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.