Green Sheet interviews RS2's Radi El Haj

In today's rapidly evolving payments landscape, complexity is no longer a back-office issue; it's a global crisis affecting everything from user experience to financial inclusion. In this Q&A, Radi El Haj, CEO of RS2, shares his insights on the forces driving this crisis, the pitfalls of one-size-fits-all strategies in high-growth regions like Latin America, and why the future of payments hinges on unified infrastructure, regulatory innovation and a shift in mindset among fintechs worldwide.

1. You've described a payments complexity crisis affecting developed and emerging markets. What are the core factors driving this crisis, and why is it coming to a head now?

In developed markets like the U.S. and U.K., the payments space has become overcrowded with niche providers, legacy infrastructure and bolt-on solutions. Each innovation layer adds operational overhead, technical debt, and regulatory strain. Meanwhile, in emerging markets, especially in places like Latin America, the complexity comes from the opposite problem: lack of infrastructure, inconsistent regulations and the dominance of cash economies.

What unites both is fragmentation, and it's now hitting a breaking point. The pressure to scale globally, operate efficiently and comply with fast-evolving standards is exposing the limits of siloed systems.

The crisis is coming to a head because the industry can no longer afford to treat payments as a backend function. It's become central to user experience, business growth and financial inclusion. We need smarter, more unified infrastructure that supports both agility and compliance.

2. Latin America is often seen as a high-growth opportunity for fintechs, yet you suggest many Western companies are misreading the region. What are the most common mistakes you see, and what would a truly contextual approach look like?

One of the biggest mistakes is assuming Latin America can be treated as a monolith, or worse, as a simple extension of Western markets. Too many companies localize their products linguistically without adapting to the cultural, regulatory or behavioral nuances of the region.

They underestimate the importance of building trust in economies where large segments of the population remain unbanked and deeply skeptical of financial institutions. A truly contextual approach means starting with humility. You need to invest in local partnerships, understand informal economies, and design products that work with tools like Pix in Brazil or PSE in Colombia.

Success in LATAM isn't quick or transactional; it's long-term, deeply relational and requires an adaptive mindset.

3. You've said regulators in Latin America are out-innovating their Western counterparts. Can you share examples of regulatory innovation in the region that could serve as a model globally?

A standout example is Brazil's Central Bank, which launched Pix, the country's instant payment platform. It processes billions of transactions monthly, free to consumers and available 24/7. That's not just a technical achievement but it's a policy innovation. Regulators there are actively shaping ecosystems that drive inclusion and digital transformation.

Colombia's approach to sandbox regulation is another example. They're giving fintechs a safe space to test and launch solutions under regulatory supervision. These models work because the regulators see themselves as catalysts, not just watchdogs. They engage proactively with industry, adapt quickly, and keep financial inclusion front and center.

Western markets could learn from this balance of structure and flexibility. It accelerates innovation without compromising oversight.

4. What makes RS2's unified platform approach particularly effective in dealing with cross-border payment complexity, especially in fragmented markets like those in LATAM?

Our unified platform simplifies what's traditionally a highly fragmented and resource-intensive process. Instead of needing multiple vendors or integrations for issuing, acquiring, settlement and compliance, we provide a single, scalable platform that handles it all. This becomes critical in markets like LATAM, where infrastructure gaps and regulatory variation create major friction for fintechs trying to expand.

Through one integration, our clients can operate seamlessly across markets while we manage the local complexities. Whether it's adapting to offline environments, supporting local payment rails like Pix, or handling tax compliance, the result is faster time to market, reduced operational risk, and the ability to focus on customer experience rather than backend orchestration. It's about taking away the complexity so fintechs can scale with confidence.

5. From your global vantage point, where do you see the most urgent need for reform in payment infrastructure, and who's leading the charge in addressing it?

The most urgent need is for infrastructure that balances speed, inclusion and resilience, especially in underbanked regions. LATAM is leading the way here. Brazil's Pix is a clear example, but there are similar innovations happening in countries like Mexico and Colombia, where regulators and fintechs are co-creating frameworks that work in real-world conditions.

In contrast, many Western markets are weighed down by legacy systems and regulatory caution. Reform needs to focus on interoperability, real-time access and flexibility to serve both formal and informal economies.

Governments and central banks that treat payments as a public utility are the ones setting the pace. That mindset shift is key to creating infrastructure that truly scales and serves everyone.

6. With over 35 years of experience in the payments space, how has your view of innovation evolved, and what do you believe fintechs need to unlearn to succeed in the next decade?

Early on, innovation was about technology: speed, automation, efficiency. Today, I see it more as a mindset rooted in empathy, adaptability and long-term thinking.

The next wave of fintech success won't come from those with the flashiest apps or fastest funding rounds, but from those who deeply understand their users, respect local contexts and build for trust.

One thing many fintechs need to unlearn is the obsession with scale at all costs. Growth is important, but without a sustainable foundation it's fragile. Innovation should solve real problems, not just chase hype. The companies that win the next decade will be those who listen first, build second and scale only when they've earned the right to do so.

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