Richard commenced his career with one of Australia’s leading asset managers, and has over 25 years experience in advisory and operational roles (including operating roles in asset management, banking, insurance and financial services distribution/brokerage). Within the asset management industry Richard has held roles in distribution, fund manager selection, product management, product development, platform development and corporate finance. Richard moved to Asia in 2002 with the Commonwealth Bank of Australia (‘CBA’), and subsequently held country and regional operational, strategy and corporate finance roles with CBA, as financial services executive-in-residence at Baring Private Equity Asia, and as regional financial services lead advisory head and Partner at EY. Richard has a B.A (University of Melbourne) and M.Bus (Mktg) (Monash Business School), and has been based in London, Melbourne, Sydney, Shanghai, Tokyo and Beijing.
Simon Dennis opened by saying that data tells us that 80% of SMEs can’t get money from a bank. Run those numbers of 1.2m SME customers there’s a lot of people commercially that’s a huge problem.
Matt Leeburn said that conflicts of investment partnerships often happen. Most partnerships don’t work out in the end as a good article in the Harvard Business Revie points out. You must be truly aligned for it to work otherwise it won’t work.
James Boyle said a top difficulty with partnership is how they play out if a partner wants to team up with a competitor? He said the best solve was if you get the partnership right the co-dependency should become so deep that they come to us anyway.
Richard Williamson, on another note, said that China showed the way forward on fintech with Ant Financial having 400m clients and the largest credit bureau in China. Now the banks are coming to Ant to use the bureau. It’s a business they’re doing a fundraise. It’s leapfrogged the banks in so many ways.