UAE Central Bank Gives NymCard the Green Light to Launch Open Finance Services
A regulatory breakthrough positioning the MENA fintech leader for global relevance
“NymCard gets green light from UAE Central Bank to launch Open Finance services.”
With that single announcement, Wasssl spotlighted one of the most significant fintech milestones in the MENA region this year. For NymCard, it’s not just a license—it’s a mandate to reshape the way money moves across startups, banks, and digital platforms.
Background & Context
NymCard is a UAE-based embedded finance infrastructure provider enabling modern payment capabilities for the digital economy. The company has steadily grown into a regional powerhouse by offering APIs that simplify everything from card issuance to complex payment flows.
The recent LinkedIn post celebrates NymCard’s approval from the Central Bank of the UAE (CBUAE) under the country’s new Open Finance framework. This positions NymCard as one of the first regulated entities in the UAE to provide Open Finance services—an essential stepping stone in creating a future-proof financial ecosystem.
What This Means for the Region
Regulatory Milestone
NymCard’s license marks one of the first implementations of the UAE’s Open Finance regulation—making them a reference case for fintech compliance and innovation in the Gulf.
API-First Infrastructure
Their comprehensive offering supports startups, BNPL platforms, small banks, and enterprise-level digital wallets with modular, scalable financial infrastructure.
Consumer-Centric Innovation
NymCard’s platform enables account-to-account payments, enhanced consent-based services, and streamlined merchant settlement—making transactions smarter, faster, and more cost-efficient.
Why It Matters
The Middle East is rapidly moving toward a regulated digital-first economy. By securing regulatory clarity and prioritizing embedded finance, NymCard has gained not only legitimacy—but strategic leverage.
It also strengthens the UAE’s ambition to be a global fintech hub. By regulating Open Finance, the CBUAE sets a regional precedent that aligns with global frameworks like the UK’s FCA guidelines and PSD2 in Europe.
Our Perspective
From a legal and strategic point of view, this post underscores:
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The necessity of regulatory literacy in fintech contracts. Licensing under Open Finance isn’t just a trophy—it triggers a suite of obligations around consent, data access, liability, and commercial terms with API users.
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The importance of readiness among tech partners. Platforms integrating with licensed Open Finance players like NymCard need updated agreements that reflect the evolving roles of data controllers, processors, and third-party providers.
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The emergence of A2A payment clauses in commercial contracts. With account-based payment flows gaining traction, terms of authorization, reversals, and settlement need to be renegotiated.
Call to Reflection
If you’re building or partnering with a regulated fintech provider, are your contracts catching up to the infrastructure shift?
As NymCard leads the Open Finance movement in the UAE, the real question is: Are your legal frameworks ready for embedded finance at scale?
Click here to visit LinkedIn post
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