FOO and NymCard Offer End-to-End Payment Solutions to MENA Business Owners

FOO, a business-to-business (B2B) software-as-a-service (SaaS) platform based in the United Arab Emirates (UAE), and NymCard, a banking-as-a-service (BaaS) and card provider serving the Middle East and North Africa (MENA), have teamed up on digital payment services for businesses across the region, according to a NymCard blog post Monday (March 7).

“NymCard and FOO’s collaboration is a step forward for the region’s ecosystem as it provides nontraditional 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 digitize and elevate their customers’ experience,” the post said.

FOO’s Multi-Lingual Converged Wallet Platform “delivers the latest innovations in digital payments,” the post said. It’s being combined with NymCard’s card issuing platform to deliver “a turnkey solution that allows innovators to easily create unique business proposition through card programs,” it said.

Businesses can use NymCard’s tech infrastructure layer to build, launch and scale their card programs across multiple markets and regions, giving users a single platform that contains a complete suite of application programming interfaces (APIs).

“Digital purchasing solutions are no longer a value-added benefit,” said Ghady Rayess, managing partner at FOO, in the blog post. “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,” he said.

FOO’s modular software includes digital onboarding, stored value accounts, virtual card issuing and management, international remittance, NFC and QR code payments, peer-to-peer transfers and merchant services.

“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,” said Nabil Tabbara, vice president of strategic partnerships at NymCard, in the blog post.

Related: 4thWave Launches UAE Capital Financing/B2B Payment Tool

Meanwhile, in late February, Canadian FinTech 4thWave Inc. debuted an integrated working capital financing and B2B payment service in the UAE as part of a partnership with Mastercard Track Business Payment Service.

The collaboration lets 4thWave offer flexible working capital programs to businesses across the region.