Spyros Retzekas, CEO of Qualco Technology and Deputy CEO of Qualco Group, speaks with Irini Sakellari from "Proto Thema" about innovation, international expansion, and the technologies shaping the future of financial services.
With a growing footprint across Europe, the Middle East, and Asia, Qualco Technology operates in a complex and demanding environment where innovation and risk management are central to its strategy. Rather than acting as obstacles, geopolitical uncertainty and rapid technological advancement are being turned into opportunities for growth.
How are global economic developments affecting Qualco Technology’s activity and growth?
The technology sector is inherently outward-looking, and our company operates as a strong export-driven organisation with a significant presence in Europe and the Middle East, while also expanding dynamically into Asia. In many Asian markets, the average population age is remarkably low, often under 30, which creates strong long-term growth prospects for our presence there.
"As client needs evolve, our solutions are well-positioned to meet them effectively, supporting sustainable, long-term growth."
At the same time, we’re seeing clear shifts in the market. There is a move away from large-scale, high-cost digital transformation programmes toward smaller, more agile initiatives that deliver immediate value. Projects in the €100–200 million range are no longer the priority. Today, the focus is on solutions that generate fast, tangible returns, allowing clients to quickly realise the value of their investments.
Amid ongoing geopolitical uncertainty, how do you see organisational priorities shifting in terms of technology and investment?
Short-term developments are extremely difficult to predict due to the high level of volatility. This creates noise and pressure, but it doesn’t fundamentally alter our strategic direction.
In the Middle East, we are active in five countries: the United Arab Emirates, Bahrain, Saudi Arabia, Jordan, and Egypt, markets that are mature and high potential. For example, in Saudi Arabia, we secured two major contracts this year despite the challenging environment, and we expect additional deals before year-end.
I anticipate that tensions will ease toward the end of the year, with clearer signals emerging around the nine-month mark. That said, our strategy is built on diversification: 60% of our business already comes from international markets. Our geographic reach now spans from Greece to Japan, with the Middle East and Asia serving as key growth pillars.
2025 was a particularly strong year for new partnerships. What drove this growth?
"2025 was our most successful year in the past decade. We secured 13 new clients, six of which were financial institutions, and expanded into seven new countries."
A key milestone was the Shariah compliance certification awarded to our Qualco ProximaPlus platform in February 2026. This strengthens our position in markets such as Saudi Arabia by enabling us to support Islamic finance structures such as Goods Murabaha and Tawarruq, effectively opening the door to further international expansion.
Which international markets are you targeting next, and what is your strategy?
We maintain a strong presence in both Greece and the UK, where we added five new clients in the first quarter alone.
In the UK, we operate a fully staffed office of 50 employees, enabling us to serve the local market effectively. Our client base continues to grow, with notable partnerships such as Thames Water, the country’s largest water utility.
France is another key market, where we work with eight organisations, primarily in credit management and banking.
However, our biggest strategic focus is Asia. Entering Japan in 2025 was a major milestone that enhanced our credibility and global footprint. We are also exploring opportunities in Indonesia, Cambodia, Vietnam, and Hong Kong, always taking a careful, market-specific approach.
What are the biggest challenges Qualco Technology faces today, and how are you addressing them?
Our main challenge is ensuring that our technology aligns with client needs while remaining compatible with the systems and environments of the markets we operate in.
"Our success is built on a combination of innovation, deep expertise, and a client-centric approach."
Our specialisation in portfolio management and end-to-end process digitalisation enhances client efficiency, while our ongoing support for digital transformation, leveraging modern ICT tools, remains a key growth driver.
Tell us about your new fintech suite: Data, ML & Agentic. How will it help address market challenges?
"Our approach is built around a unified, yet flexible ecosystem that spans the entire value chain, from data management and analytics to execution."
For example, if a customer attempts to purchase a refrigerator but exceeds their credit card limit, the system can instantly assess their profile at the point of purchase and, if appropriate, extend their limit just enough to complete the transaction.
The suite consists of modular software products that can operate either independently or together, allowing organisations to adopt them flexibly based on their specific needs.
It ensures end-to-end transparency and control, with complete audit trails, clear operational rules, and the ability for human intervention, all key requirements in the financial sector.
How do you see AI shaping the financial system as a whole?
We expect companies to increasingly prioritise speed in decision-making, even if it involves a degree of risk, as revenue cycles continue to shorten. This is both an opportunity and a challenge.
"AI is not replacing humans; rather, it is transforming their role, enabling more efficient and optimised processes."
However, these changes may also introduce new inequalities, which will be a critical issue for the future of both the industry and the broader economy.
This inverview was originally published by Proto Thema.
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