CEO Insights Magazine

The financial services sector is the lifeblood of economic activity, seamlessly facilitating the flow of funds across borders, ensuring that consumers, merchants, and financial/eCommerce platforms can pay and receive money efficiently, securely and cost-effectively. Without this critical infrastructure, imbalances between surplus and deficit entities could emerge, potentially stifling consumption and investment as individuals hoard savings to mitigate risk. PingPong, a FinTech unicorn, is at the forefront of transforming cross-border e-Commerce payments globally with a mission to simplify international selling for its customers and provide top-tier services to support their business expansion. Dr. Cyrus Tong, Regional Chief Compliance Officer at PingPong, is a key figure in the company's success, steering the complex realm of financial compliance. With over two decades of experience in leading investigative teams, managing risks and overseeing compliance in multinational corporations, Dr. Tong's expertise is invaluable.

In a recent interview with CEO Insights Asia, Dr. Tong shared insights into his professional journey and the latest industry trends.

Could you give a brief account of your professional background and experiences?

As the Regional Chief Compliance Officer at PingPong, I am responsible for regulatory compliance, licensing (including applications, mergers and acquisitions), and the Anti-Money Laundering (AML) Program for our entities in APAC, excluding China. With over 18 years of experience, I have held pivotal roles such as Chief Risk Officer and Chief Compliance Officer in leading financial institutions across Asia Pacific. I have also contributed to academia as a Guest Lecturer and Speaker at prestigious institutions. As a Certified Fraud Examiner since 2014, I hold a Doctor's degree in business administration and am committed to professional excellence while being a dedicated husband and father.

My leadership approach is centered on cultivating a compliance culture that is people-focused, enabling strategic business growth and fostering employee ownership of compliance risks. I believe that every function in an organization is crucial, because at the end of the day, we work with people. Educating individuals on the importance of compliance, why it matters, and how to adhere to it effectively is essential. Compliance is like obtaining a visa or permit; it signifies that we are operating within regulatory boundaries. As a Regional Chief Compliance Officer, I collaborate with business teams to create space for their growth by efficiently managing compliance matters. Instilling a sense of ownership across departments is key, as it fosters a proactive and accountable mindset that contributes to our compliance objectives.

How do you keep yourself up-to-date with ongoing industry trends to steer your organization towards the future?

I stay connected with customers to understand their evolving needs and preferences. I monitor business performance through relevant statistics to facilitate informed decision-making. I observe and analyze competitor strategies to stay ahead in the market. While regularly stepping out of the office to gain firsthand insights and experiences is important, networking with industry peers and experts keeps me informed. Also, dedicating time to reading and staying abreast of industry trends is also my priority.

Tell me about your role as Regional Chief Compliance Officer at PingPong, and what other responsibilities you've had.

As the Regional Chief Compliance Officer for PingPong, my role encompasses several critical responsibilities. Primarily, I oversee regulatory compliance, counter-terrorist financing, and antimoney laundering (AML) programs, as well as risk management across the Asia Pacific region. Additionally, I play a pivotal role in facilitating the company's global expansion efforts, particularly in navigating licensing requirements. This involves strategic decisions on whether to apply for licenses locally in each country or through the M&A to expand locally.

For example, in 2022, we successfully obtained the Money Lenders license in Hong Kong. Last year, we secured payment licenses in UK, Australia, and Singapore. This year, we have further expanded our presence by securing licenses in Indonesia and Malaysia. These achievements underscore our commitment to global growth. Furthermore, I serve as the General Office Manager in Hong Kong, overseeing business, administration and operations in that region. These responsibilities collectively define my role within PingPong, emphasizing my dedication to ensuring regulatory adherence and strategic expansion.

How do you handle supporting, training and mentoring your team members?

As I oversee operations in multiple countries, including Hong Kong, Singapore, Indonesia, Vietnam, Malaysia, Thailand, Korea and Japan, I plan to leverage my management skills by dividing the regions into subregions or areas. For instance, I will appoint a leader in Singapore to assist with managing other Southeast Asian countries, while in other areas, I will work closely with my team in Hong Kong to oversee operations in other Asian countries. This ‘divide and conquer’ approach allows for smaller, more manageable teams that I can directly guide and instruct, ensuring effective communication and coordination across regions.

What is the future destination you are heading towards?

My vision is to continuously evolve and contribute positively to society and the world. Personally, I aim to be a better husband and father by nurturing strong family relationships and creating a supportive environment for their well-being and growth. Professionally, I strive to enhance my leadership skills, making informed decisions that simplify processes and improve the lives of those around me.

Dr. Cyrus Tong, Regional Chief Compliance Officer, PingPong

Dr. Cyrus Tong, a visionary compliance leader who emphasizes on the importance of a humancentric compliance culture that drives strategic business growth and encourages employees to take ownership of compliance risks.