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Abu Dhabi s NymCard raises $7 6 million

Editorial | what does this mean? This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Abu Dhabi s NymCard raises $7.6 million 02 February 2021 Abu Dhabi-based banking-as-a-service vendor NymCard has raised $7.6 million in Series A financing. The round was led by Shorooq Partners in participation with OTF Jasoor Ventures and VentureSouq and brings NymCard s total funding to $12 million to date. NymCard majors in removing the operational friction required by fintechs and startups to issue their own payment cards. The firm says it can take six months off the usual eight month timescale to get payment services up and running.

Abu dhabiOmar onsiFinancial services regulatory authorityAbu dhabi basedShorooq partnersநிதி சேவைகள் ஒழுங்குமுறை அதிகாரம்தபி அடிப்படையிலானது

NymCard raises $7 6 million in Series A

NymCard raises $7.6 million in Series A Abu Dhabi-based Banking-as-a-Service (BaaS) provider NymCard, has raised a $7.6 million Series A funding round, led by Shorooq Partners, with participation from OTF Jasoor Ventures and VentureSouq. This round takes the startup’s total funding raised to date to $12 million. Launched in 2017, NymCard delivers an API-based processing platform to financial institutions, banks, and fintechs that digitises payment card issuance helping them to cut costs and launch customer focused payment programmes in a timeframe of fewer than eight weeks. With its technology, NymCard helps fintechs and other emerging financial institutions make a full-scale foray into the market and accelerate their growth.

Mahmoud adiOmar onsiFinancial services regulatory authorityAbu dhabi based banking asa serviceShorooq partnersMiddle eastNorth africaநிதி சேவைகள் ஒழுங்குமுறை அதிகாரம்நடுத்தர கிழக்கு

Abu Dhabi-based FinTech Nymcard secures $7 6m in Series A funding

“It allows the rest of the ecosystem to leverage their technology as a plug-and-play infrastructure to seamlessly build and launch card programmes, democratising card issuance and payments.” Region-specific figures on card issuances are hard to come by in the Middle East but the adoption of digital payment is on the rise following the pandemic. Almost two-thirds of UAE respondents to a Standard Chartered survey in September expect the country to become fully cashless by 2030. FinTechs like Nymcard help to accelerate this shift. Card issuance and payment processing . is a tightly controlled, highly regulated, and technologically complicated process and even the largest banks in the region take months to design and issue card programmes, Mr Adi said. The NymCard technology addresses these issues and enables clients to adapt their models to the new environment efficiently and cost-effectively.

Abu dhabiAbuz abyUnited arab emiratesMahmoud adiOmar onsiFintech nymcardWestern unionAbu dhabi based fintech nymcardShorooq partnersVenture souqMiddle eastStandard charteredAbu dhabi global marketFinancial services regulatory authorityMary sophiaஒன்றுபட்டது அரபு அமீரகங்கள்

FSRAO establishing committee to advise on pension plan regulatory processes

FSRAO establishing committee to advise on pension plan regulatory processes
benefitscanada.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benefitscanada.com Daily Mail and Mail on Sunday newspapers.

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Digital assets exchange CoinMena secures licence from Central Bank of Bahrain

The exchange is Sharia-compliant, having been certified by the Shariah Review Bureau, the company said. It will offer the deposit, trade and withdrawal of digital assets in a users local currency and on launch will offer trading in five major cryptocurrencies Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH). It will be open to users in Bahrain, Kuwait, Oman, Saudi Arabia and the UAE. It will also provide over-the-counter services for clients looking to carry out large transactions, the company said. As CoinMENA grows, we will be providing access to additional digital assets and expanding the jurisdictions we operate in, with the view of becoming one of the leading digital assets exchanges on a global scale.”

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