BS/2 Enters Spanish Banking Market

Penki Kontinentai Group, including BS/2 (UAB ‘Penkių kontinentų bankinės technologijos’), ASHBURN International, and subsidiaries in Azerbaijan, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, and Uzbekistan, is expanding its presence in the global banking technology market.

On 24 May 2024 in Alicante, Idrakas Dadašovas, Chairman of The Penki Kontinentai Group, signed the agreement for the BS/2 subsidiary establishment in Spain. The company’s legal name is PENKI KONTINENTAI ESPANA, SOCIEDAD LIMITADA.

24.05.24 has a symbolic meaning. The day stands out not only for its number’s harmony but for another interesting coincidence. In Lithuanian, ‘Penki’ means ‘5’, which is consonant with the fifth month of the year.

BS/2 and the Penki Kontinentai Group launched a subsidiary in Alicante as part of a strategic expansion plan.

This is the westernmost office for BS/2. Since that day, our company has been represented in 9 countries, including Azerbaijan, Georgia, Estonia, Kazakhstan, Kyrgyzstan, Lithuania, Latvia, Spain, and Uzbekistan. Our offices span four time zones, from Alicante in the west to Almaty in the east.

PENKI KONTINENTAI ESPANA was founded in the context of the Penki Kontinentai Group’s long-term strategy and aim for global expansion.

Employees of the new company will develop a banking technology business in Western Europe and Latin America (LATAM).

The Spanish market offers great potential for the activities of Penki Kontinentai Group. According to the European Central Bank and the Central Bank of Spain (Banco de España), about 140 banks and more than 50,000 ATMs are installed in the country, indicating high availability of financial services. Bank branches exceed 17,000.

Electronic payments also play a significant role in the economy of the region. According to the Spanish Banking Association (Asociación Española de Banca), the number of payment devices in Spain has reached 1.8 million. Online payment services and cashless payment systems are becoming increasingly popular among customers, as evidenced by the rapid development of POS terminal networks.

The Penki Kontinentai Group has opened a representative office in Spain to demonstrate its commitment to building strong partnerships with local banks and fintech companies, providing these organizations with advanced solutions to automate and digitize banking processes.