Lebanese fintech NymCard moves headquarters to Abu Dhabi to tap into growing regional fintech ecosys
NymCard, a cloud-based card issuing and processing platform that was founded in Beirut in 2018 has relocated its headquarters to Abu Dhabi, it announced in a statement to MENAbytes, saying that move is aimed to support its regional expansion plans.
The startup that allows financial institutions, banks, and fintechs to build virtual card programs for their customers, will continue to operate its Beirut office to serve their clients in Levant.
Omar Onsi, the founder and CEO of NymCard in a statement, said, “Abu Dhabi has all the makings of a great fintech ecosystem and we’re very excited to be a part of it. Our headquarters in Abu Dhabi brings us closer to our customers, tech startups, and payment innovators looking for different types of modern payment solutions.”
“We’re very honored to have been selected by Hub71 and are grateful to their team for the support they’ve extended to us for relocating our regional operations to Abu Dhabi,” he added.
NymCard in a statement said that the relocation to Abu Dhabi will also help it work closely with ADGM’s Financial Services Regulatory Authority as it aims to become a fully licensed and regulated fintech, serving the entire region.
Omar, in a conversation with MENAbytes also explained that the relocation to Abu Dhabi was primarily driven by their intent to better serve the wider Middle East & Africa region from a regional hub that combines many factors, currently not present in Lebanon.
“Over the past years, ADGM has succeeded in creating the right environment for Fintechs to thrive and succeed. That includes: advanced infrastructure, world-class incubators, and accelerators like Hub71, local and global VCs all supervised by a progressive regulator like FSRA and Abu Dhabi authorities.” said the company’s CEO.