28th August 2024, Doha, Qatar: NymCard, the only embedded finance player serving clients in more than 9 markets across MENA, today announced its expansion into Qatar after obtaining a licence under the Qatar Financial Center (QFC).
This strategic move marks another milestone in NymCard’s mission to build a robust payment infrastructure across the MENA region.
With an established presence in the UAE, Egypt, Lebanon, Saudi Arabia, and Pakistan, NymCard’s entry into Qatar reinforces its commitment to supporting digital transformation and financial inclusion across the region.
The company’s cutting-edge offerings, including card issuance, processing, Embedded Finance and Corporate Digital Banking, are set to contribute significantly to Qatar’s growing payments landscape.
Omar Onsi, CEO and Founder of NymCard, adds “Our first Qatar office represents a key milestone for NymCard. We know our clients prefer physical presence in the region, providing that local expertise. It’s a recipe that works for us. We listen to our clients, provide what they need and remain focused on providing the very best modular payment technology. There is a fantastic dynamic with this region, we are just thrilled to bring NymCard’s innovative payment solutions to Qatar and am appreciative of our team making this possible.”
NymCard’s expansion aligns with Qatar’s Vision 2030 and the recently launched Qatar FinTech Strategy 2023. As HE QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani stated, the strategy aims at “supporting the diversification and innovation in the financial sector and investing in a knowledge-based economy.”
The strategy focuses on establishing pioneering infrastructure, prioritising innovation in areas like Islamic fintech and insurance technology, and positioning Qatar as a fintech hub. NymCard’s entry complements initiatives by Qatar Fintech Hub (QFTH) and Qatar Development Bank (QDB), key players in promoting innovation and supporting entrepreneurship within the Qatari fintech ecosystem.
In Qatar, NymCard aims to serve a diverse range of clients, including banks, non-banking financial institutions, telecom companies, exchange houses, large merchant groups, payment service providers, fintechs, online retail brands and digital banks, among other innovators.
This broad focus underscores NymCard’s commitment to driving comprehensive financial innovation across various sectors of the economy.
For additional information, please contact:
Press Relations:
press@nymcard.com
About NymCard:
NymCard is the only embedded finance player serving clients in more than 9 markets across MENA. 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, a Corporate Digital Banking Platform, Charge and Credit cards, and Embedded Lending solutions.