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<ul class="summary-list"><li>Eric Sim spent over 20 years in banking, working in Singapore, London, Shanghai, and Hong Kong.</li><li>The engineering major says he had no idea what banking was when he graduated in 1994.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" class="" href="https://www.linkedin.com/in/simeric/">Eric Sim</a>, 54, a former banker turned professional speaker and executive coach. The following has been edited for length and clarity. Business Insider has verified his education and employment history.When I picked banking as a career, I had very little idea of what the job would actually involve. I'd never even heard of the big names like Goldman Sachs and Morgan Stanley — but banking felt novel and challenging to me.My first job out of school was at DBS Bank, where I did corporate foreign exchange sales. I was an engineering graduate and not as savvy as my colleagues, who majored in business administration.After two years, I decided to leave DBS and get my master's in finance at Lancaster University. I wasn't able to secure a job in London, though. I ended up returning to Singapore in the thick of the 1997 Asian Financial Crisis.As jobs were scarce, I decided to take work in risk management instead. That was when I joined Standard Chartered.I was fortunate to have a good boss. He really believed in me and sent me on secondments to London and Hong Kong. That kickstarted my international career.I later moved on to Citibank in 2001, where I worked on global markets. In 2005, I saw that China was liberalizing its financial sector, so I asked my boss to post me to China, and I spent two years there.Working in China was eye-opening. Compared to a small country like Singapore, there were lots more industries, such as mining and shipping, to cover.I then relocated to Hong Kong and switched my focus to investment banking and Asia-centric transactions. That paved the way for me to join UBS as a managing director.<h2 id="6126e89b-83ba-409f-829f-7c6830f6f066">I can play the game, but I don't enjoy the game</h2><div type="image" title="Eric Sim giving a lecture to students." height="768" width="1024" msid="115431925" hostid="261" sizebytes="84092"></div>To be honest, I've always thought of leaving banking. Back in 2005, I thought of returning to college to study architecture. I applied for a spot and got accepted into the program after passing a test.But I decided against it. If I went back to school, I would have to study for five years and accrue two years of practical experience before I could qualify as an architect.That was a huge opportunity cost for me, as I could have made up to a million dollars if I had stayed with banking during the same period. I was in my mid-thirties then, and I still had to pay my mortgage. It didn't make financial sense to leave banking then.That said, I also recognized that while I could play the game, I didn't enjoy it. For most people who go into banking, the norm is to work as much as you can and retire when you're 60.However, that leaves you with very limited choices in life. Your health may deteriorate, and you won't be able to travel as much.So after spending over 20 years in banking, I left UBS in 2017.At that point, my health was still good, and I had sufficient savings. That meant that I could pursue the things I liked, and start a new career in professional speaking and executive coaching.In this phase of my life, I'm now focusing on satisfaction, meaning, and fulfillment. Through my work as a speaker and lecturer, I have been able to share my know-how in banking and career planning with more people.<h2 id="cd01a843-0073-4c6f-b1d9-e32d59c1e82f">It is a lot harder to make it in banking these days</h2><div type="image" title="Eric Sim standing in front of the London Bridge." height="768" width="1024" msid="115431926" hostid="261" sizebytes="39050"></div>Banking is really just a sales job. It is about knowing what your customer wants and then building a relationship. You want to be the first person the client calls when they have a problem.But succeeding in banking is a lot harder these days. In the past, there was less competition and less regulation within the sector. It was easier for the banks to make money.Things are different now. After the 2008 Global Financial Crisis, a lot more people now know how much money bankers can make. There is a lot more competition for banking jobs.But even if I could turn the clock back, I would still pick banking as a career. Banking is an excellent industry for self-development.My advice to young professionals is to seek out job opportunities that allow them to learn. That has been my career principle and it has served me well.

I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.

<ul><li><keyword id="15023564" type="General" weightage="100" keywordseo="moneyplanned" source="Orion">MoneyPlanned</keyword> is an Indian personal finance platform that helps clients automate their financial goals. </li><li>The round was led by <keyword id="7036829" type="General" weightage="80" keywordseo="inflection-point-ventures" source="Orion">Inflection Point Ventures</keyword>, with participation from California-based startup accelerator <keyword id="15023565" type="General" weightage="50" keywordseo="expert-dojo" source="Orion">Expert Dojo</keyword>, Joseph R Saviano – partner at Dot Capital, New York, and <keyword id="241332" type="General" weightage="50" keywordseo="sameer-khan" source="Orion">Sameer Khan</keyword>, executive director corporate <keyword id="6374832" type="General" weightage="50" keywordseo="treasury" source="Orion">treasury</keyword>, <keyword id="133737" type="General" weightage="50" keywordseo="dbs-bank" source="Orion">DBS Bank</keyword>, Singapore. </li><li>MoneyPlanned currently has 10,000 weekly active users and 35,000 monthly active users, with the platform collectively tracking financial goals worth ₹ 6,500 crore. </li></ul> Fintech company MoneyPlanned on Monday raised over ₹2.5 crore in a seed funding round led by Inflection Point Ventures. The other investors who participated in the round include California-based startup accelerator Expert Dojo, Joseph R Saviano – partner at Dot Capital, New York and Sameer Khan – executive director corporate treasury, DBS Bank, Singapore. Founded in July 2020 by Sameer Shashank Gattupalli and Nikhila Putcha, MoneyPlanned is a fintech platform assisting clients to automate their financial goals. The funds raised will be used for marketing and user acquisition, deepening the tech infrastructure and expanding the tech and business teams. “India has a large base of salaried people with more youngsters joining the workforce every year. Financial planning is not a luxury anymore but a necessity, that's one of the biggest lessons from the Covid pandemic. MoneyPlanned’s platform is built to offer a personalised service at scale. At IPV, we invest in businesses that have the ability to scale while maintaining a healthy business matrix,” <keyword id="6342098" type="General" weightage="50" keywordseo="vinay-bansal" source="Orion">Vinay Bansal</keyword>, Founder CEO, Inflection Point Ventures, said. MoneyPlanned currently has 10,000 weekly active users and 35,000 monthly active users, with the platform collectively tracking financial goals worth ₹ 6,500 crores. The founders aim to build an advanced financial planning platform powered through technologies like AI and blockchain that performs like an in-person financial planner. According to a survey conducted by <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword>, only 27% of India's population is financially literate. The ratio of advisors to investors is only 1:76000, which can be solved using technology, states MoneyPlanned. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-best-deals-and-offers/articleshow/94004700.cms">Amazon Great Indian Festival sale announced – card offers, cashback, new launches and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/call-of-duty-warzone-mobile-announced-heres-how-to-pre-register-on-android/articleshow/94297494.cms">Call of Duty: Warzone Mobile announced — here’s how to pre-register on Android</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/anil-agarwal-profile-vedanta-resources-listing-in-london-stock-exchange-gujarat-semiconductor-chipset-plant/articleshow/94297057.cms">Anil Agarwal – how a Bihar boy who knew only ‘yes’ and ‘no’ went onto list the first Indian company on London Stock Exchange</a>

Fintech company MoneyPlanned raises over ₹2.5 crore from Inflection Point Ventures, others

<ul class="summary-list"><li><keyword id="13173795" type="UNKNOWN" weightage="60" keywordseo="dbs-bank" source="Orion">DBS Bank</keyword> is planning to launch <keyword id="6514520" type="UNKNOWN" weightage="60" keywordseo="crypto-trading" source="Orion">crypto trading</keyword> services for retail clients this year.</li><li>The bank launched a digital asset trading desk for institutional clients in late 2021.</li></ul><keyword id="13173794" type="UNKNOWN" weightage="60" keywordseo="dbs" source="Orion">DBS</keyword> Bank, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year, expanding into the space following its launch of an <a href="https://www.coindesk.com/markets/2020/10/27/dbs-bank-is-planning-to-launch-a-digital-asset-exchange/">institutional digital asset trading desk</a> in late 2021.DBS Bank CEO Piyush Gupta during the bank's <a href="https://www.dbs.com/iwov-resources/images/investors/quarterly-financials/2021/4Q21%20media%20briefing.mp4">fourth-quarter earnings call</a> Monday said there is a roadmap in place though declined to give further specifics. "We've started doing the work on seeing how we get in a sensible way, take it out, and expand it beyond the current investor base. And that includes making sure we appropriate thinking about things like potential fraud and others," Gupta said during the call. "We should have something by the end of the year."Gupta, who has led the bank since 2009, also said he expects DBS Bank to improve its digital asset trading platform to "make the access to the digital assets a lot more convenient."This means allowing online deposits to operate more quickly and more seamlessly with minimal intermediaries. The bank's current workflow requires customers to call bankers to place orders within Singapore's timezone."What happens is that you've got 24/7, but the customers still need to call and speak to bankers," Gupta said. "So the first order is to make it all online, make it self-service, make it instant, and make sure the internal processes are robust to be able to support that."DBS Bank, which reported a net profit increase of 37% to $1.03 billion from October to December, has been deepening its presence in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space.The bank in December 2020 established a crypto exchange division called <a href="https://cointelegraph.com/news/singapore-s-largest-bank-dbs-sets-up-crypto-exchange-platform">DBS Digital Exchange</a>, backed by SGX, Singapore's largest derivatives and asset exchange. CoinDesk reported that the exchange notched <a href="https://www.coindesk.com/business/2022/02/11/crypto-trading-volume-revs-up-at-singapores-dbs-bank/">full-year trading volume</a> of about $819 million for 2021. The development of DBS Bank comes as authorities in Singapore clamp down on crypto trading.The Singapore affiliate of <a href="https://markets.businessinsider.com/news/currencies/binance-founder-yi-he-regulation-crypto-growth-headquarter-search-meme-2021-11">Binance</a>, the world's largest cryptocurrency exchange, in <a href="https://www.businessinsider.com/binance-says-it-will-withdraw-singapore-licence-application-2021-12">December 2021</a> said it will withdraw its local license application and wind down its <a href="https://www.insiderintelligence.com/insights/digital-payment-services/">digital payment</a> token business in the broadly crypto-friendly city-state.

The largest bank in Southeast Asia is launching a crypto trading service for retail customers this year

<ul class="summary-list"><li><keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword> Chase announced it is teaming up with Singapore's <keyword id="133715" type="CITY" weightage="60" keywordseo="DBS">DBS</keyword> Group and Temasek to form a <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> payments platform.</li><li>The platform aims to ease frictions for cross-border payments, trade, and currency settlements.</li><li>The new company, dubbed Partior, will leverage blockchain technology and digitize M1 commercial money.</li></ul>JPMorgan Chase <a href="https://www.jpmorgan.com/news/dbs-jpmorgan-and-temasek-to-establish-platform#:~:text=Singapore%2C%2028%20April%2C%202021%20%E2%80%93,exchange%20settlement%20in%20a%20new">announced</a> it is teaming up with Singapore's DBS Group Holdings and Temasek Holdings to form a blockchain payments platform in a bid to ease cross-border payments, trade, and currency settlements.The newly-established technology company, Partior, will leverage blockchain technology and digitize M1 commercial money, according to a statement Wednesday.The platform will develop wholesale payment rails based on digitized commercial bank money to enable "atomic" or instantaneous settlement for various kinds of financial transactions, according to a statement. "We are thrilled by the launch of Partior as it marks yet another milestone for JPMorgan and the industry - blockchain-based wholesale payments infrastructure where information and value can change hands around the world in a 24/7, frictionless way," Takis Georgakopoulos, global head of wholesale payments at JPMorgan, said in a statement.Partior will be designed to complement ongoing central bank digital currencies initiatives and use cases.In the beginning, Partior will focus on facilitating flows primarily between Singapore-based <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword> in both US and Singapore dollars but will expand its service offerings to other <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and currencies.Headquartered and listed in Singapore, DBS is a financial services group in Asia active in 18 markets.Temasek, also based in Singapore with 11 global offices, is an investment company with a portfolio of $214 billion as of March 2020.

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I made it to managing director after 17 years in banking, then I quit. I didn't want to work myself into the ground well into my 60s.

Kwan Wei Kevin Tan

Fintech company MoneyPlanned raises over ₹2.5 crore from Inflection Point Ventures, others

Eetika Kapoor

The largest bank in Southeast Asia is launching a crypto trading service for retail customers this year

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JPMorgan teams with Singapore's DBS and Temasek to form a blockchain payment platform

Isabelle Lee

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