Ugne Buraciene: Group CEO of payabl. TechIsland

Ugne Buraciene is leading the charge in transforming Cyprus tech scene.

As the Group CEO of payabl., a leader in European fintech and a key player at TechIsland, she’s reshaping digital payments and nurturing a thriving tech ecosystem on the island.

With her dual roles, Ugne is perfectly positioned to blend innovative financial services with Cyprus’ goal to become a top tech hub. Her efforts are opening doors for local talent and international investors alike, stimulating economic growth and cultivating a culture of innovation and entrepreneurship. In our exclusive interview, Ugne shares her insights on driving change and fostering growth in this vibrant sector.

Can you discuss the importance of Cyprus as a growing tech hub in Europe?

Cyprus offers a favourable business climate, robust regulatory framework and skilled workforce. Its strategic location bridges Europe, Asia and Africa and its EU membership means there is easy access to both highly developed and fast-growing markets.

Looking ahead, Cyprus aims to become a leading fintech and innovation centre, attracting global talent and driving technological advancements that bolster economic growth and digital transformation and we’re proud to be part of this journey.

With your role in TechIsland, what initiatives are you most excited about for boosting the tech industry in Cyprus?

As a board director of TechIsland, I’m excited about several key initiatives aimed at propelling the tech industry in Cyprus to new heights. One of the most exciting projects is our tech skill development programme.

This initiative is designed to equip the next generation of tech professionals with the skills they need to thrive in a rapidly evolving industry. By partnering with educational institutions and offering specialised training, we’re fostering a robust pipeline of local talent ready to take on global challenges.

Another initiative I’m particularly passionate about is the development of startup incubators and accelerators. These programmes provide budding entrepreneurs with the resources, mentorship and networking opportunities they need to transform innovative ideas into successful businesses. By nurturing startups, we’re not only stimulating economic growth but also fostering a culture of innovation and entrepreneurship in Cyprus.

What is your advice to young women who aspire to enter and succeed in the tech industry?

My advice is to embrace continuous learning and build a strong network. Key skills include problem-solving and effective communication, which can be applied to any sector. Overcome obstacles by seeking mentors, staying resilient and believing in your potential. Remember, your unique perspective is valuable – use it to stand out.

What has been the most defining moment of your career so far?

The most defining moment of my career has been leading payabl. through an extraordinary period of growth and geographical expansion. We have achieved significant milestones, such as being authorised as an Electronic Money Institution (EMI) by the Central Bank of Cyprus and the UK’s Financial Conduct Authority. This enabled us to expand our operations across Europe and the UK, allowing us to offer a broader range of innovative financial services to our customers.

It has been incredibly rewarding to see our dedicated team come together to drive innovation and deliver exceptional service. The success of these expansions not only solidified payabl.’s position as a leading fintech company but also reinforced my commitment to fostering growth and excellence within the industry.

How has your journey to becoming the group CEO of payabl. shaped your views on leadership in tech?

Over the last 16 years that I’ve been in PayTech, I found that effective leadership in tech is rooted in adaptability, empathy and resilience. An essential part of it is valuing diverse perspectives and fostering a culture of continuous learning. The industry is constantly evolving and so must our companies and the people working in this field.

My journey in tech also taught me the importance of diversity and inclusion – when I started out over a decade ago, there were so few women in the tech field, let alone in leadership positions. I’m proud to be part of a generation that’s paving the way for a new wave of powerful women, but so much more needs to be done to achieve parity.

What inspired you to focus your career in the fintech sector, particularly digital payments?

I entered the field of payments somewhat unintentionally. My first significant job was at an IT company where we built software for financial institutions. Fintech didn’t exist as a concept yet, but it was there that I learned about the intricacies of processing transactions and routing payments. I then transitioned from the technology side to the payments side and my background in tech came in handy as the payments industry was becoming increasingly technology-driven. 

As a leader, how do you foster a diverse and inclusive workplace at payabl.?

Our policy is simple: we hire the best person for the job, regardless of background. As a result, more than half of our management team is made up of women. Beyond gender, we focus on creating an environment where all employees, including parents, can achieve a healthy work-life balance. We recognise the importance of family and personal time and support our team in managing both effectively.

Additionally, we are committed to the growth of our talent within the company. We have numerous cases of employees transitioning to different roles, thanks to our upskilling and reskilling programmes. This ensures that our team members continue to grow and thrive within payabl., benefiting both their careers and our business.

What role does mentorship play in your life and how do you mentor other women in your industry?

I collaborate with the European Women Payments Network (EWPN) as the Country Ambassador for Cyprus. EWPN is an NGO dedicated to creating a community for women in payments across Europe and their work is incredibly important.

Mentorship has been crucial in my career, providing guidance, support and valuable insights. So I encourage everyone to seek out a mentor to help them along their journey in fintech.

What have been the most significant changes in the fintech sector during your career and how have you adapted to these changes?

The fintech sector has undergone tremendous transformation over the past decade and one of the most significant shifts has been the rise of digital payments and mobile banking. The convenience and accessibility of mobile payment solutions have revolutionised how consumers and businesses accept payments and manage their finances. At payabl., we have embraced this trend by developing omnichannel payment solutions that cater to both online and in-store transactions, ensuring seamless and secure payment experiences for our customers.

The regulatory landscape overall has evolved significantly, with increased emphasis on data protection and consumer rights. While this has added additional pressure on the industry, regulation has also served as a catalyst for innovation, driving the fintech sector further.

How do you envision the future of digital payments and fintech over the next decade?

The payments sector will be unrecognisable ten years from now. The fundamentals of money are changing completely with governments around the world introducing digital currencies. This could impact the way banks hold currency, how businesses accept payments and how consumers pay. But until then, there are many other significant changes taking place in the short to medium term.

For instance, the shift from open banking to open finance will gain momentum, fostering greater collaboration between traditional financial institutions and fintech companies. This evolution will provide consumers with more personalised and innovative solutions, enhancing their overall financial experience and empowering them with greater control over their financial lives.

What legacy do you hope to leave in the fintech industry and for women in tech?

I hope to leave a legacy of innovation and inclusivity in fintech. I aim to inspire and empower more women to enter and thrive in tech. By championing diversity, fostering a culture of continuous learning and driving forward-thinking solutions, I plan to create lasting positive change. My goal is to make fintech more accessible and equitable for everyone.