Innovative Entrepreneurship is about being ready to go beyond one’s comfort zone It is also about thinking outside the box or thinking like there is no box. One such entrepreneur with innovative mindset is Joseph Chan. As the Founder and CEO of AsiaPay Group, Joseph started up first high-quality third-party ePayment and mPayment solution and technology firm in 2000 in Hong Kong. He spearheaded the company business strategies and product development together with his management team, and led AsiaPay becoming one of the most successful world-class electronic payment service and technology companies in Asia.
In regard to business growth and market recognition, Joseph presents his long-term vision that is to operate a successful and socially responsible company which continually provides individuals and corporate entities with newest payment product values, readily enhance one’s quality of life and maximize business opportunities, efficiency and productivity.
Below are highlights of the interview between Joseph Chan and CIO Look:
CIO: What according to you are the basic but crucial traits that every innovative entrepreneur must possess?
- Clear vision of what you want to achieve and what pain points you aim to address and if it comes to be a viable business model that can sustain and scale up;
- Be aggressive and stay agile
- Embrace chances and technological evolution. Effectively implement the vision with a like-minded professional team;
CIO: What are your intakes on the roles of an entrepreneur on product innovation performance?
- Cultivate an open supportive environment and culture that encourage and recognize innovation in the organization not only in product but in all business areas including accounting process, operation, service provision;
- Act a role model to drive and rigorously exchange innovative processes and product ideas in the organization;
- Active listen and be receptive to the innovative models and needs from clients and partners;
- Walk the steps to implement innovative products and processes with team such that the team sees the values and benefits and enrich job satisfaction and beef up all the related knowhow;
CIO: As per your opinion, what roadblocks or challenges are faced by an entrepreneur to ignite the business? And what is your advice to overcome them?
- On technical front, how to effective validate the viability of the business and solution model and effective assessment of all related technological and security risks;
- How to effectively build the right team / acquire the right talents with the right know how and passion;
- Being a fintech player, some of the major challenges is gaining trust and support from banks and partners in new markets, and how to fend off risks due to compliance and regulatory changes; Advice to overcome:
- No magic formula. Need to engage a like-minded team to timely assess and evaluate necessary strategies, technologies and processes over time;
- Effective empowerment and delegation to the team;
- Demonstrates perseverance in the face of adversity and overcoming obstacles. Be prepared always. The Expected and the Unexpected. Be an independent thinker and to take on and manage risks in the face of uncertainty;
- Keep learning;
CIO: How do you upgrade yourself with volatile technological trends to boost your personal growth?
JO: To stay competitive in a highly volatile and fast-growing market, it is imperative to constantly boost my personal growth by:
- Life-time learning and exchange with team and industry and technology players. Whenever appropriate, consider to appoint and work with professional expertise in the necessary areas such as security;
- Be open to mistakes and take effective corrective measures timely;
CIO: How do you cope up with volatile technological trends to boost your personal growth?
JO: Proactively assess and evaluate in advance the impact and implication of changes in technological as well as business world, and learn from the processes, to best avoid making wrong decision.
CIO: What are your future endeavors/objectives and where do you see yourself in the near future?
- Continue to pursue the vision and dream to be the predominant leading digital payment service and technology player in Asia.
- Continue driving digital payment innovation to well serve the needs in the market;
- Help our business and bank clients to grow and succeed, and enhance competitive edge in this fast changing technological world with the effective use of innovative products and services in digital payment;
- Build and lead the team to embrace changes and achieve the business goals and face continued business and technological challenges.
CIO: As a leading technology architect in digital payment sector, what is your contribution to its evolution?
JO: If in our digital payment sector, we facilitate the provision of integrated, advanced, secure digital payment services and technologies to our clients who readily capitalize on the effective use of these to enhance sales, services, and productivity and stay ahead in this fast-changing digital age, while minimizing potential risks on fraudulent payment, technology, security and privacy.
CIO: What advice would you like to give to the budding entrepreneurs in various organizations?
Be Prepared. For both opportunities and risks. Entrepreneurship is always inspirational. All dreamers will encounter endless hard work, frustration, constant challenges and difficulties. One will risk time, capital and life fate to struggle, sustain and survive. Prepare the expected and unexpected.
Embrace changes. There are more unknown than knowns along the journey, from consumer behavior to regulatory and technological changes.
Stay Positive and Agile. Building strategic alliances and surrounding oneself with positive and talented people—sharing knowledge and empowering individuals, teams, the Board to make sound decision and changes timely and effectively.
Teamwork. Even oneself is an entrepreneur, one cannot be an expert in every part of the organization. Effective teamwork can help an organization to speed up renovation, optimize opportunities, and withstand any risks and uncertainties.