In this exclusive interview, we sit down with Jay Pathak, the Managing Director of NewPath Executives, a FinTech Recruitment firm based in Dubai. Jay shares his expertise on the unique challenges and opportunities in the fintech brokerage industry, particularly in the Middle East. He discusses what sets his recruitment firm apart, the key skills top professionals possess, and how they assist brokers in expanding their presence in dynamic markets. Jay also highlights the importance of diversity and offers valuable insights for individuals looking to excel in the fast-paced world of fintech.
Can you introduce yourself and your company’s role in the global and Middle Eastern fintech space, particularly within brokerage?
Hello, My name is Jay Pathak and I am the Managing Director of NewPath Executives which is a FinTech Recruitment firm with its Headquarters based in Dubai.
We specialise in placing C-Level, Director and Senior candidates into FX/CFD Brokers, WealthTech Firms, Payment Companies and Digital Exchanges.
We are recruitment experts in helping brokerages set up, expand and successfully grow within the Middle East, AsiaPac, European, LATAM and African Markets. The roles we place range from C-Suite, Country Managers, Head of Sales, Marketing Directors, Head of Dealing, PSP Specialists, Product Managers , Operations Heads and Compliance Directors.
Fintech is a rapidly evolving industry. What sets your recruiting firm apart from others when it comes to sourcing top talent for brokerage firms, especially in the Middle East?
We see brokerages and even our recruitment competitors often relying on just advertising and using LinkedIn to attract talent for their important positions. We feel they are leaving many stones unturned by way of missing out on the full coverage of talented candidates available for their critical roles. Don’t get me wrong, LinkedIn is a great directory but that’s all it is! It should not be used as the only way to source candidates, and more often than not, the passive candidate, who would be an ideal fit for a client’s role, may not want to reply back to a Linkedin message or apply for an advertised position.
The question here is how does one access these ‘hard to get’ candidates? This is where we come in and this is what sets us apart from other recruitment companies. Let me explain:
a) We pride ourselves on the strong network of candidates and trusted relationships we have built over the last 10 years within the global FX/CFD brokerage industry space. We have direct access to thousands of ‘brokerage’ candidates around the globe. They trust us and we are able to give them a more nuanced view of the client’s culture, motivations & ambitions, and more importantly the reasons why they should consider having a conversation/interview with our client.
b) We undertake an active ‘search approach’ when sourcing candidates which involves researching, mapping out competitor companies,and directly contacting the target candidates in a confidential and professional way.
c) Our candidates are the bloodline of our business, we therefore keep in close contact with our marketplace be it through coffees, video calls, visiting expos, etc. This active approach and trust building allows us to receive many referrals and introductions of new candidates that would not be accessible through traditional methods.
Brokers often face unique challenges when entering regional markets like the Middle East.
Could you share some key challenges you’ve observed and how your company assists brokers in overcoming them?
Let’s look at the UAE where you are seeing a lot of brokers setting up. The key challenges for most of these brokers who want to enter this market is how they should set up and whether they should go for regulation in the UAE or not. For example brokers can start the process by applying directly to one of the main regulators in the UAE. The main regulators are SCA, DIFC, ADGM, or DMCC, or they can start with a low cost set up to enable them to gain a feather landing into this market and then decide on their direction forward. The decision obviously depends on each individual broker based on their strategy, appetite and funding.
We can advise brokers on the trends of how other brokerages have set up in the UAE from a low cost set-up all the way to how the major players in the UAE have established themselves. We also present these brokers with experienced candidates who understand the Middle East market and can best advise them on the best way to set up and how they can commercially penetrate the Middle East market from a Sales and Marketing perspective.
What are the essential traits and skills that talented professionals in the fintech brokerage space possess, and how do you identify and attract such individuals to your client firms?
I’ll give you a real time example. We are currently working on Head of MENA and Sales Director type positions for our FX/CFD clients who are entering the UAE. The FX/CFD sales market in the Middle East is very ‘relationship’ driven where high net worth customers expect facetime and regular communication. Our best candidates understand this, and even more so they understand the different sensibilities and cultures they are dealing with in this ever growing and changing market. For example, the client market in the UAE is not just Arabic speaking. You have a huge Indian and Pakistan demographic living in the Middle East, and Russian and Chinese clients are growing in the UAE in a rapid way..
We keep in regular contact with these types of candidates. This makes it easier for us to attract them to our broker clients, especially when our clients are looking for candidates who think out of the box and have ideas and strategies on how to differentiate their sales approach, especially from the other brokers in the UAE that are following standard structure and market approach.
Could you provide examples of success stories where your company played a pivotal role in helping brokerage firms establish a presence in the Middle East or other global markets?
Without disclosing names, we assisted a major UAE broker build their C-level and Director teams placing roles such as Chief Risk Officer, Global Head of Sales, Head of MENA Sales, Chief Dealer, Head of Compliance, Chief Marketing Officer, and Head of Legal. This broker is regarded as one of the premium brokers in the region.
We have placed CEO’s for a major European FX/CFD Broker in Spain and Australia and are currently assisting them on finding a CEO for Columbia. The recent feedback we received from this client was heartwarming as the candidates we have placed are doing a great job in challenging regulations.
We assisted a Cyprus based broker by finding them a CEO for MENA and a Head of Sales. We also helped them build their MENA Sales and Marketing team. This broker is exceeding targets and is about to be granted the SCA regulation.
We have placed the CEO for the No1 Social Trading company in the world in ADGM, Abu Dhabi and have placed many Senior Executive Officers, and Authorised Compliance Officers for our FX/CFD clients in DIFC, Dubai.
We are experts in FX/CFD recruitment and have placed many Senior positions within Europe, AsianPac, Middle East, Africa and LATAM.
From a talent perspective, what do you think professionals in the fintech sector are seeking in a brokerage firm, and how does your company assist in matching these expectations?
Let me answer this question from a Business Development candidate’s perspective who is not actively looking for a job but could be tempted if we have the answers to their important questions. The better Business Development professionals who know how to generate business will want to know the global regulations our clients have, the products they offer, how competitive their pricing is, what PSPs are in place, and if the clients have an IB & Affiliate model in place.
These questions are always a good sign for us as it means these candidates are thinking about their existing or future clients. They are thinking about the conditions of the prospective employer and whether the employer has the tools and environment for the candidate to maximise their sales.
We make it our job to understand and become an extension of our clients so we are able to answer these types of questions from the candidate. This way we are able to engage the passive candidate who could be a perfect fit for our clients important role.
Fintech is known for its innovation and fast-paced environment.
How does your recruiting firm help brokerage companies stay competitive and adaptable in this ever-changing landscape?
We are not just out for quick wins when it comes to recruitment. We seek to form trusted relationships with our clients helping them expand their global presence by way of breaking into new emerging markets. We accomplish this by introducing them to candidates who can help them accelerate their growth into new markets.
We make it our job to keep abreast of the fast paced innovation within the global brokerage industry and often discuss new market trends with our clients be it digital subscription models, social banking, innovative payment solutions and new mobile app features for traders.
In terms of diversity and inclusion, how important is it for brokerage firms in the Middle East to build diverse teams? How do you support clients in achieving this?
We treat diversity and inclusion very importantly and so do our brokerage clients as they seek their teams to represent the varying degrees of demographic representing the diverse landscape that is the Middle East.
Our shortlist of CVs that we send to our clients are always diverse from an inclusion perspective, however we always ensure we meet the client’s requirements be it experience, product knowledge and/or regional know-how.
Lastly, what advice do you have for both aspiring and experienced talents on how they can stand out in the competitive fintech industry and make themselves more attractive to potential employers?
When you meet a prospective employer you need to sell yourself! Do your research about the client and the competition. Ensure you know your market and what the challenges are. Be sure to convey what you can bring to the table. Highlight your key achievements and what your unique selling points are. Have questions prepared for the meeting and finally, Close the Deal!
Please Contact Jay Pathak on:
Email: [email protected]
Phone: +971 (0)58 5780817
https://www.newpathexecutives.com
