, establish white-label solutions for financial institutions and fintechs in the kingdom, disseminate knowledge, and advocate for financial inclusivity via technology.
“This collaboration brings together two organizations to shape the future of payment in Saudi Arabia,” said Omar Onsi, CEO NymCard. “Combining Saudi Payments’ expertise in operating payment systems with NymCard’s leadership in fintech solutions, we hope to create meaningful impact that realizes the goals of Vision 2030.”
The MOU creates a framework for NymCard and Saudi Payments to collaborate while leveraging their respective capabilities. It represents a commitment to driving positive change through cooperation.
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About NymCard:
NymCard is a leading provider of payment solutions, simplifying payments with its modern platform since 2018. As the only MENA-based provider fully regulated by the Central Bank of the UAE, and a principal member of both VISA and MasterCard, NymCard empowers businesses of all sizes to launch new payment products quickly, including prepaid cards, multi-currency offerings, charge and credit cards, and Buy Now Pay Later (BNPL) solutions.
About Saudi Payments:
Saudi Payments is the national foundation of digital payments and the developer and operator of the national payment infrastructure in the Kingdom of Saudi Arabia, with the aim of accelerating the transition to a society less dependent on cash, in line with The Saudi Central Bank´s strategy and the aspirations of the Financial Sector Development Program (FSDP) towards achieving the goals of Saudi Vision 2030. The entity operates under the supervision of the Saudi Central Bank (SAMA), offering secure and interoperable digital payment solutions.