Maria Papazova, CFO of EGT: “With character and humble wisdom, I overcome challenges”

About the responsibility of being the CFO of one of the leading companies in the gaming industry on a global level, about the principles she and her team follow in their work, about the meaning of success, the challenges she faces every day, the professional plans and goals for 2026, and the power of women in business.

Find out what Maria Papazova, CFO of EGT, thinks about these and other questions in her exclusive interview with Business Class magazine.

Mrs. Papazova, you have been the Chief Financial Officer of Euro Games Technology (EGT) for 14 years now. The company is one of the few in Bulgaria that operates in over 100 countries. How has your role changed over the years and what are your responsibilities?

My professional career has been connected to EGT ever since its incorporation —initially as an external consultant and subsequently as the company’s Chief Financial Officer since 2011. With each passing year, I have had the opportunity to work more closely with the people who make real-life strategic business decisions. During this period, I have developed my skills in managing larger structures and people. I have learned to support the various participants in business decisions and to be a good professional. For me, this means first and foremost building a mature character that allows you to overcome the challenges of human relationships and always give your best professionally.

What is the role of the CFO in the growth of a company?

Many people think that the CFO is second in command after the CEO, but in fact, the CFO’s role is a supporting one. He/she sees the entire process from start to finish and supports all departments. Nowadays, this role is associated with the implementation of new technologies and systems that can measure the success of the business. If the individual units are not successful, neither will the CFO be. The position definitely requires humility, i.e., the ability to lead with wisdom and balance, without putting one’s ego before the needs of the business.

What is the style of your work? What principles do you follow when managing your team?  

I would describe my working style as very liberal. It is essential for me that my colleagues feel free to share their ideas and opinions. That is why I strive to maintain a working environment that encourages them to do so, while also setting clear boundaries that should not be crossed. I believe that this balance is the key to the good performance we have demonstrated over so many years.

What does success mean to you?

My first professional achievement is that I managed to build a team of seven people with whom I can confidently say I would go to the end of the earth. We call ourselves the magnificent seven.

In a broader perspective, success to me means not stopping, ever; continuing to move forward.

In your capacity as a visionary, what do you think are the challenges facing the financial and gaming industries, as well as your own personal challenges?

Contemporary business constantly presents us with challenges of various kinds, and the CFO must be prepared to respond quickly and appropriately in every single situation.

Personally, for me, the biggest challenges I will have to deal in future as well are related to maintaining corporate values and good team relationships, while at the same time continuing to achieve the high results we are capable of.

What are the development plans for this and the next financial year?

We are planning to restructure the financial function at EGT so that it can cope with the challenges facing a billion-dollar company that maintains high standards of work, well-structured internal processes, and a working environment that allows talented people to develop and unleash their potential.

We plan to upgrade some of the tools we already use—both in our core systems, such as SAP, and in our data analysis, planning, and automation platforms, such as Tableau, BW/BPC, and Data Hubs—and to implement AI agents to facilitate some of the processes. This upgrade and the addition of new technologies will help us achieve the results we are striving for.

What role will artificial intelligence play in your work in the near future?

I believe that the main role of artificial intelligence will be to communicate better and better with natural intelligence. For a global company like ours, this will profoundly change the way the finance function creates value. We have already launched a comprehensive digital transformation program aimed at optimizing key processes and accelerating our investments in modern platforms and technologies.

Our ambition is to build a digitally secured operating model in which intelligent automation reduces manual labour, real-time analytics replace retrospective reporting, and predictive analytics improve decision-making in a dynamic environment. Artificial intelligence will help us harmonize data across all markets, strengthen regulatory compliance, and improve forecasting by integrating behavioural models, market signals, and operational factors.

Most importantly, these changes will free up time for teams to focus on more strategic and business-oriented work in close partnership with the organization to optimize growth, manage risk, and pursue new opportunities. This transformation is more than a technological upgrade because it changes the way a global finance department operates in the digital age, driven by artificial intelligence.

What are the challenges facing women leaders in Bulgaria?

There are no difficulties when you are part of a team with the right people. And I have the honour of being part of a company like EGT, where ambition and vision go hand in hand with support and encouragement of talent. This is truly invaluable.

Where do you see the power of women in business?

I see the strength of women in business primarily in the stability they build. Women are naturally good at balancing things, and this is clearly evident in the professional environment. They are excellent at maintaining a balance between high financial results and caring for a sustainably developing business.

How do you maintain a balance between your career and personal life?

With properly set boundaries and properly set priorities in life. And with the blessing of having an incredible partner by my side.