E161 - Alan Tsen, IAG Firemark Collective, Head of fmX
Mar 31, 2023
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Alan Tsen, Head of fmX at IAG, brings a wealth of experience from his roles in fintech and law as well as a love for fine wine. He discusses the unique structure of fmX, which supports startups with invaluable resources and potential partnerships. The conversation delves into the challenges of fintech innovation amid regulatory changes and the hurdles startups face in a bear market. Tsen also shares insights on the evolving landscape of blockchain technology and highlights the importance of personal connections in fostering entrepreneurial success.
The fmX program, IAG's accelerator initiative, provides startups with essential resources and mentorship to successfully integrate into the insurtech ecosystem.
Alan Tsen's extensive background in fintech and his passion for innovation guide the fmX's mission to foster growth and partnerships among diverse startups.
Regulatory changes in Australia are shaping the fintech landscape, facilitating competition and enabling startups to offer personalized digital solutions for consumers.
Deep dives
The Role of FMX Accelerator
FMX is IAG's accelerator program designed to support startups in their growth journey. This 12-week program invites a select cohort of companies to work closely with IAG, offering access to internal resources such as technical and design expertise. Unlike many other accelerator programs, FMX focuses not only on InsurTech firms but also on adjacent sectors such as FinTech and data-driven solutions. This inclusive approach allows FMX to explore a range of innovations that can impact the insurance landscape significantly.
Unique Approach to Support Startups
FMX differentiates itself by enabling startups to engage with IAG's vast resources and networks, facilitating meaningful partnerships. Each participating company is assigned an engagement lead who serves as a guide throughout the program, helping them navigate IAG's internal structure. The program consists of two physical immersion weeks where companies collaborate with stakeholders, enhancing the relationship-building process that is crucial for startup growth. Such structured support aims to streamline the often complex sales process in larger corporate environments.
Alan Sen's Background and Expertise
Alan Sen brings extensive experience to his role at FMX, having worked in various positions within the startup and fintech ecosystems. He has been involved with significant initiatives such as FinTech Australia and has previously held leadership roles at Chipper Cash and Stone& Chalk. Alan's deep understanding of the startup landscape, coupled with his personal entrepreneurial journey, equips him with valuable insights into the challenges faced by new businesses. His passion for fostering innovation within the insurance sector drives the FMX program's vision.
The Landscape of Fintech in Australia
The fintech landscape in Australia has evolved significantly due to regulatory changes and growing consumer demand for innovative financial solutions. With increasing competition from both established banks and fintech startups, the market has seen a surge in digital solutions such as buy now, pay later services. Alan discusses how Australian regulatory frameworks, such as open banking, have provided opportunities for fintechs to offer more personalized services. This innovative environment aims to facilitate a shift in consumer behavior, particularly among younger demographics embracing digital-first financial interactions.
Future Opportunities in Blockchain and Web3
Although currently not a focus for the FMX program, Alan acknowledges the long-term potential of blockchain and Web3 technologies in transforming various sectors. He emphasizes the significance of building applications around these innovations and how startups can capitalize on changes in consumer behavior regarding digital finance. As industries evolve and embrace decentralized technologies, there are opportunities for significant breakthroughs in processes like ownership and value exchange. Alan encourages founders to remain engaged in building solutions that leverage the evolving digital landscape for future enhancement.
Our guest this week is Fintech expert Alan Tsen, Head of fmX, IAG’s corporate accelerator program.
Currently in the middle of its fifth season, fmX invites 8 startup companies per cohort to engage in a 12 week program giving participants a unique opportunity to learn how to infiltrate their product successfully into the insurtech ecosystem.
Across the entirely free program, participants gain hugely valuable knowledge through training and face to face workshops to learn how to structure and position their businesses while giving them access to internal technical and design outlets to explore insurance use cases. One unique element of fmX is the potential for startups to partner with IAG.
With an enviable resume which includes practicing international tax law, a tenure as the GM of Stone & Chalk Melbourne, Chair and board member of Fintech Australia and Director of Revenue for startup Chipper Cash, Alan is also a lover of fine wine, even studying to become a sommelier, and writes a hugely knowledgeable Fintech newsletter Fintech Radar.
Quickfire Round
Book: Unreasonable Hospitality, Will Guidara
Podcast: Got Somme - Aussie wine podcast
News Source: Twitter
App: Tana, Oura
Tech CEO: Andy Grove
TV Show: Ru Paul’s Drag Race
TEDTalk Topic: The State of Fintech in Africa
While recruitment for the next season of fmX won’t officially kick off until October this year, Alan is always on the lookout for startups with amazing ideas that might fit the fmX mould. Get in touch with Alan alan.tsen@iag.com.au or follow along on Twitter @alantsen.
