NymCard has received in-principle approval from the Central Bank of the UAE for a Stored Value Facility licence, marking the third time the fintech has gone through a licensing process with the regulator.
The approval is a preliminary step toward a full licence, and NymCard says it will keep operating within the scope of its existing regulatory permissions and in line with UAE laws and CBUAE requirements as it works to complete the process.
A third regulatory milestone
NymCard already holds a Retail Payment Services and Card Schemes Category II licence from the CBUAE, along with an Open Finance licence. The in-principle approval for the Stored Value Facility licence adds to that regulatory footprint, reflecting a pattern of the company building out its permissions with the central bank over time.
A Stored Value Facility licence generally covers products that let customers load and hold funds for later use, a category distinct from the payment services and open finance permissions NymCard already holds.
What the company is saying
Omar Onsi, founder and chief executive officer of NymCard, framed the approval as a marker of the company's relationship with the regulator. "This milestone reflects the trust we've built with the Central Bank of the UAE and our commitment to operating to the highest regulatory standards," he said. "We're incredibly proud of how far NymCard has come and grateful to the CBUAE for its continued trust."
What happens next
With in-principle approval secured, NymCard's next step is progressing toward the full Stored Value Facility licence. The company has said it will continue to operate within its current regulatory scope throughout that process, in line with UAE laws and CBUAE requirements.
For a fintech operating in the UAE, each additional CBUAE licence widens the range of regulated activities a company can pursue, and NymCard's move toward a third such approval underscores its continued expansion within the country's financial regulatory framework.
Reported by Fintech News UAE.
