Damen Partner BKN301 and Cashflo to Roll Out mobile Wallet App
Damen, a digital Payment startup, is collaborating with BKN301, a fintech firm that develops payment services and Banking-as-a-Service functionalities, and Cashflo, BKN301’s exclusive Egyptian partner, to fully digitize its product infrastructure, expand its offering with innovative services, and improve user experience via its technology platform.
The pledge is part of BKN301’s global expansion strategy, which aims to make the company the leading open-market and cross-border operator in the Open Banking and digital payments sectors.
BKN301 provides solutions to international markets, with a strong emphasis on fast-growing markets (Africa, the Middle East, and Eastern Europe).
These markets have high demand, very little supply, a population with low average age, rapid demographic growth, high mobile penetration, and significant literacy in payment-related technologies.
Egypt, with a population of over 102 million people, is one of the emerging markets with the highest growth potential, with 23% of people using digital platforms to send and receive digital payments, owing to a lack of POS available to merchants and low card payment uptake.
Once all regulatory approvals are in place, Damen’s customers will be able to receive money internationally from more than 100 countries in over 50 currencies while having complete visibility over fees, processing times, and transaction monitoring, thanks to BKN301’s technology.
This collaboration with Cashflo, a Cairo-based fintech company, and Switchover, a Swiss fintech accelerator, will assist BKN301 in expanding its digital banking solutions throughout the MENA region.
Damen’s CEO Tamer El-Hussainy, expressed gratitude for the collaboration, which will provide innovative banking services and empower customers throughout the region.
“This new agreement confirms the strength of our offer tailored to the needs of markets such as Egypt, where the low diffusion of digital payment methods among the population offers high development prospects shortly,” said Stiven Muccioli, Founder and CEO of BKN301. We are delighted that a leading operator, Damen, has seen in us and our platform an excellent opportunity for growth, not only for the company but for the entire country, accelerating the digitalization of Egypt’s payments market, which is still heavily reliant on cash, particularly in remote areas.”
“We are very excited to join our partners’ talent, knowledge, and global reach,” said Sami Chaouch, vice-chairman of Cashflo SAE. These innovative solutions will bring to market powerful, universal, and tailored solutions created by a multicultural team. In addition, we will provide the best user experience to our customers by integrating complex systems as efficiently as possible.”