Norwegian Block Exchange (NBX), Norway's first publicly listed stablecoin exchange, has signed a contract with Tieto Banktech to deliver end-to-end card issuing infrastructure, enabling digital and physical Visa payment cards for stablecoin users [1][1]. The deal positions NBX to bridge digital assets with everyday spending, starting with a Visa prepaid card and expanding toward Visa Flex and credit capabilities [1][1]. The partnership illustrates rising enterprise demand for trusted third-party infrastructure: 44.8% of Software Lifecycle Engineering decision-makers (n=525) ranked third-party partner value as their top selection criterion, in a market forecast to reach $344B by 2028 [2][3].
What is Covered in this Article
- NBX and Tieto Banktech card issuing partnership [1][1]
- Stablecoin-to-spending infrastructure and MiCA compliance [1][1]
- Third-party partner value in the SLE market [3][2]
- European digital finance shift toward everyday financial products [1][1]
The News: On September 23, 2026, Norwegian Block Exchange (NBX) signed a contract with Tieto Banktech's card issuing services to offer digital and physical payment cards to stablecoin users [1][1]. Tieto Banktech will provide card administration, authorisations, secure PIN services, card production, and financial crime prevention capabilities including transaction monitoring, scoring, and fraud monitoring [1]. IDT Finance, a regulated issuing bank and Principal Member of Visa and Mastercard, acts as BIN sponsorship partner, enabling NBX to launch card programmes without its own banking licence [1]. The programme begins with a Visa prepaid card and will expand to support Visa Flex functionality, using Visa APIs alongside Mastercard credential technology [1].
Stablecoin Meets Mainstream: NBX Taps Tieto Banktech for Card Infrastructure
Analyst Take: This partnership is a concrete example of how stablecoin-native platforms are evolving beyond trading desks into full-service financial providers [1]. By outsourcing card issuing infrastructure to Tieto Banktech, NBX gains immediate access to proven payments expertise without the regulatory and operational burden of building in-house [1][1]. The deal signals a maturing European digital asset market where MiCA compliance and everyday utility are becoming competitive differentiators [1].
From Trading Platform to Everyday Wallet
NBX CEO Stig Aleksander Kjos-Mathisen described the ambition as building 'the ultimate all-in-one payment card,' a single multicurrency card built around MiCA-compliant stablecoins that evolves to include credit capabilities [1]. This framing matters: NBX is not layering a card on top of stablecoins but building the card around them, reducing the manual steps typically involved in selling digital assets, converting to fiat, and transferring funds for card-based spending [1]. The roadmap from Visa prepaid to Visa Flex to credit reflects a deliberate strategy to deepen customer relationships over time [1]. NBX is also registered as a stablecoin asset service provider with the Financial Supervisory Authority of Norway and is exploring expansion into Germany and Poland, suggesting the card programme is designed to scale across markets [1].
Infrastructure Partnerships as Competitive Strategy
Aslak Lid, VP and Head of Cards at Tieto Banktech, described NBX as 'a new type of fintech customer' and 'a new type of issuer in the Norwegian market,' signaling that stablecoin-native issuers represent a distinct and growing segment for card infrastructure providers [1]. The BIN sponsorship model through IDT Finance is central to this: it allows fintechs to access global payment networks and regulated issuing capabilities without direct scheme membership [1]. This infrastructure-as-a-service approach aligns with broader enterprise buying behavior. The Futurum Software Lifecycle Engineering Decision Maker Survey, 2H 2026 found that 44.8% of respondents (n=525) ranked third-party partner value as their primary selection criterion [3]. Additionally, 45.6% of SLE decision-makers (n=839) plan to slightly increase investment in SLE areas over the next 12 months [3], indicating sustained demand for platforms and infrastructure services such as those Tieto Banktech provides.
Market Tailwinds for Platform Providers
The commercial opportunity behind this deal extends well beyond a single partnership. The Software Lifecycle Engineering market is projected to grow from $235B in 2025 to approximately $344B by 2028 at a 15.4% CAGR [2]. Platform providers that can serve emerging fintech segments, including stablecoin exchanges, digital banks, and embedded finance players, stand to capture meaningful share of that growth. The evidence supports the value of proven platforms: 61.6% of respondents (n=393) report high business value from DevOps adoption [4], reflecting the broader enterprise appetite for technology platforms that deliver measurable outcomes. For Tieto Banktech, the NBX deal adds a stablecoin-native reference customer that strengthens its positioning across the fintech and digital banking segments it is actively targeting.
What to Watch
- NBX card adoption rate: how quickly stablecoin users activate digital and physical cards in the months following launch [1]
- MiCA compliance as a differentiator: whether NBX's stablecoin-native card model attracts comparable partnerships in Germany and Poland as the exchange expands [1]
- Visa Flex rollout timeline: when Tieto Banktech delivers the expanded credential functionality and whether it accelerates NBX's credit roadmap [1][1]
- SLE investment momentum: whether the 45.6% of decision-makers planning to slightly increase SLE investment over the next 12 months translates into accelerated demand for card infrastructure platforms [3]
- Competitive response: how rival card infrastructure providers reposition their fintech and stablecoin-native offerings heading into Q4 2026 and Q1 2027
Sources
1. NBX selects Tieto Banktech to support digital and physical …, Tieto, September 2026
2. 2H 2026 Software Lifecycle Engineering Market Sizing & Five-Year Forecast, Futurum Research, July 2026
3. 2H 2026 Software Lifecycle Engineering Global Enterprise Decision Maker Survey Report, Futurum Research, July 2026
4. 1H 2026 Software Lifecycle Engineering Decision Maker Survey Report, Futurum Research, January 2026
Disclosure: Futurum is a research and advisory firm that engages or has engaged in research, analysis, and advisory services with many technology companies, including those mentioned in this article. The author does not hold any equity positions with any company mentioned in this article.
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