Manama, Kingdom of Bahrain: NymCard, MEA’s leading BaaS provider and modern card issuing and processing platform has signed an agreement with Arab Financial Services (AFS), the leading digital payment solutions provider and Fintech enabler in the Middle East and Africa, to support the region’s Fintech ecosystem.

AFS’s broad spectrum of services, extensive payments portfolio and in-depth industry knowledge combined with NymCard’s innovative technology will provide clients with a single destination solution to scalable and highly customizable card programs. This agreement will support the emerging business use cases and enhances the extent of digital adoption across the Middle East and Africa (MEA) region through the AFS payment platform combined with NymCard’s modern open API platform.

Samer Soliman, AFS Chief Executive Officer, said: “There is no doubt that the payment industry is continuously transforming, increasingly influenced by Fintech players. As a leading payment provider, we have developed a Fintech strategy that aligns to our organization’s objectives, nurtures the Fintech ecosystem, and capitalizes on its innovation. One of the key components that drives innovation in today’s modern payment system is the integration of platforms and solutions that create capability to provide smart and superior product offerings to our clients. Our collaboration with NymCard is yet another step forward that contributes to the increase of digital transactions in the region.”

“We are thrilled to partner with AFS as it brings us one step closer to democratizing embedded finance across all of MEA,” said Omar Onsi, CEO and Founder of NymCard. “We provide fintechs with modern tech infrastructure to launch card programs at speed. Our platform enables the fintech ecosystem to plug into banks, relevant card schemes, compliance providers, and regulators. Having a seamless (plug-and-play) set up enables fintechs to scale by passporting their card program across the Middle East and Africa,” added Omar.

Regulated by the Central Bank of Bahrain, AFS boasts numerous ground-breaking, end-to-end payment services and solutions. These span card processing, Merchant Acquiring, fintech and a state-of-the-art, value-added services suite. The Company’s dedication to innovation has positioned it as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets: bwallet in Bahrain and eFloos in Oman; market-leading Merchant Acquiring services; Bahrain’s leading digital payroll solution Al Rateb; global Contact Centers and more. Providing the highest quality payments solutions that are trusted by businesses AFS has offices and data centers in Bahrain, UAE and Oman, and was the first processor in the region to become Payment Card Industry Data Security Standard (PCI DSS) 3.2 certified.

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About NymCard:

NymCard is a MEA-based BaaS provider and modern card issuer processor. The company offers a cloud-agnostic modern payment issuing and processing platform called nCore that allows fintechs in the MEA region to instantly create, control, and distribute highly customizable virtual or physical payment cards.

NymCard’s mission is to enable companies to launch frictionless payment card programs at speed in any market in MEA and now in Asia as well. As a payment enabler, NymCard is removing the friction associated with legacy systems enabling fintechs to focus on building their product proposition rather than deal with complex payment processes. 

NymCard developed its own processing technology from the ground up, where we own our whole tech stack. We published our APIs and are the only MEA-based issuer processor with a live Sandbox where fintechs can get access and start building in no time.

Visit https://nymcard.com/  for more information and join the conversation on Linked In.

About AFS:

As the brainchild of the MENA region’s banking sector, Arab Financial Services (AFS) exists to empower businesses and consumers by exploring, innovating, and investing in superior technologies that help shape the future of financial experiences. A subsidiary of Bank ABC, AFS is owned by 37 banks and financial institutions, and serves over 60 clients in more than 20 countries. Today, we are the region’s leading digital payment solutions provider and Fintech enabler. Regulated by the Central Bank of Bahrain, our ground-breaking, end-to-end payment services and solutions span card processing, Merchant Acquiring, Fintech and a state-of-the-art, value-added services suite. Our dedication to innovation has positioned us as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets: bwallet in Bahrain and eFloos in Oman; market-leading Merchant Acquiring services; Bahrain’s leading digital payroll solution Al Rateb; global Contact Centers and more. Providing the highest quality payments solutions that are trusted by businesses, we have been recognized by Mastercard for the Fastest Contactless Acquiring Implementation in Bahrain in 2020, as the “Leading Payment Solutions Provider MENA 2021” by International Business Magazine and as the “Most Innovative Payment Solutions Provider, 2021” by The Global Economic.

Visit www.afs.com.bh  for more information and join the conversation on LinkedIn.

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