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MIKAELA MACKENZIE \/ FREE PRESS<\/p>\n
\u2018What we do are projects (where) institutions can\u2019t afford to get it wrong,\u2019 says Tom Papagiannopoulos, CEO of BanQsi Inc., in the financial tech company\u2019s Winnipeg offices.<\/p>\n
When Papagiannopoulos is explaining what he does to family and friends, he likens core banking to a key part of human anatomy and BanQsi\u2019s staff to medical experts.<\/p>\n
\u201cWe\u2019re like the heart specialists of banks,\u201d he said.<\/p>\n
Core banking is the back-end connection for multiple branches of the same bank or credit union that allows customers to access account transactions, such as loan management, deposits and withdrawals, in a single safe entity.<\/p>\n
If a financial institution is updating or migrating its core banking, or merging with another organization \u2014 think of the credit union mergers that have occurred in Manitoba in recent years \u2014 BanQsi is there to help.<\/p>\n
\u201cWe help them merge the hearts together,\u201d Papagiannopoulos said. \u201cWhat we do are projects (where) institutions can\u2019t afford to get it wrong.\u201d<\/p>\n
Since May 2023, BanQsi has successfully completed 40 large-scale projects across North America. The company has doubled its workforce in the last year to approximately 50 employees, Papagiannopoulos said, at least a dozen of whom live in Manitoba.<\/p>\n
In October, BanQsi established an office in Dubai, so the company can pursue work in the United Arab Emirates and the other five countries that make up the Gulf Cooperation Council.<\/p>\n
By Papagiannopoulos\u2019s count, there are fewer than six companies in North America that do what BanQsi does. As the company continues to grow on this continent, Papagiannopoulos and Syed saw an opportunity to serve the growing financial services market in the Middle East.<\/p>\n
\u201cWe wanted to make a statement,\u201d Papagiannopoulos said of establishing the Dubai office. \u201cWe know that we\u2019re going to be active there \u2026 And once we are, we have one or two other international markets that are kind of lining up for us as well.\u201d<\/p>\n
Although his initial university degree was in classical studies, Papagiannopoulos has spent the last three decades working in IT, including management and executive roles at IBM. <\/p>\n
He started BanQsi in December 2022, eventually bringing on his former colleague, Syed, who is a University of Manitoba graduate and experienced fintech executive. Syed is currently based in Dallas.<\/p>\n
The company\u2019s name \u2014 pronounced \u201cbanksy,\u201d like the elusive English street artist \u2014 is a combination of the French word for bank, and SI, which stands for systems integration.<\/p>\n
Papagiannopoulos declined to name BanQsi\u2019s clients, citing the sensitive nature of the company\u2019s work, but said the company has supported Manitoba-based institutions, helping them manage complex core banking and modernization initiatives.<\/p>\n
The nature of BanQsi\u2019s work also makes it difficult for Papagiannopoulos to go into detail about what happens when the company is working on a project.<\/p>\n
\u201cWe have a methodology that (employees) follow and it\u2019s essentially bulletproof,\u201d he said. <\/p>\n
\u201cBut the weekends are long. We have everyone on hand, on alert. When there is a glitch, people stay up \u2019til 2 a.m., 3 a.m., 4 a.m., but on Monday morning, things work.\u201d<\/p>\n
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As he looks to the future, Papagiannopoulos sees further expansion ahead. He anticipates BanQsi\u2019s employee count growing by 30 per cent before the end of the year.<\/p>\n
\u201cWe\u2019re building towards growth \u2014 we\u2019re not chasing growth,\u201d he said, adding that BanQsi isn\u2019t looking for funding the way other fintech companies might.<\/p>\n
\u201cA lot of folks raise $10 million, $20 million, in the hopes that they\u2019ll do something grand. We\u2019re just going to do something grand slowly and surely.\u201d<\/p>\n
BanQsi is proud of its Winnipeg roots and its foundation will remain in the city, Papagiannopoulos said.<\/p>\n
aaron.epp@freepress.mb.ca<\/p>\n
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Aaron Epp Aaron Epp reports on business for the Free Press. After freelancing for the paper for a decade, he joined the staff full-time in 2024. Read more about Aaron<\/a>.<\/p>\n Every piece of reporting Aaron produces is reviewed by an editing team before it is posted online or published in print \u2014 part of the Free Press\u2018s tradition, since 1872, of producing reliable independent journalism. Read more about Free Press\u2019s history and mandate<\/a>, and learn how our newsroom operates<\/a>.<\/p>\n
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