THE POWER OF INTROSPECTION
Lincoln Yin, founder and CEO of banco by RABC Group Whatever the challenge, Lincoln Yin looks within for the answer.
Destiny or happenstance? While many entrepreneurs have conquered all on the promise of big dreams, banco by RABC Group founder and CEO Lincoln Yin’s introspective eye has always looked within. Yin is no stranger to sweeping changes, having pivoted from one industry to another in his short and hectic career. While the future is often uncertain, he draws strength and belief from the sole constant – his core values and the desire for meaningful work.
How did you get started?
I majored in engineering and transportation at university. I always had a passion for software and technology and I learnt to code. At university I was asked by a logistics and warehouse company if I could develop software for them, which led to my first start-up when I was 19 years old. I’m interested in finance and I found that I really liked data. During my senior year at university (year three), we had an opportunity to work with a company that does trading engines. So in 2013 we shifted from a software company for logistics and moved to fintech.
Sometimes, the journey of life is not planned or designed; it just happens.
But surely it’s not luck that got you this far.
I believe in the Japanese concept of ikigai. You have to find the passion, what you are good at, what the world needs, what you can be paid for and where the roads meet. I like the combination of finance, technology and supply chain industries.
The ikigai is like the North Star and a lighthouse which leads the direction to go far.
How has this philosophy helped you?
Some (people) know what they will do from day one, so their company name references what they do. I can’t say I know exactly, which is why I look to my roots. Create more value and the company will grow. We started as a trading technology for exchanges and brokers, grew to have clients from overseas and in 2017 we got a chance to work in supply chain finance. Destiny is like a combination of passion and embracing opportunity.
I studied supply chain, crossed over to fintech, then supply chain finance, then a financier in a digital age. It wasn’t a calculated business direction. We were too small and I was too young. It was more about how we can keep upgrading ourselves to do more things, bigger things, and create value for society.
At the very beginning, it’s not always up to us to choose.
So what gives your company purpose?
Our mission is to make finance inclusive and green. We differ from banks and other non-bank financial institutions (NBFIs) because we design products for each sector. For example, we have a financing product for cleaning companies and security guard companies in Singapore that have difficulties in securing loans from traditional banks. We designed a product only for this sector where we do better risk management and as a result, the cost is much lower – somewhere in between bank rates and private lending peer-to-peer rates. It’s been getting very good traction.
We also design products for green finance as there’s a lot of demand from the government to push for green and sustainable finance.
Are you personally invested in the causes as well?
Because of my family education, I always feel less excited if it’s only about making money alone.
I look for self-fulfilment and the chance to create value for society.
In 2017 I was asked, as one of the G20 Young Entrepreneurs’ Alliance delegates from China, to visit Germany. I was also selected as a Global Shaper, an initiative of the World Economic Forum, which encourages young leaders globally to create more value for society. In Israel, I saw how technology was used to address agricultural concerns. In Bangladesh, the local Global Shapers shared how they, as a country, make changes despite their lack of resources.
I was exposed to many global leaders at the Davos summit and these experiences had a big impact on me about creating real value. They served to make me feel that I need to do something to create impact.