Fintech fusion: businesses choosing partnership as source of competitive advantage
In the fast-paced corporate world, the age-old saying ‘No man is an island’ has taken on new meaning. There was a time when companies aimed to be a ‘Jack of all trades’, attempting to master every aspect of business operations in-house. However, times are changing, and today's business landscape calls for a combination of greater focus on core competences – and greater collaboration on everything else. SA fintech Elenjical Solutions is a good example of this new philosophy – forming partnerships is now essential to its success.
Shared expertise – shared success
Tinu Elenjical founded his eponymous company back in 2013 to meet the growing demand for technical competence in the trading platform Murex in Africa. Since then, the company has grown substantially, with over 100 employees in Africa, Middle East, Europe, and Asia. Its collaboration with Murex, a global leader in providing financial technology solutions, is a prime example of this new collaborative leadership trend.
This partnership created an opportunity to develop the local financial market and served as the foundation for the growth of professionals working at Elenjical Solutions. As a result, the company has emerged as a leader in fintech and currently remains the major provider of Murex services in South Africa.
“Strategic partnerships enable teams to bring the best of their talent and strengths forward.” Tinu Elenjical, comments. “Every business has unique strengths, so honing your partnership strategy to play to those strengths, while at the same time embracing with partners with other attributes, will let both parties shine. It’s rewarding to see how doing so generates functional and creative solutions.”
In line with this strategic mindset, Elenjical Solutions harnesses its strengths by insourcing staff development and training where they have a competitive edge. Yet, recognizing the limits of prowess, they smartly outsource functions like Legal, Accounting & Payroll to those who specialize in these fields—thereby ensuring a razor-sharp focus on their core operations.
‘It’s all about the network’ in the world of business. This is evident through the journey of Elenjical Solutions as well. The company became one of only three partners on the globe that are recognized for Murex expertise with Amazon Web Services (AWS) skills. By combining their AWS capabilities with their Murex expertise, Elenjical Solutions has become the go-to partner for financial firms looking for a smooth transition to the cloud.
In a strategic move to expand its market reach and explore new horizons, Elenjical Solutions has entered into a long-term partnership with Istanbul-based Linktera. This collaboration opens doors for Linktera to enhance its services for Turkish financial institutions by incorporating Elenjical’s Murex expertise. It’s a win-win situation, enabling Elenjical Solutions to expand into the Turkish banking market through this mutually beneficial relationship.
New age leadership model
In today’s ever-changing market, the Elenjical Solutions experience clearly shows how companies benefit from sticking to what they’re best at, while teaming up with like-minded specialists in other, complimentary areas. Instead of trying to do everything on their own, companies are increasingly forming valuable partnerships that encourage sharing skills and growing together. The old way of trying to do it all is fading, and this new approach is becoming the norm for businesses aiming to stay competitive and relevant. It turns out that partnership really is the new leadership.