Luis Javier Sahuquillo
Luis Javier Sahuquillo, is the CFO of PROSEGUR ASIA OCEANIA AFRICA
Hola Luis, could you please introduce yourself?
Hola Fernando, thanks to you and the Spanish Chamber for giving me this opportunity to share more about myself, Prosegur and our activities in Singapore and the region.
After almost two decades working in Electrolux and in MAN (Volkswagen Group) as Finance Director for Spain and Portugal, I decided to jump into this exciting project with Prosegur as CFO for the AOA region six years ago, based in Singapore. It has been a truly thriving time in the region and a great enrichment, both personal and professional, in terms of exposure to different cultures, teams, business and market diversity, new projects, challenges and growth opportunities.
A really enjoyable time helping the teams to growth and incorporating the global best practices while benefiting from the local knowledge.
Can you tell us the main activities and services provided by Prosegur?
In Prosegur we make the world a safer place. By taking care of people and businesses, which keep us at the forefront of innovation. This has been our philosophy and our driving force since the company’s foundation in 1976 in Spain.
Prosegur is listed in Madrid SE, with a global turnover near 4 bn EUR and currently present in 26 countries across five continents with +150.000 employees distributed through five major verticals covering:
- Security, where we are a leader in the technology solutions sector and 5th biggest worldwide operator. We provide manned and technology security solutions to individuals and companies in all kind of business and premises.
- Cash, as the 2sd largest Global Cash Transfer Operator, offering to banks and retailers a wide range of products and services, from cash pick-ups, to own ATM network and comprehensive management of ATMs, cash automation systems in retail or bank agency outsourcing.
- Alarms, providing residential alarm security systems to both B2C and B2B, including response, personal mobility security and in Spain operating through a partnership with Movistar to fully leverage our capabilities in that market.
- AVOS (Outsourcing of High Added Value Financial Services) in Front Office and Back Office. We offer customers proprietary technologies and a high level of automation in different tasks from compliance with prevention of money laundering to bank software reconciliation solutions or comprehensive insurance management.
- Cipher, cybersecurity solutions and analysis for our customer base.
How does Prosegur apply the latest technology to the security business?
Technology is nowadays a key element for security and Prosegur got an early vision on this when setting up its Technology division two decades ago in 2001. Since then, we have both extended our product offer to customers and developed proprietary solutions. We utilize the latest technologies to provide tailored services to our highly demanding customers, improve quality while at the same time saving them costs. In this regard Prosegur offers a comprehensive set of solutions we branded as Integra where adapted to the customers needs we integrate both traditional manned guarding services with technology, been this either face recognition, remote access control, dynamic patrolling, monitoring center, maintenance of the installed equipment, business continuity and even global risk analysis. To this end we use both proprietary and third-party software from most reputed and innovative suppliers, including video analytics, intelligent triggering of events, e-locks, Internet of Things, or intelligent tags for our retailers just to name a few.
It is not anymore about standalone guarding or just installing cameras but improving security in terms of quality and costs and opening up to a wider range of services, e.g. we have some customers which hire our monitoring services to check not security issues but to report on the proper delivery of goods and services from their suppliers as per their instructions, so new possibilities open thanks to technology.
Can you explain to us the business model that Prosegur has in Singapore?
We operate through three companies in Singapore: Prosec, Prosegur Singapore and Focal, with a committed team of +2.500 persons engaged in guaranteeing and improving the safety and security of our community. Each of them with some specialization area but always been customer focused and offering the highest standards of quality, as Singapore is a very demanding and competitive market. For instance, Focal has been in the last years, before Covid, organizing the security of all the major events in Singapore, including F1, ATP Tennis, New Year Countdown or any concert or visit of any major international artist.
As an advanced market we ramped up a quick deployment of our Integra solutions five years ago and since then implemented some of the major security projects in Singapore with both public and private customers, and now we can successfully say that around 50% of the revenues of Prosegur Singapore are coming from Integra solutions. We have also implemented some solutions for the first time in Singapore. All this, together with continuous training of our personnel, has taken us to grow to be the biggest private owned security company in the country and been rewarded with the confidence of customers over the years and flagship institutions in Singapore like National Gallery to take care of their safety and security.
In addition to that we also care for our people and have initiatives like Prosegur University awards to help our staff children to continue their studies and proud to have been nominated as best employer in 2020, during the tougher times of the pandemic.
How would you briefly explain the company’s business strategy for AOA?
Our strategy in AOA is profitable growth. Since Prosegur first landed in Singapore (2012 Security) we have grown and expanded both organically and inorganically. Through +20 M&A acquisitions we have built up our current footprint in eight countries. This hectic pace has been slowed down during Covid but we are always open to explore new opportunities.
Our approach has been to retain the talent of the companies acquired and profiting from the local knowledge while developing and transforming the market through the implementation of the best Prosegur practices and more advanced products. Our presence worldwide in markets with differentiated maturity levels has allowed us to learn how less mature markets can evolve and so anticipate and transform the industry for the coming future.
Currently we are present in Singapore (Security 2012), India (Cash 2012), Australia (Cash 2014), China (Security 2015), Emirates (Security Consulting 2015), South Africa (Alarms 2017), Philippines (Cash 2018) and Indonesia (Cash 2019).
As for the time you spend in Singapore, can you tell us your favorite places to spend your free time or a special restaurant that you would recommend to us?
As per my favorite places in Singapore I could say any tennis court where to play with some friends as I am really fan of this sport. Other places would be Esplanade Theaters and Victoria Hall as classical music aficionado. And for dinning out no doubt Singapore have a wonderful array of international cuisines and restaurants but to me going out to any of the excellent Spanish ones we can enjoy in Singapore is not only a delectable experience but a way to feel closer to home.
For more information: https://www.prosegur.com/