2022-10-27 | NYSE:WU | Press release

  • Collaboration to activateFinTech companies and financial institutions in the UAE will offer Cross-border money transfer services via Western Union

Western Union and NymCard announced today that they have signed a partnership that will enable FinTechs and financial institutions in the United Arab Emirates (UAE) to offer international money transfer services through Western’s global money transfer platform. Union.

This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20221027005457/en/

From left to right: Omar Onsi, CEO, NymCard and Hatem Sleiman, Head of Middle East, Pakistan and Afghanistan, Western Union

NymCard is a modern regulated payment issuance and processing platform connecting FinTechs, large corporations and banks. The company’s infrastructure enables these institutions to extend their capabilities by integrating seamless financial solutions into their platforms.

The announcement underpins Western Union’s recently announced strategy to serve its customers with an expanded value proposition by providing the best end-to-end money transfer experience.

Additionally, by adding remittance services to their Banking as a Service (BaaS) offering, 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 way.

Single point of integration to propel cross-border money transfer services forward

Today’s partnership announcement means financial institutions connected to NymCard can offer their customers access to the Western Union money transfer platform to send money to loved ones internationally. Once the integration is complete, customers will be able to send money transfers to billions of bank accounts in more than 130 countries and territories, or to branches for cash payment in more than 200 countries and territories.

“Industry-wide interoperability through plug-and-play models is gaining more and more traction,” said Hatem Sleiman, Head of Middle East, Pakistan and Afghanistan, Western Union “We have invested in our platform and capabilities to seamlessly integrate third parties, enabling us to become a single partner for money movements, expanding global connectivity between organizations in telecommunications services. , technology and financial.”

“Remittances are one of the main global connectors that connect people, places, economies and societies. Through our collaboration with NymCard, we are excited to enable more financial institutions in the UAE to easily transfer money to over 200 countries and territories through a single integration point,” Sleiman said.

Drive 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 expected to reach USD 332.5 billion by 2028. In 2020, the Central Bank of the United Arab Emirates launched its FinTech office to develop a mature FinTech ecosystem with the country, with the ambition of positioning the country as the world’s leading FinTech hub.

“At NymCard, we believe that inclusive economies can be built through innovation and collaboration,” said NymCard CEO Omar Onsi. “We have always invested in financial partnerships that drive growth, enhance our technology offering and form meaningful relationships. We are thrilled to partner 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 industries, 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 connects more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions and governments through one of the most extensive networks in the world, accessing billions of bank accounts, millions of digital wallets and cards and a vast global network of points of sale. Western Union connects the world to bring unlimited possibilities at your fingertips. For more information, visit www.westernunion.com.

About NymCard

NymCard is the only banking-as-a-service (BaaS) provider based in the MENA region that has built its technology stack from the ground up. They offer fintechs and other industry innovators the infrastructure to plug and play integrated finance into their applications with a single integration and a single partner. NymCard supports emerging use cases including gig economy, multi-currency wallets, money transfers, corporate spending cards, on-demand delivery services, Buy Now Pay Later offers (BNPL) and banking apps for young people.