The world of finance thrives on trust, a delicate ecosystem easily shattered by non-compliance. Dr. Cyrus Tong, Regional Chief Compliance Officer at PingPong, understands this too well. His road to success wasn’t meticulously planned – it was sparked by an eye-opening encounter that ignited a passion for ensuring the very foundation this industry relies upon. Early in his career, while serving in the Commercial Crime Bureau of the Hong Kong Police Force, Dr. Cyrus witnessed firsthand the devastating consequences of non-compliance. From violation of law and regulation, financial penalties to reputational ruin, he saw how regulatory breaches could cripple organizations and erode client trust. This ignited a passion within him to delve deeper into the intricate world of regulations, not just to enforce them but to champion ethical business practices.
For Dr. Cyrus, compliance transcended mere rule-following. It was about fostering a culture of integrity and transparency, the bedrock of a healthy financial sector. He envisioned himself as a guide, helping organizations navigate the complex regulatory landscape, mitigate risks, and build enduring trust with stakeholders. This vision fueled his decision to specialize in compliance and regulatory affairs, a field where his keen interest in finance could seamlessly blend with his unwavering commitment to ethical conduct.
Dr. Cyrus’s career has been a captivating journey across diverse roles and jurisdictions, each offering a unique set of challenges and opportunities. From tackling intricate financial crimes in the Hong Kong Police Force to leading high-profile investigations at Citigroup Security and Investigative Service APAC, each experience has honed his expertise and solidified his passion for the field. Subsequent roles at Oasis Advisory, Livi Bank, and TNG FinTech Group further enriched his knowledge base, allowing him to make strategic contributions to the growth and compliance of these organizations.
Today, Dr. Cyrus takes immense pride in building a robust compliance culture that not only ensures adherence to regulations but also aligns seamlessly with the company’s strategic growth objectives. He perceives his career as a continuous learning experience, an exciting odyssey of adaptation and contribution to the ever-evolving world of compliance and regulatory affairs within the financial sector.
Leading Compliance and Growth in Asia Pacific
As PingPong’s Regional Chief Compliance Officer for Asia Pacific, Dr. Cyrus shoulders a wide range of critical tasks. He ensures compliance with regulations, oversees anti-money laundering (AML) and counter-terrorist financing (CTF) programs, and manages regional risks.
Beyond compliance, he is a key player in PingPong’s global expansion strategy. He helps navigate the complexities of obtaining licenses in new markets, guiding decisions on whether to apply directly or pursue mergers and acquisitions. Dr. Cyrus stresses, “Understanding and respecting local cultures is the key to successful global expansion. It’s not just about compliance; it’s about building lasting relationships and trust.”
Their success speaks for itself. In 2022, they secured a Money Lender license in Hong Kong. Last year, payment licenses were obtained in the UK, Australia, and Singapore. This year’s additions include licenses in Indonesia and Malaysia.
Dr. Cyrus also serves as the General Office Manager for Hong Kong, overseeing business operations and administration in the region. These combined responsibilities showcase his commitment to both regulatory compliance and strategic growth, shaping his vital role at PingPong. His prowess and command in this domain have earned him the coveted spot as one of the “Top 10 Influential People in Compliance to Watch in 2024.” It is a recognition that underscores his dedication to the field.
Building a Human-Centric Compliance Culture
When asked to elaborate on what a human-centric compliance culture stands for him and how he’s implemented it within his teams, Dr. Cyrus replies with conviction. To him, it means creating an environment where compliance is not just a set of rules to follow but a shared value everyone understands and embraces. He shares how he has implemented this by fostering open communication, providing comprehensive training, and encouraging a mindset of continuous improvement. By involving his team members in the compliance process and recognizing their contributions, they’ve built an ecosystem where compliance is everyone’s responsibility.
Striking the Balance in Compliance Strategies
For this seasoned professional, navigating the complexities of regulatory compliance across multiple jurisdictions while fostering PingPong’s strategic business growth demands a ‘nuanced approach.’ Dr. Cyrus focuses on understanding the unique regulatory landscape of each territory. He achieves this by aligning their compliance strategies with their business objectives, ensuring a balance that supports progress. He and his team are able to stay on top of regulatory developments and be compliant without letting it slow down their expansion plans since they are using data analytics and technology.
Proactive Compliance: Staying Ahead Through Engagement
“In the ever-evolving world of FinTech,” Dr. Cyrus explains, “staying ahead requires a relentless pursuit of knowledge and an unwavering commitment to adaptation.” To keep up with altering regulations, he places a premium on lifelong learning and maintains active relationships with relevant regulatory bodies. This includes attending industry conferences, subscribing to updates, and building relationships with colleagues in the field. He emphasizes that these changes are a driving force behind his compliance strategies. As regulations evolve, he adapts his team’s policies, procedures, and training to ensure continued compliance and a proactive approach.
A Look at His Most Rewarding Achievements
Throughout his career, he’s been racking up wins. From leading Chiyu Bank’s AML/CFT project to global expansion with PingPong, his achievements are a compliance dream team’s greatest hits. Dr. Cyrus steered TNG to become a frontrunner in Hong Kong’s SVF scene, then took that e-wallet success globally. Helping Livi Bank become a leader in virtual banking was another coup, a major win for FinTech. Founding Oasis Advisory to empower growing businesses like UP Great with strategic guidance is a source of pride, further showcasing his commitment to building success. This year’s licenses in Indonesia and Malaysia cap off PingPong’s incredible journey, proving their strategic vision and compliance excellence can thrive anywhere.
Leading with Empathy, Adaptability, and Ethics
Effective leadership in today’s complex world requires more than authority. It demands understanding human behavior, navigating change, and unwavering ethical commitment. This philosophy underpins Dr. Cyrus’ leadership, characterized by “empathy, adaptability, and strong ethical business practices.”
Dr. Cyrus encourages an accepting atmosphere where all members feel appreciated and can make a difference by emphasizing cultural sensitivity. He thinks this can reinforce compliance, team cohesiveness, and effectiveness. Experienced and wise, this leader sets a precedent. He is well-versed in regulations and is always one step ahead of the game. His foundations are honest dialogue and a thirst for knowledge.
He arms his team through clear expectations, resources, and support. Dr. Cyrus’ experience across diverse jurisdictions instilled in him the importance of adaptability. As mentioned above, his impressive track record includes leading Chiyu Bank’s AML/CFT project, securing Livi Bank’s virtual banking license, and expanding TNG’s global e-wallet network. Throughout these successes, he championed a human-centric approach, building high-performing, compliant teams aligned with organizational goals.
Dr. Cyrus’s Labyrinth: Transforming Challenges into Milestones
Dr. Cyrus’s career faced a significant roadblock during PingPong’s global expansion. Applying for licenses and acquiring entities in various countries demanded a deep understanding of local cultures, navigating complex regulatory landscapes, and building strong relationships with government bodies. Each nation presented a unique challenge with its own business practices and cultural nuances. Dr. Cyrus had to find a way to reconcile these differences while ensuring compliance and alignment.
“Every challenge is an opportunity in disguise,” Dr. Cyrus believes, “It’s our resilience and strategic approach that turn obstacles into milestones.” Embracing this philosophy, he adopted a multifaceted strategy built on collaboration. He actively immersed himself in the local cultures of target countries, spending time there to understand business practices and forge strong partnerships. This approach provided valuable market insights and fostered trust. Dr. Cyrus also prioritized open communication with regulatory bodies in each nation. He built trust and facilitated a smoother licensing process by proactively engaging with them and clarifying requirements. Recognizing the importance of a well-equipped team, Dr. Cyrus empowered his staff with comprehensive training on local regulations and cultural practices. This ensured they were prepared to handle the complexities of each market.
He and his team leveraged technology to streamline compliance processes and keep up with the regulatory changes through real-time monitoring. Finally, Dr. Cyrus maintained transparency throughout the process, keeping employees, clients, and investors informed of progress and any challenges. This open communication managed expectations and maintained confidence in their global expansion efforts.
Dr. Cyrus attributes his team’s worldwide proliferation—which included licenses in Hong Kong, Singapore, Southeast Asia, the UK, and Australia—to their meticulous planning, sensitivity to the region’s customs, and stringent adherence to regulations. He further emphasizes the importance of adaptability, local partnerships, and technological innovation in navigating the challenges of the global FinTech space.
Work-Life Integration Approach
Dr. Cyrus, as the Regional Chief Compliance Officer, masterfully integrates his professional and personal life. He adeptly handles high-pressure tasks by focusing on strategic delegation and key initiatives. Prioritizing time management, he skillfully balances dedicated times for work, family, and personal activities, ensuring a harmonious blend. Recognizing the importance of exercise, hobbies, and relaxation, he actively weaves these into his daily routine to sustain physical and mental vitality.
Dr. Cyrus effortlessly merges work and life, smoothly transitioning between professional responsibilities and personal moments. Whether working from home or taking calls as needed, he maintains a healthy balance, ensuring quality time with his family and pursuing personal interests with equal enthusiasm. His approach to life and work is fluid, allowing for flexibility and spontaneity while still achieving his professional goals and nurturing his personal well-being. This industry expert’s philosophy of integration is a testament to his commitment to a fulfilling and successful life, both personally and professionally.
Vision for Impact on Future Generations and Industry Evolution
Passionate about the future of finance, Dr. Cyrus champions the idea that following the rules (compliance) is key to building trust and integrity in the financial world for generations to come. He believes in a human-centric approach, and by leveraging technology, he hopes to contribute to a more efficient and effective compliance landscape for both businesses and consumers.
Advice for Aspiring Compliance Leaders in Fintech
The Regional Chief Compliance Officer at PingPong outlines a seven-point strategy for young professionals seeking leadership roles in FinTech compliance. First and foremost, he emphasizes the importance of continuous learning due to the ever-changing regulatory landscape and technological advancements in FinTech. Staying curious and committed to gaining knowledge about the latest regulations and technologies is paramount.
The second suggestion revolves around broadening one’s perspective. Dr. Cyrus urges that these aspirants gain experience in various compliance aspects across different jurisdictions. This fosters versatility and a well-rounded approach to leadership. The next point he asks them to be prudent in recognizing the importance of a strong network within FinTech. Personally, this has provided him with invaluable guidance, support, and collaboration opportunities, he encourages aspiring professionals to build their own connections. Fostering relationships with peers, mentors, and industry leaders is essential, as it can unlock similar benefits for their careers.
As the fourth point, Dr. Cyrus advocates for a human-centric practice, stressing that understanding people is critical. Future leaders, he argues, should engage and listen to their teams, empowering them to contribute to the compliance framework. This aligns with his belief: “True leadership is not about authority but about empowering others to achieve their best while upholding the highest standards of integrity.”
This industry veteran knows the value of technology in strengthening compliance. He encourages aspiring compliance professionals to stay up-to-date on the newest technological developments and explore how they can be incorporated into their compliance plans. This is how his experience using technology at PingPong has demonstrably improved efficiency and streamlined processes.
Adaptability and resilience come as the sixth point. These two are the key attributes for navigating the challenges and rapid changes within FinTech. Aspiring leaders should be adaptable to new situations and learn from navigating complex projects. Lastly, ethical leadership is a keystone of Dr. Cyrus’s advice. Leading with integrity sets the tone for the entire organization, and ethical considerations are paramount for compliance leaders.
Take on Tech Upgrade and Personal Goal
Dr. Cyrus believes that technological advancements like artificial intelligence and machine learning are fundamentally changing how financial services and FinTech handle compliance. In his view, these technologies can improve monitoring for issues, identify patterns of non-compliance, and automate reporting. Looking ahead, this visionary professional expects technology’s role in compliance to become even more significant, driving greater efficiency and a more proactive approach.
Dr. Cyrus sets his sights on revolutionizing compliance, championing integrity, and building a financial ecosystem that’s both secure and dependable. “I aim to leave a legacy of excellence in compliance,” he shares, “where businesses and consumers alike can thrive in a safe and transparent environment.“
