Banking-as-a-Service agreement signed between BKN301 and Damen ePayment Encourages the financial inclusion of 18 million people
As part of Egypt’s Vision 2030 initiatives, the Government has adopted various regulations to support financial inclusion and offer digital solutions to a growing number of citizens, increasing the level of services provided and accelerating the country’s digital transformation.
The partnership between BKN301 and Damen cutting-edge Fintech solutions for the benefit of Damen’s customers.
This partnership is part of BKN301’s development strategy, which aims to become a market-market and cross-border reference in the open banking and digital payments sector, in rapidly growing markets.
Cairo / San Marino, 12 July 2022 | Damen e-Payment has chosen BKN301, a fintech company that develops payment services and Banking-as-a-Service functions, and Cashflo, an exclusive innovative partner of BKN301, to completely digitize its product infrastructure, expand the offer with services and improve the user experience through its technological platform.
The agreement is part of BKN301’s international growth strategy, which aims to become an open-market and cross-border operator of reference in the Open Banking and digital payments sector, bringing its solutions to international markets with a strong focus on emerging ones (Africa, Middle East and Eastern Europe), where there is a great demand for digital payment services and very little supply, a present population is characterized by a low average age with demographic growth, high mobile penetration and an important literacy on technologies related to payment systems.
Egypt, with over 100 million inhabitants, considers one of the emerging markets with the highest growth potential if only 23% of people use digital platforms to send and receive payments, due to the insufficient number of POS available of merchants and the scarce circulation of payment cards.
The BaaS platform developed by BKN301, through its digital wallet and 301XB, a product that enables the possibility of carrying out cross-border operations thanks to the use of the blockchain, allowing Damen to new functionalities and facilitating operations with main Egyptian trading partners in the Persian Gulf countries. Thanks to the technology provided by the BKN301 Group, once all regulatory approvals have been obtained, Damen’s customers will be able to send and receive money internationally in over 100 countries (including the most difficult to reach markets due to the lack of common systems ) more using than 50 currencies, with extreme visibility into fees, processing times and transaction tracking.
In collaboration with Cashflo, a fintech company based in Cairo, and Switchover, a Swiss fintech accelerator, BKN301 aims to bring its digital banking solutions throughout the Middle East and Africa region.
Tamer El-Hussainy, CEO of Damen Company for Electronic Payments, expressed the full support of the company and its shareholders for this partnership that delivers innovative banking services and empowers customers.
Stiven Muccioli, Founder and CEO of BKN301, comments: “This new agreement confirms the validity of our offer tailored to the needs of markets such as the target one, where the low diffusion of digital payment methods among the population offers high development prospects. We are very happy that a leading operator like Damen has seen in us and in our platform, which offers financial and payment services, a great opportunity for growth, not only for the company, but for the entire country, accelerating the digitization of the payments market in Egypt, still closely linked to the use of cash, especially in the most remote areas “.
Dr. Sami Chaouch, Vice President of Cashflo SAE, comments, “We are thrilled to pool the talent, knowledge and global reach of our partners. These innovative solutions will bring powerful, universal and customized solutions to the market, developed by a multicultural team. By integrating complex systems as efficiently as possible, providing customers with the best user experience. ”
BKN301
BKN301, through a “Banking-as-a-Service” and digital currency platform model, enables third parties to offer financial, payment and token issuance services. The company aims to become the reference 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 emerging ones (Africa, Middle East and Eastern Europe). The services offered by BKN301 are easily integrated and allow banks and the group to make their own digital transformation. Founded by Stiven Muccioli, Federico Zambelli Hosmer and Luca Bertozzi, and operational since March 2021. BKN301 raised a total of 20 million euros.
Damen
Damen, founded in 2018, aims to provide electronic payment solutions at the financial transaction level for individuals and institutions. Damen draws experience and support in this field from its founder, the leading company in smart card applications, specializing in providing integrated technological solutions in the field of construction and operating systems. Damen currently manages 20 million cards serving 72 million Egyptians and has more than 26 branches throughout Egypt’s governorates. Damen provides more than 500 electronic payment and collection services through the Daman Payments platform, such as donations to institutions and charities, top-up of electricity cards, gas bills, payment of mobile phone and line tariffs fixed, through a network of over 100,000 merchants in the country.
Cashfl
Cashflo is a Cairo-based fintech company providing solutions in the innovative and cutting-edge financial technology of the MENA region. As the exclusive agent of BKN301, Cashflo aims to enable and empower banks, operators and financial institutions with white-labeled and API-based solutions that accelerate the transition to a cashless company.
Ride
Switchover is a Swiss fintech business accelerator with a proven track record in the ICT sector. Through its investments, Switchover is launching various digital payments initiatives across various industries, offering its customers unique and competitive advantages. Switchover relies on the first-rate technology of the fintech ecosystem to ensure the best customer experience.