NymCard has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Stored Value Facility (SVF) licence.
It marks the third time NymCard has gone through the CBUAE’s licensing process, following its already-granted Retail Payment Services and Card Schemes (RPSCS) Category II licence and Open Finance licence.
NymCard has grown its regulatory footprint in the UAE alongside the business, building out the governance, risk, compliance and operational frameworks the central bank requires. The SVF approval is the latest step in that process.
“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,”
said Omar Onsi, founder and chief executive officer of NymCard.
The in-principal approval strengthens NymCard’s regulatory foundation in the UAE as the company continues to invest in payments infrastructure built for the region.
NymCard says it will operate within the scope of its regulatory permissions and in line with UAE laws and CBUAE requirements as it works toward the full licence.
Featured image: Edited by Fintech News UAE based on an image by vicnt via Magnific.
