The licensing marks a significant step in the UAE’s broader efforts to modernise its financial ecosystem and support innovation through a regulated Open Finance environment. NymCard’s approval under the CBUAE’s Open Finance regulation enables it to facilitate secure, consent-based access to consumer financial data and provide account-to-account (A2A) payment flows. These capabilities support faster, more efficient transactions for both consumers and businesses while fostering greater financial inclusion and interoperability across the region.
Unlike providers that specialise solely in connectivity or data aggregation, NymCard offers a fully integrated solution that combines Open Finance capabilities with regulated payment services. This positions the company to serve a diverse range of sectors – including fintech startups, banks, SMEs, microbusinesses, and digital marketplaces – interested in embedding financial services directly into their platforms.
Through a single API integration, clients can access a suite of regulated services including payment initiation, data access, and consent management, all built within a secure and compliant framework.
The CBUAE introduced its Open Finance Framework in 2023 as a key step toward fostering greater data portability, financial transparency, and competitive financial services. While the framework draws from international standards such as the EU’s PSD2 directive and the UK’s Open Banking regime, it has been adapted to reflect the UAE’s unique market structure, where banks play a dominant role in retail and SME finance.
The launch of the Open Finance Framework aligns with the UAE’s broader Financial Infrastructure Transformation (FIT) Programme, unveiled in early 2023 as a strategic roadmap to modernise the nation’s financial ecosystem. The FIT Programme comprises nine key initiatives, including the development of a domestic card scheme, a centralised digital ID system, an instant payments platform, and a financial cloud infrastructure. Open Finance is seen as a foundational pillar that ties these elements together by enabling interoperable data flows across regulated entities.
The regulatory approval comes shortly after NymCard’s USD 33 million Series B funding round led by QED Investors. The capital injection is being used to scale the company’s technology and expand its product offering across the GCC and wider MENA region.
NymCard’s entry into the regulated Open Finance space reflects a broader trend of financial services transformation in the MENA region. As regulatory bodies like the CBUAE continue to develop frameworks that support innovation while maintaining financial stability, licenced platforms such as NymCard are expected to play a critical role in shaping the future of digital finance in the UAE.
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