[Music] hi everybody
coins pH we’re Philippines based
coins pH we’re Philippines based financial services platform we have a
financial services platform we have a
financial services platform we have a very simple but a very ambitious goal
very simple but a very ambitious goal
very simple but a very ambitious goal which is to make financial services
which is to make financial services
which is to make financial services available to everybody in every every
available to everybody in every every
available to everybody in every every field that you know but today I’m not
field that you know but today I’m not
field that you know but today I’m not I’m not here so much to talk about what
I’m not here so much to talk about what
I’m not here so much to talk about what we do at coins but I’m actually here to
we do at coins but I’m actually here to
we do at coins but I’m actually here to share a little bit about my story and a
share a little bit about my story and a
share a little bit about my story and a question that I get asked almost every
question that I get asked almost every
question that I get asked almost every day which is why Philippines and I
day which is why Philippines and I
day which is why Philippines and I figured since this is a room full of
figured since this is a room full of
figured since this is a room full of people who live in the Philippines it
people who live in the Philippines it
people who live in the Philippines it sound to be very hard to convince you
sound to be very hard to convince you
sound to be very hard to convince you that this is a great place to be but I
that this is a great place to be but I
that this is a great place to be but I can share maybe some of the things that
can share maybe some of the things that
can share maybe some of the things that brought me here and also remind all of
brought me here and also remind all of
brought me here and also remind all of us you know we live here day-to-day like
us you know we live here day-to-day like
us you know we live here day-to-day like you know what are some of some factors
you know what are some of some factors
you know what are some of some factors that make this great country for you
that make this great country for you
that make this great country for you know both were living in a poor creating
know both were living in a poor creating
know both were living in a poor creating an innovation and this is a relatively
an innovation and this is a relatively
an innovation and this is a relatively unscripted talk I didn’t do a lot of
unscripted talk I didn’t do a lot of
unscripted talk I didn’t do a lot of preparation so bear with me and
preparation so bear with me and
preparation so bear with me and hopefully actually whatever comes out is
hopefully actually whatever comes out is
hopefully actually whatever comes out is a bit more coming out of the heart so
a bit more coming out of the heart so
a bit more coming out of the heart so going really far back I you know I was
going really far back I you know I was
going really far back I you know I was born us actually grew up outside of the
born us actually grew up outside of the
born us actually grew up outside of the US and I came back to the US for college
US and I came back to the US for college
US and I came back to the US for college I studied computer science machine
I studied computer science machine
I studied computer science machine learning and machine vision and after
learning and machine vision and after
learning and machine vision and after graduating I ended up declining a job
graduating I ended up declining a job
graduating I ended up declining a job offer with a big consulting firm and
offer with a big consulting firm and
offer with a big consulting firm and instead of starting my own company that
instead of starting my own company that
instead of starting my own company that company failed miserably within about
company failed miserably within about
company failed miserably within about maybe one or two months and then I tried
maybe one or two months and then I tried
maybe one or two months and then I tried something else and tried something else
something else and tried something else
something else and tried something else and I tried something else and
and I tried something else and
and I tried something else and eventually I started a company called
eventually I started a company called
eventually I started a company called talk box which was a video communication
talk box which was a video communication
talk box which was a video communication platform investors got interested pretty
platform investors got interested pretty
platform investors got interested pretty early and we managed to build out the
early and we managed to build out the
early and we managed to build out the and the technology pretty quickly out of
and the technology pretty quickly out of
and the technology pretty quickly out of out of the Bay Area out of palo alto we
out of the Bay Area out of palo alto we
out of the Bay Area out of palo alto we created teamed up with very something
created teamed up with very something
created teamed up with very something people eventually the company was
people eventually the company was
people eventually the company was acquired by telefónica and i actually
acquired by telefónica and i actually
acquired by telefónica and i actually left a bit earlier and helped start
left a bit earlier and helped start
left a bit earlier and helped start innovation endeavors which is a venture
innovation endeavors which is a venture
innovation endeavors which is a venture capital fund I spent a couple years at
capital fund I spent a couple years at
capital fund I spent a couple years at innovation endeavors I helped them set
innovation endeavors I helped them set
innovation endeavors I helped them set up some of some of the operations and
up some of some of the operations and
up some of some of the operations and invest and eventually kind of figure out
invest and eventually kind of figure out
invest and eventually kind of figure out that I want to go back I’m always like
that I want to go back I’m always like
that I want to go back I’m always like being in the trenches so I wanted to go
being in the trenches so I wanted to go
being in the trenches so I wanted to go back and do something at the proneural
back and do something at the proneural
back and do something at the proneural again even though the fund was clearly
again even though the fund was clearly
again even though the fund was clearly very successful and at that point in my
very successful and at that point in my
very successful and at that point in my life I’ve already kind of tried a few
life I’ve already kind of tried a few
life I’ve already kind of tried a few things and I knew that you know one if
things and I knew that you know one if
things and I knew that you know one if I’m gonna build something I want to
I’m gonna build something I want to
I’m gonna build something I want to build something that is big and if I’m
build something that is big and if I’m
build something that is big and if I’m going to build something that is being
going to build something that is being
going to build something that is being I’m going to dedicate you know a good
I’m going to dedicate you know a good
I’m going to dedicate you know a good chunk of my life to it I wanted to be
chunk of my life to it I wanted to be
chunk of my life to it I wanted to be meaningful as well I wanted to do
meaningful as well I wanted to do
meaningful as well I wanted to do something has strong positive social
something has strong positive social
something has strong positive social impact so not just a big business I’ve
impact so not just a big business I’ve
impact so not just a big business I’ve kind of gone back and forth on this like
kind of gone back and forth on this like
kind of gone back and forth on this like throughout my career even in college I
throughout my career even in college I
throughout my career even in college I was always thought okay you know when I
was always thought okay you know when I
was always thought okay you know when I make it big then I’ll go back and you
make it big then I’ll go back and you
make it big then I’ll go back and you know and do like philanthropic work and
know and do like philanthropic work and
know and do like philanthropic work and you know and and all that stuff but at
you know and and all that stuff but at
you know and and all that stuff but at some point I realized hey there’s no
some point I realized hey there’s no
some point I realized hey there’s no sense in waiting like if you want to do
sense in waiting like if you want to do
sense in waiting like if you want to do something you do it now right so you
something you do it now right so you
something you do it now right so you incorporate it into what you’re doing
incorporate it into what you’re doing
incorporate it into what you’re doing and and so this was about almost five
and and so this was about almost five
and and so this was about almost five years ago and honestly I had no idea
years ago and honestly I had no idea
years ago and honestly I had no idea what I was going to do so I took a bit
what I was going to do so I took a bit
what I was going to do so I took a bit of time off I went traveling in
of time off I went traveling in
of time off I went traveling in Southeast Asia went through Philippines
Southeast Asia went through Philippines
Southeast Asia went through Philippines Indonesia and Malaysia and I traveled
Indonesia and Malaysia and I traveled
Indonesia and Malaysia and I traveled actually across Southeast Asia a few
actually across Southeast Asia a few
actually across Southeast Asia a few times before and there was something
times before and there was something
times before and there was something that I started was different this time I
that I started was different this time I
that I started was different this time I would go to really remote areas like
would go to really remote areas like
would go to really remote areas like places where there is no running water
places where there is no running water
places where there is no running water electricity runs a couple hours a day
electricity runs a couple hours a day
electricity runs a couple hours a day you know you have a sorry sorry stop
you know you have a sorry sorry stop
you know you have a sorry sorry stop sorry sorry sorry store with like very
sorry sorry sorry store with like very
sorry sorry sorry store with like very few products to buy but whenever I’d
few products to buy but whenever I’d
few products to buy but whenever I’d leave people would always pull out a
leave people would always pull out a
leave people would always pull out a cell phone and try to connect with me on
cell phone and try to connect with me on
cell phone and try to connect with me on Facebook and this was I mean this was my
Facebook and this was I mean this was my
Facebook and this was I mean this was my news the end of 2012 beginning of 2013
news the end of 2012 beginning of 2013
news the end of 2012 beginning of 2013 and I knew Facebook was big but I didn’t
and I knew Facebook was big but I didn’t
and I knew Facebook was big but I didn’t realize like how big it is because I
realize like how big it is because I
realize like how big it is because I mean many it was everywhere like when
mean many it was everywhere like when
mean many it was everywhere like when you went to buy a SIM card or to top up
you went to buy a SIM card or to top up
you went to buy a SIM card or to top up your phone
your phone
your phone you know the top-up cards you know had
you know the top-up cards you know had
you know the top-up cards you know had like the telco logo dismal and Facebook
like the telco logo dismal and Facebook
like the telco logo dismal and Facebook and Twitter and Instagram like you know
and Twitter and Instagram like you know
and Twitter and Instagram like you know so big right so that made me realize
so big right so that made me realize
so big right so that made me realize that something was changing something
that something was changing something
that something was changing something something was happening and as the
something was happening and as the
something was happening and as the entrepreneur inflection points always
entrepreneur inflection points always
entrepreneur inflection points always always fascinating I realized basically
always fascinating I realized basically
always fascinating I realized basically that finally you know the market here is
that finally you know the market here is
that finally you know the market here is reachable you can actually drive and
reachable you can actually drive and
reachable you can actually drive and provide services and you know even
provide services and you know even
provide services and you know even though most people still lack access to
though most people still lack access to
though most people still lack access to you know very basic services like health
you know very basic services like health
you know very basic services like health care education finance commerce we have
care education finance commerce we have
care education finance commerce we have a channel to reach them and that was
a channel to reach them and that was
a channel to reach them and that was actually that observation that made me
actually that observation that made me
actually that observation that made me decide to actually stay and not go back
decide to actually stay and not go back
decide to actually stay and not go back the I spent a following to three months
the I spent a following to three months
the I spent a following to three months actually going market by market and
actually going market by market and
actually going market by market and spending time with investors and
spending time with investors and
spending time with investors and entrepreneurs and trying to learn what
entrepreneurs and trying to learn what
entrepreneurs and trying to learn what was going on and actually decide where I
was going on and actually decide where I
was going on and actually decide where I want to be in the last country on that
want to be in the last country on that
want to be in the last country on that tour was Philippines the door a few
tour was Philippines the door a few
tour was Philippines the door a few things that really excited me about the
things that really excited me about the
things that really excited me about the market here I mean obviously we all know
market here I mean obviously we all know
market here I mean obviously we all know the economy has been growing very fast
the economy has been growing very fast
the economy has been growing very fast you know six to seven percent faster
you know six to seven percent faster
you know six to seven percent faster than even other developing markets and
than even other developing markets and
than even other developing markets and at the same time you know there’s still
at the same time you know there’s still
at the same time you know there’s still a lot of people who are not included in
a lot of people who are not included in
a lot of people who are not included in that growth so there is still a lot of
that growth so there is still a lot of
that growth so there is still a lot of you know a lot of kind of open area to
you know a lot of kind of open area to
you know a lot of kind of open area to use technology to for social good
use technology to for social good
use technology to for social good the second thing and this was you know I
the second thing and this was you know I
the second thing and this was you know I had to really do a clear you know clean
had to really do a clear you know clean
had to really do a clear you know clean business analysis right you know I
business analysis right you know I
business analysis right you know I looked at the level of penetration of
looked at the level of penetration of
looked at the level of penetration of technology and how technology is being
technology and how technology is being
technology and how technology is being applied and this I think is true
applied and this I think is true
applied and this I think is true throughout all the emerging markets
throughout all the emerging markets
throughout all the emerging markets there’s so many low-hanging fruit
there’s so many low-hanging fruit
there’s so many low-hanging fruit because if you look at you know places
because if you look at you know places
because if you look at you know places that are driving innovation like Silicon
that are driving innovation like Silicon
that are driving innovation like Silicon Valley you know where like probably 80
Valley you know where like probably 80
Valley you know where like probably 80 90 percent of post venture capital and
90 percent of post venture capital and
90 percent of post venture capital and talent are centered they’re really busy
talent are centered they’re really busy
talent are centered they’re really busy focus you know
focus you know
focus you know solving maybe 1% of the world’s problems
solving maybe 1% of the world’s problems
solving maybe 1% of the world’s problems and here you know you if you open your
and here you know you if you open your
and here you know you if you open your eyes you will find so many things where
eyes you will find so many things where
eyes you will find so many things where you can apply those same skills and
you can apply those same skills and
you can apply those same skills and those same technologies and actually
those same technologies and actually
those same technologies and actually make real impact and change people’s
make real impact and change people’s
make real impact and change people’s day-to-day lives so those the second
day-to-day lives so those the second
day-to-day lives so those the second thing the third thing was actually when
thing the third thing was actually when
thing the third thing was actually when you start a company you’re going to be
you start a company you’re going to be
you start a company you’re going to be doing a lot of experimentation I learned
doing a lot of experimentation I learned
doing a lot of experimentation I learned that early on when I was starting my
that early on when I was starting my
that early on when I was starting my previous companies you’re going to make
previous companies you’re going to make
previous companies you’re going to make a lot of mistakes you have to do things
a lot of mistakes you have to do things
a lot of mistakes you have to do things maybe nine times until you know the
maybe nine times until you know the
maybe nine times until you know the tenth time you succeed and so it’s
tenth time you succeed and so it’s
tenth time you succeed and so it’s really important to actually have low
really important to actually have low
really important to actually have low you know be very lean and have low cost
you know be very lean and have low cost
you know be very lean and have low cost and I think you know Philippines is
and I think you know Philippines is
and I think you know Philippines is great because operating costs here are
great because operating costs here are
great because operating costs here are very low even renting an office
very low even renting an office
very low even renting an office experimenting etc you actually it’s very
experimenting etc you actually it’s very
experimenting etc you actually it’s very conducive for for innovation because the
conducive for for innovation because the
conducive for for innovation because the cost of experimentation is not so high
cost of experimentation is not so high
cost of experimentation is not so high and the last one which for me was
and the last one which for me was
and the last one which for me was actually one of the most important
actually one of the most important
actually one of the most important aspects is actually the personal aspects
aspects is actually the personal aspects
aspects is actually the personal aspects you know I made a strong commitment for
you know I made a strong commitment for
you know I made a strong commitment for you know for building a company and I’m
you know for building a company and I’m
you know for building a company and I’m going to be spending you know a large
going to be spending you know a large
going to be spending you know a large portion of my life wherever it is that I
portion of my life wherever it is that I
portion of my life wherever it is that I build this company and it had to be
build this company and it had to be
build this company and it had to be somewhere where I felt at home and I
somewhere where I felt at home and I
somewhere where I felt at home and I would enjoy living in and actually I can
would enjoy living in and actually I can
would enjoy living in and actually I can say you know for my first week in the
say you know for my first week in the
say you know for my first week in the Philippines
Philippines
Philippines I really felt at home and I think it’s
I really felt at home and I think it’s
I really felt at home and I think it’s something that culturally is like very
something that culturally is like very
something that culturally is like very unique to this country it’s not just the
unique to this country it’s not just the
unique to this country it’s not just the English and the language it’s really the
English and the language it’s really the
English and the language it’s really the the mindset that you know I never feel
the mindset that you know I never feel
the mindset that you know I never feel like I am not from here
like I am not from here
like I am not from here and this has been you know I’ve been
and this has been you know I’ve been
and this has been you know I’ve been here for four years and it’s still like
here for four years and it’s still like
here for four years and it’s still like holds true like every day that I’m here
holds true like every day that I’m here
holds true like every day that I’m here I feel you know a little bit better so I
I feel you know a little bit better so I
I feel you know a little bit better so I know it’s a good it’s been a good
know it’s a good it’s been a good
know it’s a good it’s been a good decision so those are really kind of the
decision so those are really kind of the
decision so those are really kind of the four things that you know anchored me to
four things that you know anchored me to
four things that you know anchored me to start something here and to start
start something here and to start
start something here and to start something in an emerging market and that
something in an emerging market and that
something in an emerging market and that kind of kicked off a process a longer
kind of kicked off a process a longer
kind of kicked off a process a longer process of then figuring out what I
process of then figuring out what I
process of then figuring out what I wanted to do and I went actually in this
wanted to do and I went actually in this
wanted to do and I went actually in this super industry I looked at a lot of
super industry I looked at a lot of
super industry I looked at a lot of different you know opportunities that
different you know opportunities that
different you know opportunities that looked at innovation the US I looked at
looked at innovation the US I looked at
looked at innovation the US I looked at upward you know opportunities and issues
upward you know opportunities and issues
upward you know opportunities and issues in the market here and I kind of
in the market here and I kind of
in the market here and I kind of pinpointed there is maybe three
pinpointed there is maybe three
pinpointed there is maybe three different types of innovation today or
different types of innovation today or
different types of innovation today or types of opportunities that you would
types of opportunities that you would
types of opportunities that you would see for technology in these markets or
see for technology in these markets or
see for technology in these markets or in this market that did it that you can
in this market that did it that you can
in this market that did it that you can kind of categorize things right so one
kind of categorize things right so one
kind of categorize things right so one of them is labor arbitrage we see a lot
of them is labor arbitrage we see a lot
of them is labor arbitrage we see a lot of that happening that’s the BPO strikes
of that happening that’s the BPO strikes
of that happening that’s the BPO strikes kind of taking advantage of the fact
kind of taking advantage of the fact
kind of taking advantage of the fact that labor is inexpensive and a
that labor is inexpensive and a
that labor is inexpensive and a Philippines to solve a problem in
Philippines to solve a problem in
Philippines to solve a problem in another market it’s obviously a big
another market it’s obviously a big
another market it’s obviously a big opportunity from business perspective it
opportunity from business perspective it
opportunity from business perspective it is helping improve a lot of people’s
is helping improve a lot of people’s
is helping improve a lot of people’s lives but it’s hopefully a short-term
lives but it’s hopefully a short-term
lives but it’s hopefully a short-term opportunity because what we’d like to
opportunity because what we’d like to
opportunity because what we’d like to see is you know the list people’s
see is you know the list people’s
see is you know the list people’s earning capacity increase right in the
earning capacity increase right in the
earning capacity increase right in the Philippines over time and this kind of
Philippines over time and this kind of
Philippines over time and this kind of opportunity is arbitrage opportunity
opportunity is arbitrage opportunity
opportunity is arbitrage opportunity closing out the second one which is a
closing out the second one which is a
closing out the second one which is a great business opportunity is you know
great business opportunity is you know
great business opportunity is you know bringing in business models that are
bringing in business models that are
bringing in business models that are successful elsewhere and importing them
successful elsewhere and importing them
successful elsewhere and importing them into the local markets great examples of
into the local markets great examples of
into the local markets great examples of that are lazada in Zalora
that are lazada in Zalora
that are lazada in Zalora there’s kind of a written blueprint you
there’s kind of a written blueprint you
there’s kind of a written blueprint you come into the market you execute and you
come into the market you execute and you
come into the market you execute and you build a business great business you know
build a business great business you know
build a business great business you know the great business sense because the
the great business sense because the
the great business sense because the risk is relatively low you’re just
risk is relatively low you’re just
risk is relatively low you’re just confined to execution in a third one
confined to execution in a third one
confined to execution in a third one which is the one I found most exciting
which is the one I found most exciting
which is the one I found most exciting was looking at opportunities are unique
was looking at opportunities are unique
was looking at opportunities are unique to the market locally that other
to the market locally that other
to the market locally that other entrepreneurs are not thinking of
entrepreneurs are not thinking of
entrepreneurs are not thinking of because they’re not actually based here
because they’re not actually based here
because they’re not actually based here what are
what are
what are problems and challenges are specific to
problems and challenges are specific to
problems and challenges are specific to emerging markets I do don’t exist
emerging markets I do don’t exist
emerging markets I do don’t exist anywhere else and how can we use
anywhere else and how can we use
anywhere else and how can we use technology to solve them and I think
technology to solve them and I think
technology to solve them and I think very early on I realized that’s probably
very early on I realized that’s probably
very early on I realized that’s probably what I’m most excited about because I
what I’m most excited about because I
what I’m most excited about because I like to do stuff that is creative and
like to do stuff that is creative and
like to do stuff that is creative and challenging and then I also knew that if
challenging and then I also knew that if
challenging and then I also knew that if you’re going to build something big of
you’re going to build something big of
you’re going to build something big of course you have to build something that
course you have to build something that
course you have to build something that is applicable to almost everyone like
is applicable to almost everyone like
is applicable to almost everyone like even if you look at the list of like top
even if you look at the list of like top
even if you look at the list of like top 10 or 20 wealthiest individuals in the
10 or 20 wealthiest individuals in the
10 or 20 wealthiest individuals in the Philippines you’d see that all of them
Philippines you’d see that all of them
Philippines you’d see that all of them are in the industries that touch almost
are in the industries that touch almost
are in the industries that touch almost every person’s life so it has to be mass
every person’s life so it has to be mass
every person’s life so it has to be mass mass appeal and mass mass value-add we
mass appeal and mass mass value-add we
mass appeal and mass mass value-add we ended up locking in on financial
ended up locking in on financial
ended up locking in on financial services and this was actually coming
services and this was actually coming
services and this was actually coming from straight observation I mean I had
from straight observation I mean I had
from straight observation I mean I had personal challenges using the financial
personal challenges using the financial
personal challenges using the financial system here and getting you know
system here and getting you know
system here and getting you know anything from getting a bank account to
anything from getting a bank account to
anything from getting a bank account to getting funds transferred here from the
getting funds transferred here from the
getting funds transferred here from the u.s. to getting money out of the ATM
u.s. to getting money out of the ATM
u.s. to getting money out of the ATM when I wanted to go surfing and sure I
when I wanted to go surfing and sure I
when I wanted to go surfing and sure I gal but around me I saw a lot of other
gal but around me I saw a lot of other
gal but around me I saw a lot of other people having a hard time as well it’s
people having a hard time as well it’s
people having a hard time as well it’s you know hard working Filipinos or
you know hard working Filipinos or
you know hard working Filipinos or abroad to spend you know sometimes three
abroad to spend you know sometimes three
abroad to spend you know sometimes three four years away from their family and
four years away from their family and
four years away from their family and then you know to get their money back
then you know to get their money back
then you know to get their money back home they have to line up for you know
home they have to line up for you know
home they have to line up for you know half of their free day they pay about
half of their free day they pay about
half of their free day they pay about six to eight percent on average which if
six to eight percent on average which if
six to eight percent on average which if you really think about it you know eight
you really think about it you know eight
you really think about it you know eight percent is one over twelve so it’s you
percent is one over twelve so it’s you
percent is one over twelve so it’s you know one month out of the year you’re
know one month out of the year you’re
know one month out of the year you’re actually working you know for Western
actually working you know for Western
actually working you know for Western Union instead of you know sending money
Union instead of you know sending money
Union instead of you know sending money to your family and you know here in the
to your family and you know here in the
to your family and you know here in the Philippines as well people getting on
Philippines as well people getting on
Philippines as well people getting on the tricycle to go to a payment center
the tricycle to go to a payment center
the tricycle to go to a payment center to pay for something they purchase
to pay for something they purchase
to pay for something they purchase online or to pay their electricity bill
online or to pay their electricity bill
online or to pay their electricity bill quite a lot of friction and difficulties
quite a lot of friction and difficulties
quite a lot of friction and difficulties and we thought hey we can use technology
and we thought hey we can use technology
and we thought hey we can use technology to make this you know a little bit
to make this you know a little bit
to make this you know a little bit better the kind of key observation that
better the kind of key observation that
better the kind of key observation that led to what we’re doing actually and
led to what we’re doing actually and
led to what we’re doing actually and and it’s a bit of still shocking
and it’s a bit of still shocking
and it’s a bit of still shocking statistic even for me is that when you
statistic even for me is that when you
statistic even for me is that when you look at more Filipinos have Facebook
look at more Filipinos have Facebook
look at more Filipinos have Facebook accounts and bank accounts today right
accounts and bank accounts today right
accounts and bank accounts today right so the answer is there I like the you
so the answer is there I like the you
so the answer is there I like the you can you can connect with customers you
can you can connect with customers you
can you can connect with customers you just need to find the right way to do it
just need to find the right way to do it
just need to find the right way to do it and to lower the barriers and to make it
and to lower the barriers and to make it
and to lower the barriers and to make it easier and if you look at the way the
easier and if you look at the way the
easier and if you look at the way the traditional banking is structured right
traditional banking is structured right
traditional banking is structured right if unfortunately it doesn’t work very
if unfortunately it doesn’t work very
if unfortunately it doesn’t work very well for an emerging market you have to
well for an emerging market you have to
well for an emerging market you have to maintain branches tellers or more trucks
maintain branches tellers or more trucks
maintain branches tellers or more trucks all those things cost a lot of money and
all those things cost a lot of money and
all those things cost a lot of money and in contrast you to you typically deal
in contrast you to you typically deal
in contrast you to you typically deal with customers are relatively low low
with customers are relatively low low
with customers are relatively low low low savings right right meaning that
low savings right right meaning that
low savings right right meaning that when they walk into the branch the bank
when they walk into the branch the bank
when they walk into the branch the bank is actually going to lose money so it’s
is actually going to lose money so it’s
is actually going to lose money so it’s very hard for it’s not the banks don’t
very hard for it’s not the banks don’t
very hard for it’s not the banks don’t want to cater for all the populations
want to cater for all the populations
want to cater for all the populations just say it’s very difficult for them so
just say it’s very difficult for them so
just say it’s very difficult for them so we kind of have a perfect storm because
we kind of have a perfect storm because
we kind of have a perfect storm because we have a market there’s a lot of needs
we have a market there’s a lot of needs
we have a market there’s a lot of needs we have existing players who have a hard
we have existing players who have a hard
we have existing players who have a hard time serving a very large segment of the
time serving a very large segment of the
time serving a very large segment of the market according to VSP I think it’s 73%
market according to VSP I think it’s 73%
market according to VSP I think it’s 73% of Filipinos that don’t have bank
of Filipinos that don’t have bank
of Filipinos that don’t have bank accounts and less than 5% to help cards
accounts and less than 5% to help cards
accounts and less than 5% to help cards and if you kind of take off the you know
and if you kind of take off the you know
and if you kind of take off the you know payroll and inactive accounts it’s maybe
payroll and inactive accounts it’s maybe
payroll and inactive accounts it’s maybe maybe 10% financial you know financial
maybe 10% financial you know financial
maybe 10% financial you know financial reach of the existing banks and then you
reach of the existing banks and then you
reach of the existing banks and then you add in technology in mobile and you know
add in technology in mobile and you know
add in technology in mobile and you know things like blockchain and you can start
things like blockchain and you can start
things like blockchain and you can start to kind of connect the dots and build
to kind of connect the dots and build
to kind of connect the dots and build something new that looks a little bit
something new that looks a little bit
something new that looks a little bit different we’ve been doing this for
different we’ve been doing this for
different we’ve been doing this for about three years as you don’t talk too
about three years as you don’t talk too
about three years as you don’t talk too much about coins but actually more about
much about coins but actually more about
much about coins but actually more about my journey through it which we learned a
my journey through it which we learned a
my journey through it which we learned a lot we you know we’ve had the fortunate
lot we you know we’ve had the fortunate
lot we you know we’ve had the fortunate to have you know good traction in the
to have you know good traction in the
to have you know good traction in the market but I think exciting things for
market but I think exciting things for
market but I think exciting things for me has been you know building a team in
me has been you know building a team in
me has been you know building a team in the Philippines like one of the big
the Philippines like one of the big
the Philippines like one of the big challenges for us early on is how to
challenges for us early on is how to
challenges for us early on is how to build the right culture into the company
build the right culture into the company
build the right culture into the company because we wanted to
because we wanted to
because we wanted to in order to operate the type of company
in order to operate the type of company
in order to operate the type of company we want to build we needed to create a
we want to build we needed to create a
we want to build we needed to create a different type of thinking in the
different type of thinking in the
different type of thinking in the company so we hire a lot of very young
very young employees coming out of you
very young employees coming out of you know top schools in the Philippines from
know top schools in the Philippines from
know top schools in the Philippines from Anthony LaSalle u P
Anthony LaSalle u P
Anthony LaSalle u P mostly because at that point they’ve not
mostly because at that point they’ve not
mostly because at that point they’ve not absorbed any other work culture right
absorbed any other work culture right
absorbed any other work culture right and we built a culture where the
and we built a culture where the
and we built a culture where the organization is flat there is really
organization is flat there is really
organization is flat there is really very minimal hierarchy we encourage
very minimal hierarchy we encourage
very minimal hierarchy we encourage people to question to challenge to not
people to question to challenge to not
people to question to challenge to not be afraid to raise issues and concerns
be afraid to raise issues and concerns
be afraid to raise issues and concerns we give them a lot of freedom there is
we give them a lot of freedom there is
we give them a lot of freedom there is no for example we don’t count like
no for example we don’t count like
no for example we don’t count like vacation days people can come in and
vacation days people can come in and
vacation days people can come in and come out whenever they want because we
come out whenever they want because we
come out whenever they want because we think that when we hire someone we hire
think that when we hire someone we hire
think that when we hire someone we hire them because we already trust them and
them because we already trust them and
them because we already trust them and we want them to realize their own like
we want them to realize their own like
we want them to realize their own like inner potential and we’ve also adopted a
inner potential and we’ve also adopted a
inner potential and we’ve also adopted a lot of things I think from you know I
lot of things I think from you know I
lot of things I think from you know I think there’s a lot of things that make
think there’s a lot of things that make
think there’s a lot of things that make the culture in our company very special
the culture in our company very special
the culture in our company very special because it is the Filipino company I
because it is the Filipino company I
because it is the Filipino company I think kind of the the relationship and
think kind of the the relationship and
think kind of the the relationship and the closeness between people like really
the closeness between people like really
the closeness between people like really make it like one of the most for me one
make it like one of the most for me one
make it like one of the most for me one of the most exciting and fun companies
of the most exciting and fun companies
of the most exciting and fun companies I’ve ever worked in yeah so I think kind
I’ve ever worked in yeah so I think kind
I’ve ever worked in yeah so I think kind of to sum all this up because I can’t
of to sum all this up because I can’t
of to sum all this up because I can’t really sum it because I’m not a joiner
really sum it because I’m not a joiner
really sum it because I’m not a joiner yet we’re kind of like in the middle but
yet we’re kind of like in the middle but
yet we’re kind of like in the middle but I you know looking back four years into
I you know looking back four years into
I you know looking back four years into this you know into this journey a lot of
this you know into this journey a lot of
this you know into this journey a lot of the early points
the early points
the early points I’ve actually valued it is really well
I’ve actually valued it is really well
I’ve actually valued it is really well which is really rare when that happens
which is really rare when that happens
which is really rare when that happens I’m still super excited about the
I’m still super excited about the
I’m still super excited about the Philippines I think if you look at
Philippines I think if you look at
Philippines I think if you look at venture capital investment it’s just
venture capital investment it’s just
venture capital investment it’s just beginning to come into the market now
beginning to come into the market now
beginning to come into the market now we’ve had I think three or four peak
we’ve had I think three or four peak
we’ve had I think three or four peak venture investments coming in coming in
venture investments coming in coming in
venture investments coming in coming in just over the last couple of months so I
just over the last couple of months so I
just over the last couple of months so I like Indonesia was really booming the
like Indonesia was really booming the
like Indonesia was really booming the last two years but now kind of
last two years but now kind of
last two years but now kind of everybody’s waking up to the fact that
everybody’s waking up to the fact that
everybody’s waking up to the fact that you know Philippines is interest
you know Philippines is interest
you know Philippines is interest I think the key strengths of phillipians
I think the key strengths of phillipians
I think the key strengths of phillipians are just going to make it shine more
are just going to make it shine more
are just going to make it shine more like you know the human capital the
like you know the human capital the
like you know the human capital the culture and and also kind of the the
culture and and also kind of the the
culture and and also kind of the the extent of the opportunity and you know
extent of the opportunity and you know
extent of the opportunity and you know for me personally like I said like you
for me personally like I said like you
for me personally like I said like you know I think the the the the best gauge
know I think the the the the best gauge
know I think the the the the best gauge for a good relationship is one where
for a good relationship is one where
for a good relationship is one where like every day that goes by you actually
like every day that goes by you actually
like every day that goes by you actually feel better and for me like every month
feel better and for me like every month
feel better and for me like every month and every you know every day and every
and every you know every day and every
and every you know every day and every month it goes by like on this journey
month it goes by like on this journey
month it goes by like on this journey I’m actually happier and happier with
I’m actually happier and happier with
I’m actually happier and happier with the decisions that I’ve made so I’ll end
the decisions that I’ve made so I’ll end
the decisions that I’ve made so I’ll end it here
it here
it here [Applause]
”
Be First to Comment