Quadcode, an international fintech company based in Limassol, specializes in developing cutting-edge software for the trading and investment industry. The company not only operates as a financial broker but also provides Software-as-a-Service (SaaS) solutions to other brokers. In this interview, we speak with Michael Gitsis, who took on the role of Chief Operating Officer in January. Gitsis offers insights into Quadcode's innovative strategies, global operations, and the growing influence of AI in financial services.

During the conversation, Gitsis highlighted Quadcode’s ability to tackle the challenges of the global fintech landscape by developing proprietary technology and adapting to complex regulatory environments. He also passionately discussed Cyprus's potential to become an AI hub, underscoring the importance of government-private sector collaboration to promote AI education and skill development. By focusing on cultivating an AI-driven workforce, Gitsis believes Cyprus can spearhead technological innovation, with Quadcode playing a key role through initiatives like hackathons and partnerships with educational institutions.

In the fintech landscape, Quadcode faces significant challenges in navigating complex regulations amid increasing global scrutiny. The rapid advancement of fintech technologies, combined with widespread AI adoption, demands constant innovation to stay competitive. AI has become a transformative force, reshaping financial services through advancements in identity verification, fraud detection, and customer service.

However, these challenges also offer significant opportunities. 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. We have created and developed our internal trading platform and all the necessary architecture that goes around it and we offer it as a SaaS solution, providing it to other brokers to use, even though we are financial brokers ourselves. So actually, we enjoy both worlds.

As COO of a tech-driven company like Quadcode, financial discipline, risk management, and scalability are integral to my decision-making. I ensure that our operational strategies are closely aligned with financial objectives. For instance, maintaining profitability while investing in innovation requires careful cost management and prioritization of high-impact projects.

In fintech, effective resource allocation becomes critical — ensuring funds are directed towards technology upgrades or market expansion without sacrificing operational efficiency. We manage operational risk by investing in robust compliance systems and continually adapting to the regulatory environments in the jurisdictions where we operate. By doing so, we protect the company from financial penalties while fostering trust with our customers.

Scalability, both operationally and financially, is another key focus. As we expand into new regions and different markets, we not only scale our operations but also ensure that our financial models are sustainable. 

Innovation is central to Quadcode’s business as the company consistently evolves its fintech solutions. Building an environment that fosters experimentation starts with promoting creativity, risk-taking, and constant iteration. At Quadcode, employees are given the freedom and resources to test new features, ensuring they can quickly adapt based on feedback and market demands.

Before launching any product, our colleagues have the opportunity to use it first, identifying bugs and providing detailed feedback. This internal testing ensures high-quality products, keeping Quadcode at the forefront of fintech advancements in trading platforms and AI.

Cyprus, despite its geopolitical struggles, is uniquely positioned to become an AI leader nation member in the European Union - a vast talent pool of motivated tech specialists is being attracted to the island by fiscal incentives, as well as the quality of life. By declaring the deliberate focus on AI as a national initiative, the government can incentivise a focus in education (transferring the knowledge from existing specialists either via dedicated university courses, or internships), startup ecosystem (by setting up frameworks for registering companies related to AI), and computing credits partnerships (to allow scalable platforms aimed both at the national market, as well as EU). By thinking outside the box, Cyprus can utilize its 300 to 340 sunny days a year to set up a fully/partially green solar GPU server hub.

Quadcode has already taken a pioneering role by appointing a Head of AI, which underscores our commitment to innovation. Our recent AI-focused hackathon, one of the largest in Cyprus, further highlights our dedication to nurturing local talent through workshops and talks by industry experts.

AI is rapidly transforming the fintech industry, especially through its applications in customer service, risk assessment, fraud detection, and automated trading. The global fintech market is currently worth $340.1 billion. At the same time, the market value of AI in fintech is estimated at $44.08 billion. With a compound annual growth rate (CAGR) of 2.9%, the share of artificial intelligence in financial technology is expected to reach $50 billion over the next five years. (Fortune Business Insights, Statista)

According to McKinsey, approximately 72% of companies utilize AI in at least one business function. Such widespread adoption is not surprising – businesses that harness AI see a lot of improvement in data processing, security management, cost reduction, and customer service.

67% of organizations plan to increase spending on technology, especially in data and AI fields. This widespread commitment to technological investment signals a future where data-driven insights and AI-powered solutions will be fundamental to business success. (Accenture)

Additionally, we know that AI-powered chatbots and virtual assistants can handle many customer interactions in real time. These solutions have demonstrated impressive results, helping reduce the cost of dealing with user inquiries by up to 80%. (IBM)

Quadcode is leveraging its vast expertise in Customer Experience to shift the paradigm of trading on the markets via a platform. By emphasizing the user’s ability to access the world’s markets in an educational and personalized way, we seek to provide maximal added value to a trader of any level - whether they are a beginner or an experienced professional trader. AI plays a big role in achieving this, by making trading intuitive, and without the grunt work that takes away from precious market hours. As a commitment to the global trading community, we are making our innovative tools available to all of our SaaS partners, allowing them to extend our core philosophy to a broader market, with their own creative approaches.

Investing in AI education is pivotal for Cyprus's economic future. By equipping the next generation with advanced AI skills, we can cultivate a talented workforce capable of driving cutting-edge innovations. This will spur entrepreneurship and foster the development of AI-driven solutions across key sectors such as fintech and healthcare.

Additionally, leveraging AI solutions developed by private companies will enhance government services in Cyprus. This includes optimizing public administration processes, improving tax collection efficiency, and ensuring regulatory compliance. AI-powered language tools can also play a crucial role in enhancing communication and integration, thereby boosting workforce productivity and inclusivity.

Integrating AI into smart city initiatives, particularly in areas like traffic management, further underscores Cyprus's potential as an innovative hub. As these initiatives flourish, Cyprus will gain global recognition as a leader in technological advancements, solidifying its position on the global innovation map.

Requirements are not the precise way to define the AI revolution. As we are seeing companies switching to skill-based hiring (with AI skills representing 4 of the top 10 sought after skills), the focus of Cyprus should be fostering a community, not dissimilar to the Silicon Valley area in the United States of America. Cyprus must become the definitive AI hub for both expat specialists and hopeful students.

This, of course, cannot be built overnight. It will take many events like the Quadcode HackAIthon (which already attracted participants to travel from countries like Greece, Germany, and more) to build a strong presence and networking webs. As we are seeing the wild phenomenon unravel with AI, freshly coming off of its hype cycle peak, the demand to switch to an AI field greatly outweighs the supply of career opportunities. Employers should not be afraid of upskilling their existing employees, as well as contributing to the public sector’s efforts to educate the next generation of AI visionaries.

What: Quadcode

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