The FinTech Association of Hong Kong (FTAHK) is a not-for-profit organization that operates independently with a strong emphasis on transparency, accountability, and governance. A highly connected and successful group of volunteer board members and committee co-chairs advocate for the role of FinTech in Hong Kong and the Greater Bay Area (GBA) but as well across Asia with other like-minded associations. Neil Tan has been involved with FTAHK for several years and co-headed its WealthTech Committee. In the summer of 2022, he was elected to the Board of Directors and appointed as Chairman.
In its six years of existence, the FTAHK, arguably Asia’s most impactful of its kind, is a fully independent, member-funded industry association that focuses its activities around (i) Advocacy (ii) Collaboration & Connectivity and (iii) Education. Its 1,000+ members comprising of individuals and corporate entities come from all walks of the fintech life, from various segments, backgrounds and sizes.
“We are particularly proud of the network effects that we create as well as our strong standing with regulators and government bodies that listen to ‘the Voice of the FinTech Ecosystem’ that we holistically represent in numerous public and private consultations thus enabling our members to shape the framework of a thriving FinTech Ecosystem,” says Neil.
Improvising Always
Neil has over two decades of experience in Corporate Strategy, Mergers & Acquisitions, Business Development, and Partnerships – across Banking (HSBC, Deutsche Bank), Management Consulting (BCG) and Industry (Philips Electronics, Siemens).
Today, Neil is the Managing Partner at Tsunami Advisors, a consulting firm that specializes in supporting the growth and scaling of FinTech and Web3 companies in the Asia Pacific Region. He has extensive experience in the industry, having previously served as the CEO of Neptune Digital, an award-winning blockchain startup that was incubated under the Cyberport Incubation Program (CIP). Prior to this, he was the Head of Business Development for the Digital Partnerships & Innovation Team at HSBC in the Asia Pacific, where he focused on Banking-As-A-Service (BaaS) and Embedded Finance.
Prior to being the Chairman, Neil began his journey within the FinTech Association of Hong Kong a few years ago. Starting off as a member that regularly attended the FTAHK’s events, he wanted to increase his engagement and was subsequently elected as a Co-Chair of the FTAHK WealthTech Committee. As Co-Chair, Neil covered various topics from Asset Management and Robo Advisors to Cryptocurrencies, Digital Assets (NFT) and the Metaverse.
Since he began chairing the new board, along with the core board members, he has:
- Reshaped the committees to even further align with the Regulators’ FinTech 2025 agenda, especially fostering their GreenTech & ESG activities
- Increased Web3 and Metaverse topics across their spectrum and powered a dedicated Web3 & Blockchain committee in existence as Hong Kong is enroute to establishing itself as a global virtual asset hub.
- Introduced FinTech Master Classes that target audiences who wants to learn about Fintech in HK and the Greater Bay Area
- Ensured that the FTAHK partook in various public and private consultations with regulators and government bodies especially but not limited in the Virtual Asset space.
- Coming out of the Covid-19 pandemic, reinvigorated FTAHK’s connectivity with other global FinTech communities in FinTech hubs through Mission Trips targeting such destinations as Shenzhen, Singapore, the UAE and the United Kingdom.
A Collaborative Leader
Neil is a people person and enjoys interacting with FTAHK Members either at large events or small occasions (i.e. coffee, lunch, etc.). He likes to get to know them on a personal level and also hear about any business problems they are encountering in order to see if there is a way FTAHK can help them personally or professionally. This direct interaction helps him understand the problems from a first-hand account. Once identifying the problems, suggestions can be easily formulated and the best solutions arrive at with consensus.
Neil is always about delivering value to members. The majority of members of any association are looking to connect and do business with other members. He encourages the FTAHK Leadership Team (consisting of the Board, Committee Co-Chairs, and Executive Team) to listen to the feedback of members and to constantly as well as consistently deliver value to them. This is usually in terms of collaboration and connectivity, hence the tagline #SuperConnector.
“Be a “Play Maker” not a “Title Taker” – in NGO space there are often times when people take positions for the title to build their resumes. I am proud of the FTAHK Leadership Team (consisting of the Board, Committee Co-Chairs, and Executive Team) as they take a very active role and their position seriously. They all make contributions within their areas of responsibility to ensure the best for the association,” says Neil.
Powered by Innovation
Innovation is innate to FinTech and therefore plays a crucial role for FTAHK in several ways:
- Showcasing and educating about the adoption of new technologies through its events such as panels, fireside chats, webinars and workshops amongst the members and invited guest speakers.
- Encouraging collaboration and partnerships be it with other associations (local and abroad), local universities to exchange ideas and foster talent that can spur innovative new products and services.
- Advocating for regulatory changes with policymakers and regulators that can help create an environment that fosters innovation and supports the growth of the industry.
“Nothing can really hold back the FinTech Industry in a world where Technology and Financial Services continue to collaborate, compete or merge. Especially in an evolving and buzzing Financial Hub like Hong Kong you can feel the innovative and business-oriented vibe on a daily basis and we are privileged to play our part to help shape and foster the FinTech Ecosystem,” says Neil.
Supporting Diversity
Representing a comparatively ‘new industry segment’, it has come naturally to the leadership at FTAHK to embrace diversity and inclusion from the get-go, both in terms of their mandate, their board and leadership team representation as well as in the events. For example, they have been very adamant about holding themselves accountable to their Gender Pledge, which is to ensure female representation on panel events, and they expect similar adherence from the stakeholders that they support. The association’s commitment to diversity has received a significant boost with the results of its latest Annual General Meeting (AGM). The meeting saw the election of new board directors, resulting in a majority female board. This marks another major milestone for the company’s diversity pledge. “We can confidently say that we are setting the standard amongst the industry associations in Hong Kong,” shares Neil.
Miles to Go
In the next few years, FTAHK aims to achieve the following goals:
Advocacy: They will continue to advocate for policies and regulations that support the growth and development of the fintech industry in Hong Kong, working closely with government agencies, regulators, and other stakeholders to ensure a favourable environment for fintech innovation.
Collaboration: They will grow the level of collaboration among the members and other industry players, and encourage the sharing of best practices, knowledge, and resources to drive innovation and growth.
Education: They aim to provide masterclasses to help the members and the wider community stay up to date with the latest fintech trends and technologies, and to foster a culture of continuous learning and development.
Globalization: They will work towards promoting Hong Kong as a leading fintech hub in the region, building strong partnerships with other fintech associations and industry players from around the world, and exploring opportunities for international expansion.
Thought Leadership: They aim to strengthen their position as thought leaders in the local fintech industry, contributing to the development of new ideas and solutions, and driving the conversation around the future of finance in Hong Kong.
Overall, the team is committed to promoting the growth and development of the fintech ecosystem in Hong Kong, and to ensuring that its members and the wider community are well-equipped to thrive in this rapidly evolving industry.
“We are not award seekers, our ‘rewards’ comes through our strong brand recognition, our outstanding reputation and standing in the market and the high satisfaction levels of our members. We can’t ask for more and are motivated to keep going from strength to strength. We want to remain home to and the go-to industry association of choice for all FinTechs in HK and even the Greater Bay Area (GBA). Equally, we will continue our role as reliable advisors to policymakers and regulators to shape a framework that fosters a safe and thriving FinTech Ecosystem,” concludes Neil.
Advise to budding entrepreneurs:
In the world of FinTech specifically, there is also great value in a quote from John Maxwell that goes “Fail early, fail often, but always fail forward.” It is very practical in the agile and fast-paced FinTech landscape that is constantly evolving. Also, as cliché as the saying goes, it would be to do what you love. There’s little point in going into business simply to go into business.
Quote: “Help People that Help You”
