Quadcode’s Michael Gitsis: ‘We have a remarkable opportunity to create a brighter future’

Michael Gitsis, Chief Financial & Administrative Officer of Quadcode, talks about the endless evolution of the fintech sector and his company’s holistic approach to attracting and retaining talent, and firmly declares that the future for Cyprus is bright.

At precisely 5pm, I receive a notification from Michael Gitsis, signifying that he is ready to connect for our online interview. As we strive to overcome the almost customary sound problems that occur at the beginning of such virtual conversations, I can tell that, apart from being clearly punctual, Gitsis is an inquisitive, open-minded man, entranced by the immense possibilities surrounding the fintech industry, seeing it for what it is and most importantly, for what it could be.

“I believe that the fintech sector is one of the most advanced and sought-after areas of financial services,” he says. “Work and life have become increasingly virtual and everybody has access to everything – in China, smartphones cover all kinds of services. And if we talk about the biggest IPOs, there is a huge number of fintech companies that have gone public with massive valuations. Giants like Apple have also tried to beat the payments sector by establishing Apple Pay Later and now it gives loans to clients. It’s crazy! Even Apple has gone to fintech!”

For Gitsis, a graduate in accounting and economics with a Master’s degree in Business Administration, specialising in financial services and financial modelling, “it was a no-brainer” to see that finance and technology were his calling. As he tells me, Quadcode’s nature as a fintech company inspired him, due to the exhilarating symbiosis of the two worlds into which he wanted to delve.

“Quadcode has been in Cyprus since 2014, when we established our financial brokerage activities and started being regulated by CySEC, providing financial services to clients in Europe. We are a fintech company and we provide a very large and powerful technological part that works behind the scenes to provide the best financial services to our clients. We also have the most advanced financial products, so we provide an entire package; we are dedicated to financial brokerage, this is our forte,” he says and adds with pride. “We operate – I believe – as one of the leading financial brokers in the market. We have created and developed our internal trading platform and all the necessary architecture that goes around it and we pack it as an SaaS solution, providing it to other brokers to use, even though we are financial brokers ourselves. Unlike other companies on the island, which get their technology solutions from somewhere else if they are financial brokers or other technology solutions providers, we do both. So actually, we enjoy both worlds.”

I feel that Gitsis personally reflects the sector that he is so fascinated with. Restless and eager to crack the codes of the fast-changing world around him, without missing a beat he warns me of the dangers of denying the speed of the present era and not facing major challenges decisively. “If you don’t keep up, you will eventually fall behind so, at Quadcode, we are open to changes and we try to be agile, especially regarding the eruption of AI – which is going to change the world, the way we work and live – and regulatory compliance.”

Gitsis says that the company has embedded technology not only in its products but also in its corporate DNA, to enhance communication between management and employees and to increase productivity. He explains how a chatbot can be used as the first line of support to all employee inquiries on issues such as sick leave, vacations or certain internal procedures for an immediate response. “This is amazing, and there’s actually no limit to what we can do,” he says with a knowing smile. On the necessity to make sure that the company complies with the regulatory environment, he explains, that, “We handle very sensitive data and we must make sure that our clients’ information and funds are safe. So, in this case, cybersecurity is important and we must adhere to all rules and regulations, which is why we have a great team that works non-stop to ensure that everything runs smoothly and safely.”

Gitsis’ delight at Quadcode’s progress is evident but I want to challenge him: What does Quadcode bring to the table – if anything – when it comes to local talent? How is it improving the island’s business ecosystem? He does not appear even slightly fazed by my questions and is unabashedly transparent about talent scouting.

“We operate in two fields,” he reminds me, gesturing animatedly. “In the financial industry, Cyprus has great deal of local talent and I think that due to the many Forex, financial services and brokerage companies here, a great talent community has been developed in the last 10 years, so we feel very confident to work with them. However, this is not the case with the technology sector.”

He goes on to explain how, in the last two years, many major tech experts have migrated from Russia, Ukraine and Belarus, whereas the local talent pool has not been nurtured by the local environment (meaning universities) to reach the required level of expertise. “Therefore, it is much harder for technology companies to integrate local specialists into their operations,” he says. “This is something that should be improved; universities should elevate the standard of the course material and teach the most up- to-date curriculum so that students can graduate and integrate well into this technology sector. Unfortunately, there is currently a visible talent gap.”

Last year Quadcode relocated 300 tech specialists and their spouses from Russia to Cyprus and Gitsis is proud to talk about the holistic approach adopted by the company to help them blend seamlessly into the social fabric of the island.

“Relocation buddies were allocated to employees for guidance, spouses were invited onto social media or instant messaging channels as well as to social events, so that they could interact with one another, and language courses were made available for everyone. This is something that I have personally supported since I relocated four and a half years ago,” he recalls. “I said to myself that I could blend well but if it didn’t feel like home for my partner, we would leave. We take care not only of our employees but their families as well.”

Gitsis is, refreshingly, a true believer in human capital, which he considers to be the most valuable asset of technology companies, which require a passion for innovation and an undying spark of new ideas. Consequently, creating a safe work environment and constantly rejuvenating the company with capable, zealous aspiring professionals is high on his agenda. “I believe that in order to remain competitive and stay one step ahead, we must cultivate a fresh and dynamic environment that fosters new and innovative ideas, particularly in this rapidly evolving sector. If we don’t have a certain number of people who are relatively younger, we won’t be able to adjust. The older we get, the less flexible our mind becomes; it is more difficult to think outside the box. Embracing new blood will drive us forward, enabling us to improve, create novel concepts and develop high quality products,” he tells me. “Every day, I start with the goal of learning something new. Now I’m focusing on AI, so I devote time to reading and learning more about it, and I try to stay updated. This pushes me forward. Otherwise, I will stay stuck.”

Although Gitsis admits that Cyprus is, generally speaking, a great place to do business, he does not hesitate to pinpoint the system’s shortcomings, with a rather passionate plea. “Together, in collaboration with the Cyprus government, we have a remarkable opportunity to create a brighter future. Local authorities, partnering with the private sector, should enthusiastically embrace the challenge of expanding opportunities in housing, education, and business infrastructure. By investing in robust infrastructure, we can ensure that the talent drawn to Cyprus will not only stay but flourish, ultimately enhancing the island’s business ecosystem. With the infrastructure challenge resolved, the potential for Cyprus becomes boundless, and I am confident that we can achieve unprecedented success.”

Maybe I am just a sucker for success stories and happy endings but I choose to believe him. Michael Gitsis is a bold man, determined to thrive. “We, as a company, do not plan to go anywhere else. We have chosen Cyprus to be our hub. We will continue to develop in Cyprus and do whatever we can to make sure that we also take local talents and utilize them to the fullest. We are already doing this in the financial services area where we have a lot of great specialists, and I hope to do it also with the tech talents soon. We are here to stay.”

(Photo by Giorgos Charal)

This interview first appeared in the August edition of GOLD magazine. Click here to view it.