Adrian Chng is the Founder and Chairman of Fintonia Group, an entrepreneurial financial services firm licensed in Singapore and Dubai. It provides funds, wealth management, and merchant banking solutions for technology and digital assets companies and entrepreneurs.

Chng was previously CEO of GoBear and jobsDB.com, which had a US$1 billion merger and exit in 2014. He has completed over U$10 billion of investments and transactions from US$20 million to US$2 billion.

He is also a Web3 subcommittee committee of the Singapore Fintech Association.

He regularly contributes articles for e27 (you can read his thought leadership articles here).

In this candid interview, he talks about his personal and professional life.

How would you explain what you do to a five-year-old?

Adrian is like a grown-up who helps other grown-ups make good choices with their money. He runs a business that helps people invest their money in other companies or projects, particularly those working with technology and digital things like computers and the internet.

He has a lot of experience doing this and has helped make many deals, like when two companies join, or one company sells its shares to others.

And he is also a part of a group of people who work together to ensure that people who use technology and the internet to do things with money are doing it reasonably and safely.

What has been the biggest highlight/challenge of your career so far?

We have successfully obtained the Capital Markets Service (CMS) License upgrade from the Monetary Authority of Singapore (MAS) amidst the crypto winter and the collapse of many crypto giants (FTX, Luna/Terra, 3AC). This further reinforces Fintonia’s position as a trusted and licensed player in the industry as we expand and provide innovative investment solutions and products to our clients.

It’s rewarding to see year on year growth for Fintonia. In 2021, we launched two institutional-grade Bitcoin funds, and in 2022, we were rewarded with the provisional Virtual Assets Regulatory Authority (VARA) license in Dubai.

Also Read: Continue to push boundaries and create value: Jolene Lum of Nurasa

How do you envision the next five years of your career?

Helping Fintonia become a trusted financial services firm in the digital assets space. As a licensed player in two countries, we have a great opportunity and responsibility to help the industry grow. Investors earn attractive risk-adjusted returns within a trusted and safe, regulated environment.

What are some of your favourite work tools?

• Asana: It keeps my daily tasks organised
• My notebook: It helps me remember key points from meetings
• Zoom: I have to work with clients in various countries, and Zoom helps to keep us connected regardless of the time zones

What’s something about you or your job that would surprise us?

I was a chess player and state representative, and I had almost pursued this professionally.

Do you prefer WFH or WFO, or hybrid?

I prefer working from the office as it helps collaborate with colleagues and brainstorm new ideas.

What would you tell your younger self?

The journey is as enjoyable as the destination.

Can you describe yourself in three words?

Entrepreneurial, experienced, connected.

What are you most likely to be doing if not working?

Doing crossfit or yoga.

What are you currently reading/listening to/watching?

The Subtle Art of Not Giving a F*ck and Ego Is The Enemy

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In recent years, we have seen a rise in the popularity of embedded finance. This not-entirely-new form of lending has the potential to revolutionise the way we access credit and drive healthy growth in the Indonesian economy.

For a long time, we’ve seen HomeCredit master this type of lending by financing offline consumer purchases. Nowadays, more advanced embedded lending models involve integrating financial services directly into online platforms, such as e-commerce, ride-sharing, and supply chain management. This trend is not new, with companies like Apple, Amazon, and Ant Group already offering embedded lending services to their users.

One example of embedded lending that’s already well-known in Indonesia is GoPay Later. It allows GoJek to drive volume on its platform by offering accessible credit to its users. This allows leveraging the data of GoJek to make better lending decisions.

Similarly, in China, Ant Group provides small loans to merchants on the Alipay platform, allowing them to grow their businesses. Similar, more productive lending-focused use cases are expected to become more popular in Indonesia as well.

Embedded finance is revolutionising lending

There are several benefits to embedded lending, and it has the potential to significantly impact the Indonesian economy. First and foremost, it allows lenders to use platform data sources to provide cheaper credit to the right borrowers. By integrating financial services directly into other products, lenders can access a wealth of data on user behaviour and spending habits.

This allows them to better assess risk and provide credit to those who are likely to pay it back. This benefits both lenders and borrowers, as lenders can offer lower interest rates while still maintaining profitability, and borrowers can access affordable credit they may not have been able to before.

Also Read: While traditional funding penalises a biz at its worst time, Jenfi gives them more leeway

However, there are challenges to implementing embedded lending in Indonesia. Many lenders and platforms lack the technological infrastructure needed to effectively integrate financial services into their products.

While many of Indonesia’s fintech lenders claim to be doing exactly this – it is mostly operated via excels, taking days to approve the credit and not utilising the value of platform data. This will be developing rapidly as the lenders that can handle the technological challenge to integrate with various platforms, utilise unique data sources, and make smart decisions fast – will define the market.

Another benefit of embedded lending is that it improves lenders’ unit economics, as they don’t need to acquire each user separately. By integrating financial services directly into other products, lenders can access a large customer base without having to spend as much on marketing and user acquisition.

This can lead to greater profitability and stability for lenders, which in turn can lead to more affordable credit for borrowers with smaller fees that need to cover operational costs.

Final thoughts

Embedded lending has the potential to drive healthy growth in credit in Indonesia by improving lender unit economics and gradual improvement in technology. With the rising popularity of embedded finance globally and a growing digital economy in Indonesia, we can expect to see substantial growth in embedded credit in the coming years.

While challenges remain, the benefits of embedded lending are significant, including cheaper credit for the right borrowers and a larger potential customer base for lenders. As technology improves and more use cases appear, embedded lending could have a major impact on the Indonesian economy, paving the way for a more financially inclusive and robust future.

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Singapore-based B2B financing and payments infrastructure company CrediLinq.Ai is in the advanced stages of signing a strategic acquisition deal in Indonesia, its Founder and Group CEO Deep Singh said.

The discussions are at the board approval stage, Singh said in an interview with e27 shortly after announcing its seed extension round from investors, including MS&AD Ventures, Big Sky Capital, and 1982 Ventures, early last month.

“We have already engaged with a firm in Indonesia, and it is at the Board approval stage. We expect the transaction to be complete in the next two-three months,” Singh added without divulging details.

Also Read: Embedded finance can help legacy banks grow loan book, go to market quickly: FinBox CEO

Furthermore, the embedded finance company is actively seeking acquisition opportunities in Singapore, particularly in the payments space. “We have identified some targets and will proceed to engage with them once we conclude the Indonesian transaction,” Singh shared.

Founded in January 2021 by Singh and Vikram Kotibhaskar (Co-Founder), CrediLinq provides embedded fintech solutions that enable one-click checkouts for B2B marketplaces, corporates, and fintech companies.

The company initially intended to provide SMEs with seamless access to affordable capital without the hassle of a traditional bank loan. As the idea progressed, the founders developed proprietary technology to provide this funding at B2B e-commerce platforms and marketplaces.

Currently, CrediLinq offers two embedded financial products:

1. B2B PayLater: This solution allows businesses to buy products, stock up their inventory and defer payment by 30 to 60 days. It enables suppliers to get paid instantly while the buyer conveniently repays the transaction amount and fees on the date they choose at checkout.
2. GMV financing: This solution allows sellers on B2B marketplaces to instantly collect payment for the goods they have successfully sold. They are charged a single upfront fee at the point of checkout.

The fintech startup has partnered with six platforms across e-commerce, payments and procurement in Singapore, Hong Kong, Australia, and Malaysia. It will soon enter Indonesia. CrediLinq is also discussing with potential customers in Malta, the UK, and Israel.

Also Read: CrediLinq raises US$2.6M to enable one-click checkouts for Asian SMEs

According to Singh, the future of global finance is embedded. As per a recent Research and Markets report, embedded finance was worth US$108.6 billion in 2022 and is expected to reach US$358 billion by 2029 at a 24.4 per cent CAGR. While it may be difficult to fathom the potential of embedded finance in Asia, a closer look at the ground level immediately highlights the proponents of this growth.

“For starters, the 2017 SME Finance Forum study highlighted how SMEs worldwide suffer from a US$5.2 trillion financing gap yearly. Around 58 per cent of these businesses operate out of Asia. This highlights how wide the SME finance gap in Asia truly is,” he said.

A recent market study by Mordor Intelligence also highlighted how B2B e-commerce in Asia is experiencing a steady growth of 15.2 per cent CAGR. This shift to businesses and customers transacting online and a rapidly increasing internet penetration are why embedded finance in Asia is estimated to become a US$358-billion market by 2029.

“This trend can also be witnessed on the global stage, as more businesses worldwide continue their shift from offline to online processes,” Singh added. “As a company, we acknowledge this potential, and thus we are pioneering embedded finance for Asia and beyond.”

Speaking of the trends in embedded finance, he said integrating finance for businesses is one of the most significant trends. Globally, multiple companies are pioneering the bespoke integration of financial services on a traditional non-financial platform for businesses.

“So current global trend in embedded finance globally and in Asia is to design and integrate bespoke financial solutions for businesses, such that they too can reap the benefits of an embedded financial experience, which was only previously restricted to end consumers.”

Also Read: Why plug-and-play should be the new standard for embedded finance

Singh also opined that embedded finance would force traditional banks to change. While banks have woken up to the potential of embedded finance, most traditional institutions still need to start experimenting with this technology.

For instance, in Asia, only Standard Chartered is trialling an embedded finance experience for its customers by following a BaaS (banking as a service) model. Although the potential of this technology is well known, most traditional institutions are unwilling to integrate this offering as it deters them from their age-old approach.

“From our perspective, embedded finance arrives with the promise of bringing all stakeholders together on a level playing field. However, unfortunately, there is still some resistance from traditional institutions to arrive at this juncture,” he said. “If banks and other traditional institutions fail to embrace the embedded finance wave, it can become an existential threat to them. As a recent Accenture study rightly highlighted, if banks do nothing, embedded finance can claim up to US$32 billion in SME banking revenue by 2025.”

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In their latest study What Jobseekers Wish Employers Knew: Unlocking the Future of Recruitment, SEEK–the parent company of JobStreet and JobsDB– revealed that one in three people in Southeast Asia (SEA) and Hong Kong is actively looking for a job, helping 2023 to remain a “jobseekers’ market.”

Held in partnership with the Boston Consulting Group (BCG) and The Network, a global alliance of recruitment websites, the study surveyed more than 90,000 respondents in Indonesia, Hong Kong, Malaysia, the Philippines, Singapore, and Thailand.

It revealed that despite the waves of layoffs by tech companies in the region, opportunities for tech talents in SEA remain abundant. SEEK noted a 29 per cent YOY (2021 vs 2022) increase in job ads for tech roles in the region based on data from Jobstreet and JobsDB.

However, in a press conference in Singapore today, SEEK CEO (Asia) Peter Bithos stressed that these opportunities exist in “different places.”

Responding to a question by e27, he elaborated that up until October last year, there were at least 2,000 tech talents that were laid off in the region. Yet at the same again, the SEEK team counted that there are 9,000 to 10,000 vacancies for tech roles in their platforms.

Also Read: Special visa introduced to woo global tech talents to Singapore

“The message is … if you are a tech worker and you have been impacted [by the layoffs], you may not be able to find another tech job at another startup or pure tech company. But there are opportunities in non-tech industries such as healthcare [which had intensified their digitalisation efforts since the pandemic],” he said.

What talents want from potential employers

The study revealed jobseekers’ expectations from their potential employers. Most respondents (71 per cent) in SEA and Hong Kong prioritise stable jobs with good work-life balance in their search, and this preference is dominant across job roles, countries, and age groups.

According to BCG Partner and Associate Director Sagar Goel, people’s expectations towards work have “changed radically” in the past few years.

“Employers must understand that while a high salary may be a way to raise the attention of in-demand talent, money is not enough to retain them in the long run. A culture that supports work-life balance, allows for flexibility, and emphasises good workplace relationships is equally important,” he said.

Interestingly, the study also discovered that the use of advanced digital tools in the recruitment process is “not favoured” amongst the younger generations.

Also Read: The future of edutech: Personalising learning for all

“Many prefer to see personal interactions during the recruitment process, with only 24 per cent stating that they would be comfortable participating in an AI-led interview,” it stated.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post Report: Tech jobs return to SEA, open opportunities for tech talents in non-tech industries appeared first on e27.

I am not sure about you, but I think we should all be in panic mode now.

When it comes to tackling the impact of climate change, we have both good and bad news from many sides. The bad news is that we are doomed; this should be obvious. But the good news is that, through the stories that we covered on e27 in February, we see that there had been progress in how we are dealing with this major crisis–one that will determine our survival in the next centuries.

In fact, we can compile the insights that we gathered through our own coverage in the climate tech and sustainability sectors into three neat lessons:

1. Tech industries play a greater role than thought

We can break this down into various verticals and how they give a unique contribution to the fight against climate change. Take an example of this post by our contributor, Elevandi Senior Communications Manager Anthony Caravello.

“The move to a net zero global economy by 2050 will require the greatest reallocation of capital since World War II, coupled with a massive influx of financial innovation,” he writes.

“Fintechs are already playing a role in driving the sustainability agenda. ‘Fintechs for Good’, i.e. fintech [companies] that embed an ESG agenda into their core product portfolio, operations and mission, attracted US$2.1 billion in funding in 2021, and this trend is expected to continue. As sustainability efforts proliferate, a key challenge for all companies would be to demonstrate real impact and self-protect against greenwashing.”

Also Read: SG Budget 2023: Greater push towards net zero provides opportunities for startups

A similar sentiment was also expressed by Michael Sheren, President and Chief Strategy Officer of MVGX, in an interview with e27. With its ability to provide transparency, blockchain definitely has secured a VIP seat in the fight against global warming.

“When I worked in corporate finance for years in the ’80s and ’90s, transparency was the opposite of what they looked for. They tried to keep the information as concealed as possible, hoping that buyers would not ask too many questions. Nowadays, the more open you are to demonstrating how green you are, the better price you get. It’s almost like taking the whole concept of 1980s Wall Street and putting it on its head,” he said.

Consumerism is one of the reasons why we got to this point in the first place. However, retail and e-commerce companies can also play a role in the fight against global warming by transforming the way we shop–starting with highlighting those who are helping us shop differently.

Take the example of Smthgood, a fashion marketplace that is focused on ‘conscious fashion’ brands.

“All brands on the platform have been carefully curated to align with Smthgood’s values based on three factors: what the item is made of, how the item is made, and the impact of the finished item on the environment. Smthgood aims to provide more personalised user experiences with fashion AI tagging and uplift the conscious brands on its platform,” the company says.

2. Must never forget the humans

The fight against climate change goes hand-in-hand with the fight for social justice. Unfortunately, the human element is often forgotten in our quest to find alternatives to existing solutions.

Also Read: Singapore’s climate change: Moving towards net-zero through greener buildings and emerging technology

In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society. We recently featured two SEA-based startups–Plustik and TrashLucky–who are looking to empower informal plastic waste workers through their tech solutions.

Laura Benns, Director of Programs, at SecondMuse explains in an email interview the value that startups can provide to informal waste workers–that may not be provided by other institutions.

She highlights that waste management ecosystems are complex, including in Asia where it is mostly run by marginalised members of society. But she stresses that innovative design thinking behind new business models around waste management ecosystems has huge potential to break the mould on who stands to benefit from these innovations.

3. We are in this together

But the best part is knowing that we are not alone in this fight. The appearance of “low-carbon transition” in SG Budget 2023 is a welcome addition by members of the tech startup ecosystem.

For startups working in the climate tech and sustainability sectors, balancing revenue and impact remains the toughest challenges that they are facing, but luckily there is always help around the corner.

“Startups will face the challenge of balancing impact creation and business growth, aligning expectations of stakeholders and business partners, and getting their investors to better understand how impact can translate into enterprise value,” says James Tan, Managing Partner at Quest Ventures.

“With sustainability coming into focus in these few years, the challenge may be slowly mitigating, but investors should put teeth in their commitment to sustainability and impact by actually investing in and supporting the growth of impact-driven startups … Together with our local and international partners in the startup investment ecosystems and social sectors, we are able to support the startups in expanding beyond the local market and pulling together resources to replicate and scale.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Antoine GIRET on Unsplash

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