Quote: “Distribution is completely changing.”
In this episode of the Asia Tech Podcast, Michael Waitze is joined by Mikael Abdulla, Co-founder, and CEO of 8 Securities and now SVP for SoFi International – an online financial service that helps people achieve financial independence. They discussed the shift to online investing, the importance of building trust as a startup, and the future of distribution.
Riding the Tube
There comes a point where you realise there’s more to life than the one page you have been comfortably stuck on, and an inherent force of change occurs from within.
This change of mind occurred for Mikael on the train to work. As he stared out into the sea of businessmen and women dressed in clothing devoid of any colour, he realised that this was not the life for him. It was at that exact moment that a seed had been planted in Mikael’s mind, a seed that would eventually lead him to make the decision to start a new chapter in his life – outside the corporate environment.
Discontentment is the seed of change and the first step to progress. In this podcast, Mikael talked about his ventures following his mental metamorphosis.
The Shift from Offline to Online
Prior to that mental shift, Mikael had launched Hong Kong’s first online brokerage with E-Trade, which at the time, was something entirely new and novel.
But as the years passed, Mikael noticed that no one was really catering to younger clients, the people who were investing for the very first time. This is where the idea started to create a product that was really a need amongst them and to be the first company to do so.
In this podcast, they discuss going mobile-only and the importance of having a simple, transparent and affordable product and service, as well as the daunting shift to zero commission.
The Future of Distribution
“You can have the distribution, but if you don’t have the product, it doesn’t really mean anything,” says Michael.
Development in technology has driven unprecedented advances in product efficiency across all industries, one of them being the financial service industry. Both Michael and Mikael discuss their own experiences with how distribution has changed throughout the years and where it is going.
Moving On, Letting Go and Creating a New Identity
Although both Mikael and Michael have faced tremendous success on their own paths, separating themselves from their old identity at their previous workplace was a challenge.
They discussed job transitions, Mikael’s experience with business acquisition and what it was like to let go of a part of their company.
To learn more about Mikael Abdulla’s journey to success and his insights on a variety of aspects within the financial services industry, check out this episode of the Asia Tech podcast today.