FinTech LIVE Singapore: Women in FinTech
The FinTech Live Singapore event hosted an insightful panel discussion on the representation of women in FinTech. The panel featured Alice Chen, Co-founder and General Counsel at InvestaX; Jessica Lam, Group Chief Strategy Officer at WeLab; and Polinah Gatawa, an Operations Executive in the Financial Services Industry.
Why is it Important to Highlight Gender Disparity
Highlighting gender disparity is crucial for fostering a more inclusive and equitable society, especially in rapidly evolving sectors like FinTech. Gender disparity not only limits opportunities for women but also hampers overall industry innovation and growth. By bringing attention to these disparities, we can address systemic biases, promote diverse leadership, and ensure that women have equal access to opportunities and resources.
"The headlines amplify the presence of men, with fewer women on stages," Alice Chen.
Emphasising the need for diverse representation at senior and board levels, Alice Chen advocates for mentorship and visibility.
"Inclusion starts with 'I' – what I do at home with my daughter, at work as a founder, I try to lead by example," she says.
Jessica Lam stresses the importance of visibility and meritocracy. "It's always about 'see it, be it.' Seeing someone similar to yourself can be a powerful motivator," she shares.
"Visibility and open dialogue are the first steps," she says, advocating for awareness and practical measures tailored to specific organisational contexts. She stresses the importance of hiring based on skills and merit, noting that diversity fosters innovation, enhances problem-solving, and drives better business outcomes.
Practical Steps for Inclusion
Awareness and Best Practices, Meritocracy and Individual Action
Increasing awareness is the first step towards female inclusion in FinTech. Companies must recognise existing gender disparities and actively work to address them. Best practices include implementing mentorship programmes, promoting flexible work policies, and ensuring transparent hiring and promotion processes. Regular training on unconscious bias and diversity can also foster a more inclusive environment. By benchmarking against industry leaders who have successfully integrated these practices, companies can tailor strategies to their unique contexts, ensuring that efforts to include women are both effective and sustainable. This proactive approach not only benefits women but also drives broader organisational success and innovation.
Lam emphasises the importance of awareness and understanding best practices within the industry. "You always need to start with awareness, recognising that diversity is something to be considered, not necessarily a problem," she states. Lam suggests looking at successful models in other organisations and adapting them to fit the unique context of one's own company. "It's about understanding what fits for you depending on the size and scale of your company," she notes.
Chen reiterates the importance of meritocracy and individual action. "We need to promote a meritocracy in the workplace and encourage women to ask for help and be visible," she says. Chen also highlights the need for leaders to be inclusive and support diversity without relying on quotas. She shares her experience of being supported by male counterparts and stresses the need to foster an environment where diversity is valued.
Polinah shares a personal anecdote: "My dad told me I was born with a silver spoon in my mouth, meaning opportunities are endless if you believe in yourself." She highlights the role of deliberate empowerment in families and the significance of continuous learning and execution speed in achieving success.
Together, these insights underscore the crucial steps and attitudes necessary to drive female inclusion in FinTech, fostering an environment where diversity not only thrives but also propels innovation and organisational success.
Adapting Strategies for Different Regions
Alice Chen underscores the significance of considering cultural differences when implementing diversity strategies. Drawing from her extensive experience working in various regions across Asia, she emphasizes the challenges and nuances involved. "We can't change centuries-old customs overnight, but we can encourage gradual change," Chen asserts, highlighting the necessity of balancing respect for local norms with the push for progress.
Similarly, Polinah explores the potential for cross-regional learning and the adaptation of successful models. With examples from Africa and her current experiences in Australia, she illustrates how different regions can provide valuable insights into digital transformation and diversity initiatives. "Learning from global partners and adapting best practices can drive progress in local contexts," Polinah notes, advocating for a collaborative approach to achieving meaningful change.
More to come in 2024…
FinTech LIVE will be hosting two more events in 2024:
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