Start early and stay invested, says veteran banker

But he draws a clear line between risky bets and being disciplined in compounding cash

- 

Mr Fong Chee Wai has been in banking all his life, totalling up to over three decades spent at various banks in Malaysia and Singapore.

So, what is this veteran banker's biggest piece of advice?

"I advocate for consistent investing in all economic cycles. This stems from my belief in the power of compounding," the 61-year-old said.

"If I could tell my younger self something, it would be to start investing earlier, and take the time to understand the balance between risk and reward."

He added: "The earlier you begin, the longer runway you have and, in turn, more opportunities to accumulate wealth as well as learn, grow and build a strong financial foundation for the future."

Mr Fong is the chief risk officer at Cathay United Bank in Singapore, a role he has held since 2016.

The bank, which is one of the largest financial institutions in Taiwan, operates in every Asean market except Brunei. In Singapore, it provides services in wholesale banking, corporate banking, private banking and financial markets trading and investments.

Mr Fong started his banking career at Malaysian bank PBB as a graduate trainee, before rising through the ranks to become assistant branch manager. He then worked at various banks, including Standard Chartered Bank in 2000 at its Kuala Lumpur branch.

Five years later, he moved to Singapore with the bank. He also had a posting in Shanghai before returning to Singapore as chief risk officer at Cathay United Bank.

"The role of a chief risk officer has helped to shape my approach to money - I save for the rainy days and place more emphasis on managing downside risks than a layperson might so as to balance risks and returns," he said.

And for a banker who has seen the ups and downs of the global economy, staying invested is most vital to him.

His financial philosophy was shaped in his younger days growing up in a low-income family in Malaysia.