NymCard has received in-principle approval from the Central Bank of the UAE (CBUAE) to pursue a Stored Value Facility (SVF) licence, expanding its regulatory footprint in the country.
The approval would become NymCard’s third UAE licence, following its existing Retail Payment Services and Card Schemes (RPSCS) Category II licence and Open Finance licence. The company said it has continued developing the governance, risk, compliance and operational frameworks required by the central bank.
Omar Onsi, founder and CEO of NymCard, said the milestone reflects the company’s relationship with the CBUAE and its commitment to meeting regulatory standards.
NymCard said it will operate within its current regulatory permissions and comply with UAE laws and CBUAE requirements as it works toward securing the full SVF licence.
Source: Fintech News UAE
