On the lighter side of things, we asked Vijay Pratap, CTO, Movii, what makes him tick.
What would you describe as your most memorable achievement?
I have been with MOVii since the beginning and since then we have been through different memorable moments, which we have celebrated together as a team. If I had to highlight one in particular, it would be the launch of our Minimum Viable Product and the long road since that: going from positively providing for hundreds of users to helping millions.
With MOVii, we have been changing the Fintech landscape in Colombia since no electronic wallet solution also had a debit card associated with it. This change allows us to have more empowered users using their money, both physically and online.
I am proud to belong to the MOVii team that works 24 hours a day to develop products that impact millions.
What first made you think of a career in technology?
Since I was a child, I had a taste for technology. I spent hours on the computer. As I grew older, I became aware of technology’s immense power and how technical innovation can help solve massive problems. Keeping that goal in mind, we are designing innovative solutions to help millions of people in Colombia. The success that MOVii has had so far motivates me to maintain this technology direction at the service of innovation.
What style of management philosophy do you employ in your current position?
My management philosophy is not to manage but to lead. That is why I work with my team on day-to-day tasks as a partner. In this way, I have created a work environment in which anyone can contact me with ideas and problems, and it has opened the doors for us to collaborate in the long term. As for strategy planning, I follow five simple steps: Establish clear objectives and operate with situation analysis, strategy formulation, evaluation and control.
What do you think is the current hot technology talking point?
COVID has suddenly increased the demand for digital financial solutions, which raise new emerging trends in technology. There are several critical technological trends associated with Fintech. Still, if I had to choose the top five, I would stick with Blockchain, Artificial Intelligence and Machine Learning, platforms such as Fintech-as-a-Service and Banking-as-a-Service, Open Banking and Innovation in Digital Payments.
How do you deal with stress and relax outside of the office?
My passion for technology helps me with long hours, day after day. However, I like to read, walk my dogs and play tennis to keep me relaxed.
If you could go back and change one career decision, what would it be?
I always wanted to work on technical innovation and at MOVii I have felt empowered to do so. I am living my dream. I am working closely with other areas of strategy and decision making, and I am also very excited about launching some of our new products, such as Crypto and Acquisition. In that sense, I would not want to change anything because I feel that every step I have taken in my career has led me to be where I am.
What do you currently identify as the top investment areas in your industry?
There are many Fintech areas where investment is needed. The most relevant are AI and Machine Learning, cross border payments, RegTech (improving regulatory compliance), Blockchain and security.
What are the specific challenges of the region when implementing new technologies in Latin America?
Thanks to the innovative technology of Fintech, Latin America has achieved significant advances in recent years in terms of Financial Inclusion, especially in the segment of the population neglected by traditional financial institutions. Fintech companies are subject to many strict regulations, and because of this, it becomes a bit more challenging to deliver a truly innovative product to the user.
Consequently, the solution designed for our consumers must solve their problems and comply with the letter of the country’s regulations. One option could be creating temporary test benches by regulators so that Fintech companies could launch innovative products in a controlled environment and evaluate results.
What changes have you seen in your job role in the last year, and how do you think they will develop in the next 12 months?
Due to the pandemic in the last 18 months, we took a 100% remote work approach and found that it has positively affected productivity. I think COVID forced all organizations to advance Digital Transformation plans for a few years, which is pretty good.
What advice would you give someone aspiring to a C-level position in your industry?
The C-level positions determine an organization’s focus; they are the leaders who serve as an example to all others. Oftentimes, it will require immediate decision making that affects your work or that of your team. Being a C-level person means that your state of mind, actions and words carry much more weight. Regardless of the situation, it would be best to always act with consideration and respect since attitude and communication are as important as everything else.
