Georgia Pitta, Chief Financial Officer at ECOMMBX, in an exclusive interview with fintechview commented: “Customers’ demand for hi-tech solutions leaves no room for complacency. Those who have the foresight and vision to convert challenges into opportunities will benefit the most. Innovation and agility are the key to success.”
Georgia Pitta, is one of the 11 leading women in the fintech sector, presented in fintechview digital magazine special feature. Find the interview below:
How many years has ECOMMBX been in business, what are its operation and vision?
ECOMMBX obtained and activated its Electronic Money Institution license at the end of 2017. In 2018, the business was set up, people were hired in key positions, relationships were established with strong partners, and we focused on studying all the applicable new regulations to make sure we fully complied. Soon after, we were able to connect to the SWIFT and SEPA payment systems, which allowed us to be fully operational by the middle of 2018. Additional strategic partnerships were established in the following years, which enabled us to provide BACS, CHAPS and Faster Payments, cross-currency transactions, currency conversion, and multi- routing options.
Our mission is to offer corporate clients all the tools they need for smooth and quick international payments. That includes opening e-accounts, executing payment transfers via SEPA and SWIFT, and in general providing a fast and secure global transaction environment.
At the beginning of 2021 we became a European Acquirer, offering acquiring services to the European merchants of the group. We also became principal members of Mastercard, and we are now in the final stages of obtaining our Visa principal membership.
ECOMMBX’s vision, which is embedded in its overall strategy, is to deliver high quality VIP banking services via advanced digital banking technologies. We continuously expand our strategic partnerships and update our technology to achieve this goal and maintain it.
Above all, what defines ECOMMBX is that we take a customer-centric approach to everything we do. Every service is designed to satisfy specific needs while simultaneously safeguarding our customers’ interests. This corporate culture is inseparable from ECOMMBX’s focus on the well-being of its people. As an employer, ECOMMBX invests in providing good working conditions, and is the first company in Cyprus to introduce the 4-day working week.
What is the biggest challenge you had to face in the paytech/fintech sector?
Powered by the digital revolution, fintechs have transformed the financial sector, especially in the payments industry. Innovation is the driver of fintechs, and there is no end to innovation. It involves continuous technological updating and enhancement. The challenge here is to embrace racing technology and stay ahead of the curve, without disrupting the operational tasks. Customers’ demand for hi-tech solutions leaves no room for complacency. We have to be able and ready to adapt and upgrade at all times.
Another very practical challenge is to make sure we keep up with the ever-changing regulatory requirements and limitations, including AML compliance, sanctions and new taxation reporting requirements that relate to payment services. And with an increase of cyber-attacks, the need for advanced cybersecurity is imperative.
Being a start-up – especially in the fintech sector – is a challenge by default, as we have to earn the trust of our customers, partners, and providers, and of course the regulators. As a fintech company in Cyprus, we are determined to prove ourselves to EU and non-EU stakeholders.
The last two years have been challenging for all businesses. First, we had the pandemic, then the Ukrainian-Russian war and the resulting geopolitical instability which shook the market. Now increased inflation and interest rates are governing today’s market conditions.
What is your opinion on the future of payments and how ECOMMBX is preparing for it?
The payments industry is experiencing revolutionary change, and electronic payments are playing an important role in transforming the industry. The trend is clearly towards a cashless payment environment. Fintech is the future in the payments and financial services industry, and now it is at its peak in terms of demand and opportunities. Those who have the foresight and vision to convert challenges into opportunities will benefit the most. Innovation and agility are the key to success.
ECOMMBX already has new products in the pipeline. Technological improvements, enhanced services, as well as additions and acquisitions relating to technology which are running in the background, not just for this year, but also long-term.
Which powerful woman do you admire the most?
I admire women who have purposeand vision, and never compromise their values on their road to success. I admire all women who support other women and are able to see other powerful women as mentors rather than a threat. Personally, my mother has been a great inspiration to me. Without her, I could not have made any of my dreams come true – including the career path that I followed. I admire mothers who see the future via their children and selflessly support them. I dream of being such a mother to my children.
What action or decision are you most proud of?
I am actually very proud of my decision to join ECOMMBX. I am proud to say that I have been with the Company from day one, and had the opportunity to experience the growth, the challenges and changes that a fintech start-up has to go through. Being with ECOMMBX and the finance function from the very beginning gave me a unique opportunity to experience the birth and growth of a Finance Function and the Company as a whole.
What advice would you give to young women who wish to enter the fintech/paytech world?
My advice to young women who are interested in this industry is not to be afraid of the unknown. I believe that fintech, by nature, should embrace diversity, and women have their place in this sector. We have to understand and accept that this is an industry that is constantly changing, and we are therefore on a path on non-stop learning. Don’t be afraid to ask and learn, and you will be rewarded with an exciting career.
Who is Who
Georgia has held to position of Chief Financial Officer and Executive Director of ECOMMBX Ltd since 2017. As a founding member of the company’s senior management, she actively participated in the digitization genesis of the company. She also set up the company’s accounting and finance departments, as well as the management Risk Committee, and Investment Committee, and is a member of both.
Other key responsibilities that Georgia currently undertakes include ensuring that the business meets its budgetary targets and minimum capital requirements as per Central Bank Directives, while safeguarding clients’ funds in accordance with the regulatory guidelines and EU Directive.
