At a time of accelerated change in the card and payment industry, Maaike Steinebach uses a vivid image to convey the sense of constant pace and progress.
“I see my team as a fast-moving bullet train,” says Visa’s general manager for Hong Kong and Macau. “And I’m five minutes ahead trying to keep the path smooth and make sure they can do the jobs they are good at. These days, we see a lot of innovation coming into the space, with a whole generation of digitally native people now using their mobile phones to manage their daily lives. That means we must develop continuously as the market changes, looking at other viewpoints, contexts and ways of working, so we don’t stay stuck in the present.”
Long one of the world’s largest payment companies, supporting a global network of consumers, merchants and card issuers, the broad aim now is to become more a technology company, helping to shape a new ecosystem and making use of available data to create a better customer experience.
At one level, that involves connecting with clients through focus groups to understand their needs, wants and strategic priorities. At another, it is about keeping in step with the latest developments in fintech, virtual banking, data security, fraud prevention, and interoperable “open loop” infrastructure, which avoids the need for multiple means of payment.
“With the changing ecosystem, we must continue to innovate, to understand the key trends, build new capabilities, and partner with the right players,” says Steinebach, who oversees a 50-strong team. “We already have the largest market share in Hong Kong, but for me it’s about the quality of experience, not the quantity of transactions. We want a seamless, frictionless customer experience for everyone, which is why we advocate the convenience of ‘tap and go’ at the sales point. It’s also why we spend extensive time and investment on card security features developed around ‘tokenisation’. If there is a breach, it is not your card number which is taken, but a ‘token’, which can be easily replaced and ensures the system remains safe.”
Steinebach was born in the Netherlands but, from the mid-1970s, spent eight childhood years in Saudi Arabia, where her father worked for a Dutch construction company building infrastructure and doing dredging. Her mother had been a medical analyst, but for practical reasons opted to become a homemaker, also doing a lot of charity work.
“In Riyadh and then Yanbu, it was a very shielded and protected life,” she says. “I went to an international school, but there were camping trips in the desert and company outings, so we had a great time. I would say that experience triggered my interest in international adventure and understanding different peoples and cultures.”
When the family returned to the Netherlands, settling in Hilversum, she finished high school before taking the next step.
“From an early age, I wanted to do hotel management and own a restaurant, but I was the oldest of three and my parents wanted me to go to university.”
Accordingly, she chose to study business and finance in Amsterdam, including an internship with Investec in Hanover which, on graduation, led quite smoothly to a traineeship with MeesPierson, a private bank later taken over by Fortis.
There, she made her name on what was known as the “cappuccino desk”, learning about the financing of trade in coffee, cocoa, sugar and dairy products, and travelling to some of the key equatorial growing areas in Asia, Africa and Latin America.
Five years in the Netherlands office were followed by three in London before a move to Singapore in 2003 to become regional head for Fortis, overseeing the business in agricultural commodities, oil and gas, steel and base metals. Success there brought a transfer to Shanghai two years later to assume the role of country manager for Greater China — at a time of rapid growth in the commodities sector — and to look after infrastructure and ship finance.
Steinebach, though, was always keen for new challenges so, after the global financial crisis, when the offer came of move to Hong Kong to help ABN Amro with a corporate reorganisation, she jumped at the chance, subsequently becoming regional head for their corporate bank. And, in 2014, when Commonwealth Bank of Australia offered the position of country executive, also agreeing to set up an innovation office in Hong Kong, it tied in neatly with her own interest in promoting technology and was an opportunity not just to improve efficiency and results, but also to influence issues like employee engagement.
“Looking back, I’m happy with the direction my career has taken,” she says. “As a leader, you set the tone and, for me, that’s about empowerment and creating an environment to foster curiosity.”
The most recent switch — to Visa in early 2019 — was initially prompted by a perception that the banking industry was not moving forward with change as fast as she’d hoped. More specifically, she wanted closer involvement with the latest tech developments reshaping the finance sector, without being consumed by the 24-hour-a-day hassle of leading a start-up.
A good balance now allows her sufficient time to be a committed advocate of “femtech”, helping to bring more women into the fintech community and give them a voice, while also mentoring start-ups.
“I’m very passionate about the empowerment of women,” Steinebach says. “I realise there are significant challenges, but also fantastic opportunities for technology to help in finance, as well with physical and mental well-being. In future, it’s something I would like to spend more time on.”
Away from work, she has three sporty children, is a keen reader of novels, likes baking cakes, and keeps fit with long-distance swims, even competing three times in the cross-harbour event.
“A few years ago, I made a big move to change perspective on my health,” she says. “Now I’m in a gym or at the pool three times a week.”
