Fexco and NymCard's Partnership brings Next Generation Multi-Currency Issuer Services to MENA
- NymCard to utilize Fexco’s capability to provide Treasury as- a-Service to minimize both risk and cost to rapidly deploy multi-currency programmes across the MENA region.
- The partnership will deliver new volumes and revenue lines to issuers who can optimize cross-border settlements, reducing costs and boosting profitability.
United Arab Emirates – 15 Sep 2022
Financial Technology Company, Fexco, and NymCard, MENA’s only Plug and Play Banking as-a-Service (Baas) Provider, today announced a landmark partnership to revolutionize consumer digital foreign exchange facilitating the rapid launch of innovative multi-currency programs across the region.
By combining the very best of NymCard’s issuing platform and Fexco’s leading API driven Treasury as-a Service offerings, the partnership delivers a broad suite of specialized interbank real-time FX services that removes many of the pain-points fintechs and issuers encounter in transitioning to multi-currency operating models that will better service the growing cross-border demands of their customers.
This announcement will deliver a range of benefits to the MENA issuing community:
- Speed to market: NymCard will use Fexco’s capability to rapidly deploy multi-currency programmes across the MENA region with ease
- Reduced risk and cost: Issuers can depend on NymCard and Fexco’s services and technology to minimize risk to quickly deploy a transparent, digital first cross-border FX experience to the end consumer as a viable alternative to cash.
- Streamlined experience: Overall consumers have greater security and control of their cross-border spend which in turn, allows issuers to grow new volumes and revenue lines.
- Managed Treasury-as-a-Service: Allows issuers to optimize cross-border settlements by reducing operating costs, eliminating the challenge of establishing and managing nostro accounts, avoid currency fluctuation risks; thus, boosting profitability.
Fexco’s managed Treasury as a Service proposition equips issuers to offer their customers a wide range of digital wallet currencies that include the major, regional, and exotic currencies to service the needs of travel and ecommerce corridors without the added worry of complex FX risk management that traditionally restricts the growth and utility of multi-currency programmes.
Jonathan Lambert-Porter, Head of Issuer Currency Optimization (ICO) at Fexco, commented: “Our partnership with NymCard will significantly help issuers address traditional challenges, quickly establishing multi-currency programmes, while also delivering a superior cross-border experience for their consumers. We see tremendous opportunity to better serve financial institutions and merchant issuers through our combined strengths. Additionally, we are excited to launch Treasury as a Service as part of the suite of features equipping issuers with the tools they need to launch frictionless, innovative payment services”
Omar Onsi, CEO at NymCard, said, “Our mission is to enable our plug-and-play banking as a service with features that enable financial innovators to Build launch and scale their products seamlessly and with as little friction as possible. This partnership with Fexco means that we can add more functionalities and capabilities to our Modern BaaS Platform and enable foreign exchange programs in the region. We look forward to further supporting the growth of the fintech ecosystem and its customers in MENA and beyond because of this partnership.”
NymCard is the only MENA-based Banking as-a-Service (BaaS) provider that have built their tech stack from the ground. They are fully regulated by the central bank of the UAE and offer FinTechs and other industry innovators the infrastructure to plug and play ready finance into their applications, enabling them to frictionlessly scale their payments programs across multiple markets. NymCard supports emerging use cases, including Gig economy, multi-currency wallets, money transfers, corporate expense cards, on demand delivery services, Buy Now Pay Later (BNPL) offerings and youth banking applications
Recognized as one of the world’s original and most established fintech players, Fexco employs over 2,300 people across its suite of companies headquartered in Killorglin, Co. Kerry located in the South West of Ireland. Founded in 1981, Fexco now has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America, and Latin America.
Fexco serves some of the world’s biggest brands across multiple industries, predominantly in the payments and FX sectors, through a wide range of innovative products and services including Issuer Currency Optimisation (ICO), Dynamic Currency Conversion (DCC), Multi Currency Pricing (MCP), Tax Free Shopping and Retail FX. Fexco also offers bespoke Managed Business Solutions and Outsourcing services as well as a full suite of payment management solutions through its Corporate Payments business.
Since inception, Fexco has been driven by an entrepreneurial and innovative spirit. This ethos has brought the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to partnership and innovation, the company has built an international network of customers. To find out more visit www.fexco.com