NymCard, a UAE-based leader in Banking-as-a-Service (BaaS), has partnered with Mastercard to offer fast and secure global money transfer services to its customers in the UAE, allowing transfers to 47 countries through a single, streamlined connection.
This collaboration significantly strengthens NymCard’s BaaS platform by integrating Mastercard Cross-Border Services, a part of Mastercard’s Move portfolio, which specializes in global money transfer solutions. The enhanced service will deliver faster, more efficient international remittances to several countries, including Bangladesh, Egypt, India, Nepal, Pakistan, the Philippines, Sri Lanka, the United Kingdom, and the United States.
Amnah Ajmal, Executive VP of Market Development, EEMEA at Mastercard, highlighted the importance of this partnership: “Digital cross-border payments are growing rapidly across the MENA region. Mastercard is committed to providing communities with fast, secure, and affordable ways to send money internationally. This partnership with NymCard will help them scale sustainably, differentiate their offerings, and bring innovative solutions to the market faster.”
Through the partnership, NymCard will leverage Mastercard’s advanced technology to expand its service offerings and evolve into a Remittance-as-a-Service (RaaS) provider. This will ensure that users enjoy seamless, near-real-time international remittance experiences. Additionally, NymCard plans to extend these services to banks, fintech companies, and retailers, enabling them to offer secure and efficient remittance solutions to their customers.
Omar Onsi, CEO of NymCard, expressed excitement about the partnership, saying: “We are thrilled to embark on this strategic journey with Mastercard. Our shared commitment to innovation and financial inclusion will reshape the future of cross-border fund transfers in the region. This collaboration marks a significant step toward delivering cutting-edge solutions that meet the evolving needs of our users.”
The partnership grants NymCard access to Mastercard’s extensive payout network, which includes a variety of channels such as bank accounts, mobile wallets, cash pickup locations, and cards. By utilizing this network, NymCard will enhance its BaaS capabilities and expand into additional payment streams.
Mastercard’s Move portfolio, which includes Mastercard Cross-Border Services and Mastercard Send, facilitates fast, secure money transfers both locally and internationally. With a reach spanning 180 countries and over 150 currencies, the portfolio connects to more than 95% of the world’s banked population, positioning this partnership as a major milestone in the global remittance landscape.
