“It isn’t just one person leading a company. It takes the input of many people together, bringing various years of experience and expertise to the party to successfully reach our goals. I am not the boss. I might be the one kindling the flames, but then it is my job to motivate my teams to keep the fire going. It would be extremely naïve to assume that a manager can do everything by themselves, and they would effectively be wasting a lot of resources on the way,” explains Olegs as he is asked about his style of leadership.

“I make it a point to discuss and understand the various points of view of my colleagues. It wouldn’t be the first time that they propose ideas worth investigating and taking on board. Sometimes I wouldn’t be convinced, and I would need to stick to my convictions, but I always stress the value of conversation and make sure to explain why we would be taking a particular stance, so everyone is kept on board and informed.”

It is this sense of collaboration that inspires Oleg’s management of the runaway growth of Blackcatcard.

“As a financial institution, we know that the entire economy is changing in front of our eyes. New technologies are disrupting everything we knew up till not too long ago, shifting the environments we operate in considerably. While we must remain quick on our toes to take advantage of new opportunities, we must also be vigilant for the new threats,” Olegs warns.

“Markets are changing, and we are seeing collaborative models taking over, more than ever. It will increasingly become less advisable to run an entire show by oneself, especially from scratch. In fact, the practice of farming out determinate sections of one’s operation, in a drive towards collaboration, is not only sensible, but also economically advantageous. Moreover, the ultimate beneficiary customer and the brand itself often gain a superior service due to improved specialisation.”

For Olegs, the constantly shifting scenario is an opportunity for growth. “We cannot expect to grow if we continue doing the same things, we did a year or two ago. The environment is changing around us as we speak. The economy is completely different, and so are people who might not have our best interests at heart – they are evolving too. So, it is our job to stay ahead of the curve, to safeguard the interests of our customers and the company.

Customers are also evolving and as expected they request new products and services. “Competition is heightened in our sector, and we make it a point to always offer a superior service to our clients by coming up with new and improved products that satisfy their needs.”

Olegs’ technical background allows him to manage risk meticulously and in a scientific way. In fact, throughout his long career in banking in various jurisdictions he has developed a comprehensive risk management system that can be applied to any financial model. 

Olegs now has been based in Malta for a number of years, as he leads Papaya Ltd, offering a novel way of making online payments, through Blackcatcard an innovative solution for e-wallets and payment cards.

Previously he held the position of Head of Branch in an international bank in Rome, having worked his way up from his hometown in post-Independence Latvia. His natural disposition to speak to customers directly and understand what they needed, helped Oleg grow within the structures of the bank, at a time of immense change, and opportunity. Being from a generation that experienced an entire childhood outside of the tech-revolution, Oleg views technology as a tool, and is capable of keeping a bird’s eye view of matters.

In 2017, he joined Papaya Ltd and was immediately involved in the development of Blackcatcard from the ground up, creating a product that serves as a direct link between customers and their funds, as they remain responsible for the funds they deposit directly.

“In Malta the sector is robustly regulated and that is a good thing. The legislation is extremely detailed and precise and that means that all players know exactly what is expected of them, and no room for interpretation or misunderstandings is left. This gives us ample peace of mind, making our operations far more convenient,” Olegs concludes.