NymCard Enters Saudi Arabia and Appoints Nizar Almaree as  Country Head

10 Dec, 2022

NymCard, a MENA-based Banking-as-a-Service provider, has announced its focus on expanding its services in the Middle East and North Africa (MENA) region and setting up operations in Saudi Arabia, appointing Nizar Almaree as the Country Manager.

 

In accordance with Vision 2030, the Financial Sector Development Program (FSDP) in Saudi Arabia has issued new initiatives and responsibilities to bring the Kingdom closer to its goals. NymCard aims to support the vision by helping SMEs and growing businesses to build, launch and scale their innovative products on its BaaS platform without any friction or hassle. This will help enable use cases like BNPL, Corporate Expenses, Youth Banking, and many more.

 

Omar Onsi, founder and CEO of NymCard said, “It is a time of exciting growth for FinTechs in Saudi Arabia, with venture investment in Saudi FinTechs breaking records in 2021, we can see that there is certainly demand for these innovative products. Our aim is to make it easy and accessible for innovators to launch and scale seamlessly, and also recognize and solve the pain points in the market. With our Country Manager, Nizar, leading operations in Saudi Arabia, we want to support the vision and help FinTechs grow and thrive in the Kingdom.”

The newly appointed Country Manager for Saudi Arabia, Nizar Almaree, has extensive experience in the tech field in the region, having worked with powerhouses like Schlumberger, Northrop Grumman Aviation, and PwC. More recently, he helped launch the first digital financing platform at Beehive Fintech, in partnership with Social Development Bank (SDB) and Gulf International Bank (GIB), which was the first partnership of its kind in the region that connected a government fund, a pioneer GCC FinTech and a major Saudi bank to offer digital SME financing.

 

“The financial sector is evolving with more contributions by Fintech companies through advanced technologies and ideas they are introducing. This activation of Banking-as-a-Service (BaaS) in the region will bring a new dimension growth to the business performance and offerings in a very short time. It will be very interesting to see BaaS live in the Kingdom, as it is a country that can truly showcase its value. I am happy that NymCard is among the first fintechs to introduce it in MENA, and I look forward to being a part of it.” said Nizar Almaree, Country Manager for NymCard in Saudi Arabia.

 

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About NymCard 

NymCard is the only MENA-based Banking as-a-Service (BaaS) provider that has built its tech stack from the ground up. 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 payment 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.

 

 

 

 

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