Western Union and NymCard Partner in the UAE
October 27 2022 - 4:00AM
Business Wire
- Collaboration to Enable FinTech Companies and Financial
Institutions in the UAE to Offer Cross Border Money Transfer
Services through Western Union
Western Union and NymCard today announced that they have signed
a partnership that will enable FinTechs and financial institutions
in the United Arab Emirates (the UAE) to offer international money
transfer services through the Western Union global money transfer
platform.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221027005457/en/
Left to right: Omar Onsi, CEO, NymCard
and Hatem Sleiman, Head of Middle East, Pakistan and Afghanistan,
Western Union
NymCard is a regulated modern payment-issuing and processing
platform connecting FinTechs, large enterprises and banks. The
Company’s infrastructure enables these institutions to expand their
capabilities by embedding seamless financial solutions onto their
platforms.
The announcement underpins Western Union’s recently announced
strategy to serve its customers with an expanded value proposition
by driving the best end-to-end experience in moving money.
In addition, by adding remittance services to their Banking as a
Service (BaaS) proposition, NymCard can now offer a wide range of
services to FinTechs looking to create seamless experiences for
their end consumers in a fast and digital manner.
Single integration point to propel
cross-border money transfer services forward
Today’s partnership announcement means that financial
institutions plugged into NymCard can offer their customers access
to the Western Union money transfer platform to send money to their
loved ones internationally. Once the integration is complete,
customers will be able to send money transfers into billions of
bank accounts in over 130 countries and territories, or to Agent
locations for payout in cash in over 200 countries and
territories.
“Sector-wide interoperability through plug-and-play models are
increasingly gaining traction,” said Hatem Sleiman, Head of Middle
East, Pakistan and Afghanistan, Western Union. “We have been
investing in our platform and capabilities to seamlessly integrate
third parties, enabling us to become a unique partner for money
movement, scaling global connectivity across organizations in
telecom, tech and financial services.”
“Remittances are one of the main global connectors that bind
people, places, economies and societies together. Through our
collaboration with NymCard, we are excited to enable more financial
institutions in the UAE to conveniently move money to more than 200
countries and territories through a single integration point,”
Sleiman said.
Driving meaningful solutions for the
end user
According to industry research, the global FinTech market was
valued at USD 112.5 billion in 2021 and is projected to reach USD
332.5 Billion by 2028. The UAE has been steadfast in driving a
culture of innovation and entrepreneurial mindset, establishing
FinTech adoption and growth as ones of its national priorities. In
2020, the Central Bank of the UAE launched its FinTech office to
develop a mature FinTech ecosystem with the country, with the
ambition to position the nation as the foremost FinTech hub
globally.
“At NymCard we believe inclusive economies can be built through
innovation and collaboration,” said Omar Onsi, CEO, NymCard. “We
have always invested in financial partnerships that spur growth,
enhance our technology offering and form meaningful relationships.
We are thrilled to come together with Western Union, enabling
connections to more than 200 countries and territories. This
collaboration will provide a truly inclusive offering that leaves
no one behind.”
Western Union has been operating in the UAE for almost 30 years.
The company is committed to fostering greater access and financial
inclusion. It continues to leverage its omnichannel strength,
forging new partnerships across multiple sectors and tapping into
new markets and engaging new customers.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Western
Union’s platform provides seamless cross-border flows and its
leading global financial network bridges more than 200 countries
and territories and approximately 130 currencies. We connect
consumers, businesses, financial institutions, and governments
through one of the world’s widest reaching networks, accessing
billions of bank accounts, millions of digital wallets and cards,
and a substantial global network of retail locations. Western Union
connects the world to bring boundless possibilities within reach.
For more information, visit www.westernunion.com.
About NymCard
NymCard is the only MENA-based Banking as-a-Service (BaaS)
provider that has built its tech stack from the ground up. They
offer fintechs and other industry innovators the infrastructure to
plug and play embedded finance into their applications with just
one integration and one partner. NymCard supports emerging use
cases, including gig economy, multi-currency wallets, money
transfers, corporate expense cards, on-demand delivery services,
Buy Now Pay Later (BNPL) offerings, and youth banking
applications.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221027005457/en/
Western Union Karen Santos;
Karen.Santos2@westernunion.com Saadia McGlinchey;
Saadia.McGlinchey@wu.com
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