Meet Stitch Regulatory and Compliance Lead Kathryn Santana

1. Describe your job to a 10-year-old

Compliance keeps companies in check by making sure we’re following a specific set of rules. For a payments company like Stitch, these rules range from how we keep our clients and their customers safe to how we protect the financial system’s good standing, as well as our own. Rules aren’t always made to be broken, and they’re integral to maintaining our reputation and the reputation of our clients. 

2. What excites you most about working on regulation and compliance in the payments space? Why is this so important in the payments space?

We’re operating within a highly regulated industry, and the failure of any organisation to comply with necessary laws or controls can have a far-reaching impact on us - as well as on our country’s reputation (such as our recent greylisting). Because of this, Stitch takes the responsibility of remaining compliant and adherent to the necessary regulations very seriously, while still striving for organisational growth and remaining relevant by building innovative new products.

The antithetical idea is ‘Compliance’ vs ‘Growth’, and I think Stitch has found a really great balance between the two by having a company culture that deeply understands the need for both. Sure, there are moments when I need to advocate for my opinions and educate stakeholders about risks. But in my experience so far at Stitch, the business has always had a positive reaction and healthy respect towards the compliance and regulatory space. I also think this can be rare in the fintech space if the focus is too heavily placed on unfettered growth. 

3. How do you ensure we keep pace with innovation in the industry while remaining compliant?

Fast-paced innovation is a cornerstone of the payments industry, especially in the fintech ecosystem. As a result, I tend to disagree with the sentiment that ‘compliance hampers growth’ by always opting for a risk strategy that is thoughtlessly risk-averse. If anything, I feel compliance opens more doors for fintechs in that we can advocate as a safe choice (with excellent tech) when forming partnerships or developing relationships with clients.

At Stitch, we innovate everywhere - especially within the compliance space. We rely heavily on market trends and assess how we can adopt and implement new ideas while remaining in line with the relevant regulations.

When a product or service is new-to-market, the innovation challenge begins to mount, and that's where we’re able to collaborate with regulators on developing something that’s able to be launched quickly – and is still in line with the vision and guidance of regulators. 

4. Where do you see the future of fintech and payments regulation headed in South Africa? How does this compare to the rest of Africa or globally?

Today, we have more of a collaborative regulatory landscape, and fintechs are seen as active participants in the financial regulatory universe.

This approach has led to more inclusive discourse, enabling us to voice concerns and drive innovation as industry players. Regulatory bodies have accepted and welcomed the unique role we play within the industry and that’s created space for us which has helped to yield a number of positive outcomes.

For example, we have established the Intergovernmental Fintech Working Group (IFWG), which provides a meaningful and effective platform for fintechs to present new-to-market and innovative concepts to key regulatory stakeholders. We're able to drive innovation within our own fintech niche, and importantly, to do so with buy-in from our regulatory stakeholders.

Of course, regulatory progress is happening elsewhere in Africa, too - most recently in Ghana. But, fortunately, South Africa has had a form of regulatory collaboration in place for a while now and it’s really solidified the fintech industry’s standing and has enabled us to advocate for our clients more effectively.

Looking ahead, more regulatory collaboration and involvement could result in the faster implementation of exciting payment services that yield high and sustained adoption. Hopefully, we’ll continue moving forward into a more agile regulation landscape that increases its adoption of soft law instruments. As a result, this should enable industry players to react more quickly to market and product changes. 

5. What’s your favourite thing about working at Stitch?

My favourite thing about Stitch would have to be my colleagues. They’re so highly skilled, invested in our collective growth, and generally good folk. Also, Banana Bread Monday. 

Rapid fire

How do you spend your free time / what are your hobbies?

Growing my own food, reading and hiking

What would your superpower be and why?

Context-switching. It would help when I have multiple projects on the go

What are you reading or watching at the moment?

Radical Candor by Kim Scott

What’s the best piece of advice you’ve ever received?

Believe in yourself and trust in your abilities

What’s your go-to lazy dinner?

Spicy Udon Noodles