In a comprehensive conversation with BizToday, Stiven Muccioli, the Founder and CEO of BKN301, delves into the burgeoning fintech landscape, discussing its evolution, the hurdles it faces, and the significance of gatherings such as the Dubai Fintech Summit, where a delegation from BKN301 team participated in the 2024 edition.
Q: Could you provide an overview of BKN301’s role in the fintech landscape of the MENA region?
A: BKN301 Group is a BaaS (Banking-as-a-Service) and fintech payments company dedicated to catering to the global community with innovative and scalable account management, issuing, acquiring and cross-border solutions. Our key goal is to democratise access to financial services by making them user-friendly, secure, accessible and adaptable to diverse needs of businesses and individuals. We aim to attain this vision by leveraging BKN301 BaaS Orchestrator, which is our advanced and meticulously designed digital infrastructure that meets the requirements of traditionalbanks, fintech companies and neobanks alike.
With the industry facing the challenge of accessibility and usability, we have developed our platform to address it efficiently. Our innovative platform empowers partners to provide a seamless banking experience to their clients, despite the constraints of location or background. In line with one of our key goals of ensuring financial freedom, we are working towards making basic financial services more accessible to all.
Q: Who are BKN301’s partners in the MENA region, especially in GCC, and is BKN301 planning to have an office in UAE soon?
Considering the burgeoning market for innovative financial solutions in the Middle East and North Africa (MENA) region, we are planning to expand our footprint accordingly. In line with our strategic plan, we have already entered into several partnerships in the MENA region, especially in the GCC countries. Our partnership with CWallet, a fintech startup developing cross-border payment solutions, marks a significant step forward in our efforts to enhancing financial accessibility and inclusivity in the region. The collaboration helps us offer a cutting-edge platform aimed at enhancing customer experiences, bolstering security measures and adapting to the evolving demands of consumers.
Additionally, we are partnered with Damen, an electronic payment company prominent for its advancements in digital transactions. By combining our capabilities with Damen, we launched ‘Damen Cash’, which signifies a remarkable step in our efforts to transform financial services in Egypt. Moreover, we are still making efforts to build a significant footprint in the UAE, particularly in light of the country’s booming fintech sector and positive business environment.
Q: What are some of the challenges that fintech startups face in the MENA region, and how can events like the Dubai Fintech Summit help address these challenges?
Even though the MENA region is an emerging hub for fintech companies, it still poses certain challenges for industry players. Factors such as stringent regulatory policies, less access to funding, challenges in talent acquisition and lack of consumer confidence, create hurdles for fintech startups to flourish in the regional market.
For a startup in its budding stage, overcoming the complexities of strict regulatory policies can be daunting as the MENA region has diverse legal frameworks in different countries. While establishing BKN301, we confronted various challenges, such as finding suitable fintech partners with wide reach and understanding of local behaviours, as well as navigating intricacies of regulatory policies in different countries. According to a recent survey, talent and recruitment is the third biggest challenge faced by fintech companies in Saudi Arabia (43 per cent), ahead of customer access (31 per cent), regulations (26 per cent) and product development (23 per cent). Currently, we offer advanced fintech solutions in the MENA region and this success is attributed to BKN301 BaaS Orchestrator, our modular Banking-as-a-Service platform. Over the past year, we have successfully delivered on this commitment.
Amid the prevailing challenges, events such as Dubai Fintech Summit hold a vital role in supporting fintech companies. Organised by the Dubai International Financial Centre (DIFC), this year’s Dubai Fintech Summit convened international speakers, underscoring the region’s efforts to embrace fintech innovation. Furthermore, the event highlighted the growth in fintech investments in Dubai, which reached USD 2.3 billion in 2023, with the industry rising by 31 per cent and 902 registered companies.
This year, the Summit offered a dynamic platform for companies to expand their network and collaborate with investors, regulators, industry experts or even with other fintech startups. It was also instrumental in aiding companies to forge valuable partnerships, explore investment opportunities and gain insights into navigating regulatory landscapes while setting stage for them to showcase their latest innovations and share success stories in fintech, further build credibility.
With Dubai rapidly evolving into a global fintech hub leveraging Dubai Economic Agenda D33’s infrastructure, legislation and government support, Dubai Fintech Summit opens avenues for organisations seeking to understand the complexities of this market and build their presence here.
Q:What are BKN301’s future plans and is the company planning to participate in Dubai Fintech Summit next year?
At BKN301, our primary goal is to ensure a pioneering position in the MENA region and gain a strong foothold in various other key markets. In line with this goal, we have already devised an ambitious growth strategy that covers various aspects of the industry and the regional market. We have already geared up our efforts to forge strategic alliances, create cutting-edge products and services, and invest in talents, with an aim to promote innovation and long-term growth.
Another step we have taken in this regard is ensuring our presence in industry specific events. For the past few years, we have been actively participating in various events and exploring worthwhile opportunities to strengthen our business connections and exhibit our innovative range of solutions.
In line with our commitment to strengthening market presence, we seek to ensure active involvement in upcoming events that would help us to create a profound impact on specific areas of the industry. We look forward to being part of the next edition of Dubai Fintech Summit, which is scheduled to be held in 2025. For the past two years, we have attended the event to explore opportunities and understand the market, which helped us to foster collaborations and build a global identity, while also ensuring financial inclusion through our solutions.
