Navigating complex regulations is challenging, especially for foreign entrepreneurs in Singapore. In this interview, Desmond Yong, founder of Meta Alpha, shares insights on these challenges and opportunities.
With over 14 years in the public sector, payments, and cryptocurrency, Desmond is a compliance and crypto expert. He thrives in ambiguous environments. Formerly the Chief Strategy Officer at Digital Treasures Center (now known as dtcpay), Desmond led the company to secure multiple licenses from Singapore’s Monetary Authority (MAS). Now, at Meta Alpha, he helps clients secure the right to operate, win, and scale in Singapore.
Highlights
How The Startup Idea Was Conceived
Q: What was the “aha” moment that led to your startup idea?
A: I was working at a startup, a regulated financial entity, when I realized something crucial. Many foreign startup founders struggle to grasp local regulations, especially with new assets like crypto. Having worked with both local and foreign entities, I saw a unique opportunity. I could bridge the gap between overseas founders wanting to set up regulated businesses in Singapore and the complexities of our local regulatory environment. This was particularly important because foreign clients often come with different mindsets, cultures, and work environments. What succeeds in their countries might not work here. So, I envisioned Meta Alpha as a platform where consultants collaborate to help these founders navigate our complex regulations. We act as a bridge between regulators, consultants, and clients, ensuring that regulated businesses can be set up successfully in Singapore.
Q: How did a personal pain point or experience spark your idea?
A: My journey began when I worked with an overseas founder trying to start a company in Singapore. I assumed certain practices were universal but quickly learned they weren’t. The usual ways of doing business varied significantly across countries due to differences in environment, mindset, and regulations. Many overseas founders struggled to establish and replicate their businesses in Singapore, often wondering why. After months of back-and-forth, trying to understand the founder’s perspective, I extensively researched the business’s original environment. It became clear that unless I could translate Singapore’s business practices into the same language and frequency the founders understood, many would struggle or even fail. This realization was crucial because if these founders had bad experiences, they might return to their home countries and share their struggles, potentially discouraging others from setting up businesses here.
Q: Were there any serendipitous encounters or events that inspired your idea?
A: There wasn’t a single serendipitous event, but rather a series of experiences that shaped my idea. I witnessed founders’ struggles, roadblocks, and stagnation while trying to replicate their businesses in Singapore. The breakthrough came when I found the right language and frequency to engage them. I helped them understand how business works here while preserving the “secret sauce” they brought from overseas. It was like unblocking a pipe; once the blockage was cleared, the flow became smooth, which made Meta Alpha a valuable resource.
Q: Can you describe the process of refining and clarifying your initial idea?
A: The idea started small, just a sample of one. To test its viability, I needed more use cases, but finding them wasn’t easy. I reached out to various networks, even those that didn’t seem directly relevant at first. One surprising network was a contact specializing in bringing overseas students to Singapore for university. At first glance, it didn’t seem like the right audience. However, this contact had a network of alumni who returned to their home countries after graduation and became successful founders. Now, they were looking to expand into Singapore. Through this connection, I managed to pitch Meta Alpha to them, presenting key challenges and insights. These use cases allowed us to refine our processes, including client engagement, business proposals, and even compensation models, sometimes incorporating stock options and investments if their visions aligned with ours.
Q: How does your startup idea align with your passions and values?
A: I thrive in a VUCA (volatility, uncertainty, complexity, and ambiguity) environment, and Meta Alpha embodies this. Every client is different, with unique backgrounds, businesses, environments, and needs. This makes every case a new challenge. Beyond resolving business aspects, our work requires high touch, empathy, and understanding of different clients and their personalities. Building trust is essential, especially with successful businessmen who have proven track records. Changing their established ways requires a high level of empathy (or EQ) to gain their trust and guide them effectively. This holistic approach is what makes Meta Alpha unique.
What Entrepreneurs Can Learn from Desmond Yong’s Approach
Desmond Yong’s journey from the public sector to founding Meta Alpha highlights his deep understanding of local regulations. He bridges global ambitions with local expertise through his experience. Desmond emphasizes empathy, cultural awareness, and navigating complex rules in his work. By aligning his passion with his work, he has built a platform that drives business growth and compliance. Entrepreneurs can learn from how Desmond balances innovation with regulatory demands for success in Singapore, which is at the heart of Meta Alpha’s philosophy.
