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AFS and NymCard collaborate to enable and scale the region’s fintech ecosystem

September 21, 2021

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.