20230927 FinTech Festival Asia Keynote Speech

Summary

Wanchin, from the Malaysian Fintech Association, addresses the Thailand Fintech Festival, emphasizing youth empowerment as crucial for innovation in the financial services industry. She discusses the importance of involving young people in decision-making and highlights the challenges and aspirations of Generation Z. Wanchin suggests that fintech companies should consider comprehensive benefits packages to attract and retain talent, and she encourages both employers and the younger generation to communicate effectively and empower each other for the advancement of fintech.

Takeaways

• 🙌 The speaker, Wanchin, expresses gratitude to the Fintech Association of Malaysia and Winter Labs for the opportunity to speak at the Thailand Fintech Festival.
• 🌟 The speech emphasizes the importance of youth empowerment in innovation within the financial services industry, suggesting it should precede technological innovation.
• 🧠 The youth are defined in Malaysia as individuals between 15 and 30 years old, highlighting the need to engage them in decision-making processes.
• 🎓 The speaker points out that young people are often focused on academic excellence and personal achievement, which may limit their sense of initiative and community contribution.
• 💼 The transition from education to the workforce can be challenging for the youth, as they grapple with real-world expectations and find their purpose beyond academic success.
• 🚀 The speaker advocates for a clear sense of mission and purpose in the youth, which is crucial for their long-term success and contribution to the fintech industry.
• 🌐 Generation Z, born between 1993 and 2008, is described as digital natives who are tech-savvy and have different values and expectations compared to previous generations.
• 💡 The speaker suggests that to attract and retain young talent, companies should offer comprehensive benefits packages that align with the psychological and social needs of Generation Z.
• 📈 The youth are identified as the primary users and drivers of fintech innovation, with their preferences and demands shaping the industry's future.
• 🤝 Empowerment is a two-way street, requiring effort from both employers to find effective communication and teamwork models and from the youth to take initiative and responsibility.

Q & A

Who is the speaker of the transcript and what is their role?

The speaker is Wanchin, who is from Malaysia and is the head of the Malaysian Fintech Association.

What is the main theme of Wanchin's speech at the Thailand Fintech Festival?

The main theme of Wanchin's speech is the importance of youth empowerment in the financial services industry and how it should come before innovation.

What does Wanchin believe is the definition of youth empowerment?

Wanchin defines youth empowerment as the process of involving the youth in the decision-making of a committee.

According to the transcript, what is the age range of the youth in Malaysia?

In Malaysia, youth is defined as those between 15 and 30 years old.

What issue does Wanchin raise about young people's focus on education?

Wanchin raises the issue that young people often get stuck in the school grading system and focus on personal excellence, which might lead to a lack of initiative and a sense of mission for the community.

What is the significance of the age 23 in Wanchin's speech?

The age 23 is significant as it is set as an accountable point in the age range, where young people are typically pursuing higher education or just entering the workforce.

How does Wanchin describe the challenges faced by young people transitioning from education to the workforce?

Wanchin describes the challenges as a realization that reality doesn't meet expectations, leading to confusion about career paths and a potential loss of ambition and values.

What does Wanchin suggest is the key to retaining the younger generation in the fintech industry?

Wanchin suggests that to retain the younger generation, organizations should consider a more comprehensive benefits package that addresses not only monetary rewards but also psychological needs such as recognition, lifestyle, and value alignment.

What is the term used to describe the generation that Wanchin belongs to, and what are their characteristics?

The term used is 'Generation Z', and they are characterized as digital natives who quickly understand technology, are resourceful and independent, and have different social behaviors compared to previous generations.

What advice does Wanchin give to both employers and the younger generation regarding empowerment?

Wanchin advises employers to find the best communication and teamwork modes that fit the personalities of both the team members and the younger generation. For the younger generation, Wanchin advises them to empower themselves, take initiative, and not solely rely on others for opportunities.