The agreement is part of BKN301's international growth strategy, which aims to become the leading 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 fast-growing markets (Africa, the Middle East, and Eastern Europe), where there is high demand of digital payments solutions and very little supply, and are characterised by a population with a low average age, rapid demographic growth, high mobile penetration and significant literacy in payment-related technologies.
Egypt, with more than 100 million inhabitants, represents one of the emerging markets with the highest growth potential 23% of people are using digital platforms to send and receive their digital payments, due to the insufficient number of POS available to merchants and low uptake of payments by cards.
The BaaS platform developed by BKN301, through its digital wallet and 301XB, a product that enables cross-border transactions, will allow Damen to provide new features and solutions to its customers and facilitate transactions with key Egyptian trading partners in the GCC countries. Through the technology provided by BKN301 Group, and once all regulatory approvals have been obtained, Damen's customers will be able to send money internationally to more than 100 countries (including markets that are more difficult to reach due to the lack of common systems) using over 50 currencies, while having extreme visibility over fees, processing times and transaction monitoring.
In partnership with Cashflo, a Cairo based fintech company, and Switchover, a Swiss fintech accelerator, BKN301 aims to spread its digital banking solutions throughout the MENA region.
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