CEO Insights Magazine

In this interview, we bring you an insightful conversation with Jack Foong Kim Weng, CEO of Lirunex. Join us as we explore his remarkable career journey, from humble beginnings to becoming an entrepreneur.

Can you give a brief overview of your career journey?

I started my CFD, Forex trading journey back in 2008, so I've been in this industry for almost 16 years. Initially, I began as a regular trader and learned from one of my mentors. Gradually, I transitioned into using Expert Advisors (EAs), which are AI-driven trading strategies. At that time, I was working full-time in Singapore, so I developed a semi-automated trading system to manage my trades.

Eventually, I began teaching part-time to friends and trusted members of my circle. Over the years, I became an Introducing Broker (IB) for well-known companies like FXCM, Pepperstone, and FXOPEN. After gaining more experience, I moved into fund management and started handling funds for high-net-worth individuals with their trust and support. Using all my experience and skill, I co-founded Lirunex, a proprietary brokerage firm.

How has your interest in multimedia impacted your professional development through your experience in Malaysia? Could you share some notable experiences from your time at the university?

Multimedia University is a private university in Malaysia with over 20,000 students. The university hosts 8 faculties and 13 research centers within two campuses, one in Cyberjaya and one in Melaka. My time at Multimedia University (MMU) played a crucial role in my career development. Majoring in computer science and digital art provided me with a strong foundation. When I founded my company, I handled everything from designing the logo and developing the website to programming the automated trading system. Additionally, I was active in the Chinese Language Society and led major events, which helped me develop my leadership skills. These experiences have been invaluable in managing my team and partners today. MMU truly provided a great learning environment that shaped who I am today.

My journey from being a trader to becoming an Introducing Broker (IB) and a fund manager has given me deep insights into the needs of our clients and IBs. Having faced similar challenges, I can provide swift and effective solutions, ensuring a seamless experience for our partners. This extensive experience allows me to anticipate and address their needs proactively, reinforcing our commitment to excellent service.

What best practices do you train your team with to improve customer service? What kind of guidance do you provide them when they face doubts or need help in any area?

I believe in setting a clear vision and mission for my team. Our slogan and mission—transparent, safe, and trustworthy—are at the core of everything we do. We strive to maintain a zero-complaint environment by arranging comprehensive product training and implementing suitable software to enhance our team's capabilities. This approach ensures we provide exceptional service to our clients and IBs, fostering a fair and reliable trading environment.

We emphasize clear communication. Our team knows how to explain complex topics in a way that's easy to understand. They're also trained to communicate effectively across different channels, whether it's email, phone, or chat. Finally, we empower them to go the extra mile. We don't want our team just solving problems; we want them exceeding expectations. This could mean following up after an interaction, offering additional resources, or simply taking the time to be genuinely friendly.

What are your predictions for the market in the coming years? What kinds of developments, opportunities, or changes in market behavior do you anticipate over the next five years?

Looking ahead, I anticipate several key developments in the market. Firstly, brokerage regulations are becoming increasingly stringent, which means clients' expectations are growing more sophisticated. Additionally, the integration of AI into the ecosystem is transforming the market's dynamics and demands. To respond to these changes, we aim to create a fair and transparent trading environment for our clients, staying true to our slogan. Our goal is to provide the best possible service, so when clients think about trading CFDs, they see us as their top choice. We are also investing in cutting-edge technology to enhance user experience and ensure seamless transactions, while continuously training our team to stay ahead of industry trends and maintain our competitive edge.

What is your future roadmap for your company?

We have ambitious plans for our company's future. Next year, we aim to upgrade our EU Cyprus entity license. Following this, we will focus on building solid revenue under our Labuan license entity, with the goal of transforming it into an investment bank within the next three to five years. Simultaneously, we will continue strengthening our presence in Southeast Asia while expanding into East Asia, India, and the Arab region. This strategic expansion will help us tap into new markets and opportunities. Additionally, we plan to innovate and diversify our product offerings to meet evolving market demands and enhance customer satisfaction.

What advice would you give to aspiring industry leaders based on your experience?

Based on my experience, I would advise aspiring industry leaders to stay aggressive, passionate, and persistent. Never give up and approach challenges with a 'just do it' attitude. However, it's equally important to be thoughtful when making critical decisions. Always discuss major decisions with your partners to develop the right strategy. This balance of determination and collaboration is crucial for long-term success. Additionally, continuously seek knowledge and stay updated with industry trends and innovations. Networking with other professionals can provide valuable insights and opportunities. Embrace failures as learning experiences, and maintain a positive outlook even in difficult times. Adaptability and resilience are key traits that will help you navigate the complexities of leadership.

Jack Foong Kim Weng, CEO, Lirunex

Having Been In The Trading Industry For Over 16 Years, Jack Has Accumulated Extensive Experience And Deep Insights Into Market Trends, Risk Management, And Client Needs, Making Him A Highly Respected Leader In The Trading Field. Jack Is One Of The Proud Alumni Leaders From Multimedia University Malaysia. As A Distinguished Alumnus, He Has Consistently Demonstrated Exceptional Leadership Skills And Commitment To Excellence. His Achievements Serve As An Inspiration To Current Students And Fellow Alumni.