Damen e-Payment has chosen BKN301, a fintech company that develops payment services and Banking-as-a-service functionalities and Cashflo, BKN301’s exclusive Egyptian partner, to fully digitise its product infrastructure, amplify its contribution with innovative services and boost the user experience through the technology platform.
The agreement is part of BKN301’s international growth strategy, which aims to develop into a leading cross-border and open-market operator in the digital payments and open banking sector.
BKN301 carries its solutions to international markets with a strong focus on expanding markets in countries like Africa, Eastern Europe and the Middle East, where there is high demand and scarce supply, which are characterized by a population with rapid demographic growth, low average age, significant literacy and high mobile penetration in payment-related technologies.
Egypt represents one of the emerging markets with the highest growth potential of more than 100 million inhabitants. Due to the inadequate number of POS available to merchants and low uptake of payments by cards, 23 percent of people are using digital platforms to receive and send their digital payments.
The Banking-as-a-service platform offered by BKN301, in conjunction with 301XB, a product that facilitates cross-border transactions, will facilitate the company to deliver new solutions and features to its customers, and will also enhance transactions with key trading partners in GCC countries.
Damen customers will be able to receive money intercontinentally
Damen customers will be able to receive money intercontinentally from more than 100 countries- including markets that are more difficult to reach due to lack of common systems and using over 50 currencies – through the technology provided by BKN301, and once all the regulatory sanctions are obtained. This would further support Damen’s customers while having extreme visibility over fees, transaction monitoring and processing times.
In partnership with Cashflo, a Cairo-based fintech company and Switchover, a Swiss fintech accelerator, BKN301 aims to roll out its digital banking solutions throughout the MENA (Middle East and North Africa) region.
The CEO of Damen Company for Electronic Payments, Tamer El-Hussainy expressed his gratitude for this partnership that empowers customers and offers innovative banking services.
Stiven Muccioli, Founder and CEO of BKN301 stated that this new agreement would confirm the strength of their offer tailored to the needs of the markets, such as Egypt, where the low diffusion of digital payment methods among the population offers high development prospects in the oncoming years. He said that they are delighted to be the leading operator and that Damen has seen in them and their platform is a great opportunity for growth, not only for the company but for the entire country, accelerating the digitalization of the payments market in Egypt, which is still very much constrained to the use of cash, especially in remotely associated areas.
Sami Chaouch, vice-Chairman of Cashflo SAE mentioned that they are very excited to leverage the knowledge, talent and global reach of their partners. These innovative solutions ought to bring powerful, universal and customized solutions to the market, developed by a multicultural team. He added that they would provide customers with the best user experience, by integrating complex systems in the most efficient way.