Driving Digital Banking Innovation in Egypt
As Egypt undergoes a digital banking revolution, DisrupTech Fund, a key player in venture capital focusing on financial technology in the country, has officially revealed a significant investment in Banknbox. Recognized for its pioneering role in digital services and non-traditional payment technology, Banknbox is set to capitalize on this strategic partnership to introduce groundbreaking services and comprehensive solutions not previously available to local and regional banks and fintech firms.
A Strategic Investment for Innovation
This collaboration not only facilitates Banknbox’s expansion into new markets but also enhances its capabilities to cater to evolving client needs. It aligns seamlessly with DisrupTech Fund's broader investment objectives across various companies within the financial technology sector.
Banknbox’s Unique Capabilities
The partnership underscores Banknbox’s distinctive capabilities in providing integrated services through its internally developed platform. This positions the company as a leader in payment processing and digital banking technology. Drawing upon 15 years of experience in financial technology solutions, Banknbox aims to inform DisrupTech Fund's current and future investments, with a strategic focus on integrated platforms.
Digital Transformation in Banking
Banknbox's mission is to deliver secure solutions adhering to the highest standards, aligning with the Central Bank of Egypt’s vision for promoting financial inclusion, banking technology, and digital payments. The collaboration seeks to offer a seamless digital banking experience, emphasizing innovation, customer satisfaction, and the transformation of operational norms within banks and companies.
Mohamed Okasha, CEO of DisrupTech Fund, expressed enthusiasm for the partnership, emphasizing the potential to revolutionize the industry. He highlighted the commitment to investing in innovative technologies that support financial technology companies, enabling the provision of safe and innovative services.
Strategic Positioning and Global Ambitions
This investment strategically positions Banknbox to leverage the Egyptian market as a launchpad for operations, serving both local and regional markets. Simultaneously, it supports the company’s global expansion ambitions.
Basem Mahmoud, CEO of Banknbox, expressed pride in the achievements thus far and the cooperation with DisrupTech Fund. He highlighted the shared mission of providing integrated banking services and payment technology. Mahmoud emphasized the value of DisrupTech’s expertise in financial technology investments to help develop Banknbox’s platform and expand its reach in Egypt and the broader region.
Comprehensive Digital Services
Banknbox has internally developed a suite of digital services focusing on flexibility, compatibility, and cost-effectiveness. These services encompass phone banking applications, internet banking, electronic wallets, tokenization services, e-KYC services, artificial intelligence technology, Chatbot, Open Banking APIs, automated branch services, and communication services technology.
Global Outreach and Diverse Offerings
In addition to offering comprehensive services, Banknbox is currently in negotiations with banks and financial institutions within and outside Egypt. These negotiations leverage the company’s experience with numerous institutions worldwide, spanning more than 15 countries. Banknbox’s services cover ATM machine management, transaction monitoring, POS and Soft-POS electronic payment machines, white-label electronic payment gateway, and anti-fraud systems with artificial intelligence, among others, catering to diverse sectors such as finance, healthcare, and transportation.