Startup founder's letter to Old Boys – Embrace, not threatened by adversities

2020.05.17

Following is a letter to Old Boys by the Co-Founder of FinMonster (a financial technology startup), Mr CHAN Kin-ming, today (May 17). He is a member of the mutual help network for startup alumni of Queen's College Old Boys' Association (QCOBA).

This is the fifth episode of Letters Asunder, an initiative to mark QCOBA's centenary in 2020 under the theme "Serving QC family, our centenary duty", sharing with the Queen's community words of wisdom and reflections.

Embrace, not threatened by adversities

Dear Brothers,

We have all been under external and local challenges in the past year. From the escalated China-US trade tensions early last year risking local economy to the social unrest in the latter half leading to intensified dissension within society, bundled with the recent global pandemic, they certainly contributed to an epic crisis, where I started my venture. Personal losses are however minimal, compared with selfless contributions of so many serving the community.

Nearly all tangible industries, no matter they are transnational corporations, small and medium enterprises or startups, have been affected by the pandemic. Yet, hardships we are now facing may not be pure cyclical, but structural changes. We must accept that many successful operating modes in the past may not easily resume. We would rather explore new horizons than sit idle. Adversities may disrupt rent-seeking vested interests, but opportunities of disruptive innovation arise.

Fighting the epidemic, central banks and governments round the globe introduced various monetary and fiscal policies to better support enterprises and employment. Despite ongoing efforts, markets seem to be bullish still, with speculations of temporary uncertainties only. Asset prices also expect a short-term but not sustained austere environment that the economy would stage a V-shaped rebound. However, if the virus remains volatile in the coming months, a normalised epidemic, new world order and disappointments in the market will definitely bring substantial negative impact to many real economies and enterprises, paving the way for a U or even L-shaped recovery. No one would hope for the worst, but we need to get prepared for an even worse situation before it improves.

"Thrive in calamity and perish in soft living." Looking back at the trough in 2003 nearly two decades ago, it was indeed the beginning of my growth. I am confident that 2020 would be similar. Internationally, amidst fast-changing political and economic landscapes and our lifestyles, as long as we say no to rent-seeking and focus to invest in human capital, with care and courage to embrace changes, our efforts will bear fruits even in 2037.

I have not been an active player in alumni activities upon graduation. While many of our predecessors have already been leaders and heavyweights across disciplines, I am still the ordinary me working in my favourite arena every day. Days and nights coming across brothers from different professions since starting my business have been sumptuous, during which I started to rethink how best we can serve in the new economy. The legendary QC identity is the mutual help network and our aspirations to care for the community, which have always emerged time and again in our studies, careers and businesses. To counter tremendous turmoil today, the genuine QC spirit alloyed with wisdom and humanity well under stress is the recipe for success.

CHAN Kin-ming

Queen's College Old Boys' Association
May 17, 2020