Deals and discounts have given way to QR payments and loyalty programmes on the Fave app as well as other well-known banks and digital wallets.
Consumer fintech company Fave in Southeast Asia has just revealed that its founder and CEO, Joel Neoh, will leave the organization at the beginning of March 2023.
Along with Avantika Jain, the general manager in Singapore, Aik Kuang Heng, the newly appointed general manager in Malaysia for Fave, and local leadership teams in Indonesia and India, co-founder Yeoh Chen Chow will continue to run the company. Aik Kuang, the newest senior hire, previously held senior leadership positions in companies like iflix and WeTV SEA before joining Fave. “One in three Singaporeans uses Fave daily for payments and rewards, Millions of people in Malaysia, Indonesia, and India also do so. I have had the honour of working with some of the best talents in Southeast Asia. To build Fave into a household brand name. I have faith in the company’s future growth because of the solid leadership and culture we have established. As I depart Fave, I look forward to continuing to support Southeast Asia’s tech community. Paying it forward by assisting other like-minded entrepreneurs in their startup endeavours. Neoh stated in a statement.
In its early years after its founding in 2015, Fave capitalized on the enormous potential for cashless payments. Thanks to Joel’s visionary leadership, establishing itself as one of the top players in Southeast Asia’s fintech industry. Through QR payments and loyalty programmes on the Fave app. As well as other significant banks and digital wallets like DBS PayLah!, UOB TMRW, Google Pay, and Touch ‘n Go. Fave’s products have evolved from simply offering deals to empowering customers’ savings. In 2017, Fave completely acquired the online retailer Groupon in Singapore, Malaysia, and Indonesia. The business gained significant traction throughout Southeast Asia and was subsequently purchased by Pine Labs for US$45 million in 2021.
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Joel leaves Fave with effective leadership in place and strong growth potential. Fave had reached its highest transaction volumes ever, which was a reflection of the company’s expanding market share and popularity. The data reveals startling 40% growth quarter over quarter, and the trajectory is looking good for 2023. The business plans to expand its partnerships with significant banks and financial institutions across markets. It also plans to enter the flexible payment processing market for online retailers in Q2.
Neoh co-founded Groupon in Malaysia in 2011, and he later oversaw its US$2 billion (at the time) Asia Pacific operation, which employed over 2,500 people. Before that, in 2009, he helped launch Says.com. A digital media outlet that later merged with Rev Asia and was bought by media giant Media Prima. As an investor in over 25 startups, a mentor and advisor for Endeavour Malaysia, XA Network, and Sunway University. A limited partner in 500 Southeast Asia III, Better Bite Ventures, and an investor in Nasdaq-listed Prenetics, among other positions. He continues to be active in Southeast Asia’s digital and technology ecosystem.
