Doha, Qatar, 28th August 2024 — NymCard, the leading embedded finance provider in the MENA region, has officially expanded into Qatar after securing a license under the Qatar Financial Center (QFC). This strategic expansion further cements NymCard’s mission to build a robust payment infrastructure across the region.
Already established in key markets including the UAE, Egypt, Lebanon, Saudi Arabia, and Pakistan, NymCard’s entry into Qatar highlights its dedication to driving digital transformation and financial inclusion across MENA.
Omar Onsi, CEO and Founder of NymCard, commented on the expansion, stating, “Our first Qatar office represents a key milestone for NymCard. We know our clients prefer physical presence in the region, providing that local expertise. It’s a recipe that works for us. We listen to our clients, provide what they need and remain focused on providing the very best modular payment technology. There is a fantastic dynamic with this region, and we are thrilled to bring NymCard’s innovative payment solutions to Qatar. I am deeply appreciative of our team for making this possible.”
NymCard’s cutting-edge offerings, including card issuance, processing, embedded finance, and corporate digital banking solutions, are poised to significantly contribute to Qatar’s rapidly evolving payments landscape. This expansion aligns with Qatar’s Vision 2030 and the recently launched Qatar FinTech Strategy 2023, which aims to diversify and innovate within the financial sector while investing in a knowledge-based economy.
HE QCB Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani emphasized the importance of the strategy, stating that it focuses on establishing pioneering infrastructure, prioritizing innovation in areas such as Islamic fintech and insurance technology, and positioning Qatar as a global fintech hub. NymCard’s presence in Qatar complements the initiatives led by Qatar FinTech Hub (QFTH) and Qatar Development Bank (QDB), which play pivotal roles in promoting innovation and supporting entrepreneurship within the Qatari fintech ecosystem.
NymCard aims to serve a diverse range of clients in Qatar, including banks, non-banking financial institutions, telecom companies, exchange houses, large merchant groups, payment service providers, fintechs, online retail brands, and digital banks. This broad focus underscores NymCard’s commitment to driving comprehensive financial innovation across various sectors of the economy.
About NymCard:
NymCard is the leading embedded finance player serving clients across more than nine markets in the MENA region. Regulated by the Central Bank of the UAE and a principal member of both VISA and MasterCard, NymCard empowers businesses of all sizes to rapidly launch new payment products, including prepaid cards, multi-currency offerings, a corporate digital banking platform, charge and credit cards, and embedded lending solutions.
