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Helen Chang: Managing Director, Head of Asia Pacific ex Japan, Client Advisory Group, PGIM

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Helen Chang“Don’t be afraid to take the road less traveled, because as you do, you will find new horizons that will take you to the next level,” says Helen Chang. “Finding something you’re passionate about is important because you’ll do better than if you’re forcing yourself into a career or role that isn’t the best fit for you.”

Chang shares her journey about the benefit of international perspectives, taking on new opportunities to evolve and inspiring yourself and others through passion.

Growing Your Career from Outside the Comfort Zone

Born and raised in Hong Kong, Chang went to boarding school in the UK, attended college in Canada and then started as a trainee at JP Morgan Chase where she gained exposure to various areas of banking. She then obtained her MBA at Yale University. Living abroad at an early age, she developed an international perspective and a high degree of adaptability in connecting with multicultural people from different backgrounds.

While at Yale, Chang worked on Wall Street for a summer before returning to Hong Kong with Credit Suisse. She then decided to take a major career pivot from sell-side (lending and credits) in the private sector to the buy-side (investments and policymaking) in the public sector by joining the Hong Kong Monetary Authority (HKMA) (the de facto Central Bank in Hong Kong). Eventually, she was promoted to lead the internal direct investment team, where she gained deep insight into asset management and the investment decision-making process. She also went onto work in international relations, working with central banks and sovereign wealth funds in the region. It’s safe to say that Chang built a solid growth platform to build upon with her deep knowledge of central banking over nearly a decade.

After leaving HKMA for a brief stint with Standard Chartered Bank, Chang went back to the private sector with Principal Global Investors in asset management. There, she was charged with building the business and investment profile across North Asia. In this role, she grew the business from scratch and was instrumental in raising assets, increasing headcount from one to eighteen by the time she left to take on a new and exciting role with PGIM Fixed Income in 2020. Beginning in her new role just two days before the COVID-19 pandemic, she embraced the opportunity to lead a broader regional remit.

“As an Asian, I was brought up in a culture where my parents told me to be modest. So, we’d often say we’re not very good in doing certain things, when in fact, we were,” says Chang. “In interacting with so many diverse backgrounds internationally, I’ve learned you need to believe in yourself, and you need to be open-minded and have the courage to get out of your comfort zone.”

“I was courageous enough to make many career moves even when people advised me not to make those changes,” she says. “In hindsight, I feel I’m a more well-rounded professional and person for having experienced both the private and public sector as well as both buy-side and sell-sides.”

Embracing Vast Opportunities to Develop and Grow

Chang encourages taking a long-term approach to career development, advising others to prioritize new opportunities and experiences. While there may be detours on a career path, all experiences will contribute to one’s future career trajectory. She provides two examples from her journey.

First, in broadening her exposure and knowledge base during her tenure in the public sector, Chang experienced the biggest culture shock of her journey. The long and painstaking decision-making processes and lobbying to many stakeholders were a major adjustment to her private sector background. Even though this challenged her patience, she also feels it was one of the most rewarding experiences and enhanced her ability to get to where she sits today.

Second, Chang learned about what she wanted to do when she took on a new role at Standard Chartered. In what she now judges as too early, Chang says she took on a senior management role, which comprised of sitting in executive meetings, reporting progress and focusing on developing people internally. While she enjoyed parts of this role, she found herself missing her active strategic role in developing and growing the business. She had the big title. She was competent. But it simply didn’t get her heart beating or her blood pumping to be so far removed from the strategic work she loved doing, so she knew she had to move on.

“I’ve always enjoyed building business, and this is where I know I add the most value,” she says.

Using Your Voice with Confidence in Your Knowledge

Often the only woman in the room, Chang has been fortunate enough to have coworkers and mentors from diverse backgrounds who helped shape her leadership style and showed her the value of speaking up.

“Like most Asians, we can be shy and were taught that speaking up may not be courteous, but in reality, it’s not the case.” She notes, “I’ve learned from these leaders, and a lot of them have become very senior executives, in the United States and across Asia.”

Being comfortable voicing her opinions was something that happened slowly for Chang. Early on, she was more conservative about using her voice, but as she advanced, she began to realize that she was hesitating to speak when others who were unafraid to use their voices in the room simply did not possess the same expertise she had.

“You build up your confidence. Once people know you know the business, they respect you and are more open to hearing what you have to say,” she says. “But you need to work hard and know your stuff: you can’t bluff. Because once you start bluffing, people don’t believe you.”

Inspiring Others to Enjoy Work and Grow

“As a leader, gone are the days when one can be bureaucratic. When I started my career, some leaders would say, ‘I’m senior, your job is to listen.’ Things have changed. Many of my team members are younger than me and have a different mentality when it comes to leadership and management styles. Using an old-fashioned management style won’t work – nor is it beneficial to the business,” she says. “It’s important to have connectivity with your whole team, to be able to joke and laugh with them, which helps contribute to them enjoying being at work and enables them to produce a high-quality of work. We’re no longer talking about how many hours you spend in the office, but how much you deliver.”

The successful leaders who have inspired Chang are people who were never afraid to take calculated risks and knew how to inspire a team. They have a passion for their work and for making a difference with their contribution, even in the face of adversity.

“If you love and are passionate about something, you’ll be able to do well. Sometimes there are even these hidden abilities within yourself that you didn’t know,” she says. “So, when you see passionate leaders doing what they love and bringing out more of themselves, it inspires you to think maybe I can as well.”

Nurturing Diversity to Thrive

True to her own international perspective and tasked with the challenge of working across cultural nuances in building relationships with clients and counterparts in the region, her team of direct reports is diverse. She appreciates the cultural transparency in advising clients honestly on what will and will not work, and the focus on long-term business building.

“I have always believed in diversity to help the team grow and build business,” Chang says. “I encourage people to speak up. No one will get punished if they don’t speak. It’s just more engaging when the team share their perspectives and what’s on their minds.”

Having experienced various company cultures, too, Chang appreciates how PGIM is team-oriented, encourages diversity and is respectful of people, which she thinks drives firm loyalty and longer tenures. Even though PGIM is one of the largest asset managers in the world, Chang says that it doesn’t have the same grueling workplace culture that other NYC-firms she worked for has and encourages flexibility while also getting the job done.

The Importance of a Refreshed Perspective

When not traveling for work, Chang enjoys spending time with her family. She also enjoys cooking, hiking and personal travel.

Chang emphasizes the importance of recharging and taking good breaks to rejuvenate yourself to start the week with a clear head and on a positive note. Coming back with a fresh perspective is important to making a stronger impact and contributions to her job, as she continues to do.

By Aimee Hansen

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Sylvana Quader Sinha, Founder and CEO of Praava Health

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Sylvana Quader Sinha“The problem just seemed so big, and I somehow had the naive courage to think that I could do something about it,” says Sylvana Q. Sinha, the Bangladeshi-American founder and CEO of Praava Health, Bangladesh’s fastest-growing healthcare company.

In 2014, Sinha left a promising career in international law to focus on the creation of a new disruptive, innovative healthcare company. The decision was prompted by a health scare her mother faced during a family visit to Bangladesh for a wedding; the challenges associated with the emergency appendectomy put Sylvana up close with the shortcomings of the healthcare system in that country.

Prior to founding Praava Health, Sinha led diverse, interdisciplinary teams in international law, business, development, and government relations at major international law firms (Gotshal, & Manges, LLP and Lovells LLP), management consulting firms (Boston Consulting Group and PricewaterhouseCoopers), the World Bank in Kabul and Afghanistan and New York, and think tanks in the Middle East and South Asia.

She conducted research on business and human rights issues for the Special Representative to the UN Secretary General, held the position of social protection specialist at the International Labour Organization, and served as a foreign policy advisor to the 2008 presidential campaign of then-Senator Barack Obama. Today, Sinha is also a PATH board member and a life member of the Council on Foreign Relations.

Currently serving more than half a million patients, Praava Health’s tech-forward model is designed to be efficient, accessible, and scalable across emerging markets, where 85% of the world lives. Praava’s work has been featured by Forbes Magazine and Financial Times and was recognized by Fast Company as a World Changing Idea in 2020. In 2021, the World Economic Forum named Praava Health a Technology Pioneer, and in 2023, they were named a Global Innovator.

Sinha shared with The Glass Hammer her experience as an emerging market entrepreneur and CEO in a male-dominated field and why she’s using her voice to speak out about the challenges women-led businesses face in emerging markets, particularly when it comes to raising capital.

On taking the wheel to improve healthcare in Bangladesh:

“I spent about a year at the beginning of this journey learning all the pain points of the healthcare system in Bangladesh and talking to patients and those involved in the delivery of healthcare, both in Bangladesh and all over the world. It was like a year long global listening tour.

“The more I dug in, the more I saw how deeply-rooted the problem was, and the more obsessed I became with trying to solve it. Candidly, I didn’t find anyone who both cared about solving this problem as much as I did, and had the global networks and local resources to be able to affect change.

“I came across a lot of people who complained about different parts of the system with no plans to do anything about it. Then, there were those who wanted to solve the problem but didn’t have the right skill sets to contribute. I felt that with my experience as a leader and as a global professional, I had the skills, tools, and access to make a difference. I had access to global leaders and innovators in healthcare that we were able to learn from, adapt the global best practice lessons and bring them back to Bangladesh.

“I’d been looking for ways to make more of a direct impact through my work, and I just felt like this was the opportunity I’d been seeking. This was the thing that was the culmination of all of my skills – managing international risk, managing political and economic risk in an emerging market, and having a direct impact, changing lives on the ground. All of those things together inspired me.

“The problem just seemed so big, and I somehow had the naive courage to think that I could do something about it. I became obsessed with solving this problem.”

On what drove her desire for more direct impact:

“I was on the ground in Afghanistan, but I was working in these large organizations and there was so much bureaucracy that was crippling us, as close as we were, from being able to have an impact. These large organizations are so challenged by their own size and by their own systems that it becomes hard to create change. I thought, maybe you have to just build it from scratch.

“Also, from the early stages of my career as a 22-year-old management consultant and junior lawyer – and throughout my career – I worked for men. In particular, when I worked in the services industry, the men were always pitching business to clients, and I remember they would always claim they could do things that we had never done before. I knew, because I was part of their team, that these were things they’d never done before. But then I realized we could do it. We would sell the business; then, we would go learn, and we would do it. And as a woman, just like many other women I know, I feel like we don’t like to claim we can do things until we’ve already done them.

“This experience taught me that, with the help of a skilled and motivated team, I can learn, and I can make things happen. With the right people, we can build the airplane while we’re flying it.”

On how Praava is disrupting the standard of healthcare in Bangladesh:

“The big challenge in Bangladesh is that in addition to the huge gap in terms of the quality of healthcare, there’s also a changing demographic. We now have a very quickly growing and urbanizing middle-income population.

“We have a country that was traditionally more dependent on foreign aid and charity to provide healthcare for our citizens, and just a generation ago, Bangladesh was considered one of the least developed countries in the world. But now, it’s one of the fastest growing economies. This means more people are accessing the private sector for healthcare. But the private sector is largely unregulated and offers very dramatic variations in terms of the quality of healthcare.

“I think the public system does a really good job in terms of prioritizing primary care. But for anything beyond basic vaccinations and deliveries, the masses are accessing the private system. In Bangladesh, 72% of health spending is coming from the private sector. And this is true across South Asia. In most countries, the opposite is true – the health funding is mostly coming from the government, but in South Asia, the private sector is driving the growth.

“The very specific pain point is providing quality healthcare at an affordable price point. When Praava entered the market, the average amount of time doctors spent with patients was 48 seconds. There were only four international standard labs for a country of 170 million people. And 20%+ of drugs in the market were counterfeit.

“What Praava offers, at an affordable price point, is a one-stop shop for all of your outpatient healthcare needs that’s truly at a world-class level: The doctors are practicing protocolized medicine and spending at least 15 minutes with each patient. Our lab meets international standards. Our pharmacy guarantees that there are no counterfeits because we source directly from manufacturers. We’re the only player that owns the outpatient healthcare experience and the only player that does so with both in-clinic physical services, as well as remote and virtual care. While there is still work to be done, we’re contributing to positive change.

“One of the greatest rewards has been hearing stories from our patients about how we’ve been able to change their lives. A lot of people say they never thought they could have healthcare like this in Bangladesh. They thought they would have to travel abroad. To hear that feedback is extremely rewarding and gratifying.”

On how her experience has prepared her to be an emerging market entrepreneur:

“This role is the confluence of all of the different things that I’ve done, particularly when I’ve been forced to manage uncertainty. I think my legal training gave me a framework for how to think in general and how to think about solving problems in a really methodical and logical way. My experience as a management consultant, and working in war-torn regions such as Afghanistan, helped me to learn how to navigate uncertainty methodically, how to problem-solve, and how to be constructive.

“Also, as a lawyer, advising clients on managing risk in investing in new countries and legal disputes in those markets helped prepare me. And my experience working in U.S. foreign policy allowed me to consider how different people think about the world and how Americans, in particular, see the rest of the world.

“The resilience of continuing to fight against daily, or even hourly, ups and downs is what I feel came from all of my various experiences.

“There’s an obsession with very young entrepreneurs, like Mark Zuckerberg, who quit college and go off to start their companies. “But I think building a new scalable business is really, really hard. I don’t think I could have done it when I was in my 20s. There’s a lot of evidence that the most successful entrepreneurs are people who start their companies in their late 30s and early 40s. I started when I was 37. I think that coming to entrepreneurship a bit later, after I had done a lot of different things, made me much more prepared for the resilience and patience that was required and is still required for what we’re building.”

On why we need to (sincerely) fund women entrepreneurs in emerging markets:

“My biggest surprise of this journey is how hard it has been to get funding. I really thought that if we proved the economics of our business, investors would want to invest. Once we prove our value proposition, investing should be a no-brainer. Well, our unit was profitable in ten months, as of November 2018, and I quickly discovered that it’s entirely untrue that proving the economics of your business alone is enough to get investors to invest.

“It’s been eye-opening for me to learn that 80% of venture dollars go to companies headquartered in New York, Massachusetts, and California – still sees the rest of the world as a charity case, not a place to make money.

“So that has pushed me to use my voice and platform to educate people on the opportunities that exist for emerging market entrepreneurs – and the overlooked opportunities financially, particularly for women. The amazing thing about emerging market businesses is you have an opportunity to make money and to have a big impact. Telling that story in a truly compelling and impactful way has been a challenge.

“As an American woman who moved to Bangladesh for the first time in my life to start this company, I’ve seen firsthand how hard it is for women entrepreneurs to access capital. There’s a lot of micro-money for women in emerging markets and outside the United States. But there’s not a lot of money for women to scale their businesses. There’s barely any, actually.

“When we hear about funding for women’s entrepreneurship and women-focused venture capital firms, unfortunately, it’s primarily U.S. and Europe-focused. Even Pivotal Ventures, founded by Melinda Gates, only invests in the United States.

“So the only way to help these countries stand up on their own and be less aid-dependent is to develop the private sector, which requires investment. And the only way to empower women in these countries is to help them build wealth. And the only way to build wealth is to have more access to capital.

“Women are not going to access power and be able to build their wealth if you only give them $10 a month to fund their micro-enterprises. That’s great. But once those micro-enterprises are ready to scale, at this moment, there’s no one to fund them.

“I’m still learning how to tell the story of how these problems are intertwined. Being a public figure and the public face of the organization is outside my comfort zone, so this role is really pushing me. But I realized these lessons are unique and need to be told.

I was at the Forbes 30/50 Summit on International Women’s Day in Abu Dhabi, which was supposedly one of the largest global gatherings of women leaders and innovators. Every single entrepreneur speaker was from America. The only speakers from outside the U.S. were focused on themes like human rights and charity.

“I found this offensive, and I gave that feedback. There are women leaders in other countries. There are female-founded unicorns in India. Canva was founded by a woman in Australia. We have to stop thinking that America is the center of the world. There are huge opportunities outside the U.S. Even BlackRock pointed out that in 2023, when you’re going through global recession, the only parts of the economy still growing are emerging markets.

“We must break out of thinking that the rest of the world needs charity, and America is where people make money.”

On leading in an industry where less than 15% of CEOS are women:

“Eighty-five percent of healthcare decisions for households all over the world are made by women. Sixty-five percent of health workers are women. I’ve always felt that being a woman ultimately makes me a better leader. It makes me better at building healthcare products for consumers and bringing the voice of women to the table. For that reason and so many more, we need more women leaders at the table.

“As a female leader, I think I have been both challenged and underestimated. I’ve been told directly by men who’ve been in the room when I pitch that I’ve been asked questions that investors wouldn’t think to ask men, and that investors challenge me and push back in ways they just don’t with men.

“But what I say about that, ultimately, is that it makes me a better founder. Because I have to have the answers to those questions. Knowing my business better is always a good thing. So yes, I’m sure it’s challenged me in ways that are not equal or fair. But ultimately, it makes me better and it makes my company better.”

On leveraging her voice and platform to challenge the status quo:

“I was at the J.P. Morgan Healthcare Conference that happens in January each year in San Francisco. It’s the largest healthcare investing conference in the world, though it’s mostly U.S. focused, and there was a panel of eight white men. How is this happening in 2023? This was 2023, and it was a panel talking about healthcare with eight white men.

“I think leadership is a double-edged sword for women. Because it’s harder for women, women don’t necessarily want to go after it. So you have fewer women going into leadership roles in this sector. Also, America likes seeing women-founded companies that are wellness-focused or fashion-focused. Those are important companies, and no disrespect to those founders, but I just think America is more comfortable with female founders for those types of businesses. We need to see more women leading financial services organizations and building companies that are providing basic services for consumers who are more than 50% women. We all have these needs in our life, so we need women’s voices to create the solutions.

“The lack of women in leadership in my field has pushed me to recognize that because there are so few women in these roles, I have to push myself to be out there more and to use my voice.”

On ‘walking the walk’ of valuing women in the workplace:

“An unexpected outcome of this journey has been recognizing the importance of valuing women’s work in business.

“During my first year as a founder, every single woman who worked for me – aged 22 to 40+ – on my team of 25 people got pregnant. This accounted for about half the team. It was a challenging year, to say the least. When one of my management team members came to me and told me she was also pregnant, she cried. I’m committed to being a founder who supports women, and while it was hard to manage, we did it.

“My team was able to rise to the occasion and create a workplace that truly supports women – even at a small startup with only 25 employees, we were able to succeed even with half the team out for three to six months in one year. And we are stronger for it. Providing the support women need to thrive in their careers IS possible.

“As an employer, I have now seen firsthand that women ask for less money and undervalue themselves. In our first year, a member of my management team asked for a certain salary, and we gave her what she asked for. Then, we did a market study, and I learned she was earning 30 to 40 percent less than the market, even though she had foreign experience at multinationals in the U.S. So I bumped her up – she didn’t ask for it, and she wasn’t going to. But it was the right thing to do.

“It’s so powerful to see the impact of the choices that create a supportive workplace for women. For example, during the pandemic, we did a lot of COVID testing through part-time consultants. When we discontinued some of their contracts, one of the women lab technicians begged us to find a job for her, explaining that she’d never worked in an organization that valued women the way ours does.

“This experience was so humbling. Frankly, I don’t know that I’ve been as intentional as I could have been about creating that workplace. But when the senior leadership of an organization has women at several points (at times, more than 50% of the management team), it trickles down.”

On why the world is waiting for women to step up:

“Our world has a lot of really big problems that need solving. I’m focused on one of them, but there are so many more that affect our day-to-day lives and our futures. We need people who are willing to take on these issues. We don’t get it right every day – I know I don’t – but what’s important is that we continue to have a positive impact. That’s what makes everything worth it.

“During a period in 2021, we were facing some regulatory challenges. It was a really dark time for me as a leader. I personally didn’t know how we were going to get out of this situation. As a resilient leader, I had faith we would but I didn’t know how.

“I do a lot of one-on-ones with people in the organization at all different levels, and I was doing more at this time to make sure the team felt supported, that we were being transparent, and that they had an opportunity to ask questions.

“In that time, I learned that they totally have faith in us as a management team. They know what we’re doing is the right thing and that we’re going to get through this. That was so inspiring to me to hear that and to see that in them. They were at risk of not even getting paid next month, but they were sure we’d figure this out. They were all so blasé about it and were just focusing on their regular day-to-day work. They put so much faith in me, and in us as a management team, that it was a great reminder that they believe in what we’re doing. What we’ve built is so much bigger than me or them, and it needs to be.”

On how she defines her own integrity as a leader:

“I think we’re always driven by treating each other well. I listen to this podcast series, Wiser Than Me, by Julia Louis-Dreyfus. She herself is 62, and she interviews all women older than her. Yesterday, I was listening to the episode with Diane Von Furstenberg, and she said the only thing we can control in life is our character.

“This really resonated with me. We cannot control the weather. We cannot control the markets. We cannot control whether investors are going to invest or not. But what we can control is the way we treat each other — from giving the security guard at the entrance of a building a friendly hello to the empathy and kindness we give our patients, it’s all about treating each other well. That’s always my guiding force – to be able to feel proud of how I interact with other people.

“There have been some hard moments where someone on my team has let me down, and I’m upset and disappointed. And these are the moments when we show who we really are. No matter what, leading in a respectful and dignified way is always important.”

Interviewed by Aimee Hansen 

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Spotlight on Asia Update: Women in Leadership

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Spotlight on AsiaThis month, the Glass Hammer is doing a Spotlight on Asia to provide an update on gender disparity in the financial technology world of Asia as well as highlight some of fintech’s top women leaders.

Changes in Women Executives

According to Grant Thornton’s Women in Business Report, for the first time all regions of the world have surpassed 30% of women holding senior management positions while the global average comes to 32.4%. The Association of Southeast Asian Nations (ASEAN) had the largest jump in women leaders from 37% to 40% making it among the top 2 regions for women in senior roles. APAC has increased to 32% and has outpaced North America (31%) for the first time in 5 years. It was found that India played a large role in this increase thanks to the 2020 government mandate that companies over 1000 employees must have at least one independent female director as well as the mandate for a minimum of six months maternity leave.

The Global Board Diversity tracker found that 84% of companies in Asia have at least one woman as a board member which increased from 73% in 2020 but still lags behind the global average of 93.4%. When looking at companies with at least two women, the percentage drops to 45.4% (78.3% globally) and with at least three the number drops to 17.5% (59.8% globally). Overall, women hold 14.8% of board seats in Asia, up nearly 3 percentage points since 2020. Comparatively, however, Asia is still trailing the global percentage of 26.9%.

Even if the numbers are not on par with the global average, they are still headed in a positive direction. While the numbers of women in leadership are increasing in Asia, some industries are doing worse than others. The technology industry is found to have the weakest profile of gender diversity at all levels. In Singapore, only 6% of executives are women and only 15% of board directors in tech are women. And worse, in Hong Kong, only 5% of executives are female and only 10% of directors are women. But Singapore and Hong Kong are not the only countries with prominent disparities in technology. Indonesia has the lowest share of women at any level employed at technology companies with only 22% compared to the women in the workforce at 32%.

The Boston Consulting Group and Singapore’s Infocomm Media Development Authority found that there are three “moments of truth” playing a key role in women pursuing careers in technology. These moments are their choice of major at university, their first job selection, and their decision to stay in technology as their career advances. The research provides suggestions as ways to combat the moments of truth for young women which include introducing the idea of technology as a major to high school aged girls to increase familiarity, providing programs that link university students to companies, and creating learning and development opportunities for women already in technology.

Though there are low numbers of women executives in technology in Asia, there are still trailblazing women leading technology companies in Asia. We chose three of the top leaders who are at the forefront of the industry to highlight. These three were all named among the Top 25 Women in Financial Technology of Asia in 2020 by the Financial Technology Report.

Paroma Chatterjee

Paroma Chatterjee

Paroma Chatterjee is currently the CEO of Revolut which is a digital banking service app that includes many services like transferring money in 29 currencies, a debit card that enables cash withdrawal, crypto currency, as well as overseas medical insurance. Chatterjee received a Bachelor’s in Science with honors in physics from St. Xavier’s college then went to the Indian Institution of Management, Lucknow for a Post Graduate Diploma in Management. She began her career as a management trainee at Procter & Gamble. She then held multiple leadership roles at various companies before becoming Chief Business Officer at Via.com and Lendingkart. Now, Chatterjee is the CEO of Revolut where she builds and leads the company’s subsidiary in India. She hopes to continue to develop the subsidiary and build a talented team of people.

Cerulean Hu

Cerulean Hu

Cerulean Hu is the Senior Vice President of Blockchain Engineering at Crypto.com in Hong Kong. Hu received a Bachelor of Engineering degree from the University of Hong Kong before starting financial technology journey as developer in algorithmic trading at HBSC. From there she became a software engineer at ANX International where she was also a team lead in finance and trading systems. She moved on to work at Equichain and FINCOVA as a senior software engineer. Then, in 2018 she joined Cyrpto.com as a Lead Blockchain Engineer and worked her way up to Executive Vice President of Blockchain Engineering. Crypto.com is an alternative to traditional financial service with the belief that “it is your basic right to control your money, data, and identity.” The company has 80 million users in 90 countries and offers products like the Crypto.com app and Visa card. Hu has been in this position for over a year and uses her previous leadership experience to continue to grow her team and in doing so, the company.

Jessica Tan

Jessica Tan

Jessica Tan is the Co-CEO, Executive Director and Executive Vice President at Ping An Group, China’s largest non-State owned conglomerate by revenue with an expansive portfolio including healthcare, financial services and automobile services. Tan completed her university schooling at the Massachusetts Institute of Technology where she received a Bachelor’s of Science in both economics and electrical engineering as well as a Master’s degree in computer science and electrical engineering. She began her career at McKinsey & Company as a consultant before working hard and being promoted to partner. She later joined Ping An Group as the chief information officer and worked her way up to the position of Co-CEO she holds today. Ping An groups hopes to expand their technologies globally and Tan hopes to help globalize professional services, such as the ability for remote doctors as seen with remote teachers. Outside of Ping An, Tan also holds memberships with the Monetary Authority of Singapore and the Securities of Future Commissions. She was also ranked 2nd Fortune’s Most Powerful Women’s international section while also making Forbes Power Women list in 2020.

It May Take Time, But It’s Worth It

While these successful women show advancement of women in Asia to high management positions is not impossible, it remains very uncommon. However, global research has shown that there is a positive correlation between companies in the top quartile of gender diversity and outperforming the other quartiles, from a total-return-to-shareholder’s perspective. These companies are 25% more likely to outperform lower ranked companies and better financial returns. When women match men’s participation in the workforce there is the potential for a significant financial gain. It is estimated to be roughly $12 trillion, or about 11% of the global GDP, lost while gender disparity is still present. Katie MacQuivey quoted in the Grant Thornton study, “It’s crucial that companies build a pipeline of diverse leadership across all levels and invest in long term programs to ensure success isn’t only focused on one point in time.” Having more women in executive positions would not only be beneficial to women but to the companies’ bottom lines.

By Chloe Williams

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Jessica Jones: Managing Director, Head of Asia, PGIM Investments

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Jessica Jones“There are not many people that are willing to take on that challenge of being in a new role and different geography,” reflects Jessica Jones. “I was very open to this change, and put myself forward early in my career. I made sure that my managers knew, that while focused on my current role, this is something that I would be interested in, if the right time came.”

Working in Asia

Born in the UK and raised in South Africa, Jones became comfortable with change, adapting, and being the new person in an environment from an early age.

Jones worked for Goldman Sachs for 17 years, where she headed diversified businesses across Europe, Australia and ultimately in Asia. She took a Hong Kong-based opportunity with PGIM, a top-10 global investment manager after completing her second maternity leave last September.

“I have had a very rewarding and dynamic career with another exciting chapter ahead. Because I’ve had such supportive managers and sponsors, I’ve had fantastic opportunities to step up, and have had the privilege of covering a number of regions and countries from a very early moment,” she says.

After visiting Hong Kong during her gap year, Jones became fascinated with Asia and kept her eye on opportunities in the region. She eventually made the leap ten years ago, taking a Head of Asia-Pacific role based in Australia first, before moving to Hong Kong. As the APAC asset and wealth management industry continues to grow exponentially, driven largely by China, the number of high-net worth clients has grown, and global private banks have sought to expand their footprint–making it an exciting region to work in.

She’s had the privilege of watching her client counterparts move around too: “It’s been incredible to develop these long partnerships with clients who are also moving in their roles all the time. It has helped me to understand the global businesses that our clients are in, so it’s fantastic perspective.”

Immersing in a Culture Through Passion

Accustomed to being the ‘outsider’ who doesn’t speak the local language, and often the only woman in a room, Jones is passionate about getting to know a new region and has found her clients enjoy the different perspectives she can bring to the table.

“I am building teams who are local experts in their regions, who are Cantonese- or Mandarin-speaking in Hong Kong, and who can get much closer than I ever will to the relationship managers or investment counselors,” she says, “They bring the local perspective and the ability to converse and steer me in the right direction. That’s a fascinating aspect of my role–to adapt and enjoy the cultural differences.”

Located in one of the most restrictive quarantine regimes over the last two and a half years, and having yet to meet her PGIM team or clients in an office, Jones still has a feeling of “going through it together.” In Hong Kong, there’s been a rebirth of popularity around the traditional 19th century Chinese tile-based strategy game named Mahjong–involving 144 tiles placed on the table and four players. Having begun playing regularly during semi-lockdown and mostly with women, she’s a self-confessed enthusiast, and highlights language happens in many ways.

“You put these tiles out, shuffle them, and basically try to create order out of the chaos,” she says. “It’s been really fun, and with everything closed, that’s been our chance to network and support each other. It has become a bonding opportunity and stress reliever.”

Jones’ passion for the culture has helped her open new doors and develop great relationships. “The game is about luck and skill, but also has become a way of honing in on my local cultural skills. My clients are amazed I know how to play, although I still have so much to learn. I can’t speak the language, but I can speak the language of Mahjong,” she says.

Jones is emphatic about becoming a part of the region: “I have my residency and both my children were born here, so I’m very much rooted here. This is home for me, and I’m committed to Asia, and so my clients tell me they have adopted me as a local.”

Raise Your Hand and Stretch Your Limbs

Jones attributes her career success both to raising her hand early to say she was open to new opportunities, and a willingness to take on stretch roles as they came up.

“Don’t just assume that people know what you want. You need to make sure that your managers and your stakeholders know that you are interested in other opportunities,” she says. “Don’t be scared to let them know. It’s not like you’re going to be fired because you’re driven and want to move and grow.”

For anyone else who feels the call to get out of their comfort zone, she emphasizes you don’t need to have been there before or know the language to thrive: “If you have the right attitude, being outside of your comfort zone makes you stronger and stretches your mind, and it makes you learn at a very fast pace.”

As the years have accumulated, Jones’s steady base is her product and business acumen, with new regions and new types of wealth management presenting opportunities to stretch. Learning on the job has taught her a lot about herself and how she adapts.

Being brave and taking risks are two traits she feels have supported her journey: “It’s always tempting to stay in the safest option, because you’re scared of making a mistake or damaging your professional reputation. But being open to trying new strategies, new areas, new growth and new innovation are a great way to progress your career. Risk needs to be calculated, but take those risks early.”

She recommends building a strong network from the beginning, and is amazed how much the relationships she has built over two decades help her to stay in touch with lessons, inspiration, opportunities and innovation from different regions.

You Cannot Communicate Enough

“My advice to anyone going into a new leadership role is you can’t communicate enough. There is no such thing as over-communication,” says Jones. “Good communication helps us be connected, engaged and understanding where we are all trying to go.”

As she’s become more senior, Jones has had to get even better at communication.

“As a leader, you need to constantly be communicating your vision–the goals, the purpose of the team, the roles that everyone has and responsibilities. You need to keep communicating the progress that’s being made, within your team but also to stakeholders,” says Jones. “Especially being so far from headquarters, you really need to communicate and advocate for your team, and be the PR agent for your team, your business and the opportunities in the region.”

She’s learned the importance of tailoring your approach: “There’s different communication for different people and learning styles, so I need to keep thinking about how my messages may be coming across. Do I need to adapt the way I communicate to my team and to different stakeholders? Some people want a lot more analytical data, others want the big picture strategy, and also there’s the consideration of different cultures and perspectives–all influence how someone wants to be updated.”

People Want to Work With Others They Like

Blessed with wonderful mentors who championed her growth and her dreams, one of the best pieces of advice Jones has received along the way is that people want to do business with people they like and enjoy working with–and that translates to all regions and parts of life.

“We’re all very busy, so people want to work with people they feel they have a good connection with,” she says, “You want to develop relationships where you become their best business friend or partner, and where you also enable your clients to look good in their role by bringing the best investment advice, research and ideas. I advise my team that we cannot control the investment products or the market, but we can control the relationship we are building with our key partners in the region. Every opportunity you have, make sure to develop a great relationship with impact, and over time that builds a great partnership.”

She also advises women to leverage being the memorable person in the room or the social event or the pitch: “Rather than being intimidated, use it to your advantage because you don’t realize that you are going to be memorable. People are perhaps not going to remember all twelve guys around the table, but they’re going to remember you, so remember you bring a different perspective.”

Above all, she iterates the importance of enjoying what you do, and feeling a sense of purpose and passion.

“For me, living and working in these different cultural environments has broadened my horizons, perspective and experience, personally and professionally, and I feel I have a dream job,” she says. “I get to work and live and travel in such an exciting region of the world and call it my home and it still fascinates me every day.”

Stand Where You Are

If there’s anything Jones has discovered in being unable to leave Hong Kong in the past two and a half years, it’s to take advantage of the place you are living. Before this time, she mostly traveled off to another country for a spectacular beach or to see family or friends, and realizes now she had not been as present in the moment and enjoying where she lives.

Since embracing “staying put,” Jones and her family have been appreciating incredible hiking trails and island beaches and other parts of the surrounding area, right on her doorstep, that she never knew existed.

“No matter where you are in the world,” she says, “it helps to realize how lucky you are, and to take full advantage of the present and the place that you are in to get more inspiration.”

By Aimee Hansen

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Leveraging a Bicultural Background and “Celebrating” Diversity: Akiko Koda’s Story

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Akiko KodaThe chief of staff for Japan discusses her time at Goldman Sachs and shares career advice in the latest edition of The Glass Hammer.

“I have a bicultural background – I lived in Queens, NY until I was 10, and then my family moved back to Japan, where I have lived ever since,” shared Akiko Koda, chief of staff for Goldman Sachs in Japan. “I was motivated to apply to Goldman Sachs due to my prior experience growing up in both the US and Japan – I thought I could contribute in a unique way to a global firm and serve as a facilitator between both cultures.”

Koda joined Goldman Sachs as a campus hire in 1994, initially within the Equities Division, as a member of a sales trading team. She gained seniority and held numerous roles within Equities, before moving to the Financing Group within the Investment Banking Division (IBD). In 2008, Koda joined the IBD Advisory Group, and then transferred to the Executive Office in the midst of the financial crisis. At that time, she began her current chief of staff role, and now also serves as co-chief administrative officer for Japan and head of Human Capital Management in Japan.

“My day to day role is focused on ensuring that the Japan office is running effectively and efficiently in all aspects,” Koda said. “Looking ahead, the office will be moving to a new building in the coming years, and we’re excited about further growth in the region – particularly following the launch of the Goldman Sachs Bank USA Tokyo branch earlier this year.”

As the new year begins, Koda shared that she typically selects a word to help lead and rally her team around, noting that for 2022, she selected “Focus.” “I believe that by focusing and prioritizing our work and the output, we can continue to make progress,” Koda said. “Given we have now entered the third year of the pandemic, I think it is important to focus on what we can control, rather than what we cannot, and focusing on what is important to you and on what brings you joy during this challenging period.”

Supporting Goldman Sachs’ Focus on Recruiting, Retaining Talent

Commenting on the firm’s focus on recruitment, Koda shared: “Our Japan entity was voted the ‘Best Financial Firm to Work For’ by both potential campus hires and former employees.

This is an incredible recognition of our business over the last 45 years.” She added: “The firm has a long history of hiring campus hires who go on to lead the business – several members of the Japan leadership team are campus or MBA hires.”

Koda noted that her own experience at the firm has included extensive, firm-provided coaching. “I was a member of the firm’s first class of VP LAI, or Vice President Leadership Acceleration Initiative, in 2004. Participating in the program helped me to understand how I could be a better leader,” she said. “Throughout my time at the firm, I’ve asked Pine Street, the firm’s leadership development group, to help me evolve my leadership style, and received a lot of helpful and candid feedback from my coach.”

She noted that during her time at Goldman Sachs, she has aimed to pass along the guidance she has received over the course of her career by serving as a mentor to others, both to individuals based in Japan, as well as those in other countries. Koda notes that she regularly reminds junior professionals of the importance of soliciting feedback and guidance from a variety of mentors: “Think of your mentors as your Board of Directors.”

Koda also shared that mentors, managers and colleagues have all helped her progress throughout her tenure at Goldman Sachs. “I haven’t come this far in my career without the help of many people – I’m incredibly grateful to those who have helped guide and support me throughout my time at the firm.”

Finding Time For Herself – and Her Community

Koda shared that after being at the firm for several years: “I burned out in 1999. I needed to take a break, and left the firm for a year, and then returned to Goldman Sachs.” She
reflected on guidance she received later on in her career, which has continued to shape her approach to work: “A mentor advised me to be ‘relentless about managing my schedule, and to feel empowered to make my schedule my own.’”

“That advice has stayed with me, and I would recommend others really understand their limits and priorities. You need to take control of your calendar to prioritize what is important for you at each moment. For me, that’s my family,” shared Koda.

Throughout the pandemic, Koda has focused on spending time with her sons – who are aged 8 and 10 – and training their new Pekingese that they welcomed during the pandemic. In addition, she has a “green thumb” and tends to several orchids that call her office home. “When I became a board member of the firm’s Japan entity, I was gifted several orchids from clients – I’m lucky that they continue to bloom each year and remind me of that important
accomplishment.”

Outside of her day to day responsibilities, Koda is also a managing director ally of the LGBTQ+ Network. “When I lived in New York, there were only a handful of Asian students in my school – I was different,” she said. “When my family moved back to Japan, even though I looked like my classmates, I was labeled as a ‘returnee’ and considered not Japanese enough. To fit in, I tried to hide the fact that I grew up overseas.”

Koda noted: “I know firsthand how hard it can be to be considered different. I continue to be an ally to the LGBTQ+ community because it’s so important for each individual to feel comfortable bringing their authentic self to the workplace, and to be welcomed.”

She described the progress the firm has made in fostering an environment where all diverse individuals can succeed, and highlighted as one example the variety of events the firm’s LGBTQ+ Network holds each year, including celebrating Pink Friday. “As a Japanese woman, who grew up in the US and became a devoted ally of the LGBTQ+ community, I feel my own identity and experiences touch on so many aspects of diversity. I want to celebrate them all.”

Learn more about Goldman Sachs’ recent awards and recognitions and the firm’s diversity and inclusion efforts. Listen to an Exchanges at GS podcast, in which Koda discusses the evolution of LGBTQ+ rights in Japan and companies’ efforts to create more inclusive environments.

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14 Career Insights and Tips From Women Leaders in Asia (Part 2)

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women leaders in asiaDuring our Spotlight on Asia this month, The Glass Hammer has curated the best of career insights and tips from inspiring female executives and women leaders in Asia.

In the first part of this series, we shared seven top tips. This week, we continue with seven more experience-based insights from Asian female executives.

1. Get out of your own way.

“The barriers to success for women in our profession are sometimes ourselves,” said Quek Bin Hwee, previously as the Vice-Chairman of PwC Singapore and the Markets Leader of PwC Asia. “We sometimes believe we cannot reach the pinnacle of our career. This is not always true. It is possible for those who desire it. These women tend to embrace change and always keep an open mind.”

Update: After 25 years of global and regional positions with PwC Singapore until 2017, Quek Bin Hwee sits as director across several boards and member on others.

2. Define your own possibilities for yourself.

“You need to determine your own path and carve out your own unique identity,” advised Paloma Wang, previously as a Partner, Capital Markets Group at Shearman & Sterling in Hong Kong, when reflecting on her trajectory. “Don’t let anyone else dictate who you are as a professional or as a person.”

Having ascended to partnership by 37 years old, Wang shared, “By establishing your own priorities and doing the things that truly make you happy, you will drive your career path in the right direction. Don’t make concessions because you are junior or because you are a woman. Plant your feet firmly and set your sights on achieving everything you want.”

Update: Paloma Wang is presently a Partner at Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates.

3. Take the risk of influencing outcomes.

“Earlier in my career, I was more reserved about expressing my views,” said Stephanie Hui, as Head of the Merchant Banking Division in Asia Pacific Ex-Japan at Goldman Sachs, who grew up as a Chinese woman in a conservative family in Hong Kong.

“But over time, I realized we are in the business of taking calculated risks and just keeping my head down to produce top quality work while hoping others would notice would not make me a leader,” Hui noted. “Instead, I would have to effectively and respectfully influence outcome. I learned that being vocal in the right context is important.”

Update: Stephanie Hui is an MD responsible for the private equity investing business of Goldman Sachs in Asia and has been with the firm for 26 years.

4. Do not contort yourself to conform.

“When I was first starting to practice law, I tried to mimic my male colleagues by dressing how they dressed and talking like them,” said Jun Wei, Managing Partner at Hogan Lovells in Beijing. “One day, a client of mine who was a very successful business woman told me that no matter how much I tried to act like a man, I would always be a woman. She urged me to be proud of my identity.”

Wei emphasized the importance of junior women lawyers to be themselves and resist conforming to male-dominated work environments just to fit in.

Update: Jun Wei remains a Managing Partner at Hogan Lovells, now over 19 years with the firm across mergers.

5. Manage your boss.

“It is important to know how to manage your boss,” said Siew Choo Ng, Senior Vice President, Head of Global Network Partnerships in Asia at American Express. “He or she is the one who can be your sponsor and help you with your career. Often times you are competing for their time and sponsorship with your other team members, so it helps to distinguish yourself from the pack.”

If she could have learned anything sooner to help her navigate, Ng said that would be the golden piece of advice.

Update: Siew Choo Ng still holds this position on her LinkedIn Profile.

6. Leap before you have all the answers.

“I think women have the tendency to be a bit conservative at work. What I mean is that we like to gather all of the information we can before providing an answer, for example. While that is important, I think women need to try to be a little more daring, take more risks and be confident,” said Wei Hopeman, previously as Managing Director and Head of Asia for Citi Ventures in Shanghai. “You have to start down a new path long before you have all of the answers because by the time you get all the answers, the original opportunity will be gone. This is something I have learned from my own career.”

“If you never take on new challenges and new experiences, then you are never really allowing yourself to learn and grow,” said Hopeman. “You learn every day. No matter how senior or junior you are, part of making yourself better is learning from your mistakes and your successes.”

Update: Wei Hopeman has been the Co-founder and Managing Partner of Arbor Ventures for the past seven years and sits on several boards.

7. Seek to align with your purpose.

“To begin finding out what your purpose in life is, imagine looking back forty years from now and asking yourself what would make you proud, or if you would be able to admit to having lived a full and meaningful life,” suggested Nora Wu, formerly the PwC Global Vice Chairwoman and PwC Global Human Capital Leader out of China. “The answers will give you a good indication of what you want, or should, aim for in life.”

Wu then advised to not hold back: “You never know where one opportunity or interaction will lead you and you only can find out if you give it your best shot. You should never be afraid to work hard or put in the long hours. Work-life balance is indeed possible, especially if you do not separate your work and your life. By aligning your purpose, personality, and aspirations, it will be easier to create a balance.”

Update: Nora Wu is now an independent board member at JD Logistics and sits on a few boards.

We hope you enjoyed this two-part retrospective! Click here to see part one.

By: Aimee Hansen

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Geklang Lee: Chief Operating Officer, PGIM Real Estate, Asia-Pacific

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Geklang Lee“I think women’s trajectories should not be compromised when they have children, and that’s something that we need to advocate for,” says Geklang Lee. “I was fortunate enough to work in companies which were more enlightened.”

Lee speaks to accepting challenges, taking a career break for motherhood, being an executive and showing up in full integrity.

Seizing The Opportunity to Level Up

Born in Singapore, Lee was initially drawn to chemistry and biochemistry and scientific research. Unable to align with a path in genetic engineering, she took a completely different turn and chose to do research in the financial world.

She began in a research role on the sell-side in the public sector: “That fulfilled my desire and my interest in research. It fulfilled the analytical aspect of me.” Her enjoyment of the work drove her success and by 32 years old, she was a managing director.

Then Lee shifted to become a strategist, heading up the equity business in Singapore for Indosuez WI Carr, before moving again to become an Executive Director at UBS, to set up the Singapore Equities institutional research team which was subsequently ranked by Institutional Investors. As leadership opportunities came at her, Lee took them on despite the internal doubts to whether she was ready.

“Very often, women are much more cautious about opportunities or in raising their hands for opportunities. We feel like we need to be sure and know everything before we commit, because we want to do well,” says Lee. “But my view is that we should not shy away from challenging opportunities, putting ourselves out there and getting out of our comfort zone. If we set our minds to it and are willing to put in the hard work, then we can get the job done.”

Letting Go For Motherhood and Coming Back Again

“So many women feel that if they take time off to have a baby, they will be disadvantaged,” she says. “Sometimes organizations feel that way, too: you take time off, someone has to do your work, so there has to be a compromise. But I strongly disagree with that.”

In her case, both times Lee took maternity leave to have her children, she experienced an advancement. While on maternity leave with her first child, she received a big salary increase. When she came back from her second maternity leave, she was promoted to head the Singapore equity business at Indosuez WI Carr.

When over 40 years old, Lee left the UBS Executive Director role to spend three years with her three children, even though it felt like a risky move.

“I had already missed the growing years for my two older kids. I’d always had that guilty feeling of not being a mom, and had told myself I would look after my grandchildren,” she says. “But when my youngest was born, I decided, no, why should I wait? I actually wanted to spend time and bond more with my kids.”

For the first year, she retained a part-time consultancy with UBS. For the second two years, she was a full-time mom. Then as circumstances changed with her husband’s firm, she decided to return to work and reached out to her network contacts, which she had nurtured. Soon she was running the global real estate market neutral strategy for a hedge fund, before moving to PGIM Real Estate.

“Women shouldn’t be concerned about not being able to come back into the workforce, but I think what is critical is that we need to keep our contacts, “she says. “I always encourage people to keep your contacts within the network, as it’s extremely important for helping to build career path and opportunities, staying in touch with the markets, and moving jobs or returning to the workforce.”

Shifting To The C-Suite

At PGIM, Lee had the opportunity to go from managing the Asia Pacific public equities real estate portfolio to assuming the position of Chief Operating Officer for Asia Pacific real estate business. Moving from investments to a COO role was definitely pushing beyond her comfort zone.

“As a COO, you cannot be an expert in everything, but the team is there to support us as leaders. We provide the strategic direction,” says Lee. “Humility is important, recognizing they know more than me in the job they do, because they are the experts.”

Lee is dedicated to developing people, and emphasizes the leadership traits of versatility and adaptability—being open to different mindsets, perspectives and ways of doing things.

“Even if someone presents something that I do not agree with initially, I do need to listen, and reflect before making any judgments,” she says. “Everyone has a lot to offer. The young people today have a lot to offer, and if we are open enough to listen and allow them to present their ideas, then it will make us all stronger leaders and a stronger organization.”

Showing Up With Integrity

Lee never planned her career path, but has always put her best into anything she does. She feels that in her case, her commitment and hard work produced results, earned recognition and created opportunities.

Lee learned by emulating some of her previous supervisors. When she was deputy head in a previous firm, she noticed and admired how the head of the team did everything with the team’s interests in mind.

“When I was subsequently promoted to his position, because he moved on to greater things, I remember asking myself: am I willing to fight for my team, even to the extent that I may compromise my job? Am I willing to fight for my team for what is right?” she says. “Only when I was prepared to do that, did I accept the role.”

Thinking to her childhood, Lee remembers being a little girl in an underprivileged family and loving music but being unable to afford music lessons. When she was able to join the school band, her instructor said: “whether it rains or it snows, you have to turn up for practice.” She laughs that it never snows in Singapore, but if it were to, you still show up. At seven or eight years old, this left a big impression upon her.

“I think that developed my sense of commitment,” Lee reflects. “When you commit to do something, you just turn up. You turn up all the time. Regardless.”

Doing Things Differently and Better

Lee feels that as a woman, she shows up differently in a way that strengthens the table.

“As a woman, I don’t look at everything just as a task. There is often that softer touch that we bring to the table,” she says. “That helps when I’m running teams, because I’m not only interested in the output, but just as much in the individual.”

Lee is excited about how the forced circumstances of remote working has created rapid technology advancements and mindset shifts while raising questions: “How do we connect with our colleagues? How do we make sure that they feel part of the organization? How do we continue to build a team culture?”

Lee is energized by the company’s strategic operating initiatives —known as PGIM Real Estate 2.0—being ed by PGIM Real Estate’s Global chief operating officer, Cathy Marcus: “It’s essentially encouraging us to rethink the way we do things, and why we do them that way, in order to see if things can be done better,” says Lee.

Her children are now 27, 25 and 21. Lee loves sports and runs every day. She also plays the saxophone, enjoys pottery and embroidery, and does volunteer work with refugees in the greater region as well as migrant workers.

By Aimee Hansen

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Spotlight on Asia: What Does Gender Diversity in Asia Look Like in 2021?

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Gender Diversity in AsiaDuring the month of August, The Glass Hammer looks to the state of gender diversity in business and among leaders in Asia. The region is ahead globally in some facets, behind in others, and facing opportunity gaps where more women are needed.

Here’s a brief overview of the key themes we see happening across Asia now:

Gains in Women Executives in ASEAN Region

According to a Grant Thornton report 2020, the greater Asian region was split when it comes to women in executive leadership.

The global average is 29% (on par with North America).

While ASEAN (Association of South East Asia Nations) tied with Eastern Europe at 35% to rank second highest in women in senior management roles globally, after Africa (38%), APAC (Asia-Pacific) had the world’s lowest representation (27%).

The ASEAN region showed very impressive growth from 28% in 2019 to 35% in 2020, thanks to a range of initiatives around diversity.

In 2018, prior to COVID-19, McKinsey estimated that advancing women’s equality in Asia-Pacific could boost the collective regional GDP by 12% by 2025 to $4.5 trillion.

Still A “1 Woman” Boardroom in Asia

A significant gap exists between women’s representation in senior management and their presence in the board room in Asia, where Asia lags behind.

According to the Egon Zehnder 2020 Global Board Diversity Tracker, only 73% of boards in Asia had at least one woman (89% globally). Only 33% had at least two women (70% globally) and 12% had at least 3 (49% globally).

The data shows only 12% of Asia board seats are held by women (23% globally), and only 16% of new appointments in 2020 were women (compared to 30% globally).

In China, women hold 12% of seats too, though only 29% of boards have at least two women and only 10% had 3 or more. In India, women fair much better – holding 17% of seats. 60% of boards have at least two women and 23% have at least three.

Arguing the financial case for diversity, the Board Gender Diversity in ASEAN report found companies with over 30% women representation had significantly greater financial performance (3.8% ROA) relative to boards with no women (2.4% ROA). Even one woman helped, according to the authors, but the financial performance difference increased with representation, especially at over 30% women.

Women in Tech Relatively Strong in ASEAN But More Are Needed

The global demand for digital talent outpaces the supply, including in Asia-Pacific. BCG reports that in the first quarter of 2020, 5% of technology roles went unfilled in Singapore.

Women’ participation in tech in Southeast Asia (32%) outpaces the global average (28%), and mature markets like the UK and Australia, being on par with the US. But despite the relatively high numbers, BCG says a significant tech gap remains. Across countries, women’s representation in tech in ASEAN lags relative to other industries.

The key “moments of truth” that must be supported in a women’s journey into a long-term career in the technology sector, according to the consultancy group’s research, include: their choice of major at college, selection of first job and decision to stay with a technology career once they’ve started.

As the dynamic is different in each country across these key truth points, the interventions to encourage and foster diversity must be tailored to each country’s context. In Thailand, women are 48% of tech graduates but only 42% of tech jobs (the highest % across ASEAN countries). Whereas in Singapore, women make up only 29% of tech graduates but comprise 41% of the tech workforce ,due to demand.

The vast majority of women in tech feel they have benefitted from diversity programs and 65% feel tech does better than most industries in tailoring programs to women, yet BCG argues more tailored efforts are needed at the “moments of truth” points.

Opportunity Gaps for Women in Asia Pacific

Per the LinkedIn Opportunity Index 2020, developing markets – including in Asia Pacific – are generally more confident about having access to opportunities: India (121), Indonesia (117) and China (116) top their list, while Japan comes in last (80).

But LinkedIn, according to Feon Ang, Managing Director, APAC, also found that women felt they had less opportunities than men, and COVID-19 not only disproportionally affected women but also their outlook on the future. One in three women in APAC felt that gender was a significant barrier to opportunity.

The research showed that 41% of women in APAC felt they had fewer career development opportunities than men, with that sentiment being strongest in China (44%), Malaysia (45%), Japan (47%) and Singapore (49%). Whereas in India, 4 of every 5 women felt they’d missed offers or opportunities due to gender.

The challenges facing women vary as well. Ang cites that “lack of time” is the main barrier to opportunities for women in countries such as India, Philippines and Singapore. Whereas “lack of professional skills” is the primary barrier for women in Japan. And in China and India, women feel they have a “lack of guidance through networks and connections.”

Less than a fourth of working professionals in APAC feel that their organizations are prioritizing gender diversity. Managing familial responsibilities comes up as a challenge to career development for many APAC women (45%) especially in India (71%).

Where are the Women Executives in Japan?

In Japan, women hold only 15% of management roles according to McKinsey, only halfway to the country’s 30% target. In 2019, Japan was ranked at 121 out of 153 in the World Economic Forum’s gender-equality index, the lowest among developed nations.

In research, McKinsey identified a gap in career-advancement goals. Japanese women are less likely to indicate they want a promotion than men (15 points lower), yet also more likely to feel gender is in the way and less confident. Overall men and women in Japan have the same hesitations towards promotion, but more women feared they would not be able to manage work/life balance.

When it came to what motivates aspirations for promotion, Japanese women tended to cite external recognition of their talent and strengths and the personal growth opportunity. Japanese men cite financial benefits, social status and rewards more.

Whereas the financial and status incentives are enough to motivate men, organizations like IBM are learning that women in Japan are more compelled when both witnessed for their personal skills and talents, and engaged individually on how advancing would particularly impact their own development.

Regional Diversity & Inclusion

LinkedIn’s Ang cites conversations on diversity and inclusion that include male allies; more women in leadership roles; family-friendly and flexible working policies; stronger mentoring and networking; and investment in learning and development as key measures for organizations to help close the opportunity gaps for women in Asia.

By Aimee Hansen

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14 Career Insights and Tips From Women Leaders in Asia (Part 1)

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women leaders in AsiaEvery August for the last ten years, The Glass Hammer has featured career insights and tips from women leaders and executives in Asia.

In this retrospective feature, we’ve mined the best experience-based guidance across those interviews, and this month we’ll be sharing in two parts!

Here are the first seven tips:

1. Be open to learn from everyone.

“Be open in your career,” advised Pamela Yeo, General Counsel and Senior Vice President at AIG Property Casualty Asia Pacific. “When you realize that everyone around you can teach you something new, and you become receptive to knowledge sharing and connecting, this can have a big impact on your advancement.”

Yeo urged young professionals to put themselves out there to catapult your journey through connection.

Update: Pamela Yeo remains in the position she has now held for nearly 17 years.

2. Do not keep your head down.

As a junior analyst, Kathy Matsui was told to “work hard, keep your head down, and you will go far.”

“This was the worst advice I could have been given as a woman just beginning her career, but when I first began working the idea that an ‘invisible hand’ would simply promote you was widespread,” Matsui told us, previously as Vice Chair, Global Investment Research at Goldman Sachs in Japan back in 2019. “Aside from excelling in one’s job, women need to also identify mentors, connect with others across their organization, and share their accomplishments.”

Update: After over 26 years with Goldman Sachs, Kathy Matsui is a founding General Partner of MPower Partners, Japan’s first ESG-focused global VC fund, as of May 2021.

3. Check your self-limiting assumptions and projections.

Earlier in her career, Kathy Matsui also shared with us the risk of operating inside the framework of your own self-limiting projections, which meant she spent too much time early on spinning her wheels just to prove her worth.

“My client base here was pretty homogenous when I first started working in Japan, in that it was mostly Japanese men who were twice my age,” remarked Matsui. “At the beginning, I felt like I had three strikes against me because I was female, foreign, and young. But this was really a perception that I put upon myself because professionally, nobody actually treated me differently based on my identity.”

4. Claim your voice in the conversation and early on.

“Put it all out there on the field every day,” recommended Padideh Raphael, Partner at Goldman Sachs in Hong Kong. “Women tend to wait for validation before sharing their opinion, but they should speak up earlier.”

As a first generation American raised with gender-related boundaries by her Iranian mom, Raphael said: “I believe there are no inherent barriers to success in this industry, but in some cases I have seen that women are traditionally raised or shaped to abide by societal norms,” she says.  “To the extent possible, women should be confident in having a place in the discussion.”

Update: Padideh Trojanow (Raphael) remains a partner at Goldman Sachs, now with the firm for over 22 years.

5. Discern your own truth when it comes to work and family.

“Each person has to look inside themselves and make their own choice without feeling pressure from family members, and then ask them to support that choice,” asserted Xing Zhou when it come to work and family life, as Diversity & Inclusion Leader at PwC China. “I view it as an achievement that as the mom of two children, I am able to find the balance and can serve as a role model for others in my firm and industry.”

Zhou discussed how Chinese women face pressure from their husbands and in-laws to shift their focus entirely to motherhood, whereas that is not every woman’s desire for herself and only she can truly decide.

Update: Xing Zhou has been with PwC Hong Kong and Mainland China for 24 years. She has now additionally taken up the roles of North Markets Leader and Beijing Office Lead Partner of Mainland China.

6. Make clear choices to keep evolving.

“There were lots of things I was interested in, and I wasn’t sure what to focus on; I was always hedging my bets. Only when I started to make choices, and others could see what I was about, did it all came together,” stated Ay Wen Lie, Partner, M&A Advisory at PwC in Singapore.

Wen Lie advised getting clear on what you stand for and believe in, both when it come to the work you are doing and creating your personal brand, otherwise you dilute your ability to impact and stand out: “Don’t be afraid to make choices, play to your strengths and focus your energy on where you can best add value.”

Update: Ay Wen Lie has been a Partner at PwC in Singapore for ten years.

7. Constantly nurture your network, internally and externally.

“For women at all levels of their careers, constantly building your personal network both internally and externally is extremely valuable,” said Teo Lay Lim, previously as Country Managing Director of Singapore for Accenture. “Building personal networks helps you to draw on others to augment your own insights [and] perspectives,” she added, emphasizing that Accenture had more than 85 local women’s networking groups in 32 countries to help build up their networks.

Update: Teo Lay Lim is now a Chairperson at Accenture in Singapore, with over 33 years with the firm.

Look out for Part 2 of this retrospective of top advice from female executives in Asia!

By: Aimee Hansen

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Voice of Experience: Lorna Chen, Partner, Global Asset Management Group, Shearman & Sterling LLP, Hong Kong

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lorna_chenWelcome to The Glass Hammer’s Spotlight on Asia Week. We’ll be featuring profiles of successful business women working in Asia all week long!

By Michelle Hendelman, Editor-in-Chief

Lorna Chen, a Partner in the Global Asset Management Group at Shearman & Sterling’s Hong Kong office, wasn’t always sure where her career would take her, but she always knew that she would do something great. “If you ask me what made me what I am today, it is my subconscious belief in myself,” said Chen.

“I was born and grew up in Beijing as a native Mandarin Chinese speaker. I completed all of my schooling in Beijing and as an undergraduate and in graduate school, I specialized in English Language and Literature and American Studies. This turned out to be a very firm foundation for my future.”

Career in Law

“I think it was destiny that after I finished graduate school, I met a group of people who were opening up their own law firm. This was right around the time that China was beginning to open its doors and privatize the legal industry. I decided to join them because it was very challenging and interesting to work for a law firm.” She continued, “I took the first National Exam ever administered in China to become a trademark agent and I ranked first. My job was to go to the Chinese administration and address issues around major trademarks being copied without permission.”

This experience motivated Chen to take the bar exam in China despite not having her law degree, a practice that was, and still is, allowed in China. It was a very exciting time, explained Chen, since China was just starting their legal system. “Originally, I planned on attending business school to earn my MBA, but after I passed the bar exam, I decided that if I was going to stay in the legal field, I needed to get a law degree to become a lawyer.”

In 1997, Chen took advantage of a unique opportunity to spend six months in Frankfurt as an international associate for a leading German law firm that was considering expanding their practice into China. “Because I spoke English very well, I was the only person chosen out of about 2,000 lawyers to go to Germany. This experience started my journey in the legal profession outside of Beijing,” said Chen.

“I had already started to take charge in my firm, so I had a first mover advantage upon going to Frankfurt,” explained Chen. After accumulating so much experience in Beijing and Frankfurt, Chen decided the time was right to start applying to law schools in the United States. However, she was asked by the partners of the Frankfurt firm to stay on board for the rest of the year because one of their mid-level associates in their Hong Kong office was leaving the firm. “The year I spent working for Bruckhaus was very valuable and really opened my eyes to what it was like to work as an international associate.”

Read more

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