“There are simplicities and difficulties in every match. It is essential for businessman to adapt, or at least to become coachable.”
During the past 3 years, technology innovation has played a great role in revolutionary practices in financial transaction and management. The financial advancement has derived from the activeness of players in the financial industry, especially those who aim to create brand-new innovation and ideation as driving keys towards 2 major technology trends; Artificial Intelligence and Blockchain.
From the perspective of Refinn; fintech rising star under supervision of Opal Nintita Loetruangsuphakun (Chief Executive Officer & Co-founder of Refinn International Dot Com and a Co-founder of ICORA), she revealed the idea of utilizing digitalization to create sustainable business along with sustainability in a more diverse society through an exclusive interview by OPEN-TEC.
Opal Nintita has given an opportunity for OPEN-TEC to interview about her strategy that merge Buddhist practice with business mindset, for examples
- Leaders are required to have strong passion and stability to overcome J-Curve Effect as it always happens to most tech companies.
- To build and manage a strong technology team to ensure that user experience is well-handled and to have clear KPI for business growth
- To create vivid business model with commitment
- To have a quick execution plan and a quick recovery in case of failure
- To have continuous working disciplines for the whole team
Additional factor is being coachable. There are a plenty of players who failed from sticking with the success in the old days. Each playing field is different. Players are required to be coachable and be ready to adopt per our advices.
Fundamental Pain Point
One of all challenges for fintech providers is to overcome customer’s pain points as well as to minimize unnecessary requirements. Nintita shared that there are 2 categories of fintech; global and local. Most fintech startups in Asia are a local type since most of their solutions aim to dissolve local issues, for example, Refinn solution might not become successful in Singapore where house loan interest is quite low (3% for government banks and approximately 1%-2% for private banks). On the other hand, the interest in Thailand is about 6.57% and it could be lower to 3% after being refinanced. Refinn was founded to fulfill this opportunity.
Lastly, OPEN-TEC would like to thank Khun Nintita Loetruangsuphakun for sharing her useful thoughts. There are still more interesting viewpoints that give clearer fintech illustration from below video.