Rajeev Mago

Fueling Innovation Rooted in Purpose

Rajeev Mago

Head Technology Engineering Center India,

Western Union

By 2025, digital payments in India alone are projected to hit nearly $10 trillion, a leap that demands visionary leaders to redefine the future of finance. Rajeev Mago, Head of Technology Engineering Center India at Western Union, is precisely that leader. With nearly three decades across global financial institutions like HSBC, UBS, and Bank of America, Rajeev has become a key architect in the fintech space, shaping not just frameworks but the talent and technology behind seamless cross-border transactions

“THE FUTURE OF FINTECH LIES IN BRIDGING TRADITIONAL FINANCIAL SYSTEMS WITH EMERGING TECHNOLOGIES TO SERVE BOTH DEVELOPED AND UNDERSERVED MARKETS ALIKE.”

Rajeev’s journey from pioneering fintech projects in the 90s to today’s complex, high-stakes financial landscape reflects his commitment to balancing innovation with stability. As he puts it, ‘Engineering excellence is the backbone of meaningful, secure transformation.’ Known for his ability to build and nurture globally aware, locally effective teams, Rajeev is among the 2024 Fintech Leaders in India, driving an era where robust digital infrastructure and financial inclusion go hand in hand. To learn more about Rajeev’s insights on the future of fintech and his unique approach to leadership, read his exclusive interview with TradeFlock.

How has your global financial experience influenced your view of Fintech’s future, especially in remittances and cross-border transactions?

I’ve gained a deep understanding of the unique challenges in payments, remittances, and cross-border transactions from my extensive experience in global finance. What excites me most about the future of Fintech is the chance to connect traditional systems with underserved markets in transformative ways. For me, it’s all about people—building diverse, insightful teams who understand both local markets and global complexities. By using scalable frameworks, we can bring secure, innovative solutions to different regions faster than ever. And it’s engineering excellence that truly makes this possible, balancing cutting-edge tech with the robust infrastructure needed to drive real change—much like what we accomplished in capital markets a decade ago.

What are the unique challenges of leading tech teams in financial services versus banking?

Leading in banking and financial services feels like steering two ships in the same ocean, but each with its own course. In global banking, my focus is on stability, risk management, and handling legacy systems. Meanwhile, in financial services, there’s more space for flexibility and innovation. My approach shifts to empower teams to balance these unique demands, ensuring they’re equipped to deliver both compliance and creativity. Scalable frameworks and engineering excellence—through quality code, automation, and strong infrastructure—are essential, allowing us to innovate without disrupting critical operations. This blend of agility and resilience defines my leadership in both worlds.

How does customer data shape your strategy for delivering personalised Fintech services?

Customer data is at the core of creating meaningful, personalised financial experiences. I believe that “data-driven insights turn customer needs into tailored solutions,” enabling us to design services that truly resonate. By building a skilled, data-driven team, we can anticipate customer preferences while maintaining privacy and security. A scalable framework lets us process data efficiently across regions, and engineering excellence ensures that each personalised experience is secure and compliant. This balance allows us to deliver personalisation without compromising trust.

Looking ahead, what legacy do you aim to leave as a Fintech leader?

I want to leave behind a legacy where people, processes, and technology intersect harmoniously. Empowering diverse teams to innovate while upholding the highest standards of compliance and security is at the heart of my leadership. I hope to be remembered for building a scalable framework that drives long-term value and for fostering engineering excellence that ensures flawless execution. My vision is to create a culture of responsible innovation—where technology bridges financial inclusion, and my teams feel inspired to make a lasting impact.

In an industry where speed and security clash, how do you balance Fintech innovation with regulatory compliance?

Balancing the two means embedding compliance directly into our product design, so innovation and regulation move in sync. I believe a strong team that values both can make this possible. With automation and advanced monitoring, we’re able to innovate quickly without compromising on compliance, proving that security can be a driver—not a blocker—of sustainable growth.

“IN FINTECH, SPEED IS THRILLING, BUT SECURITY IS ESSENTIAL.”

How do you approach managing diverse cultural and regulatory expectations worldwide?

Navigating diverse cultural and regulatory landscapes is all about building strong local leadership teams that understand regional dynamics while staying aligned with global strategies. I focus on empowering these teams to adapt to different regulatory demands without losing sight of core values. A scalable framework is essential for ensuring compliance across geographies and maintaining consistent quality. Engineering excellence is also key, allowing us to create adaptable systems that meet both global and local needs. By fostering an inclusive environment, I ensure that diverse perspectives drive innovation, making the technology solutions flexible enough to tackle each market’s unique challenges effectively.

What’s your method for balancing rapid innovation with stability in Fintech systems?

Managing the pressure to innovate while ensuring stability is about fostering a culture of innovation grounded in engineering excellence. By encouraging teams to experiment within a controlled, scalable framework, we can drive innovation without disrupting critical systems. Risk mitigation is built into every phase, from pilot testing to full implementation, with automation and real-time monitoring reinforcing stability. Engineering excellence ensures our infrastructure is prepared to handle disruptions and scale as needed, effectively balancing progress with reliability.