Plugged Into Wealth

Fintech advocate Carney Mak is bullish on disruptive technologies, but preaches deep understanding of business models before diving in.

- RACHEL GENEVIEVE CHIA

Even while walking on the street, Carney Mak thinks of how businesses make money. Where do minimarts earn margins? What about shopping mall kiosks that sell phone screen protectors? How can seemingly laid-back auto workshops survive? Why haven't travel agencies died out? His answer: minimarts resell or franchise products and earn side revenue as parcel pickup points; kiosks bundle ultra-cheap bulk products with a service at a premium; car workshops export vehicles to neighbouring markets; and travel agents have pivoted to concierge services.

"I try to understand the business model of everything I see. There are such creative methods of staying afloat," says Mak, 36, who started his career in banking sales and segued into fintech payments before taking up the mantle of blockchain advocate. He's now a partner at multi-family office FXHB Asset Management and leads strategy for digital asset exchange Tokenize Xchange.

Consistent with his curiosity in business, Mak first made money flipping PlayStations for profit while in polytechnic, then leveraged a finance degree to hone his understanding of economics and a post at an investment bank to develop skills in dissecting companies and divining the next big thing.

So in 2016, when a small bet on Ethereum opened his eyes to the disruptive potential of blockchain, he made FXHB a first mover in digital assets among industry peers.