United Arab Emirates: New fintech firm entering the MENA market is set to boost the overall economy of the region. The MENA region’s market is large and lacks well-established financial institutions, making it an attractive opportunity for fintech companies. BKN301, one of the leading payment and banking services providers, is poised to lead the growth of the fintech sector in the MENA region through its suite of technology solutions and services that make finance more accessible and streamlined. With its innovative solutions, the company paves the way for a more practical and secure financial landscape, and gives both individuals and companies the opportunity to easily manage their finances.
The MENA region has a significant number of unbanked adults, accounting for 50% of the population according to the World Bank. This underlines the potential for fintech companies to cater to a significant part of the population that does not have access to conventional payment services.
BKN301 will introduce its premium modular technology platform that offers cutting-edge payment products and services, satisfying a wide variety of customers’ financial demands and requirements. The need for fintech solutions has increased due to urbanization and smart connectivity, as well as an increase in the use and adoption of innovative technologies across all domains in the MENA region. According to industry reports, the fintech sector in the Middle East and Africa is poised to experience significant growth in the coming years to reach USD 3.45 billion by 2026. The company strives to support this growth by using cutting-edge technologies and its in-depth understanding of fintech and digital payments, to deliver financial solutions aimed at modernizing the sector.
To meet the evolving and new 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 complex systems accurately 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 previously 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 money transfer corridors in the UAE and Saudi Arabia. They handled $78 billion in payments in 2020.6 which is equivalent to 7 percent of the GDP of the two nations combined. Two-thirds of respondents (67 percent) said that bilateral agreements between countries for real-time settlement and the scaling up of digital money transfer operators will be key drivers of cross-border transactions over the next five years, as shown by a survey by McKinsey – The future of payments in the Middle East. BKN301 increases the efficiency of financial processes and leverages the ‘Banking-as-a-Service’ platform and eMoney model to streamline the delivery of financial services, payment and token issuance services by third-party companies. By doing this, the company aims to become the market leader in the open banking and digital payment sector.
Stiven Muccioli, founder and CEO of BKN301 said: “We are pleased to offer our ground-breaking 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 use and adoption of innovative technologies across all domains, including finance. Customers are looking for more convenient and efficient payment methods such as cross-border payments, which is why we are dedicated to providing our partners and customers with the best possible service and solutions supported by cutting-edge technologies. With the emergence of new technologies and increased use of innovative fintech platforms, market competition has become tougher. We are confident that our specialized 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 for 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 offering the most efficient and effective financial solutions that are adapted to the special needs of its partners and customers. With ambitions to expand across the MENA region, the company’s bespoke solutions are designed to support regional opportunities and rapidly expanding markets. Recently, the firm attended the Dubai Fintech Summit, where they networked with new clients and entered into new alliances to diversify their business operations in the region.
BKN301 Group, through a “Banking-as-a-Service” platform and digital e-money model, enables third parties to provide financial services, payment and token issuance services. The company aims to become the leading open market and cross-border operator in the open banking and digital payments sector, bringing its solutions to international markets with a strong focus on fast-growing markets (Africa, Middle East and Eastern Europe). The services BKN301 Group offers are easily integrated and enable a wide range of industries such as financial institutions and fintech companies, corporate entities, telcos, utilities, retailers and web3, to offer value-added services to their customers. Founded by Stiven Muccioli, Federico Zambelli Hosmer and Luca Bertozzi, and operational since March 2021, has raised 20 million euros.
For further information, please contact:
CommuniGate Middle East
PO Box 500270, Dubai, UAE
Tel: +971 4 4546093
Fax: +971 4 3612432
Email: [email protected]