- The fintech sector’s expansion is predominantly driven by Gen Z, with 51% of the people in the UAE, 48% in Saudi Arabia, and 43% in Egypt opting for mobile wallets in their daily transactions.
March 25, 2024
BKN301 Group, a leading digital payments and Banking-as-a-Service provider in the MENA region, unveiled its cutting-edge BKN301 BaaS Orchestrator solution with the objective of radically transforming the MENA region’s financial landscape. The cutting-edge platform seeks to empower businesses of all sizes, particularly fintech companies and traditional banks, with the capability to incorporate financial features into their existing value propositions.
BKN301’s BaaS Orchestrator solution is a sophisticated and versatile platform that aims to tackle the challenges encountered by fintech companies and traditional banks while building and maintaining a robust infrastructure for their financial services. The fintech landscape is evolving at a rapid pace, bringing forth significant benefits and challenges. Through customisation, this innovative platform allows companies to tailor the banking and payment experience to meet their requirements. The solution also offers a scalable solution with flexible APIs for market expansion, improving efficiency by eliminating significant upfront expenses and shortening time-to-market.
Stiven Muccioli, Founder and CEO of BKN301, stated: “Our goal is to build a future in which financial services are universally accessible. Through the launch of BKN301 BaaS Orchestrator, we seek to drive innovation as well as bridge gaps between conventional and digital experiences. The platform aims to help companies extend their services into the financial domain, improve customer engagement and create new revenue streams.”
The growth of the fintech sector is majorly driven by Gen Z. According to recent surveys, almost half of respondents in the UAE (51 percent), Saudi Arabia (48 percent), and Egypt (43 percent) use mobile wallets for daily payments. BKN301 anticipates a world where financial services are secure, adaptable, user-friendly, and easily accessible.
The BKN301 BaaS Orchestrator connects different core banking systems, payment processors and third party services. The platform uses a modular design principle to provide organisations with the freedom to choose and integrate their required features. It serves as a single technological gateway into the BKN301 Banking-as-a-Service Platform (BaaS) and offers a developer-friendly API interface to create personalised banking and payment experiences best suited to the requirements of fintech companies.
The orchestrator solves numerous issues related to digital banking, such as costs, market scalability and migrations problems. It minimises up to 50 per cent costs on core banking, card issuing, payments acquiring (online and offline), cross-border remittances, bill payments and services top ups. Furthermore, its scalability saves almost 100 per cent of any future migration costs for core banking and payment processing. It works in different markets with a multi-core banking platform using the same API set and front end.
Mahesh Paolini-Subramanya, CTO at BKN301, said: “At BKN301, we seek to accommodate ongoing development in both its internal services and external integrations. Our BKN301 BaaS Orchestrator offers the freedom to choose which API version to integrate. The platform’s dedication to continuous evolution enables it to iterate rapidly and adapt to the changing demands of the region’s financial market.”
For the new BaaS Orchestrator platform, the company coordinates its proprietary BaaS core modules and third-party system integrations. These integration capabilities allow for several financial features to be incorporated into a business’s products, especially when it comes to legacy core-banking systems of banks.
BKN301 Group offers a confluence of technical innovation, regulatory progress, and government support. The company is well-positioned to revolutionise the financial landscape in the MENA region through its commitment to offering the most effective payment solutions. In Egypt, Damen Cash, powered by BKN301, transformed traditional retail by integrating digital financial services. This easy-to-use digital wallet made financial transactions and bill payments more efficient while fostering financial inclusivity and generating a new revenue source.
About BKN301
The BKN301 Group offers solutions for account management, issuing, acquiring, cross-border, and re-designing the Banking-as-a-Service and payments approach. As a regulated entity, it provides licenses and technology with a strong focus on Europe and fast-growing markets, while also fostering connectivity between them.
BKN301 BaaS Orchestrator integrates core banking and payment processing services with a single technology entry point. It combines efficiency and effectiveness, offering clients the freedom to choose their preferred services, with the adaptability of a Contract-as-a-Service model. With cloud-based developer-friendly APIs and blockchain technology, it enables scalability across different countries and regulatory environments. BKN301 BaaS Orchestrator is an ideal solution for financial institutions and fintech.
Based in London, and operational since 2021, BKN301 Group operates in EMEA with offices in Cairo, Tbilisi, Doha, and Milan. The global presence mirrors the commitment to revolutionising financial landscapes worldwide.
