- Can you tell us a bit about BKN301 and its mission in the Middle East Fintech market?
We launched BKN301 as a payment and banking service provider, offering licenses and financial technology solutions to banks and fintech companies in the MENA region, with the primary goal of improving the delivery and use of financial services. Through our comprehensive offerings, we are committed to promoting financial inclusivity and leading the way in transitioning to a cashless economy.
Our primary goal is to lead the fintech industry in the MENA region by offering all-encompassing financial services and payment industry solutions. We embarked on our journey towards revolutionising the financial sector in 2021, when we launched BKN301 in the Republic of San Marino, where we developed our products and services and acquired requisite licenses. Since then, we have expanded to Georgia, Egypt, and Qatar and plan to continue expanding our reach, especially in the MENA region. Our payment services cover the entire supply chain, including payment acceptance, digital wallet solutions, physical and online card issuance, bank account management, and top-up services. We also provide cross-border services to meet the diverse needs and requirements of our clients. We aim to establish a solid market position and experience exponential growth over the next few years.
With urbanisation and smart connectivity becoming an ongoing trend, fintech is becoming more widely accepted with swift implementations across the globe. The MENA fintech sector has grown as a result of an increase in technology usage and adoption across domains. We strive to bridge the gaps and provide businesses access to our top-notch payment solutions..
- What are some of the unique features of the Middle East market that make it an attractive destination for investment and business growth, particularly in the Fintech sector?
Some of the unique features of the Middle East market that make it an attractive destination for investment and business growth, particularly in the fintech sector, include a younger population and higher smartphone penetration. Reports from UNICEF state that half of the countries in the MENA region are expected to witness a population growth of at least 50 per cent by 2050. This population growth and high smartphone penetration facilitates significant economic and technical progress. Additionally, a considerable portion of the population lacks access to banking services, creating opportunities for financial inclusion through fintech solutions and services. In fact, the Middle East and North Africa region has one of the largest ratios of unbanked people in the world, with around 69 per cent of adults remaining unbanked.
There also exists a lack of interoperability across numerous nations in the region, which BKN301 hopes to resolve through its innovative technology and solutions. Given these factors, we firmly believe that the Middle East offers the ideal market for the development of a new operator. We intend to use our vast knowledge and expertise in the payment sector to provide comprehensive solutions to consumers and foster business growth.
- In your opinion, what are some of the most promising areas for growth in the Middle East Fintech market, and how is BKN301 positioning itself to take advantage of these opportunities?
We are confident that the Middle East market provides an enormous potential for development, especially in addressing the needs of a population that is unbanked and has limited access to financial services like credit and loans. In the Middle East, Africa, and South Asia (MEASA) region, the fintech and innovation market is projected to expand at a considerable rate to reach USD 270 billion by 2027 from over USD 135 billion in 2021.
The Middle East is a second home for people from different countries who send money home. For instance, the remittance from Qatar is valued at USD 10 billion while Egypt receivedremittances worth USD 29 billion. Egypt’s total remittance payments are accountable for over 8 per cent of its gross domestic product (GDP). This leaves a huge opportunity for us to provide cutting-edge financial technology solutions that could be easily accessed and streamline financial processes. We believe that by assisting people and businesses in obtaining credit and loans, we will be able to foster regional economic development and enhance people’s financial security. At BKN301, we are confident of the potential of the fintech sector to make a positive change and further improve the financial services offered in the Middle East.
Financial freedom is a birth right of every individual in this world. At BKN301, we are committed to increasing financial access for individuals around the world as financial independence is significant to creating a better life and raising the standard of living. We are dedicated to developing the best possible services and solutions for our customers in the MENA region that are tailored to their needs and interests as well as value their culture.
- Can you talk about some of the challenges that Fintech companies like BKN301 face when entering the Middle East market, and how you have worked to overcome these challenges?
Entering the Middle Eastern market for fintech firms comes with its own fair share of challenges, mostly because of various regulations and the necessity for innovation to stay abreast with the sector’s developments. We overcame these obstacles by promoting innovation in regulation in order to make it simpler for fintech firms in the region to access technology. The startup world, where investments and venture financing are essential for expansion, presents another significant challenge for companies. It is imperative to organise the required venture funds and capital funding from private investors to support the company’s growth and expansion in the region.
- How does BKN301 differentiate itself from other Banking-as-a-Service companies operating in the Middle East, and what unique value does it bring to the market?
What sets us apart in the fierce fintech market of today is our major focus on collaborating and working together with other fintech firms to hasten their growth and eliminate middlemen from the service-delivery process. By doing so, we believe that access to technology will become more streamlined and affordable for the fintech companies, allowing them to expand and develop more quickly. This vision, which is consistent with our objective of supporting the success of fintech companies in the region, distinguishes our business in the market. Furthermore, we provide B2B customers with the opportunity to integrate fintech solutions into their ecosystems, enhancing end-user experience and promoting monetisation. In addition, we have developed a robust and secure core banking solution, which provides a comprehensive payment system that easily integrates with current infrastructure and data flow.
- Can you discuss any recent partnerships or collaborations that BKN301 has formed at the Dubai Fintech Summit?
We have had fruitful discussions and conversations with banks, investors, and other fintech businesses during the two days event. These discussions have given us the opportunity to learn important facts and insights about the market and prospective growth possibilities in the region. We intend to leverage these connections and information gathered as part of our overall strategy to continue improving and tailoring our services to the demands of our clients in the MENA region.
- Looking ahead, what are BKN301’s goals for growth and expansion in the Middle East, and how do you plan to achieve them?
Our goals for the growth and expansion include establishing robust and reliable partnerships with local companies and organisations while focusing on creating cutting-edge products and services that better serve all the needs and requirements of the Middle Eastern market. We further intend to invest in human capital, develop our staff and resources in the region in order to drive growth and innovation as well as ensure to meet the rising demand for our services. We are committed to keeping up with the most recent trends and developments in the market. Therefore, we will continue to adapt our strategy according to these advancements to fit diverse needs and stay one step ahead of the competition. Our overall objective is to establish ourselves as a leading player in the Middle Eastern fintech market, supporting the expansion of the sector through our portfolio of financial offerings.
