NymCard Signs 3 MoUs with FinTechs at Seamless KSA: Wally, Pemo, and Lamha

10 Dec, 2022

NymCard participated as a sponsor at the Seamless event in Saudi Arabia which gathers the banking and financial services industry to provide a platform to explore and collaborate. The event saw over 200 speakers and many key players that are contributing to the thriving FinTech ecosystem in KSA and the region.


At the event, innovative FinTechs: Wally, Pemo, and Lamha signed a Memorandum of Understanding (MoU) with NymCard to use NymCard’s modern BaaS platform as the backend for their innovative products. NymCard’s plug-and-play BaaS platform provides the needed technology and infrastructure to enable FinTechs to offer card issuing, cross-border payments, FX, Treasury, and vIBANS, including other financial services seamlessly.


NymCard Saudi Country manager, Nizar AlMaree, commented, “Our MoUs with the three FinTechs who are eager to launch in Saudi Arabia is a commitment to the Saudi market as we are working to establish the first BaaS model in coordination with the regulators, to make sure we comply to the local rules and regulations while extending our support to our FinTech clients in setting up their services and localizing it for the local market”


Wally CEO, Saeid Hejazi said, “Since early 2021, Wally has been excited to be part of Saudi’s Vision 2030 to enable young Saudis to increase their savings from 1.8% to 10% of their income. Having recently been granted sandbox approval from the Saudi Central Bank, we’re excited to partner with NymCard to provide consumers with a payment card that will allow them to passively increase their savings in line with Vision 2030’s targets.“

 

Ayham Gorani, CEO of Pemo has said, "We have been partnering with NymCard since day 0 to successfully offer UAE-based SMBs prepaid and virtual cards. We are thrilled to be expanding our offering to Saudi Arabia now, hand in hand with NymCard. We believe that this partnership will empower and further digitalize Saudi SMBs - allowing business owners to streamline their expense management process, gain visibility and control over their company spending easily, and eliminate the need for petty cash.”


Lamha co-founder & CEO Ahmed Abbas commented, “We are excited to partner with NymCard to use their BaaS and achieve our vision. NymCard will help us to issue cards to our customers to manage and control their spending through our spend management platform. It will also help us automate the financial process to provide more accurate financial data and real-time KPIs to our customers. We are looking forward to this partnership to adding a big value to the Saudi FinTech ecosystem and the local SMEs”

 

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About NymCard

NymCard is the only Banking-as-a-Service (BaaS) provider in MENA enabling FinTechs to build, launch and scale their products fast using its modern payment infrastructure, leveraging over 150 open APIs and a live Sandbox. FinTechs and payment innovators are able to create, control, and distribute any type of payment instrument and embed finance into their products in a few weeks. 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.

For more information, please visit www.nymcard.com
Contact: PR@nymcard.com
 

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