Mashreq takes up stake in NymCard

Mashreq, a Dubai bank controlled by the Al Ghurair family, announced the purchase of a share in NymCard, a banking-as-a-service provider, in order to promote FinTechs in the UAE as cashless transactions increase owing to the coronavirus pandemic.

Mashreq stated on Thursday that the bank is investing in NymCard through its venture fund, which was established to assist the growth of the UAE’s FinTech sector. The lender, on the other hand, did not reveal the deal’s value or the extent of the share.

“We recognise the crucial role the FinTechs play in growing financial inclusion and the digital economy and will continue to identify opportunities, invest and support our partners to help drive this growth,” Fernando Morillo, global head of retail banking at Mashreq Bank, said.

With its technology, NymCard provides a platform for major and small FinTech enterprises to issue a payment card.

According to Omar Onsi, chief executive and founder of NymCard, the cooperation will allow FinTech companies to start and develop swiftly within the UAE market.