Powered by Amazon Web Services (AWS), the world’s most comprehensive and broadly adopted cloud platform, FinTecubator hosted a Fintech Founder Sharing on 30th March 2020 with 3 start-up founders sharing their valuable experiences and tips of their start-up journey.
Impressively our WPB/ CMB business partners, IT and intrapreneurs actively participated in the panel discussion. Through a heated Q&A section, they had acquired the latest trending of fintech market and was given some crucial advice on how to forge a successful start-up. Hopefully, the sharing would inspire them on how to explore new business models and identify market opportunities.
FinTecubator, with its intention to spark innovation within Hang Seng Bank, works closely with AWS to bring the latest update of fintech market as well as trending technologies to our colleagues. We believe, by picturing them how the future of banking would be, could foster creativity and generate more revenues to the bank.
Mellow: A kids-tailored financial APP to build kid’s financial responsibility with real money. An interactive digitalized payment solution for children between 7-15 to form a wealth-managing mindful habit of budgeting saving, earning and spending.
OmniChat: A single platform for e-commerce to merge potential customers from the different channels which helps them grow faster and drive more sales through Live Chat, Chatbots and Marketing Automation.
FundPark: An online trade finance platform for SMEs, MNCs and local corporates to get funded in just a few steps without pledging the assets or collaterals.
From stroke of genius to viable business:
From stroke of genius to a viable business is not as easy as it sounds. It is always a tough journey for entrepreneurs to validate their idea and nurture it into a revenue-generating business model. There are ups and downs along the way and the market is so fickle that somehow, an unexpected incident would turn up and ruin all your efforts.
Having all the lessons learned from previous experiences, 3 Fintech Start-up founders, at the panel discussion session, told their stories of how to build their business from zero and delivered many valuable advices and suggestions to our intrapreneurs and Hang Seng colleagues. With topics ranging from how to explore opportunity, how to face competition, to how to remain sustainable in the ever-changing market, it gave the audiences a comprehensive understanding of how to build a start-up and the potential difficulties they are likely to face along the way.
How’s your initial idea came from:
“Starting a new business is always about spotting the need and create support for the need.” said Alan Chan, co-founder & CEO of OmniChat.
Your idea rarely comes from your intuition but it is more about observing the needs of the market. By unveiling unnoticed demand of market and find out a solution to tackle the problem, it is the way to explore a new business model.
How to survive in competitions:
“Never afraid of competition. The bigger the market it is, the fiercer the competition would be.” said Anson Suen, co-founder & CEO of FundPark.
If your product doesn’t meet the needs of the market, there would not be any competition at all. Besides, according to Anson, competition can also generate a huge momentum to drive the team forward and push them to exceed their limits.
How to thrive in an emerging market:
“Analyze the behaviour of the existing customers to discover which function is most used. Refine it as the selling point to convince potential users that there is a certain value of our APP.” said Teresa Chan, co-founder of Mellow.
Growing business in an emerging market is like uncovering customers’ needs and redefining your product accordingly. To expand the market size as well as the quantity of users, you should know your potential customers well. The insights you get from data analytic are the easiest way to get a clear portrait of who they are. That is how you improve the function of your services and attract more customers.
Make your start-up sustainable:
“The only thing unchanged is change itself” – Anson Suen
As the market is constantly changing, every start-up has to face one fatal problem, that is the business they are running could lose its market at any time. How to remain competitive and be sustainable puzzle entrepreneurs a lot.
Anson told us, “Our colleagues need to bear in mind that noting lasts forever and only change could keep us on track.” To shift their mindset and make them embrace changes, Anson, once in a while, will ask his team to bring out a solution that could defeat their existing product. Through such a brutal way, it keeps iterating their product and drive their team forward.
“Management is about communication” – Anson Suen
When the start-up grows bigger, it is harder to manage since the size of the team scales up. Promoting a culture would then be essential for a start-up to ensure the team stick together and share the same ultimate goal.
To facilitate communication of the team, you should “always tell them why before how”. Letting every member knows the concept below the iceberg would be a perfect lubricant to smooth your communication and maximize the result of your teamwork.
“Keep learning and equip yourself with problem-solving spirit.” – Alan Chan
Running a start-up is like walking in a misty path and you have no idea what you would encounter. To avoid falling off the cliff, you need to keep learning and improve your problem-solving skills to cope with different situations. Being an entrepreneur need to stay hungry, stay foolish and most importantly, stay sober.
The future of banking:
The banking industry is experiencing an increasing pace of transformation and is greatly disrupted by technology development. Offering fintech services and creating fintech solutions have now become one of the most promising ways to stimulate the bank’s profitability.
The 3 start-ups are the rising stars in the FinTech market that boost the banking industry ahead. By listening to their exclusive sharing of experiences and mindset, Hang Seng colleagues would have a broader vision of the future of banking and could inspire them to create future growth for the bank.
FinTecubator, as it has always been, would partnership with external community to bring more inspirations to our intrapreneurs and Hang Seng colleagues. Thinking out of the box is not just a slogan. It is something that FinTecubator pursues and it drives Hang Seng colleagues to reveal the future of banking.