Of cats and currencies
Credit to Author: Leah C. Salterio| Date: Sat, 11 Jan 2020 16:18:42 +0000
“There is a good market here in the Philippines. With Filipinos leading in overseas remittances, I’d like to give them the convenience and opportunity to grow their money using technology. There’s really a big potential here.”
A business dealing with cryptocurrency exchange sounds complicated to look after. But Bexpress, the first venture of South Korean entrepreneur Brian Kang in the Philippine market, has been flourishing steadily.
“Bexpress and other fintech [financial technology] firms in the Philippines are still at an early stage of adoption and raising questions and eyebrows of many people,” says Brian, who could be mistaken for a K-pop star. “And though their advancements are disruptive, we should focus more on educating people about the whole concept.”
CONTRIBUTED PHOTOS
The chief executive officer of Bexpress, Brian opened his business to Filipinos at the same time he welcomed stray cats into his turf. He shares his office in Parañaque City, near the Department of Foreign Affairs’ main office, with business partner and chief operating officer Chris Lee, their staff, and a number of friendly felines.
Brian’s furry friends are an integral part of the Bexpress workplace. They are well-groomed, neat and healthy-looking. They also seem to enjoy welcoming the clients and guests who come by.
Brian’s father, Cha Joung Kang has been engaged in trading in the Philippines for the last two decades, so it was not surprising that his son followed in his footsteps. Brian was only five when he first arrived in the country, and this led to many good memories and impressions. So when he set up his own business, it made sense to expand to the Philippine market. “There’s so much that can be done here, as far as trading is concerned, and that’s why I decided to return,” Brian explains.
Bexpress platforms have been adapted to the local market through the development of a user-friendly and secured trading platform that can be accessed via mobile phones by downloading “Bexpress pro” in the App Store or Playstore, and can be used in one’s computer by visiting the link https://trade.bexpro.ph, which is the business’ web version.
“We started Bexpress by developing an online trading platform with the help of well-known developers from South Korea,” Brian says. “So, when [the] BSP [Bangko Sentral ng Pilipinas] announced regulations for VC [virtual currency] exchange application, we applied by providing the documents they required. Now, we are the eighth company that was granted a BSP license.”
Fascinating world
Brian takes time to discuss the facscinating world of virtual currencies. “Bitcoin, Ethereum and Ripple are the coins that are currently listed on the Bexpress platform. The ones who developed the stock exchange in [South] Korea were the same people who made the current Bexpress platform. They are also our in-house programmers. They are using a similar mechanism to run the crypto-exchange that allows users to see the data in real time via the app.”
Bexpress, operating as Bexpro, is a South Korean cryptocurrency company that is registered with the Securities and Exchange Commission. The company has adopted and developed a mobile trading system, which they claim to be more stable, secure and convenient. They just received their currency exchange license from the BSP.
It was as a business administration student at the University of British Columbia in Canada that Brian discovered his interest in currencies. “One of the regular problems that my father faced in the trading business was always the forex [foreign exchange],” he says.
“Depending on the currency that is very unstable, you could be a winner or loser that particular day.”
Brian sees great potential in the Philippines for virtual currencies. “There is a good market here. With Filipinos leading in overseas remittances, I’d like to give them the convenience and opportunity to grow their money using technology,” he says.
Brian and Chris are fully committed to their business, thinking nothing of spending long hours at their workplace. “We attend meetings together, teach our employees and do many more [things] for the company. We’ve had no major misunderstandings yet, because we understand and respect one another and each other’s opinions.”
Incorrigible optimist
Brian admits to being an incorrigible optimist, preferring to see the positive, rather than its opposite. “For the next five years, we will have a lot of partners in the fintech industry,” he declares. “We collaborate to offer the best services that fintech has to present to Filipinos, mostly OFWs [overseas Filipino workers]. And for Bexpress to be successful, we must continue complying with government laws and regulations, and design effective ways to market our services without raising the transaction fees.”
Brian agrees that the most challenging aspect of his role as CEO has always involved hiring the right employees. “We need people with the right skills, from problem-solving to creativity, in order to drive growth.
“Staying competitive and creating growth, as well as combating cybersecurity threats, businesses must prioritize a cybersecurity risk-management plan and ensure that [their] software is kept up to date. Not to forget: maintaining a work-life balance is important, too.”
A normal day in the office for Brian sees him checking records, reports and files. He constantly updates himself with market trends to see how things are doing. The work is 24/7 for him and Chris, as well as for the team in Manila and South Korea. “We have to monitor everything and be on top of things, as we still encounter technical errors. We have to be very careful,” he says.
He also makes it a point to check on the staff and how they engage with clients. It matters greatly to him that the information shared provides customers the answers they need. And despite his packed schedule, he always has time to check on his various feline friends.
“I usually arrive in the office at 10 a.m.” Brian tells Keep in View. “But I also spend weekends there too. Our work just never stops.”
As any employer worth his or her salt knows, Brian acknowledges that his staff are the heart of the business. “We personally keep on training them. We want them to learn well, and understand how the business runs,” he says. “In exchange, they always do their best in every task assigned to them.”
Brian wishes to see Bexpress make it big in the Philippines, and for more Filipinos to adopt the cryptocurrency business in payments and submitting their remittances. And with a growing portfolio of partner merchants, he is certain that ambition can be eventually achieved.
As for his cats, who are supposed to have nine lives, Brian is probably hoping some of those will rub off on his business, ensuring it a long and eventful life.
About me
ROLE MODEL
Elon Musk
FIRST PAYING JOB
The Bank of Canada, where I earned $60,000 a year.
MORNING ROUTINE
I meditate
Best SKILLS
Good in numbers
Life fact
I like to collect Gundam action figures, rare wine and watches.
TIME SPENT ON SOCIAL MEDIA
Less than an hour daily.