Fintech
Banknbox, Backed by the Central Bank of Egypt, Expands Fintech Partnerships to 8 Countries in H1 2024
Banknbox Egypt, a leading provider of digital services and payment technologies, has announced strategic partnerships with banks and fintech companies in eight countries during the first half of 2024. This expansion aims to consolidate Banknbox’s position as a regional hub for financial and banking services , capitalizing on Egypt’s growing fintech sector.
With the support of the Central Bank of Egypt (CBE), Banknbox has collaborated with leading companies and financial institutions in different markets such as Iraq, Libya, Bangladesh, Moldova, Qatar and several African countries. These collaborations aim to provide a range of services through Banknbox’s digital platform in Egypt.
Bassem Mahmoud, president and CEO of Banknbox, acknowledged the challenges of global expansion, highlighting the need for meticulous market analysis and tailored service offerings. He emphasized that partnerships with local agents and international institutions were crucial to ensuring the successful delivery of integrated services in each new market.
“We would like to thank the CBE for its continued support in ensuring that Banknbox achieves its vision of transforming Egypt into a regional hub,” Mahmoud said, citing the country’s recent regulatory progress for fintech companies.
Mahmoud also highlighted Banknbox’s significant investments in developing innovative services, adhering to international security standards and establishing exclusive partnerships with global partners to provide comprehensive technical support and tailor-made solutions.
While focusing on regional expansion, Banknbox also recognizes Egypt as a key market due to its rapid growth and the innovative capabilities of its banks and fintech companies. Recent partnerships with local authorities have led to the provision of improved integrated services, including advanced card issuing and management solutions compliant with international security standards.
Banknbox offers a suite of internally developed digital services, ensuring flexibility, compatibility with customer needs and cost-effective delivery. These services include mobile banking and internet banking applications, e-wallets, encryption and e-KYC services, artificial intelligence technology, card issuing and processing, and fraud prevention systems using artificial intelligence.