V-Key, a global leader in software-based digital security, announced the appointment of Tony Chew to the position of Chief Security Architect. Tony will spearhead V-Key’s engagement with banking regulators and financial institutions in Asia.
Chew is a recognised thought leader and veteran in the field. In his former capacity heading up the Technology Risk Supervision Division at the Monetary Authority of Singapore (MAS), he led crucial strategic initiatives to steer the course of cybersecurity strategy, implementation, and regulation in Singapore’s financial industry. Subsequently, Chew served as Citibank’s Head of Information Security for Asia Pacific and as Global Head of Cyber Security Regulatory Strategy, overseeing all aspects of information security and implementing voice biometrics for over one million customers in less than a year in Asia Pacific.
“We are thrilled to have Tony Chew join V-Key’s executive management team,” said Benjamin Mah, co-founder and CEO of V-Key. “As governments, financial institutions and enterprises continue to face security challenges in a mobile-first digital economy, it’s imperative that businesses and regulators in each country collaborate to develop regulatory and operating frameworks that facilitate convenience, trust, business confidence, and top of the line security. We are confident that with Tony’s wealth of experience as a regulator and as a leading voice in digital security and biometric technology, V-Key can help build the necessary foundations to unlock the potential of the digital economy.”
“With world-leading technology, V-Key is in a powerful position to lead and delineate a clear path ahead for digitisation, globalisation, virtualisation, and digital security interconnectivity,” said Tony Chew. “This is an urgent need as people increasingly rely on digital services in every aspect of their lives, and security is the foundation on which these services can be delivered by governments, enterprises, and institutions with confidence and assurance.”
Digital security is a rapidly growing challenge, especially in Asia, where Internet adoption, smartphone pervasiveness, and online payment volume and velocity are leading the world. In Southeast Asia alone, according to Google, nearly four million new internet users will come online every month for the next five years, which means the region’s user base will almost double from its current 260 million by 2020. This makes Southeast Asia the world’s fastest growing internet region, with a potential for online spending to increase from $30 billion to $200 billion by 2025 via a digitally savvy mobile first population.
Given the role of FinTech in unlocking the economic potential of Southeast Asia, several countries have taken proactive steps to enhance and evolve regulatory frameworks to support emerging FinTech innovations and ecosystems, including Singapore’s establishment of a Smart Financial Centre, and Malaysia and Thailand’s new equity crowdfunding regulations. With the right regulatory framework, Southeast Asia and its 636 million people are positioned to become one of the world’s top five digital economies by 2025 (AT Kearney 2015).