This is part 6 of our series of profiling professionals of Chinese/Taiwanese descent in the financial services sector in South Africa. It showcases the contribution of these professionals in the South African economy. What's your name and age? Kevin Chang – age 36 What has been your experience? PwC – Trainee accountant and Assistant manager RMB – Financial accountant, business partner, project accountant, financial solutions analyst What do you do? Leveraging off my Financial Reporting experience, I am now in space that works very closely with business technology, finance and business to delivery finance related projects. The work involves understanding the various technologies capabilities, data, project management, stakeholder communication and influence. Your area of expertise? Financial Management, Financial Reporting, Project Management, Product Ownership, Coaching, Strategy. What is your place of birth? Taichung, Taiwan. When did you immigrate to South Africa? What brought you here? Came with the folks that were seeking for new opportunities in a different environment. Where did you study, and your qualifications? UCT – Undergraduate in Finance and Accounting & postgraduate in accounting SAICA - CA (SA) Wits – Masters in innovation management (expected 2021) Why did you choose your line of studies? I was interested in the commerce space and felt this qualification was going to give me a good entry ticket to the game. How did you get into the financial services sector? Started being financial services focused during my training for CA. The initial entry was really a simple reason because it was the more complex business service and that appealed to me. Since then I have enjoyed working in this space. What are your hobbies and interests in your spare time? Running & doing HIIT exercises Enjoy having friends over for dinner/braai Going out and have a good time from time to time Cinema nouveau movies Big foodie Travel How do you see the future of South Africa? Cautiously optimistic – the country faces lots of social economic and political challenges. A strong and clear leadership is needed to implement and drive the structural reforms that are needed by the country to solve these problems. Clean public sector governance and effective implementation is key in providing workable solutions. In some aspects the government is moving, infrastructure projects, energy reform, some prosecution of corruption suspects (not enough), telecommunication reform – auctioning of high speed mobile communication. The effective implementation on many of these are yet to be seen. Serious red alarms: sovereign debt level, level of crime and corruption in government Also don’t forget we have a lot of good people in the country, it’s the small minority that is spoiling the country. Over time, the majority will rise. SA is traditionally good at solving big problems and we have quick wins. What advice or encouragement do you have for university students who want to enter the financial services sector? Do lots of research to understand the vast amount of opportunities that are available and the different entry points. Build relationships early with interested companies and get mentors from the companies or more broadly in the industry. Lots of talent in this space which makes it quite competitive to get into a desired role, hence consider building competitive advantage by perhaps being cross disciplinary focused e.g. IT and Finance. Or leadership skills. SA’s financial services sector has a good standing globally and many companies are focused on Africa expansionary strategy. Lots of learning and growth opportunities with the right focus and exposure.
0 Comments
This is part 5 of our series of profiling professionals of Chinese descent in the financial services sector in South Africa. It showcases the contribution of these professionals in the South African economy. What's your name and age? Erwin Pon – 46 years old What has been your experience? I have over 20 years’ of experience working in Corporate and Investment Banking with over 12 years at Rand Merchant Bank. I have also worked at Absa Barclays, Discovery and the International Bank of Southern Africa (a JV between BNP Paribas and Dresdner Bank). What do you do? I am the Head of Asia at Rand Merchant Bank and FirstRand Bank. I am primarily based here in South Africa but I do have an office in Shanghai with a team there that helps me manage my Asian clients. Whilst being the regional Head, I have a number of different areas that I look after, ranging from project and infrastructure financing, structured trade, general corporate financing to advisory and M&A services. Your area of expertise? My areas of expertise has really been focused around financial institutions, trade, investments and project finance. What is your place of birth? Johannesburg South Africa When did you immigrate to South Africa? What brought you here? I am a fourth generation Chinese South African. My ancestors came to South Africa from Guangdong China in the late 1890’s. My great grand-father was a trader. My Grand-father was the principal of the Chinese school and my grandmother was a teacher there. Eventually they started their own business in the 1940’s called Sui Hing Hong. Where did you study, and your qualifications? I have an MBA in Strategic Management and did my undergrad Bachelor of Commerce degree at Wits University. Why did you choose your line of studies? My family has a history of being entrepreneurial so I have always been interested in business and how things work. How did you get into the financial services sector? I had always small part-time side jobs from high school, ranging from working at Woolworths to conducting surveys at the airport . But for my very first formal job, I approached a job agency immediately after finishing university and I informed them of the areas I was interested in- financial services being my main choice. What are your hobbies and interests in your spare time? I love travelling, playing golf, basketball, league of legends as well as spending as much time with my kids and family as possible. I am also the Chairman of the Chinese Association (TCA) where I try my best to assist, represent as well as promote our Chinese community and culture to the broader South African communities. With all this, most of my “spare time” is filled. How do you see the future of South Africa? No one would doubt that there are currently so many challenges facing us here in South Africa. We have a combination of socio-economic issues that if are not urgently addressed, will have the potential of causing even more harm to our economy and people in South Africa. But there are most definitely some green shoots and some positive things that are happening. And whilst we very often believe that its always the job of someone else to “fix” and that we can’t really do anything, the truth is that we can. South Africa has so much potential and I sincerely believe that we are the gateway to the rest of Southern Africa. We need to use and harness this opportunity and really work on creating something amazing for our future generations. What advice or encouragement do you have for university students who want to enter the financial services sector? The financial services sector is extremely broad but holds a plethora of opportunities for people. There are the “old school” (CA, Economics, Finance, CFA, Actuary etc..) type jobs and roles but there is also the “new world” of opportunities with new technologies such as Fintech, blockchain, new forms of currencies, data science and crypto payments etc… I am super excited about what the future holds for this industry. In a few years’ time, it may not be the same as it is now, but it is exciting! It’s definitely not an easy environment and there are many challenges and competitors out there. But at the same time, there are so many possibilities waiting for someone with the right attitude, motivation, ambition and courage to grab hold of and make a real success! It’s a fascinating time and an interesting industry for those who are looking for a challenge! What's your name and age? Russell Ho and I'm 30 years old. What has been your experience? I have been in the financial advice industry since graduating from Nelson Mandela Metropolitan University (Now Nelson Mandela University) as a Financial Planner. I did my 3 years at Old Mutual PFA and Wealth working whilst at the same time being mentored by a top senior adviser at Old Mutual. After 3 years I met the experience requirement to obtain the Certified Financial Planner Professional ® Designation. Then I left Old Mutual to join Succession Financial Planning and Advisory Services (Pty) Ltd in 2017 to become a fully independent financial planner. As of 1 November 2020, it will mark that I've been 7 years in the industry. What do you do? I provide financial coaching with a holistic lifestyle financial planning approach, so that I can empower my clients to become educated and empowered when it comes to their finances and how it connects with the lifestyle they are trying to build towards. This consists of advice and coaching that is both around financial products, services as well as big decisions involving money which no products or involved whatsoever, but purely just sound advice and guidance. Your area of expertise? Tax planning and restructuring, investments and business entity structuring for both individuals and business clients. What is your place of birth? Port Elizabeth, South Africa When did you immigrate to South Africa? What brought you here? I'm born and bred in South Africa, but my parents and grandparents emigrated from Guangzhou, China, previously known as Canton. They came here for a better life and so that I can have access to more opportunities. Where did you study, and your qualifications? I studied at Nelson Mandela Metropolitan University (Now Nelson Mandela University), and I did a Bcom in Financial Planning and thereafter a Postgraduate Diploma in Financial Planning with my majors being taxation, investments and corporate financial planning. Why did you choose your line of studies? I wanted to learn more about proper financial management and how to handle money smartly. In addition, I realized early in my career when I just started that my parents had not really receive proper financial advice and the advice they did get from their adviser was really bad, he basically just sold them policies and they didn't get the benefit or value they wanted as well as no post sale service or advice was provided. If they had proper advice, they would of made a lot more better informed money decisions. I started seeing this happen more and more often within family members and friends, and decided to enter the industry to help change it for the better. How did you get into the financial services sector? After graduating from university, I applied directly with Old Mutual Persona Financial Advice (PFA), got accepted and worked my way up into Old Mutual Wealth and fortunately got the opportunity to be mentored as well. What are your hobbies and interests in your spare time? I enjoy listening to podcasts and reading books about entrepreneurship and self development, like the Empire Podcast, Impact Theory and Gary Vee Show. In addition, I'm a big fitness enthusiast, I'm currently training to compete in the Men's Physique division next year in bodybuilding and I go indoor rock climbing on the weekends for fun. How do you see the future of South Africa? With the impact of COVID19 on our economy and going forward, we as a country have a lot of work to do in order to get our economy to where we want it. I know for many it seems all doom and gloom with corruption, low to no growth economy and rand depreciating etc, but I personally believe there is still hope and opportunities here and that the situation will improve. In my professional and personal opinion, I think it comes down to what you want in life for yourself and your family. It's a great place if you're in entrepreneurship as even though South Africa may be a 3rd world country and playing catch up with the 1st world countries, this to me can be seen as a opportunity for one to go and research great ideas and businesses doing well overseas, that might thrive here and come back with the idea, implement it and be first to SA market before everyone else catches on. Also with technology today, we're not restricted on what, who and where we work. The job market also has opportunities for those who want to earn a good salary and have a secure job, I think we just need to keep improving our skillset so that we are always in demand. Many make the mistake of stopping to upskill and improve themselves once they leave school or university which is a big mistake as the employment markets are so competitive. Going forward I believe that as long as you keep upskilling and improving your problem solving ability, there will always be someone willing to pay you for that and this applies to both the employment industry and entrepreneurship. Call me an optimist, but that's what I've learnt, seen and experienced to date. What advice or encouragement do you have for university students who want to enter the financial services sector? Never stop learning once you graduate, stay current and up to date with not only what's happening in the financial industry but also related industries. This will ensure that when you meet with potential employers, colleagues and clients, you know what's happening and can give your own take on it, in other words you're always on the ball and informed. There will be tough times ahead and experiences when you want to quit and take the easy way out as well as when your morals and ethics will be challenged. Stay true to your morals and ethics and always do what is right, don't be tempted for short term gains. As for the tough times and experiences whether good or bad, always take time to reflect and ask yourself "What can I learn from this?" and "How can I use it to develop myself to be better?" We have the pleasure of interviewing Mr. Du Yinliang, the CEO of Prescient Investment Management China. This is part of our series profiling professionals of Chinese descent in the financial services sector in South Africa. Your full name? Age now? Liang Du, 37 What has been your experience? CEO - Prescient Investment Management China Limited What do you do? Business development strategy, investment strategy. Your area of expertise? Investment management What is your place of birth? Shanghai, China When did you immigrate to South Africa? What brought you here? I went to Zaire in 1986 and went to South Africa in 1990. In the 1980s and 1990s, China was still a very poor country. Parents want to go abroad to help their children have better opportunities. Since my aunt married a Zairian resident, our family went to Zaire. Zaire had a huge coup in the 90s. During the riots, the first plane to leave Zaire was to South Africa. I stayed in South Africa ever since. Where did you study, and your qualifications? MBA (University of Cape Town), B.Bus.Sc – Actuarial Science (UCT) Why did you choose your line of studies? I didn’t know what to learn when I was young. I was doing well academically. I heard people say that UCT is the best university in South Africa. B.Bus.Sc-Actuarial Science is the most difficult undergraduate. As a young person, I don’t know what actuarial science was, let alone finance. Anyway, I thought to myself, I would learn it first. Fortunately it suits my nature. How did you get into the financial services sector? At the University of Cape Town, the boss of Prescient Investment Management was a professor of finance. In the Honours year, he was my supervisor for my Finance Honours project. The topic was how much money does a person need to retire? At that time, most of the students who studied actuarial science went to the insurance companies, I originally planned to go to Old Mutual. After completing the research, he said he liked my way of thinking and asked me if I wanted to join his company. I joked by asking for a salary doubling Old Mutual's offer, unexpectedly he agreed. I have been with Prescient for 15 years, I have found that I like this industry very much and it suits my abilities. The company is also very supportive of entrepreneurship. What are your hobbies and interests in your spare time? Reading, playing squash, playing video games. How do you see the future of South Africa? I have lived in South Africa for 26 years. I am both Chinese and South African. I love South Africa very much. I certainly hope that South Africa’s future will be successful. South Africa has many characteristics. Unfortunately, after many years of weak policies and corruption, it now faces a dilemma. Looking at the data of South Africa objectively, the risks are high. The economy needs reform, a lot of investments and infrastructure development, education, healthcare, and transportation. But the financial resources are limited, the national debt is high, and there is too much corruption. There is a danger of a vicious circle of shrinking the tax base due to the massive brain drain. The labour law does not support the development of a large number of small businesses. The lack of infrastructure makes it uncompetitive in many industries. The future of South Africa depends on everyone's contributions and sacrifices, but for everyone to sacrifice, the people need to unites, everyone needs to have a shared dream. It is difficult to say whether South Africa today has any determination to change. Of course I very much hope that South Africa can change and will definitely come back after retirement! How do you see China's future? There is no perfect government in the world, but China's general economic and social development has been very successful over the past 30 years, which can be said to be the opposite of South Africa. Infrastructure, planning, education, healthcare, anti-corruption, and opening-up for business have all made great progress. In 1990, China's per capita GDP was 300 US dollars, South Africa was 3,000 US dollars. In 2018, China's per capita GDP was 9600 US dollars, exceeding South Africa's 6200 US dollars. Today's China has the foundation of a successful country. Although there is a certain degree of friction with Trump, through the efforts of the Chinese and the current scale and foundation of China, there should be very successful development in the next ten to twenty years. I returned to China in 2016 and has lived here for four years. I can understand why China can succeed. People are united, transportation efficiency is high and cheap, general education is of high quality, basic healthcare is almost free, super safe, and the economy is active. Every day you can feel the energy of China. Naturally, the gap between the rich and the poor is also very large in China, but unlike South Africa, the older generation with poor education works hard every day to do blue-collar jobs and entrepreneurship, and the younger generation’s education has caught up with the level of developed countries. Whether starting a business or working, ordinary people all have jobs, and have more than enough. Everyone works hard. So in the near future, China will be a country capable of development. China now has capital, talents, infrastructure, and a good business environment. Of course, the biggest risk for China is to rely too much on good leadership. Just like Singapore, the Chinese government is very strong and the country will be very successful when it is well led. After Xi Jinping took office, he did a lot of anti-corruption work and changed the direction of China's development. After years of rapid opening up, China shared many similarities with South Africa a decade ago. There were too many corruptions, government agencies were becoming more and more ineffective, national assets were lost, and policies Just looked at the short-term, and let the next leader solve the long-term problems. Through many improvements and hard work, be it pollution, anti-corruption, product quality and safety, deleveraging, shadow banking risks, and transparency of government agencies, it can be said that the direction has changed. These changes are something everyone can experience. Although there are risks, I am confident that China will continue to grow and develop. What advice or encouragement do you have for university students who want to enter the financial services sector? Finance is a very fulfilling career, which gives me everything in my dreams, but young people who want to join the industry must like this industry before joining. Competition is fierce and pressure is high. If you choose the finance sector just for money, you will collapse. I have seen too many people burn out after five years. To be successful, you must have a passion for this industry and it matches your personality. The second point is that if you decide to join, you must be determined to work hard. Finance contains too much specialised knowledge. Only through hard work can you become an expert. I have never met a lazy person who is successful in finance. Everyone is not only smart but also working hard. People who are successful in finance must have high IQ and EQ, as well as the spirit of continuous improvement. We have the pleasure of interviewing Teresa Lu, as part of our series of profiling professionals of Chinese/Taiwanese descent in the financial services sector in South Africa. What is your name? Age? Hui-Ching Lu, also known as Teresa Lu. Age 42. What has been your experience? I am a founding member and a portfolio manager at Ngwedi Investment Managers. Prior to joining Ngwedi, I was employed at Investec Asset Management and Prescient Investment Management. What do you do? I am a portfolio manager managing client portfolios that are entrusted with our company. Your area of expertise? I have extensive experience in managing a wide variety of fixed income portfolios and derivatives. Your place of birth? I was born in Taiwan while my family originated from Shandong, China. When did you immigrate to South Africa? What brought you here? My mother was an accountant at one of the Taiwanese companies that came to establish operations in South African in the early 90s. Where did you study, and your qualifications? I hold a PhD in Applied Mathematics from the University of Cape Town. Why did you choose your line of studies? Applied Mathematics covers a wide variety of topics and I studied Cosmology through Applied Mathematics route. Cosmology is a fascinating topic for research purpose. How did you get into the financial services sector? While I was completing my PhD, I started thinking about what I wanted to do for my career. Although I enjoyed what I studied very much, however I could not imagine myself working as a researcher at the university. I came across a book called “My Life as a Quant” by Emanuel Derman where he shared his exciting journey of migration from being a physicist to becoming a Wall Street member. I then decided to explore the sector further which then led to my decision in a career path. What are your hobbies and interests in your spare time? I enjoy reading fantasy books in my spare time. I also enjoy exploring different culture and cuisine while travelling. How do you see the future of South Africa? There are a lot of challenges ahead for South Africa. High unemployment and low growth rates are the two greatest challenges for its current leadership. President Cyril Ramaphosa will also need to demonstrate his determination and ability in tackling corruption that has long plagued the country. With the country’s debt-to-GDP level expected to exceed 100% in 2024-25, it is crucial for South Africa to be able to stabilise its fiscus spending and reduce wastage in the near future. If the country is able to take all the necessitate steps and bear with the short term pain, I believe South Africa can come out much stronger as this is a country that has great potential in the long run. What advice or encouragement do you have for university students who want to enter the financial services sector? There are different areas of disciplines within the finance sector. Knowing which area fascinate you will be crucial to how successful you become as there will be a natural bias toward how much effort you are willing to put into your work. We profile South African professionals of Chinese descent, in the financial services sector. What's your name and age? Tian Pan, 32 What has been your experience?: • Willis Towers Watson (previously Towers Watson) – Investment Associate • Old Mutual Wealth & Investments SA – Investment Product Actuary • Current: Prescient Investment Management China – Head of Product and Business Development What do you do? Investment product development and distribution Your area of expertise? Investment product development and strategy What is your place of birth? Shanghai, China When did you immigrate to South Africa? What brought you here? There were a lot of tax incentives for Taiwanese investors in the early 90s to invest in the SA manufacturing industry. My father is an engineer and was hired by a group of investors to come to SA and help set up several manufacturing operations. Our family moved to SA then. Where did you study, and your qualifications? University of Cape Town – BBusSci Actuarial Science (Hons) Institute & Faculty of Actuaries (UK) – Fellow (FIA), Chartered Enterprise Risk Actuary (CERA) Why did you choose your line of studies? I was fighting against my parents’ wishes of studying medicine at the time. Being pretty strong at mathematics while hating accounting, I decided to try actuarial science. I didn’t really know what actuarial science was, just that it was very difficult to study. After getting into the studies, my interest in the investment areas grew a lot. How did you get into the financial services sector? I majored in finance and actuarial science in university. I also had a great interest for the investment markets, so it was natural to join the industry after graduation. What are your hobbies and interests in your spare time? I enjoy going to gym, playing badminton and squash. I also enjoy exploring different delicious cuisines along with travelling. How do you see the future of South Africa? I’m concerned about South Africa’s future. I believe the overall competitiveness of the country is consistently declining. Both government and SOEs are plagued by corruption which greatly affects the country’s fiscus. Unemployment and crime rates are high and no improvements are expected in the short term. Income inequality is also widening which I believe is a dangerous direction we are heading into. I believe that structural changes are needed within government and the country to change the medium term outlook for the SA economy, however this may be a long, painful and risky process. Even though changing and growing will be long and painful, I believe SA as a country has huge potential in the long term. What advice or encouragement do you have for university students who want to enter the financial services sector? I think the most important thing is to do what you love, do not do it because of the money because it will be tough to push through the lows when doing something you do not love. Then it would be to always have a learning attitude, to continue to learn and improve one’s own ability. This will not only help you improve consistently over time but also help you work happier in my opinion. Remember the survivourship bias and understand the hard work behind the scenes of someone successful in finance. Good luck! Tian Pan's LinkedIn profile: https://www.linkedin.com/in/tian-c-pan-68849821/ |
AuthorKevin Yeh Archives
January 2025
Categories
All
|