34 — Ahead of the Curve
Impact — 35
SIM KEE BOON
INSTITUTE OF
FINANCIAL
ECONOMICS’
CONFERENCES
SPREAD KNOWLEDGE
WITHIN INDUSTRY
Conferences are a useful platform for knowledge
enhancement and networking. Thus, the Sim
Kee Boon Institute of Financial Economics
(SKBI) has organised a number of conferences
that have become important fixtures in the
industry. One of the high points in the calendar
is SKBI’s annual conference.
In 2015, the theme of the two-day confer-
ence was “Digital Banking, Financial Inclusion
and Impact Investing”. The first day of the con-
ference was held in English while the second
day’s proceedings were in Chinese. China Europe
International Business School (CEIBS), a leading
business school with its main campus in Shanghai,
China, was a co-organiser of the conference.
The next year, the theme of the confer-
ence was “Fintech and Financial Inclusion:
Nascent financial technologies for enhancing
access to finance”. This conference was jointly
organised by SKBI and the International
Monetary Fund (IMF), and supported by the
Monetary Authority of Singapore (MAS) and
the United Overseas Bank. It attracted some
320 and 250 participants on Day 1 and Day
2 respectively. “Advances in Data Science and
Implications for Business” was the theme of
the 2017 conference.
In November 2015, SKBI and Singapore
Management University’s Business Families
Institute organised a conference on “Smart
Nation, Silicon Valley Technology and Connec-
tivity Inclusion” in California. This conference
created a forum for Singapore institutions to
explore Silicon Valley technologies and their
potential, and offered insights into the latest
technologies which could be relevant and ben-
eficial to the Smart Nation programme. It also
served as a platform for Silicon Valley to learn
about this initiative in Singapore. Speakers
included Mr. Piyush Gupta (Chief Executive
Officer of DBS Group), Ms. Jacqueline Poh
(Managing Director of Info-communications
Development Authority of Singapore) and Ms.
Anju Patwardhan (Group Chief Innovation
Officer of Standard Chartered Bank).
NURTURINGSTARTUPS
IN AND OUTSIDE SMU
Lester Chan, who has an Master of Business
Administration (MBA) from the Lee Kong Chian
School of Business (LKCSB), is nowmaking waves
as an entrepreneur in the field of venture capital
and private equity. He left a successful career in
banking and went on to start a private equity firm
named BeaconRock and more recently, Fund
Singapore, a crowdfunding platform.
BeaconRock deals with private equity and
venture capital assets. In the private equity
space, BeaconRock Investments specialises
in special situation investments, mergers and
acquisitions, mezzanine financing and buyouts.
Fund Singapore, on the other hand, is an equity
and lending-based crowdfunding platform that
deals with startups and corporations. “With
private equity, venture capital and crowdfunding,
the entire funding value chain is completed,”
said Lester. “We have effectively transformed
into a one-stop solution for all funding needs.”
BeaconRock’s early years were tough because
it had no track record. “Resources were limited.
Revenue and a track record takes years to build
up and therefore almost all of my savings were
depleted. The bulk of the investment funds were
from savings and other sources of financing.”
With money running low, he made changes
to his lifestyle, cutting back on spending and
taking on ad hoc projects to earn extra money.
“There is definitely no easy way out especially
as BeaconRock started out in the thick of the
financial crisis. I had to persevere for four to five
years till the economy recovered.”
On top of running his own businesses,
Lester is also an adjunct faculty for the Masters
of Science in Innovation programme at LKCSB
and a mentor at the Development Bank of Singa-
pore’s (DBS) pre-accelerator hot spot.
As an entrepreneur and a person who runs
businesses helping startups, he falls on the
nature side on the debate over whether entre-
preneurs are born or made.
“I believe in nature followed by nurture. A
person needs to have that drive and desire to start
out on his own. The struggles of an entrepreneur are
real, and internally, you need to have that substance
or X-factor to endure and strive. Entrepreneurs
need to have that fire in the belly to work things
out, and to have the tenacity to plough through hard
times. However, nurture comes into play in terms of
finding suitable mentors, and acquiring knowledge
and relevant skills to better run the business.”
One way of acquiring the relevant knowledge
and skills is to get an MBA, which Lester
obtained from the Lee Kong Chian School
of Business, thanks to a scholarship from
Singapore Management University (SMU). He
described the MBA programme as “one of the
best education experiences I had.”
“I remembered the times when we stayed
up the entire night to complete our assignments,
arguing and defending our ideas and views in
class, and even challenging our professors on
some thoughts. Those were fun days as we ben-
efitted and learnt tremendously.”
“Through these times, we developed closely
knitted friendships. Although we graduated years
ago, our cohort still makes it a point to meet
regularly and keep in contact with one another.”
He is also actively involved with the alumni
community. He is currently heading the MBA
alumni entrepreneurship society as well as the
postgraduate alumni entrepreneurship society
(The Underground Club).
He said his active involvement in the alumni
community sprang from his MBA experience. “I
am thankful to SMU for the scholarship, as well
as the wonderful MBA experience and memories.
Being actively involved with the alumni is one
way of giving back to my alma mater.”
He hopes to build up a strong alumni
network and community to further enhance the
global brand and standing of SMU.
His vision for the MBA alumni society is to
build up a network as well as an ecosystem for
entrepreneurs in SMU. “The short- to mid-term
objectives are to create an environment where
MBAs (alumni and current MBA students) can
bounce off ideas to one another, complement
each other’s strengths and weakness, and col-
laborate together to form great companies.”
He said that the society was now exploring
ways to provide funding, consultation, and men-
torship for budding entrepreneurs.
As for the Underground Club, it is a network
that consists of postgraduate alumni with special-
ised skill sets. “We have the talent, motivation, and
knowledge. Forming an ecosystemwith these highly
trained talented individuals, The Underground Club
adds value to startups by providing professional
insights, networks, and potential funding.”
The Underground Club has been advising
startups from SMU, DBS, and other tertiary insti-
tutions over the past two years, he said. A few
of these startups have since obtained venture
capital funding, grants, and are on the path for
growth. There are plans to transform The Under-
ground Club into a recognised professional body
that validates startups in Asia in the near future.
IMPACT
INDUSTRY
“Entrepreneurs need
to have that fire in
the belly to work
things out, and to
have the tenacity
to plough through
hard times.”
LESTER CHAN
PARTICIPANTS AT THE 6
TH
ANNUAL SIM KEE BOON
INSTITUTE OF FINANCIAL
ECONOMICS CONFERENCE
HELD IN AUGUST 2016.
