Swittle founder André Zein: 'Redirecting our focus on the future led us to Cyprus'

Forced to Cyprus in 2021 under a cloud of economic uncertainty following the sudden collapse of the Lebanese economy, electronic billing startup Swittle is now ready to launch in Asia.

Here, André Zein, the startup’s effusive founder, and director, talks about finding a sense of belonging in their new home and the strategic reasons behind using Malaysia as Swittle’s launchpad.

In 2021, you embarked on a strategic relocation of TechnOrion to Cyprus, with the intention to shift focus to Swittle. Can you share how this vision has unfolded and whether Swittle has emerged as you anticipated?

In 2019, we initially intended to launch Swittle in Lebanon. However, just a month before our planned debut, the sudden collapse of the Lebanese economy and its banking system occurred, prompting us to reconsider our strategic decisions. The ensuing challenges, including the COVID-19 pandemic, a devastating financial downturn, and the tragic Beirut blast in August 2020, further emphasised the need for change. Despite these overwhelming obstacles, I recognised an opportunity to reinvent and reposition TechnOrion. The decision to relocate to Cyprus wasn't merely a change in geography; it was a leap of faith into uncharted territories. Yet, amid the adversity, we found resilience. Our transition to Cyprus was marked by perseverance, a redefined focus on launching Swittle internationally, and a fortunate partnership with an angel investor I knew from before. Their faith in our vision, global networking capabilities, and essential financial backing allowed us to recalibrate and meticulously adapt Swittle to cater to global business dynamics.

In an increasingly competitive fintech landscape, what distinct features set Swittle apart from its contenders?

In the vibrant fintech domain, Swittle stands out as a groundbreaking force within the Electronic Bill Payment and Presentment (EBPP) sector. Our vision transcends traditional boundaries by aiming to level the playing field for entities of all sizes. While major corporations typically enjoy comprehensive service from financial institutions, many mid-sized and especially smaller businesses often find themselves underrepresented or entirely overlooked. Swittle bridges this gap. We equip large billers with some of the most advanced integrated EBPP solutions, while simultaneously ensuring that emerging businesses have access to the tools they need for seamless automated billing and collections. It's our commitment to inclusivity and innovation that distinguishes Swittle in the competitive fintech landscape.

Swittle recently launched in Malaysia. Could you elaborate on the rationale behind choosing Malaysia as a launchpad, and what strategic advantages this geographical move offer for Swittle's expansion?

When contemplating the ideal launchpad for Swittle, we assessed multiple regions against criteria that were essential for our venture: a sizeable consumer base, a digitally advanced banking ecosystem, and minimal direct competition. Malaysia emerged as the clear frontrunner, not just as a standalone market, but as a gateway to the thriving Asia-Pacific electronic transactions sector. The country boasts a highly digitised banking infrastructure, highlighted by integrative services like PayNet. Additionally, acquiring fintech licensing in Malaysia proved to be more streamlined compared to the EU, accelerating our market entry. Our collaboration with AMBANK, our primary banking ally, culminated in a seamless integration for cross-bank payments in less than a year. Furthermore, we harnessed the bank's advanced interfaces to pioneer a fully automated reconciliation and settlement system.

On a personal note, relocating both TechnOrion and Swittle to Cyprus back in 2021 was a move out of necessity, given Lebanon's situation. Could you reflect on your experience since the relocation, detailing the opportunities and challenges encountered in the island's business landscape?

The decision to leave our homeland, given the context of Lebanon's predicament, was emotionally tough. Yet, redirecting our focus on the future led us to Cyprus, which turned out to be a silver lining. Casually, each step we took was greeted by benevolent figures: from understanding landlords and a proficient audit and accounting firm to compassionate public servants in the immigration and labour sectors, and the warm camaraderie of our neighbours. The sense of belonging and receptiveness was palpable.

We successfully enrolled in the Business Facilitation Unit (BFU) in the early summer of 2022. This opened doors to global talent acquisition, placing us amidst elite innovative organisations. The 2022 tax concessions for our senior team further solidified our position, enhancing our employee retention strategy and adding to the appeal for Cyprus.

Yet, every rose has its thorn. Cyprus's housing crunch, characterised by limited availability and soaring prices, forced some of our team members to seek residences in other cities, resulting in longer commutes or a shift to remote work. Additionally, from 2022, we struggled with heightened inflation and escalating living expenses.

You mentioned that you were greeted by benevolent figures when coming to Cyprus. To this end, what role did governmental agencies, specifically Invest Cyprus, play in your efforts to set a base in the country?

Our initial connection with Cyprus started when I met Elpidoforos Ilia, the Commercial Counsellor at the Cyprus embassy in Lebanon. This meeting opened my eyes to how proactive Cyprus is about drawing businesses to its shores. Elpidoforos then set up a call with Invest Cyprus, and they even invited my partner and me to visit their offices in Nicosia. That trip was a game-changer; they showed us around, filled us in on all the details, and helped us decide where to set up our operations.

Invest Cyprus has been invaluable in many ways, such as speeding up the immigration paperwork for our team, clarifying how to navigate the labor office and getting us special entry permits during the COVID-19 restrictions. It also helped boost our profile by arranging press releases and media appearances. Moreover, Invest Cyprus kept tabs on us, especially in the first year, with weekly calls to offer assistance. We were invited to important events and conferences, and the agency continually tracked our progress and extended offers to assist, like guiding us through the process of attaining BFU status. Their support has been consistent and comprehensive, helping us every step of the way.

As Swittle continues to grow, there's always room for refinement. Where do you envision opportunities for improvement, and how does Swittle plan to leverage these areas moving forward?

We kicked off Swittle in June 2023 and our initial pilot phase will wrap up by the end of September. During this period, we've been closely listening to our customers. They've told us what works and what doesn't, and based on this feedback, we've been able to quickly add new tools and features. Being in the fintech space, it's important for us to keep evolving and meeting the changing needs of our users. In the future, we plan to improve how Swittle looks and feels for a better user experience and release our payer engagement interfaces. We're also planning to expand to other countries like Indonesia, Thailand, and the Philippines by 2024. To support this growth, we aim to get some funding from institutional investors by the start of 2024. We're also considering moving into Western markets but want to plan that out properly.