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‘Unlimit’ed Access: Female Voices (Vol XVII)

October 16, 2024 9 min read
In this powerful episode of ‘Unlimit’ed Access: Female Voices, we sit down with Penny Chai, the VP of Business Development at Sumsub, to uncover her incredible journey through the tech and regtech industries. From breaking barriers in male-dominated fields to leading with empathy and building high-performing teams across Asia-Pacific, Penny shares valuable insights on navigating leadership, diversity, and growth. Continue reading and watch the video to unlock a conversation filled with practical advice, personal stories, and empowering tips for women striving to excel in business development and beyond.
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Please summarise your experience and the pathway leading you to your current VP of Business Development role. 

I joined Sumsub in April 2023 as Vice President for the Asia Pacific region, where my focus is on elevating the APAC region and building enduring partnerships that drive growth for Sumsub. This role feels like a natural progression in my career, especially considering my previous experiences. Before Sumsub, I was the Global Partnership Director at Merkle Science, a blockchain analytics and predictive platform. It was an exciting time in the evolving world of crypto and blockchain, where I had the opportunity to forge strategic partnerships and explore indirect business opportunities. This role allowed me to dive deep into the regtech industry, particularly during COVID-19, which was a pivotal period for digital onboarding.

Before Merkle Science, I was with Jumio, a KYC (Know Your Customer) solutions leader, which was my entry into the regtech industry. My role as Channel Director there was crucial, especially during the pandemic when digital banking and buy-now-pay-later platforms were on the rise. It was eye-opening to see how technology could enable secure and compliant customer onboarding without any physical interaction. These experiences in KYC and blockchain really prepared me for my current role at Sumsub, where I’m now working to drive both industries forward.

Before entering the regtech space, I spent a significant portion of my career in the IT industry. I was the Channel Director for Micro Focus, now OpenText, where I managed a team of experienced software professionals and built strategic relationships with key partners. I also held senior marketing roles at companies like McGraw-Hill, Zebra Technologies, and HP Inc., where I moved from product marketing to alliances marketing and e-business programs.

These diverse experiences have given me a unique perspective and a deep understanding of how technology and strategic partnerships can drive business growth, which I’m now applying at Sumsub.

In your experience, have you found sales and business development to be male-dominated fields, and if so, how have you navigated any challenges to your authority in these roles?

The IT industry, as I’ve experienced it over the years, has indeed been male-dominated, not just in sales but also in business development and more technical roles like software development, engineering, and data analysis. However, the industry has made significant progress. There’s been a strong push for gender diversity, and I’ve seen positive changes, driven by industry associations, government initiatives, and private sector efforts.

For example, back in 2019, there was a major push in Singapore, where I’m based, to encourage more female participation in the IT industry, especially in leadership roles. The Singapore Council for Board Diversity, for instance, set targets for the top 100 publicly listed companies to have 25% women on their boards by 2025 and 30% by 2032. This movement has been incredibly impactful, not just in Singapore but globally. I’ve heard from colleagues in the U.S. that similar initiatives have been even more pronounced there.

At Sumsub, I’m proud to say that we fully embrace this movement. Currently, about 46% of our senior leaders are women, not just in sales and business development but across all departments, including operations, marketing, and customer success. This reflects our commitment to meritocracy, where talent and expertise are recognised regardless of gender.

As for challenges related to my authority as a woman in this industry, I’ve been fortunate. Thanks to the growing emphasis on diversity, I haven’t faced significant challenges. At Sumsub, my contributions are valued, and the voices of women are respected at the table. The environment here, and in the broader industry, is increasingly supportive, and I believe that the progress we’ve made in gender diversity has worked in my favour.

As a leader, how do you set the tone of work and communication for your team?

I really appreciate that question because communication is something I practice daily and take a lot of pride in. One of the most important aspects of leadership for me is effective communication. It’s essential to not just say “communicate, communicate, communicate,” but to really understand what that entails on multiple levels. As a leader, it’s crucial to clearly articulate goals—whether they’re the company’s, leadership’s, or my department’s. These goals must connect and be communicated so clearly that everyone in the organisation knows how they fit into the bigger picture, like pieces of a jigsaw puzzle.

Beyond communication, I’ve also found it vital to recognise and embrace the diversity within our region. Unlike the U.S., where there’s predominantly one dominant language and culture, our region includes over 13 countries, each with its own unique culture and languages. Understanding these differences and working within them is key to achieving our goals together. It’s about embracing each other’s cultures, discussing challenges openly, and solving problems collectively. This, again, ties back to communication—understanding and respecting each other’s backgrounds and working styles helps us move forward as a team.

Another cornerstone of my leadership style is leading by example. I believe in being transparent and consistent in what I say and do, so there’s no room for guesswork or mistrust. Trust is foundational to a strong culture; without it, even the best communication can fall flat. That’s why I make it a point to spend time with my team, both as a group and individually. Whether in person or virtually, I believe regular check-ins, like weekly meetings, are crucial for building understanding and trust.

I’m also a strong advocate of working through people’s strengths, something I’ve embraced through tools like the Gallup StrengthsFinder. By focusing on what each person does best, we can bring out the best in each other, leading to satisfaction and success on both sides. In my leadership, no one should feel isolated or unheard. If there’s an issue, I encourage open dialogue so we can address it together. That’s my style—transparent, communicative, and focused on bringing out the best in everyone.

Throughout your career so far, who were your biggest inspirations? 

Looking back, I’d say my time at HP Inc. was probably the most formative period in my career. It was during those years that I experienced the most significant personal and professional growth. My leadership style, way of thinking, and, ultimately, my career choices were heavily influenced by my experiences there. HP was truly a nurturing environment for me, and two VPs, in particular, left a lasting impact on my journey.

The first VP was one of my biggest inspirations. He had a brilliant mind and a unique ability to work on innovative, exciting projects while maintaining a clear vision of how these initiatives could evolve. I had the privilege of working directly with him as we established HP’s inaugural businesses in the APAC region. What stood out was his entrepreneurial mindset within a corporate setting. He taught me the crucial skill of balancing entrepreneurial ideas with the realities of a corporate environment. Not every idea fits every business context, and I learned a great deal from his ability to adapt and refine ideas to fit within corporate structures. His inclusive nature and servant leadership style, coupled with his humility despite his intelligence, were qualities that I admired and sought to emulate.

The other VP who influenced me was a woman leader who shaped my career mantra. She emphasised the importance of putting service and a learning attitude at the forefront of every role. Her advice was to approach your work with a mindset of service to yourself, your colleagues, your bosses, and your subordinates. She believed that if you did this, everything else would naturally fall into place. Her philosophy resonated with me deeply, and it taught me to focus on the intangibles—like learning and service—over purely commercial goals. This approach made my work more rewarding and led to recognition, promotions, and a genuine sense of satisfaction.

These two VPs made a significant impact on my career, and I’m incredibly grateful for the lessons they imparted.

What advice would you give to women who want to progress in business development or marketing to build their confidence?

I have a few personal principles I’ve consistently followed throughout my career, and they’re the same ones I would recommend to women in the industry. First and foremost, embracing challenges has been crucial for me. Challenges don’t come our way by accident; they’re opportunities for growth and building resilience. When faced with obstacles, it’s important to approach them with the right mindset, focusing on what’s right and keeping a learning attitude. This perspective not only helps us grow internally but also ensures that everything else in our career falls into place over time.

The second point is maintaining a learning and teachable spirit. The industry moves quickly, especially in technology, and keeping up is essential. Even when you execute well, there’s always room for improvement. Continuously learning, staying in touch with industry trends, and applying that knowledge in practice are key to growing and staying resilient. I’ve found that this approach keeps me adaptable and ready for whatever comes next.

Another important aspect is being mindful of your personal brand. This isn’t just about how you market yourself but also how you want others to perceive you. It’s important to think about whether you want to be seen as someone who is true to their word and reliable or as someone who is leading and inspiring others. Be conscious of the brand you’re building through your work interactions with peers, subordinates, and seniors. Your brand is something you create every day, so it’s important to be intentional about it.

Lastly, setting goals has been a cornerstone of my journey. I’ve always set achievable yet aspirational goals for myself, and I believe this is crucial. Keeping your eyes on your goals helps you stay focused, and when you reach them, it’s important to celebrate those achievements. Acknowledging your progress and practising the new strengths you’ve gained allows you to continue growing and move on to the next challenge with confidence.

These principles have guided me throughout my career, and I believe they can be valuable for anyone navigating the industry.

As a woman in business, what are some of the assumptions and biases that you have experienced?

There are a few biases that I’ve encountered, and I believe it’s crucial to address them not just for women leaders but for male leaders as well. The first bias is the stereotype that women leaders are ruled by emotions. There’s this idea that a woman’s mood can dictate her leadership style, with some people even suggesting that it’s best to approach women leaders on a “good day” when the “weather” is favourable. This bias is not only unfounded but also damaging.

For example, I’ve gone through the Gallup StrengthsFinder analysis a few times, and each time, my top strength has been analytical problem-solving. This means I approach situations with a clear, rational mind, dissecting information and making decisions based on facts, not emotions. Many women lead this way, focusing on data and logic, yet the stereotype persists. It’s important for leaders to recognise that this bias should not cloud their judgement or influence how they work with women leaders.

The second stereotype is related to women in their childbearing years. There’s a common misconception that women become more distracted during this period because they have so many responsibilities. While it’s true that balancing motherhood and a career is challenging, it’s a mistake to assume that this makes women less focused or less capable. In fact, for me, becoming a mother became a catalyst for doing even better at work. The new responsibilities motivated me to excel both at home and in my career, and during that time, my career grew faster than I could have imagined.

These two biases—emotional decision-making and distractions during childbearing years—are ones I want to highlight. They shouldn’t be allowed to cloud the minds of those working with women. Leaders need to move beyond these stereotypes, and women need to recognise that these periods of their lives can actually be times of great strength and growth. This message is twofold: it’s a reminder to leaders to be mindful of their unconscious biases, and it’s also a message to women, especially those approaching or in their childbearing years, to recognise their own potential and not be demotivated by outdated stereotypes. Motherhood, while challenging, can be a time of immense energy and motivation, driving women to achieve even greater heights in their careers. It’s a period that should be celebrated, not stigmatised, as it often brings out the best in women, both personally and professionally.

Do you think empathy is important in the workplace? If so, why?

Empathy is incredibly important to me, and while I hesitate to generalise, I agree that women often tend to be more empathetic. We have a natural ability to put ourselves in others’ shoes, perhaps more readily than some of our male colleagues. But, at the same time, it’s essential to link this to the broader concept of communication.

Communication is a two-way process—you say something to get something back, but that exchange is only meaningful if you truly listen. Hearing without listening is a significant issue because it means you’re not internalising what the other person is trying to convey. Without empathy, you miss the opportunity to fully understand the other person’s perspective.

When you approach conversations with empathy, you make a conscious effort to truly hear and understand where the other person is coming from. This understanding can help you navigate situations where emotions, such as anger, are present. You can then decide whether that anger can drive positive change or if it’s a situation where you need to offer constructive feedback to help redirect it toward a more productive outcome.

To me, empathy is not just a soft skill; it’s a catalyst for organisational evolution. It fosters trust and builds a culture where people feel safe to speak openly about what matters to them. This kind of environment encourages honest communication, where employees are not afraid to share their thoughts and concerns. By truly listening and showing empathy, leaders can better understand their teams and create a workplace where everyone feels valued and heard.

This is especially important as newer generations like Millennials and Gen-Z enter the workforce. Gen-Z, in particular, is very culture-driven—they won’t join organisations that don’t align with their values or make them feel important. For this reason, empathy is becoming fundamental in the workplace. It’s key to building trust and establishing a collaborative environment where everyone is committed to growing and moving forward together.

What are three tips you would give to female leaders? 

First, cultivating confidence is essential. As a leader, you need to radiate confidence in your abilities. When you display confidence, it instils trust in those around you—whether they are subordinates, peers, or management. People are more likely to believe in your capacity to solve problems and guide the team toward achieving company goals. This confidence mustn’t be kept to yourself; it should be evident and impactful to others.

Second, building a reliable network is crucial. Surround yourself with a circle of trustworthy people—those who will give you honest feedback and support your growth. These relationships are invaluable assets throughout your career. A strong network can help you refine your ideas and provide a sense of stability as you navigate challenges. Additionally, being remembered positively in your industry is often tied to the relationships you’ve fostered along the way.

Finally, be authentic. Authenticity is vital for building trust. As I mentioned earlier, leading by example is important; you should always do what you say you will do. Avoid being unpredictable, as this can erode trust and create confusion within your team. When you are genuine, your communication becomes clearer and more effective, allowing you to create a healthy work environment.

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