KnowledgeNet reveals strategic expansion in fintech, financial software

Logo of KnowledgeNet Co.

KnowledgeNet Co. (kn) announced a major strategic expansion in the region, particularly in Egypt, to leverage the great potentials in the region and untapped technical talents, the company said in a statement to Tadawul.

The move aligns with the strategic plans of governments for digital transformation and innovative technology in the financial sector.

The company’s regional expansion is a big step toward the digital transformation of the financial sector. kn aspires to be a pivotal part of this transformative phase in the Middle East and neighboring regions, CEO Mohammad Attiya said.

To this end, kn increased its workforce by 46%. This significant increase was absorbed by the opening of a new facility at the research and development center that serves the region. The company will inject more than EGP 250 million in the next few years to enhance its regional presence and provide leading technological solutions to support the local economy.

Attiya added that the main reason behind the regional expansion, mainly in Egypt, is to provide innovative technical solutions to meet local demand and overcome market challenges while directly fulfilling customer demand. As Saudi Arabia will join the BRICS in early 2024, kn plans to clinch various deals and sell products in Egyptian currency.

Fahd AlEidy, Chief Services Officer, added that kn exercised strong strategic options to expand in the region to meet growing demand for services and solutions provided by the company. Egypt has emerged as a pivotal market for the company’s expansion strategy at this stage.

kn's products, including Blinq, TradeNet, Adaptability, and Softmore, were tailored for the region. These products help overcome challenges and benefit from the strong prospects offered by the financial sector in the Middle East.