Collaboration to Enable FinTech Companies and Financial Institutions in the UAE to Offer Cross Border Money Transfer Services through Western Union
(BUSINESS WIRE) -- 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.
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/
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Contacts
Western Union
Karen Santos; Karen.Santos2@westernunion.com
Saadia McGlinchey; Saadia.McGlinchey@wu.com
