Page 13 - BKN301 PR Report - December 2023

Fintech Today: Are BaaS services steering the future of finance? - Biz Today
Due to this dynamic environment, the nature of partnerships between Fintech companies and
BaaS providers is experiencing beneficial shifts. While some Fintech firms are navigating
changes with existing partners, many BaaS providers remain open to new programs. This

selective approach allows for an increased emphasis on quality collaborations, fostering a robust
ecosystem.

For non-banking organisations looking to leverage the infrastructure and services of banks, this
revolutionary service has generated significant interest in the Middle East and North Africa. The

region is home to about 460 million people, of whom roughly half are under the age of 26. Due
to its large and youthful population, the Middle East and Africa BaaS Market is growing rapidly
and appealing to early adopters of technology.

According to Stiven Muccioli, Founder and CEO of BKN301, one of the leading payment and
BaaS providers in the MENA region, “Banks today operate in an analogue setting. However, a

growing economy and transforming digital aspects in the MENA region make Banking-as-a-
Service ideal for this fast-growing market. BKN301 BaaS solution is designed to enable
businesses to select what best meets their needs, ensures seamless integrationof core modules

and third-party system integrations, all with a single developer-friendly API gateway.

BKN301 can assist partnering realising their vision, be it an easy-to-use mobile banking

application or seamless payment processing.”

Reports and analysis from the FinTech industry suggest that the embedded finance market is

expected to grow five times its current value by 2027, from USD 22.4 billion to over USD 270
billion. A company that does not have a banking license can use enablers to incorporate
financial products directly into their business, while being compliant to regulations. This is a

result of the three main areas in which these platforms shine. They are technology, which
makes integration and product development issues simpler, acquisition, which promotes
relationships between banks and Fintech businesses, and program management/compliance,

which streamlines operations for both banks and fintech organisations.

Artificial Intelligence (AI), on the other hand, has emerged as a transformative force in the

realm of Fintech, playing a pivotal role in mitigating inequality. Fintech platforms have the
potential to improve financial inclusion and reduce disparities between the privileged and the

underprivileged by utilising artificial intelligence. This is supported by machine learning
algorithms that analyse vast datasets to determine creditworthiness, making lending decisions
more accurate and equitable. This is especially important in areas where conventional credit
scoring techniques might not be sufficient.

Likewise, AI-powered virtual assistants and chatbots also make communication easier,

increasing the accessibility of financial services for a wider range of users. Routine task

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