Best Practices from Our Own Rapid Development: Via 0 to 20K Clients
Thanks to FinTech, the planet is now undergoing a global money revolution. FinTech adoption was doubling every two years before the pandemic, increasing from 16 percent in 2015 to 64 percent in 2019. FinTech-enabled services like digital payments and FX management have become important for business survival in the aftermath of the pandemic. Wallex, for example, is at the forefront of this movement.
Wallex, an Asian fintech company, has expanded much faster than industry analysts predicted in recent years. Wallex now has 20,000 customers and has handled transactions worth over US$1.7 billion, up from just a hundred in its first year. Hiro Kiga, co-founder and COO of Wallex, reveals the secret to the company's success: a great team that follows a few best practices and development hacks. Here's how Wallex grew from zero to twenty thousand customers.
1. Recognize your clients and go the extra mile for them.
With a “let's strive to satisfy everyone” mentality, some FinTech companies prefer to operate in both the B2C and B2B markets. Wallex is unique in that it chooses to concentrate solely on the B2B industry.
With the emergence of FinTech 3.0, the B2B and B2B2X sectors will see more development in the coming years. Other services related to lending, commerce technology, identity, fraud, risk management, and more will be added to the industry's payments and banking-as-a-service offerings. Wallex recognized this early on and agreed to concentrate its resources solely on corporate FinTech. Wallex's singular approach continues to pay off, as shown by its rising list of corporate clients.
2. Be inventive
To kick off their sales campaign and expand their brand in 2016, Hiro and the other Wallex founders relied on personal networking and word-of-mouth promotions. “It was just me and my co-founder doing a lot of sales in the early days,” he says. However, they soon realized that these tactics would not lead to exponential growth, let alone sustained growth. That's why they came up with two different playbooks, both of which produced excellent results almost instantly.
For one thing, they paid more attention to press reports of new startup funding. Hiro reached out to investors regularly to congratulate them and request an introduction to the startup. This put him in front of startups, where he effectively conveyed Wallex's value proposition: we will help you save money on foreign exchange. His proactive nature aided in the conversion of several startups into long-term Wallex customers. Wallex took the growth hack a step further by hiring seasoned workers and people from various backgrounds and leveraging their skills, learning, and networks. Wallex was able to convert many initial "anchor customers" by rapidly developing a professional sales team, setting the stage for the company's long-term expansion and development.
3. First earn their confidence, then more business will come.
According to a recent Accenture study, non-traditional finance providers such as Wallex must work harder to earn consumer confidence than their traditional rivals. Hiro agrees wholeheartedly. He explains, "If we want to handle people's assets, we need to have a certain degree of confidence." Wallex can sustain its competitive place in the emerging FinTech space thanks to its emphasis on gaining customers' confidence and doing everything possible to keep it.
Wallex devotes a significant amount of time, effort, and resources to ensuring that its financial infrastructure is protected by the appropriate licenses and technology. Wallex also collaborates with financial regulators such as the Monetary Authority of Singapore (MAS), Bank Indonesia, and the Hong Kong Customs and Excise Department to ensure that organizations and their assets are protected to the highest security and regulatory standards.
Hiro and Co. also received critical approval from BCA, one of Asia's largest banking institutions. Following these decisions, Wallex was able to gain Indonesians' confidence and establish a strong competitive position.
4. Brand-building hack at a low cost
Hiro and his team put more money into content and brand-building initiatives to increase their reputation. . Visitors to the company's website will find case studies and testimonials from anchor customers, which will build confidence and pique their interest. It enhances its digital presence through alliances and investment news, increasing the recall value of its brand. People on the receiving end (those being paid) become more aware of the brand by using the Wallex logo in remittance warning emails. Wallex also employs public relations strategies to raise brand awareness in reputable regional publications such as Tech in Asia, Kompas, and e27.
Since they are already acquainted with Brand Wallex, Wallex attempts to turn power recipients, i.e. businesses that accept payments from several companies regularly, into power senders.
5. Dismantle organizational silos
Disruptive progress, according to Wallex, can only occur when companies implement new business models, foster outside-the-box thinking, and remove organizational silos.
Many FinTech companies struggle with the final component, but Wallex does not.
The business has established an organizational framework in which various functional groups and divisions interact freely and transparently with one another. Employees are encouraged to exchange knowledge and best practices, ask questions and make recommendations regardless of their specific positions or levels. This method of collaboration aids in the creation of a single brand voice that consumers recognize and respond to positively.
Learning from the experiences of other startups and adopting best practices will make the transition from 100 to 20K much smoother. This is precisely what Wallex's Hiro Kiga believes and recommends; Hiro also encourages advertisers and company owners to try out new growth hacking techniques. He concludes, "Fear is the enemy of creativity." Wallex, which is licensed and controlled in Singapore, Indonesia, and Hong Kong, provides a variety of low-cost, convenient, safe, and fast cross-border solutions to help you manage your international business from a single location. For more details, go to Wallex. Asia or contact our FX expert directly.