NymCard, a full-stack payments infrastructure company in MENA, has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Stored Value Facility (SVF) licence.
The approval marks NymCard’s third license with the CBUAE, building on its existing Retail Payment Services and Card Schemes (RPSCS) Category II and Open Finance licences.
NymCard has progressively expanded its regulatory footprint as the company has grown, investing in the governance, risk, compliance and operational frameworks required to operate within the UAE’s financial system. The SVF in-principle approval marks the latest step in that journey and reinforces NymCard’s long-term commitment to the UAE.
Omar Onsi, Founder and CEO of NymCard, said:
“Building a regulated financial institution takes time, discipline and a significant investment behind the scenes. This milestone reflects the trust we’ve built with the Central Bank of the UAE and our commitment to operating to the highest regulatory standards. We’re incredibly proud of how far NymCard has come and grateful to the CBUAE for its continued trust.”
The approval further strengthens NymCard’s regulatory foundation in the UAE as the company continues to invest in payments infrastructure built for the region and deepen its long-term presence in the market.
NymCard will operate within the scope of its respective regulatory permissions and in accordance with applicable UAE laws and Central Bank of the UAE requirements.
About NymCard
NymCard is a full-stack payments infrastructure company in MENA. Banks and enterprises use NymCard’s platform, nCore, for card issuing, lending, money movement, wallets, settlement, reconciliation and financial crime, bringing capabilities that typically require multiple vendors onto one platform. NymCard is a principal member of Visa and Mastercard, regulated by the Central Bank of the UAE, and operates across 10 markets.
