Fast-growing fintech

This is good news for Elaine Vasquez FCCA, regional finance director for MENA at fast-growing global digital payments company Checkout.com, which every year processes billions of transactions for global brands including Adidas, Alibaba and Sony.

‘Dubai and MENA as a whole feel like an incredibly exciting place to be right now,’ she says. ‘Our State of Digital Commerce in MENA report showed that the number of MENA consumers who report shopping online at least once a day has grown 80% in the past four years, and digital payment volumes by a massive 658%.’

Challenging environment

MENA has, says Elaine, transitioned from being a traditionally cash-centric society to a leading digital-first market. ‘The large variety of local payment methods across this region makes it a very challenging environment for payment providers to support, but it’s something Checkout.com does really well,’ she says.

Elaine’s team handles finance processes across the MENA region. ‘We have team members based out of our Dubai and Riyadh offices, covering a variety of core functions for our MENA operations. The financial control team is spread across our major global offices, providing local expertise to support regions in which we operate,’ she explains. ‘We’re responsible for financial close, external audit and financial reporting, and managing complex, cross-functional projects.’

Ambitious outlook

Growing up in the tiny British Overseas Territory of Gibraltar, Elaine’s first international experience came when she moved to the UK to take a degree in accounting and finance at the University of Warwick.

‘Coming from tiny Gibraltar, with a population at the time of 32,000, travelling the world for work wasn’t something I ever thought I’d do,’ she remembers. ‘But I’ve always been ambitious, always wanted to do things outside my comfort zone. My time at university in Warwick gave me confidence that I could go to a new country and succeed. From that point on, I got the travel bug!’

While her route to senior leadership has been swift and assured, Elaine readily admits to early hesitancy about her vocation. ‘I’ll be honest,’ she laughs. ‘I didn’t grow up wanting to be an accountant!’

She credits summer work placements with changing her mind. ‘I’d done placements at law and IT firms, but also at Deloitte, PwC and Credit Suisse, which showed me the breadth of finance. Accounting seemed the best pathway into finance and a solid foundation to kickstart my career.’

Technical foundation

Returning to Gibraltar to join Deloitte while completing her ACCA qualification provided more learning opportunities. ‘Earning my ACCA qualification, and later my fellowship, has been invaluable,’ she says. ‘It gave me the technical foundation I needed and was instrumental in enabling me to take on senior roles with responsibilities across different sectors and geographies.’

As part of a small audit team in Gibraltar, Elaine gained experience across a range of industries. ‘Typically, when working in the Big Four you’d be confined to auditing one specific industry. Broader experience gave me the knowledge and confidence to take on finance roles in diverse industries such as insurance, hospitality and now fintech,’ she recalls.

An internal audit post at Hilton Worldwide Holdings lured her back to the UK – but that too was interspersed with globetrotting adventures. ‘My role had 50% travel, predominantly covering the EMEA region. Given I’m fluent in Spanish from my Gibraltarian roots, I also spent time on audits in the US and Central America, plus trips to Asia and Australia. That role stood out for me; both personally and professionally it gave me a lot of growth.’

Today, Elaine views this synergy between personal and professional as a crucial element of career progression. ‘They’re key because to expand professionally you’ve got to move, somewhere or somehow, whether that’s physical location or across industries and roles. The two are interlinked.’

Team player

She is equally clear-sighted about her leadership style. ‘I would describe it as collaborative and empowering. I believe in being there as a partner for my team – in the trenches with them. I’m committed to continuous improvement and effective communication with stakeholders, and I strive to ensure my team understands the impact their work has on the wider organisation,’ she says.

‘I’m also passionate about holistic mentoring. It’s easy to view leadership in the context of just your team but we all have responsibility to interact with everyone in a positive way. Every interaction we have with someone is an opportunity for mentorship.’

Today’s fintech companies offer the chance to push professional and geographical boundaries, as Elaine has done. What thoughts does she have for members weighing up a move into the space?

‘My advice is to stay adaptable and embrace the constant innovation that fintech demands. It’s a sector where continuous learning is essential, but it’s also very rewarding if you’re willing to dive in and keep growing. I’ve moved across industries – from insurance to hospitality to fintech – and each experience has enriched my perspective.

‘Fintech is dynamic and full of opportunities for those who are ready for the challenge.’