David Huang: Transforming the FinTech Industry with Disruptive Technological Innovations

BizPay is a technology platform that solves cash flow challenges associated with paying business invoices. It splits invoices into four parts to spread repayments over time. Businesses use BizPay to pay supplier invoices or to offer it as an incentive to their customers, whilst getting paid immediately. BizPay lets you keep more cash in order to drive your business better.  BizPay is also super easy to use: one can join in minutes, get approved in 24 hours, and have no complicated background checks.

An Experienced Leader

David Huang is the CTO of BizPay. He visions to help businesses maximize their value from technology by establishing a clear roadmap for people and processes to foster a technological evolution. David has an extensive experience in overarching technology strategy and information management strategy in large corporations and start-ups across investment, banking, FinTech, media, insurance, software, and health industries. His role at BizPay is to build strong technological capabilities to enable the company to compete globally. David says that working in Australia provided him many opportunities to collaborate with top talents from other parts of the world. He also worked with massive projects and small start-ups as well. David takes pride in saying that he has successfully built many top-notch engineering teams throughout his career by solving the challenging business problems by innovating highly competitive products.

David believes that the key to success is all about people. So, he stresses about the need to spend good efforts in hiring and attracting top talents to join, making sure that they thrive with suitable work. He also adds that keeping invested in learning and development by celebrating and recognizing success with the team is vital. Talking about an ideal team, David says, "A good team can be very resilient under pressure, utilize suitable technologies to deliver business value faster, care about quality and lead the company in every wave of new technologies."

Fundamentals that Orchestrated Different Technologies Together

Talking about the challenges, David recollects, "During my early career, I felt there was so much to learn in all areas." He refers to his experience in trying to master DB2, Tera Data, Oracle, and SQL Server databases in parallel with tackling web technologies such as jQuery, backbone.js, later. Then he realized that the better way was to study the fundamentals inside these tech products. He explains it by giving an example of how database engines tune queries, how tables work in SQL queries, and how web elements are handled by the browser. After being clear with the fundamentals, he started to see more similarities in different tech products and he then used to dive deeper into the differences. He says this method helped him to overcome the mental overload and enabled him to start orchestrating different technologies together.

Attributes that Every CTO Must Possess

David believes that a successful CTO must be people-focused first. He asserts that one needs to care about the engineers both inside and outside work. He notes that giving recognition and motivating the team when things get complicated are vital. According to David, a successful CTO must be well balanced in several technological aspects to lead the company into the future. He encourages the CTOs to keep learning new technologies and try them out all by themselves.

"We usually do hackathons and they are an excellent place to experiment with crazy ideas and see fast results. Last but not least, a successful CTO must keep clear communication to the other non-tech departments and the board. The more support the tech team can have, the better outcome we will be able to achieve collectively", he states.

Creating Frictionless Customer Experiences Conventionally

At BizPay, David and his team use certain conventional ways of doing BNPL and lending. For example, "When we see a customer who needs to fill in the same information repeatedly, we start to think about the minimum information we need from the customer to get them onboarded" he says.

Later combining big data, web meta-data, and artificial intelligence (deep learning) algorithms, David aims to create a frictionless customer experience during the processes of onboarding and transaction in BizPay products.

AI and Blockchain that Drive the FinTech Ecosystem

David certainly asserts that; AI is the future in the FinTech industry. He mentions that AI can provide a perfect medium to combine big data, process automation and customer experience. He believes that AI can build a superhero credit analyst to watch out for fraud and a know-it-all customer onboarding agent to provide the best customer experience. As a result, David says that the financial industry will be thriving with more customer-focused AI technologies soon.

The other critical disruptive technology he mentions about is–blockchain. With the crypto ecosystem becoming more mature, there are considerable opportunities to use suitable 'Decentralised Finance' (DeFi) to modernize the financial industry. Hence, David says that KYC/KYB won't be a problem anymore where fast and low-cost money transfer would lead to more yield generations for the customers.

Envisioning the Future of Global Expansion

David envisions the future of BizPay to a bright one. He says that the company has already built scalable, resilient software applications with a smart data platform for insights and analytics by leveraging cutting-edge AI products to create a frictionless customer experience and protecting the risk exposure." In the future, we will utilize these tools to expand globally. Our vision is to put BizPay as a universal payment option on every business invoice" claims David.

While talking about the future of the FinTech industry, he trusts that Crypto and AI will help the industry to keep growing in manageable ways. And the upcoming innovation wave, according to David would use both the technologies to make many transparent and highly efficient financial products.

An Advice to the Budding Leaders

Advising the aspiring CTO's David says, "My suggestion is to love what you do, enjoy picking up the new tech, learn how to work with and motivate people. CTO plays a critical role in every company". You will need to realize the responsibility and the impact you are bringing to your company. Most importantly, maintain positive curiosity in your job. Remember that technology is the future."