The fintech sector is evolving at pace. Disrupting traditional financial services through innovations in technology, fintech startups are challenging institutions that, in some cases, have had a business presence for hundreds of years.
Meanwhile, as the technology develops and spreads globally at speed, challenging long established patterns of consumer behaviour and ripping up corporate playbooks, regulators are in hot pursuit trying to write new rules.
Not surprisingly then, working in the sector can be a high-speed experience. ‘I love that I am always at the edge of my seat,’ says Zann Kwan FCCA, co-founder of Bitcoin Exchange and Deodi in Singapore.
‘You need an awareness of knowing what is going on across the company, and the gumption to ask for help’
Across everything
As in many other sectors, the founder of a fintech business is involved in every facet of their startup, particularly in the early days – that is, working across back office, front office, business development, overall leadership and being the face of the company. Roles change over time as the company grows, more staff are taken on and leadership is delegated to allow an acuter focus on core areas and targets.
‘If you’ve never personally experienced working in a start-up, it may be hard to fully comprehend what it means to have to do everything,’ says Kwan.
Kwan says she started out with a strong idea of the kind of company and culture she wanted to build. Founders also have to develop a strong team from the ground up, while raising the funds that will spark the development and growth of not only the business, but the motivation and wellbeing of the team.
‘It is similar to driving a car at night in bad weather, with a rough idea of where you would like to go, while steering with instructions from team members inside the car and advice from mentors outside of it,’ says Kwan. ‘As a startup founder, I had to embrace uncertainties and the unknowns, and to acknowledge the limitations of “not knowing what we do not know”.’
Drawing on skills
Being a successful founder requires virtually all the qualities that define a good business leader, says Kwan. You need to be visionary, empathetic, energetic, commercial, inspirational, communicative, patient, clear, driven, strategic and ambitious.
‘Working in a small team in an early growth company magnifies the importance of soft skills. You also need an awareness of knowing what is going on in various parts of the company, and the gumption to ask for help and resources.’
Few people carry such a complete set of skills and attributes, whether naturally or through training and experience. Like many others, Kwan has had to adapt and learn on the go. She likes the fact that she’s always picking up nascent technical knowledge, sharpening soft skills and sharing experiences with like-mind entrepreneurs and domain experts.
‘Ultimately what you can control is the effort, but not the result’
She says that although technological capabilities are vital, it is in fact the vision and business acumen to execute it that she has found to be the most important. Similarly, she believes a finance background is not necessarily a fast track to a better fintech product, but for her it has proved invaluable. ‘My qualification in accountancy helped me to understand business, rather than just how to do business,’
Kwan’s core strengths in accounting and finance allowed her to work in investment management and real estate portfolio management. That in turn opened doors to more technology-driven projects and eventually to cryptocurrency and blockchain.
Key to all of this, she says, is maintaining a positive mindset even in the midst of failures. This can, she says, be especially difficult for accountants who are particularly afraid of making mistakes. ‘You need to learn to focus on the effort and worry less about the results. Because, ultimately what you can control is the effort, but not the result.’
Fintech knowledge
Find information on ACCA’s certificate in fintech for finance and business leaders.
