Klevo Rewards Bolsters Leadership Team With CFO and Compliance Chief for Fintech Push
Klevo Rewards appoints Executive Director CFO and Chief Compliance Officer ahead of fintech expansion
Klevo Rewards Limited (ASX: KLV) has announced the appointment of Bakous Makari as Executive Director and Chief Financial Officer, and Ramanathan Karuppiah as Chief Compliance Officer and Responsible Manager for Fly Wallet, effective 14 May 2026. Both appointments are positioned as deliberate governance infrastructure-building ahead of the company’s next growth phase, spanning payments, card-linked technology, stablecoin-related initiatives, and Fly Wallet operations.
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Who’s joining the Klevo team
Bakous Makari — Executive Director and CFO
Makari brings more than 30 years’ experience in accounting, taxation, corporate structuring, and commercial advisory. He is the founder of Makari & Co and holds Certified Practising Accountant (CPA) status, with a background advising private businesses, high-net-worth clients, and emerging growth companies.
His governance credentials extend beyond the financial services sector. Makari previously served as a Councillor of the City of Parramatta and as Deputy Lord Mayor, adding a layer of public governance experience to his appointment. His remuneration is set at $240,000 per annum plus statutory superannuation, with a three-month notice period applicable to either party.
Ramanathan Karuppiah — Chief Compliance Officer and Responsible Manager
Karuppiah is a financial crime compliance specialist with more than 20 years’ experience across banks, fintechs, startups, regulatory technology, and stored value facilities. His credentials include Certified Anti-Money Laundering Specialist (CAMS), CAMS-Audit certified, Fellow of the International Compliance Association, Fellow of the Institute of Public Accountants, and Fellow of the Institute of Financial Accountants.
His appointment as Responsible Manager for Fly Wallet is directly tied to Klevo’s obligations under Australian financial services licensing, with particular relevance to anti-money laundering and counter-terrorism financing (AML/CTF) compliance in a regulated digital payments environment. His remuneration is set at $175,000 per annum plus statutory superannuation, with a three-month notice period.
| Name | Role | Key Expertise | Credentials | Remuneration |
|---|---|---|---|---|
| Bakous Makari | Executive Director and CFO | Accounting, taxation, corporate structuring, capital management, commercial advisory | CPA; former Councillor and Deputy Lord Mayor, City of Parramatta | $240,000 p.a. + statutory superannuation |
| Ramanathan Karuppiah | Chief Compliance Officer and Responsible Manager, Fly Wallet | AML/CTF, financial crime compliance, stored value facilities, fintech and regulatory tech | CAMS, CAMS-Audit, Fellow ICA, Fellow IPA, Fellow IFA | $175,000 p.a. + statutory superannuation |
Why governance infrastructure matters for a fintech rewards company
Operating a digital wallet such as Fly Wallet places a company squarely within Australia’s regulated financial services environment. This means meeting obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act, maintaining appropriate risk management frameworks, and holding the right licences and personnel designations to legally operate.
A “Responsible Manager” is a specific designation required under Australian Financial Services Licensing rules. The individual must hold demonstrable competence in the relevant financial services being offered and is accountable to the regulator for how those services are delivered. Appointing a qualified Responsible Manager is not optional for a company in Klevo’s position — it is a compliance prerequisite.
Experienced CFO-level oversight is equally non-negotiable as the company scales. Capital management, financial reporting integrity, and commercial structuring all require dedicated expertise, particularly as Klevo pursues stablecoin-related and card-linked payments initiatives that carry their own regulatory complexity.
Klevo has also been working with Hamilton Locke on the legal and regulatory development of its future initiatives. That engagement, alongside these two appointments, signals a structured approach to regulatory readiness rather than reactive compliance.
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Building toward long-term growth
Klevo’s platform spans white-labelled Mastercard-powered loyalty solutions, digital wallet infrastructure, card-linked rewards, and stablecoin infrastructure. Both appointments represent the governance layer being established ahead of major commercial execution, positioning the company to scale with appropriate oversight already in place.
Chairman David Vinson framed the significance of both roles directly:
David Vinson, Chairman
“The appointment of Bakous as Executive Director and CFO and Ramanathan as Chief Compliance Officer is an important step in strengthening Klevo’s governance and compliance capability. As the Company continues to develop its initiatives, it is essential that we have the right mix of commercial experience, financial discipline and regulatory expertise across the Board and executive team. Bakous brings deep commercial and advisory experience, while Ramanathan brings highly relevant AML/CTF, financial crime and fintech compliance expertise. These appointments reflect the Board’s commitment to building Klevo on a strong governance foundation.”
CEO Alexander Gold pointed to the broader strategic momentum the appointments are designed to support:
Alexander Gold, CEO and Managing Director
“Klevo is entering an exciting phase of development. The progress we are making across rewards, card-linked payments and stablecoin infrastructure requires not only strong technology and commercial execution, but also a disciplined approach to compliance and governance. Bakous and Ramanathan each bring significant experience that is directly relevant to Klevo’s strategy. Their appointments will support the Company as we continue to enhance our profile, strengthen our execution capability and position Klevo for long-term growth.”
With both roles now filled, Klevo’s active strategic pillars heading into this next phase include:
- Card-linked rewards and payment-linked benefits
- Stablecoin infrastructure development
- Fly Wallet digital wallet operations
- White-labelled Mastercard-powered loyalty solutions
- Expanded commercial partnerships across the rewards and loyalty ecosystem
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