FOO, NymCard partner to bring end-to-end payment solutions for innovators in MENA

UAE headquartered FOO, a B2B SaaS (software-as-a-service) solution provider, and NymCard, a backend-as-a-service provider and modern card issuing platform have partnered to provide a fully-fledged digital payment solutions for innovators in the Middle East and North Africa.

The collaboration is a step forward for the region’s ecosystem as it provides non-traditional financial institutions such as fintech’s, digital banks, governments, telcos, exchange houses and retailers with a comprehensive end-to-end payment solution enabling them to digitise and elevate their customers’ experience, a statement said.

FOO’s multi-lingual converged wallet platform which delivers the latest innovations in digital payments combined with NymCard’s fast-track card issuing platform aims at providing a turnkey solution that allows innovators to create unique business proposition through card programmes.

Using NymCard’s tech infrastructure layer, innovators can build, launch, and scale their card programmes across multiple markets and regions in a matter of weeks. As such, this partnership aims to remove more of the friction involved with card issuing by providing innovators with a single platform that contains a complete suite of APIs to choose from.

FOO’s modular software solutions covering digital on-boarding, stored value accounts, virtual card issuing and management, international remittance, NFC and QR code payments, peer-to-peer transfers and merchant solutions. Innovators can build their experience using any of FOO’s out of the box modules and FOO’s white label app for a rapid go-to-market solution.

The collaboration leverages the strengths of both FOO’s and NymCard’s offering to meet the growing demand for tech-savvy solutions in the region. That’s why in the next three to five years, 82 per cent of businesses plan to increase collaboration with fintech companies.

Ghady Rayess, managing partner at FOO, commented: “Digital purchasing solutions are no longer a value-added benefit – customers everywhere don’t just demand, but expect a seamless experience at various touchpoints in their daily life. Embedded finance solutions are now a necessity for businesses to thrive. With this collaboration, we are well placed to support the increasing demand from customers, by empowering businesses to integrate these solutions quickly and efficiently.”

Nabil Tabbara, VP of Strategic Partnerships at NymCard said, “With digital payment adoption growing at a rapid pace, it is crucial for innovators to have all the tools they need at their fingertips to allow them to elevate the banking experience in order to resonate better with today’s business and consumer needs. We are very happy to have Foo share our vision of a collaborative ecosystem to bring the best embedded finance technologies to our clients and enabling them to bring their visions to life”.

With the signing of this partnership agreement, both the companies aim to play a key role in supporting the growth of the fintech ecosystem in the region.

Read: The growth of the fintech sector in the Middle East