Building the Future of Finance: An Interview With Bitazza Co-Founder Kevin Heng

The rapidly evolving landscape of technology and computing has consumed finance. Once only available to a few, the disruption of the financial industry through technology has made finance accessible to everyone. From the advent of digital banking to the proliferation of retail trading platforms, the modern financial system has become surrounded by tech.

The rise of blockchain technology is the latest example of this progression. Cryptocurrencies provided borderless access to a new financial paradigm independent of centralized entities. Access to crypto was popularized through exchanges, but the development of Ethereum and smart contracts eliminated the need for intermediaries and made technology and finance indistinguishable.

Kevin Heng, CSO and co-founder of Bitazza, experienced the entanglement of technology and finance firsthand. Through his time working with the superapp Grab, the founding of Southeast Asia’s leading exchange, Bitazza and the development of Freedom World, Kevin has a wealth of experience furthering the development of finance and technology. CoinDesk got the opportunity to speak with Kevin to learn about his experiences, what he’s working on and where he sees the industry moving next.

Q: Kevin, could you share your background and how you got into technology?

A: My introduction to technology began at the age of 14 when my father acquired our first PC, powered by an Intel 486 processor. This ignited a profound fascination with computers, gaming and the internet. As I first connected to the web via a 28.8K dial-up modem, my curiosity even took me to the realms of hacking, which I learned through online chats.

In spite of all my interest in technology, I complied with my Asian parents' expectations and pursued a career in banking and finance. My 12-year professional journey led me from financial auditing to managing liquidations, corporate finance and investment banking.

Initially, I didn't plan to dive back into tech, but joining Grab reignited my fascination with Web2 and how online commerce was already happening at such scales. It's interesting because, during my banking years, computers were mostly tools for tasks like Excel and Word. I had essentially disconnected from the tech world for a decade. But when I returned, it all felt familiar, like second nature.

I started to understand how Web2 companies operate and realized this was the future.

Q: How did you discover your journey into this digital asset industry?

A: As I juggled the demands of my career and caring for my mom during her illness, I had to look for other sources of income that allowed me to stay at home with her. A turning point emerged in 2017 when I discovered Bitcoin during the crypto surge. This discovery began my rabbit hole journey into blockchain technology and my obsession for building on Web3.

My exposure to the internet at its infancy, combined with a background in banking offered a unique perspective. It allowed me to recognize the profound potential of blockchain and finance together in a holistic manner.

Q: How do you feel about blockchain technology and its potential for mass adoption?

A: With Web1 and Web2 as precedents, blockchain, or Web3, also demands building infrastructure and creating tools similar to Shopify, emails and social media platforms. The future lies in Web2 and Web3 coexisting. Web3 adoption will be accelerated with existing internet architecture, but the primary challenge is building tools for communicating with blockchains agnostically.

I firmly believe that Web3 will become the norm for secure and trustless value exchange with no middlemen.

Q: How did Bitazza evolve from a regulated centralized exchange to a fintech platform? What inspired these shifts and pivotal moments?

A: Our journey with Bitazza has been nothing short of an evolution. We started as a centralized exchange, drawing from our deep-rooted knowledge of regulatory compliance and our diverse backgrounds in banking and finance. At that stage, the centralized exchange offered familiarity in UX, but was contrary to the fundamental ethos of decentralized assets.

Our pursuit of a truly decentralized Web3 platform propelled us into the creation of Freedom World. It was a pivotal moment when we recognized that the key to Web3's mass adoption lay in seamlessly bridging traditional payments with this new frontier.

Our vision is now clear: We aspire to facilitate genuine, direct interactions on the blockchain, eliminating the need for intermediaries in e-commerce, payments and social media.

Q: What are some of the factors that you believe have made Bitazza so successful?

A: I believe Bitazza’s success is in our ability to leverage exponential technologies to accelerate growth, scale quickly and adapt rapidly to changing environments. We can quickly respond to changing market conditions and customer needs by creating collaborative environments, flat hierarchies and decentralized decision-making processes.

During COVID, we started remote working and switched through different work models, highlighting our adaptability. We also believe in giving everyone the freedom to shape their roles and to choose their paths within the company.

Q: Circling back to earlier, can you elaborate on Freedom World and its ecosystem?

A: Freedom World is a platform connecting businesses and communities in Web3 by facilitating engaging blockchain interactions amongst users. Our core mission revolves around empowering individuals and small businesses with limited resources by democratizing technology, such as blockchain, AI and XR.

Our overarching vision centers on a Web3 metaverse that thrives on the symbiotic relationship between businesses and communities, propelling ecosystem growth.

Q: As a leader in both finance and technology, do you have any tips you’d be willing to share with other founders or builders?

A: I use a balanced approach rooted in experience and empathy. It entails making well-informed decisions based on accumulated knowledge while considering the perspectives and growth of my team. I foster an environment where collaboration, learning and ethical decision-making thrive.

I view feedback as crucial and encourage an open culture around it. Personally, I separate my emotional attachment from the criticism and consider all feedback essential to our growth.

My focus is on learning and understanding emerging technologies for the benefit of our ecosystem. Along this path, I prioritize those who align with our goals and spend my time on scalable initiatives.

Learn more about Bitazza and Freedom World.