Revolutionising banking-as-a-service: BKN301 on bridging financial markets across Europe and MENA

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Gulf Business speaks to Stiven Muccioli, the CEO and co-founder of BKN301, a banking-as-a-service platform headquartered in London with operations spanning across various geographies.

He explains why the MENA region is of special focus to his startup.

Q: What is your focus area, and which countries do you operate in?

A: BKN301 serves as a pivotal link between Europe and the Middle East/North Africa (MENA) region. Our presence extends from London and Italy to Cairo and Doha, catering to the emerging markets in the Gulf, North Africa, and the Middle East.

Additionally, we have a presence in Tbilisi to cover Eastern Europe, reflecting our commitment to being a multi-regional entity focused on facilitating financial services across borders.

Q: How did you conceive the idea for this business venture?

A: Our vision at BKN301 is to pioneer a technological platform that empowers fintech and neobanks, along with traditional banks, to embrace digital banking and banking-as-a-service solutions.

Recognising the burgeoning fintech landscape in the MENA region, we set out to create a robust infrastructure that facilitates innovation and enables financial institutions to leverage cutting-edge technology for sustainable growth.

Q: What are the key challenges in the MENA fintech space, according to you?

A: The MENA region presents significant opportunities for fintech innovation, yet it grapples with challenges related to financial inclusion and access to technology. Addressing the needs of the unbanked population, enhancing digital remittance services, and fostering the growth of small businesses are paramount.

Our focus lies in overcoming these hurdles by offering cost-effective solutions and leveraging APIs to democratize access to advanced banking services.

Q: Could you share some insights into your client base and the numbers you’re targeting?

A: Presently, we serve major digital banks in Qatar and Egypt, boasting a combined customer base of over 18 million. Egypt, in particular, stands out due to its youthful demographic and burgeoning digital landscape, with a population keen on embracing digital banking.

Our goal is to expand our reach further, tapping into underserved markets and empowering millions more with accessible, user-friendly banking solutions.

Q: What trends in consumer behavior do you foresee shaping the future of payments?

A: The future of payments in the MENA region hinges on digitalization, with a pronounced shift towards digital remittances and blockchain technology. As populations become more digitally savvy, there’s a growing demand for secure, efficient cross-border payment solutions.

Moreover, the proliferation of digital wallets and mobile banking apps underscores the need for seamless, user-centric payment gateways tailored to the preferences of young, tech-savvy consumers.

Q: How does BKN301 ensure cybersecurity in its operations across multiple geographies?

A: Cybersecurity is paramount in our operations, especially considering the diverse regulatory landscapes and currency complexities across our operating regions. We adhere to stringent European standards and invest substantially in robust cybersecurity infrastructure.

Leveraging our expertise and partnerships, we’re committed to safeguarding our clients’ data and transactions, mitigating cyber threats, and ensuring a secure banking experience for all our users.

Q: What advice would you offer to aspiring entrepreneurs entering the startup space?

A: My journey in entrepreneurship has taught me the value of innovation and focus.

To succeed in the startup space, it’s essential to identify untapped markets, stay committed to your vision, and embrace calculated risks.

Rather than following trends, seek out opportunities for disruptive innovation, and tailor your solutions to address pressing needs.

Remember, innovation thrives on adversity, so don’t shy away from challenges; instead, view them as opportunities for growth and differentiation.