“I used to dislike the financial industry when I was studying at SMU. It seemed like a purely transactional industry to me, where minimal products or offerings are created and exchanged for a return,” recalls Sharon in amusement. “Never did I expect myself to be now working in the technology side of financial services and loving what I do.”
The ironic turning point in Sharon’s life came when she was in her third year of undergraduate studies. “SMU provided the flexibility to balance interests outside of school while completing a degree. I seized that opportunity, took a semester off and immersed myself in Singapore’s early tech industry back in 2011.”
Sharon’s first foray into the technology industry was as a part-time writer for SGEntrepreneurs, a tech blog founded in 2005 and was subsequently acquired by TechinAsia.com in 2013. During her stint, she got acquainted with local founders of tech startups, some of whom have since exited their companies and are actively giving back as angel investors. Inspired by their journeys, her interest in technology and venture building grew. One door led to another - she was fortunate to get into the right social circle and of which, included friends who went on to co-found Xfers in 2015.
Today, Xfers is the leading payments infrastructure for Singapore and Indonesia. In March 2021, they joined hands with PAYFAZZ to form FAZZ Financial Group (FFG). FFG is a digital financial services group, with a focus on the underbanked segments in Southeast Asia.
"As society and technology progress, new digital touchpoints arise. Because of this, new payment methods have emerged," says Sharon. "Some of these include ride-hailing apps evolving to become digital wallets for everyday purchases. On the other end of the spectrum, there is the rise of decentralised finance, a.k.a DeFi, which are financial applications built on top of public blockchains. This has led to the adoption of stablecoins (i.e. flat-pegged digital currencies also built on public blockchains ledgers)"
Sharon highlights that digital payments is the necessary enabler for an inclusive economy. "It is through digital payments that Xfers has made two underbanked segments more accessible: (1) warung networks i.e. mom-and-pop shops (a.k.a. as Agent Banking Networks) in Indonesia, and (2) cryptocurrency industry in Singapore.” Ask Sharon what drives her in her work and she will tell you with passion: “To enable financial access and capital efficiency is intriguing and continues to drive me”.
What would the future of payments be like? Sharon shares her perspectives: "Digital is now a way of life, and everything around us is operated digitally.
Payments will be everywhere - anywhere with digital interactions will have payments as a default feature.
This applies to B2B, B2C and C2C interactions. Clubhouse is a recent example of this. The app chose payments, over advertisements, as its first monetisation model."
In Singapore and in Asia, as the rise of new payment methods such as eWallets and Stablecoins become widespread, Sharon is of the opinion that “it is inevitable for local regulators to protect residents and impose payments-related regulations.” She adds further that “Payments is a highly-regulated industry that warrants the need for sufficient oversight. Without which, payment methods can be a channel for fraudulent transactions."
“Payment vendors will face the challenge of striking a good balance between being compliant and user-friendly, while pursuing growth at breakneck speed."
Amidst the challenges posed by industry, Sharon believes that the SMU community provides encouraging support for one who is in the industry.
“It is through conversations with fellow alumni in the industry that we can grow and have serendipitous moments with each other."
As an SMU alumna, she has stepped forward to connect with fellow alumni, “There is an informal group of SMU alumni and friends who are in the payments industry - shout out to Ivan Chang (BBM 2014) for roping us together.” Sharon extends an open invitation to the alumni community: “If you would like to join us for our next gathering or are up for casual chats, feel free to drop me a message on various social channels at @sharonlourdes.”
