We’re excited to sit down with Svyatoslav Garal, currently serving as the Global Head of Payments at Wirex, is one such rare professional. With an impressive 18-year trajectory in the banking and payments industry, Svyatoslav has successfully navigated the transition from traditional finance to the crypto world, emerging as a key figure in bridging these two often disparate realms. His current role showcases a comprehensive skill set ideal for high-level operational leadership in the fintech space.
Svyatoslav’s career is marked by significant achievements, including the successful launch of diverse products across traditional banking services and blockchain technology, the development of innovative payment solutions across both the consumer and merchant sides of the payment process, and the establishment of strategic alliances with industry giants such as Visa and Mastercard. Recognized multiple times with the prestigious awards in various organisations, Svyatoslav also actively mentors fintech start-ups, guiding them in developing cutting-edge solutions and strategic growth through his expertise in payment innovations, helping them thrive in the rapidly evolving financial landscape.
Your career spans 18 years in banking and payments, with a successful pivot to the crypto world. What inspired this transition, and how has your traditional finance background informed your approach to crypto and Web3?
My curiosity about how things work led me to extensively explore the evolution of traditional banking. Over time, it became clear that the banking industry, constrained by heavy regulations and monopolized by technology providers like SWIFT, was stagnant and in need of more than just gradual change—it needed a revolution. After observing revolutionary ideas globally, I recognized that blockchain and crypto were the groundbreaking technologies poised to reshape the future of finance. The opportunity to be at the forefront of this transformation was too compelling to resist, and that’s what inspired my transition into the crypto world.
As a fintech leader, you’ve been instrumental in bridging Web3 and traditional finance. What do you see as the biggest challenges and opportunities in this intersection?
One major challenge is the lack of understanding and acceptance of Web3 technologies by many traditional finance players, which can create unnecessary obstacles to integration and innovation. However, the opportunity lies in the potential for those who embrace and effectively utilize blockchain and crypto technologies. Financial institutions that recognize the enduring presence of crypto and leverage its capabilities are more likely to thrive and grow. A good example is both Visa and Mastercard, who are actively piloting stablecoin settlement technology, which I believe will greatly improve operations for their members in the future, by clearing and settling daily, instead of only five days a week.
You’ve launched a diverse array of products across traditional banking services and blockchain technology. Can you share your approach to product innovation in the fast-evolving fintech landscape?
I believe any innovation starts with identifying a problem, so I spend a lot of time thinking about what I want to solve, and the solution naturally follows. However, the most crucial aspect of my approach is ‘talking through’ ideas. In fintech, the innovation process is never a ‘one-man show,’ and my ideas and strategies are shaped through discussions with colleagues, industry peers, and even competitors. A great part of my process is getting supporters on board. It’s not enough to come up with an idea and declare ‘Eureka’; you need to implement it and make it functional and usable. During my time with Visa, I spent a lot of energy explaining innovative solutions to banks and how they could benefit from them. In my current role, I work closely with other departments to make things happen. Finally, I keep my eyes and ears open, constantly following market developments. The light bulb was almost simultaneously invented by several people in different parts of the world. Is that a coincidence? I don’t think so.
You’ve worked closely with both Visa and Mastercard throughout your career. How do you see these two major players differing in their approaches to cryptocurrency and blockchain technology? What implications do these differences have for fintech companies operating in the crypto space?
Both Visa and Mastercard are market leaders, and in my opinion, it’s more insightful to compare them with their peers rather than with each other. Unlike AmEx, CUP, JCB, or other payment schemes, Visa and Mastercard are actively engaged in crypto activities, which is evident from the significant volume of transactions they handle, especially during the pandemic. Many ‘crypto cards’ in the market exclusively bear the logos of these two brands.
Both companies have established dedicated departments and hired top professionals to spearhead crypto innovations. They actively engage with the industry and support its players. While their approaches are quite similar, differences may arise in the range of initiatives they undertake and the speed at which they implement them, which is to be expected. It’s fascinating to see how both Visa and Mastercard are transforming to embrace cryptocurrency and blockchain technology.
For fintech companies operating in the crypto space, this means there are tremendous opportunities to collaborate with these payment giants as they continue to innovate and adapt to the evolving financial landscape.
Non-custodial cards are an interesting development in the crypto space. How do you see these and similar innovations shaping the future of digital payments?
Non-custodial cards represent a new generation of payment cards in the crypto space. Linking a card to a custodial crypto account is no longer considered innovative. In the past, issuers who attempted to link cards to self-custodial wallets faced challenges during transaction authorization due to the strict time limits imposed by Visa and Mastercard. It was impossible to verify a transaction with the wallet holder and create a block on the blockchain within a few seconds.
However, with new technologies and protocols now available, these limitations have been overcome. Using a self-custodial account for card transaction authorization is now a reality. This development opens a whole new market, as crypto holders are constantly seeking ways to spend their assets safely and compliantly. I believe this innovation will significantly shape the future of digital payments by providing more flexibility and control to crypto users
You’ve worked across different regions, including APAC, EMEA, and CIS. How do regulatory landscapes and market needs differ across these regions in the fintech space?
Speaking about traditional finance, I spotted the following differences. In APAC, the regulatory environment is quite diverse, with some countries embracing fintech innovation more rapidly than others. The region is known for its mobile-first approach, driven by high smartphone penetration and a large unbanked population, leading to a focus on mobile payments and financial inclusion. In EMEA, there’s a strong emphasis on regulatory compliance and consumer protection, especially within the European Union. Initiatives like PSD2 and open banking have paved the way for innovation, but they also require fintech companies to navigate complex regulatory frameworks. The market here tends to be more mature, with a focus on integrating new technologies within established systems. In CIS, the regulatory landscape is evolving, with some countries adopting a cautious, or I’d even say over-regulated approach to fintech and others pushing for rapid digital transformation.
The market needs in this region often center around improving access to financial services and modernizing outdated banking infrastructure. Across all these regions, there’s currently a significant push to combat scams and fraud of all sorts, reflecting a global trend towards enhancing security in the fintech space. In the blockchain sector, speaking about blockchain and crypto, I’ve noticed impressive collaboration between regulators, with many countries even following each other’s lead in shaping policies. However, Singapore stands out as a leader in this area, developing crypto regulations at an impressive pace and doing so in close collaboration with the industry. This approach has made Singapore a benchmark for effective regulatory practices in the overall fintech space. Overall, these differences and commonalities highlight the need for fintech companies to be highly adaptable, aware of local regulatory requirements, and responsive to market demands in each region.
In your experience, what are the most critical skills for a fintech executive today, especially when navigating both traditional finance and crypto domains?
In my opinion the most crucial skills are adaptability, strategic vision, and a deep understanding of both traditional finance and emerging technologies like blockchain and crypto. Adaptability is essential because the fintech space is constantly changing, with new regulations, technologies, and market dynamics emerging all the time. An executive must be able to pivot quickly and guide their organization through these shifts.
Strategic vision is crucial for navigating the intersection of traditional finance and crypto. It involves not only understanding the potential of these technologies but also being able to foresee how they will integrate into existing financial systems and how they can be leveraged to create new opportunities. A strong foundation in both traditional finance and crypto is indispensable. This means not just understanding the broader concepts but also knowing the details—sometimes down to a very granular level. Having some coding skills or at least the ability to navigate IT-related questions is increasingly important.
While it might seem unconventional for an executive to dive into such specifics, especially when the role traditionally focuses on high-level strategy, in this evolving landscape, it’s crucial. Beyond having a ‘helicopter view,’ a fintech executive today must also understand the underlying technologies and how to apply them effectively. Additionally, strong leadership and communication skills are vital. Leading a team through uncharted territory requires clear communication, the ability to inspire, and the capacity to build consensus among diverse stakeholders, including regulators, industry peers, and internal teams.
You’ve been recognized multiple times as a “Best Achiever” in the companies you worked for. What do you consider your most significant achievement, and what lessons did you learn from it?
My most significant achievement stems from my mindset of constantly creating added value. I believe this approach is crucial, and I consistently demand it from myself and the people I work with. Whether it’s developing a new revenue stream, optimizing costs, launching a product that sets the company apart, or streamlining processes, the focus is always on adding tangible value. It’s about more than just fulfilling your daily responsibilities; it’s about making a meaningful impact. This mindset has driven my success and is the key lesson I’ve learned throughout my career
Looking ahead, what emerging trends or technologies in fintech excite you the most, and how do you think they will impact the industry?
I see three major trends shaping the future:
- The Blockchain – It’s clear that blockchain is here to stay, but the technology has evolved significantly from what it was a decade ago. As it continues to advance, it will introduce new ideas, technologies, and, inevitably, new challenges that will need to be addressed.
- Decentralized Autonomous Organizations (DAOs) – The rise of DAOs is another trend that excites me. These organizations have the potential to revolutionize how businesses are structured and operated, bringing a new level of decentralization and community-driven governance that could transform the future of business.
- Security and Compliance – With the rapid development of AI, deepfakes, and the increasing threat of scams and fraud, security and compliance are more critical than ever. Bad actors also leverage blockchain and AI, as we know, and staying ahead of them becomes increasingly challenging. Developing innovative solutions to protect people will be of critical importance as these threats continue to evolve.
