March 29, 2024

BKN301 to lead the growth of fintech and financial companies in MENA

Facebook
Twitter
LinkedIn
BKN301
From left to right- Federico Zambelli Hosmer, Founder & CBO, Stiven Muccioli, Founder & CEO, Luca Bertozzi, BKN301 Founder& CFO. Image courtesy: BKN301

New fintech firm entering the MENA market is set to boost the overall economy in the region. The MENA region’s market is vast and lacks well-established financial institutions, making it an attractive opportunity for fintech companies. BKN301, one of the leading payment and Banking as a Service providers, is poised to lead the growth of the fintech sector in the MENA region through its suite of technological solutions and services that make finance more accessible and streamlined. With its innovative solutions, the company is paving the way for a more convenient and secure financial landscape, empowering individuals and businesses alike to easily manage their finances.

The MENA region has a substantial number of unbanked adults, accounting for 50 percent of the population according to World Bank. This emphasizes the potential for fintech firms to cater to a significant portion of the population that does not have access to conventional payment services.

BKN301 will introduce its top-notch modular tech platform that provides cutting-edge payment products and services, catering to a wide variety of customers’ financial demands and requirements. The need for fintech solutions has risen owing to urbanisation and smart connectivity as well as an increase in the usage and adoption of innovative technologies across all domains in the MENA region. According to industry reports, the fintech sector of the Middle East and Africa is poised to experience a significant growth in the coming years to reach USD 3.45 billion by 2026. The company strives to support this growth by utilising cutting-edge technologies and its in-depth understanding of fintech and digital payments, to deliver financial solutions that are aimed at modernising the sector.

To satisfy the evolving and emerging demands of the sector, the firm will offer its all-encompassing financial services, payment industry solutions, and digital services including 301wallet, 301pay, 301xb, and 301core, all of which are designed to integrate complicated systems precisely and quickly. With the ambitious goal of increasing access to financial services across the region, the firm intends to bridge the gaps and assist the growth of the fintech industry through its range of solutions while promoting financial inclusivity.  The company had earlier established its presence in Egypt through its partner Damen ePayment and in Qatar with the opening of a commercial branch in Doha. BKN301’s vision is to create a world without financial barriers, for this reason BKN301 focuses on the development of cross-border payments between countries. Cross-border payments are important in the Middle East, with two of the world’s three largest remittance corridors located in the UAE and Saudi Arabia. They handled $78 billion in payments in 2020,6 equating to 7 percent of the GDP of the two nations combined. Two-thirds of survey respondents (67 percent) said bilateral arrangements between countries for real-time settlement and the scaling up of digital money-transfer operators will be key drivers in cross-border transactions over the next five years, as demonstrated by a research  from McKinsey – The future of payments in the Middle East. Increasing the efficiency of financial processes, BKN301 leverages ‘Banking-as-a-Service’ platform and eMoney model to streamline the provision of financial, payment, and token issuance services by third-party businesses. By doing so, the company aims to become a market leader in the open banking and digital payments sectors.

Stiven Muccioli, Founder and CEO of BKN301

Stiven Muccioli, Founder and CEO of BKN301 said: “We are excited to offer our cutting-edge payment services in the MENA region and contribute to the growth and development of the region’s fintech sector. The MENA region has seen a significant increase in the usage and adoption of innovative technologies across all domains, including finance. Customers are on the lookout for more convenient and efficient payment methods like cross-border payments which is why we are dedicated to providing our partners and clients with the best possible service and solutions backed by cutting-edge technologies. With the rise of new technologies and increased adoption of innovative fintech platforms, the market competition has become fiercer. We are confident that our specialised solutions and in-depth knowledge of financial services will contribute to the growth and development of the region’s fintech sector and make financial services more accessible and efficient to customers.”

The modular technology platform of BKN301 offers a variety of Banking as a Service and payment options, such as online payment gateways, mobile payments, remittances, and digital wallets. The business is dedicated to combining its solutions with cutting-edge technologies and providing the most effective and efficient financial solutions that are suited to the particular needs of its partners and clients. With ambitions to expand across the MENA region, the company’s customised solutions are made to support regional opportunities and quickly expanding markets. Recently, the firm attended the Dubai Fintech Summit, where they networked with new clients and forged new alliances to diversify its business operations in the region.

Source

Read more on Fintech companies:

Paymob Menap’s fintech secures PTSP Certification in KSA

MENA Fintech Association appoints Bryan Zhang to its advisory board(academic)

DCDE organizes fourth interactive workshop addressing challenges faced by fintechs

Share.

RELATED POSTS

Airstack’s CEO Jason Goldberg
Airstack Raises Over $7M for AI-Backed Web3 Developer Platform
Sulaiman Al Harthi, CEO of Oman Arab Bank
OAB participated in talks for banking and finance
J.P. Morgan Payments selects Network International as strategic partner to drive payments acquiring in the Middle East
J.P. Morgan Payments collaborates with Network International
  • BYDFi

LATEST POSTS

Global sales leader with a proven track record in driving revenue joins VAST Data to expand global market reach and foster innovative customer solutions
blink, a FinTech platform and a subsidiary of Emtel Ltd has partnered with WebEngage, a marketing technology (MarTech) company specializing in AI, automation, customer data platform (CDP), and advanced data analytics
e& enterprise and The National Health Insurance Company – Daman, recently launched the innovative Hyakum Digital Booth
Datacenters-jpg