Connect with us

Business & Money

BKN301: The MENA region opens new opportunities for Fintech companies and financial institutions

Middle East and Africa is projected to experience a significant growth in the coming years to reach USD 3.45 billion by 2026.

Published

on

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% 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.

Advertisement

Latest

Sports2 months ago

Continental Racing: Emirati Team Clinches Victory in GT4 Class at the Hankook 24H Dubai

In a weekend filled with high-octane excitement, the celebrated Hankook 24H Dubai race returned to the famed Dubai Autodrome, continuing...

Art & Culture2 months ago

du achieves the Best Culture & Employee Engagement in the Region with 81% Rating in Glint’s Index

du, from Emirates Integrated Telecommunications Company (EITC), today announced results of the Culture & Employee Engagement Index survey conducted through...

Food & Beverages2 months ago

Dinner on the Beach: A Culinary Journey with French Flair at Drift Beach Dubai

This Valentine’s Day, DRIFT introduces a captivating experience – Dinner on the Beach. For the first time at DRIFT, relish...

Travel & Tourism2 months ago

Readers are rewarded at emirates airline festivals of literature

Emirates Airline Festival of Literature kicked off the first day of their 2024 edition with a ceremony to honour the...

Events & Happenings2 months ago

Abu Dhabi Festival 2024 Honors Giacomo Puccini’s Legacy With Spectacular Gala Concert

In the presence of H.H. Sheikh Saud bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah,...

Healthcare2 months ago

Emirates Health Services concludes its successful participation in Arab Health 2024

Emirates Health Services, the exclusive partner in healthcare services, successfully concluded its participation in Arab Health 2024, which concluded on...

Automotive2 months ago

Ride in Style: Don’t Miss Out on Arabian Automobiles’ Renault Duster Offers

Renault of Arabian Automobiles, the exclusive Renault dealership serving Dubai, Sharjah, and the Northern Emirates, and a flagship company within...

Information & Technology2 months ago

Emirates Post Group Unveils New Brand Identity ‘7X’ for Future

Emirates Post Group Company (EPG) has unveiled its new brand identity – 7X – during an exclusive event at Madinat...

Health & Fitness2 months ago

Emirates Health Services “Basma” Project Addresses Healthcare Requirements in 313 Schools

Dr. Shamsa Majid Lootah, Director of the Public Health Department at Emirates Health Services (EHS), announced the launch of the...

Health & Fitness2 months ago

MoHAP hosts panel discussion on Nursing future at Arab Health 2024

"Nursing… Ambitious Future Insights"

News2 months ago

‘Vilal Housing’ to deliver 50 Residential Villas by 2024 to its Clients in the UAE

The nation-wide company constructs homes exclusively for UAE citizens across 7 emirates

News2 months ago

Statement by Ahmad bin Meshar Al Muhairi, Secretary General of SLC

on the Anniversary of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum’s accession as the Crown Prince of...

Automotive2 months ago

Audi Middle East and Museum of the Future enter 3rd year of partnership, with the showcase of the revolutionary activesphere concept

Audi Middle East and Museum of the Future have announced the arrival of the revolutionary activesphere concept car, marking a...

News2 months ago

Watani Al Emarat signs MoU with Emirates Society for Parent Care and Relief

To strengthen collaboration in organizing and supporting the senior citizen community

News2 months ago

Global Village announces second Geely Raffle Draw for a chance to win a Flagship Geely Tugella

Raffle participation will run until March 7th, and winner will be announced at Global Village on March 8, 2024 from...

Advertisement

Trending