Raymond Sia, CEO and Executive Board Director of Canadia Bank in Cambodia, shares his insights and experiences with Qorus' Boris Plantier, reflecting on the rich professional and personal opportunities afforded by expatriate life, and the secrets to thriving both in and outside the workplace.
Please tell us a little bit about your background.
I am a Malaysian by origin and have been working in the banking and finance industry for the past 30 years, in five different organizations that have provided me exposure in three different ASEAN countries.
Since 2012, I have been working outside Malaysia. My first overseas stint was in Ho Chi Minh City, Vietnam, from 2012-2017, and since 2018 I have been based in Phnom Penh, Cambodia. Being based in these two beautiful and emerging markets for over a decade has provided many opportunities for both career and personal development.
There were many naysayers initially when I had the opportunity to be based in Vietnam, back in 2012 when I was with Standard Chartered Bank, citing concerns from convenience to security. The same issues are even brought up now, after I have spent seven years in Cambodia. However, I have no regrets, having taken that step more than a decade ago to move and venture to a new country and business frontier. The exposure I have had while managing business units in a foreign land and managing teams that cut across boundaries has been a priceless experience.
All this would not have been possible without the support of my spouse and family. My wife and two sons (who are now both abroad in varsity) share my positive sentiments about being expatriates, experiencing new cultures and also making new friends the past 12 years.
What does your workplace look like?
My office and workplace is simple. I am a believer in simplicity and keeping things succinct, and this is also reflected in my workplace.
While I subscribe to the principle that ‘if it’s not broken, don’t try to fix it’, concurrently I also believe that in an ever-changing and evolving industry such as banking (and many other industries), innovation and process improvement are important success factors.
While ‘things may not be broken’, it is important to seek continuous improvements ‘before things become broken’.
The banking industry has undergone many changes in the past decade, with the rise of technology. These developments have provided more convenience to customers, and at the same time increased the need to strengthen processes and protocols to prevent digital/online frauds and scams, as well as heightening calls for compliance and governance.
I believe that in the next decade, banking will continue to evolve to the point where actual human intervention is reduced to 20%, while the use of technology, artificial intelligence and robots will constitute 80% of activities.
Could you describe your usual working day?
In a similar fashion to Pareto’s principle, I would devote the first 20% of my morning to clear all or at least 80% of the administrative and ‘simpler tasks & decisions’ and keep the remaining part of the day for strategic discussions/meetings and decisions, and more ‘complicated tasks’. As a matter of work habit, I always try to clear all files on my desk before I leave for the day from my office.
What is your favorite food?
I do not have a favorite food per se, although I occasionally have cravings for simple Malaysian hawker food, and I always consider it a ‘treat and holiday’ when I am back in Malaysia.
I have a simple diet program daily, with my largest meal at lunch, and I keep my dinners (and breakfasts) light and simple. We all have to be mindful that as we age, our metabolism levels tend to be slower and it’s important that irrespective of our age, we ought to prioritize our health over other things.
What do you do when you need a break from work?
I enjoy listening to music and that helps me to unwind after a long day at work and thank God for Spotify!
In fact, I usually also start my day with music when I get my daily 30-40 minutes of exercise, running on the treadmill alongside my personal daily devotion.
I believe in practicing mindfulness and gratitude, as many of us often take many things and blessings we have in our life for granted.
What is the key to building a successful team?
Consistent and right levels of communication and engagement alongside empathy and motivation are needed to build strong teams.
Constant and consistent engagement is important. ‘Right levels’ of communication and engagement takes into consideration the depth of knowledge and understanding of your team members, as well as their maturity or seniority where less time on technicalities and explanations are often needed for more senior team members.
However, I am always mindful that irrespective of ‘seniority’, everyone needs encouragement and motivation. A simple pat on the back/shoulder or a simple commendation such as “thank you for a good job” or “for your contribution” can many times work wonders in increasing a team member’s morale. Words are powerful; especially when these remarks come from a senior person in the organization.
There is a saying that we learn more from failure than success. Tell me about one of your failures and what you have learned from it.
There were memorandums of understanding (MOU) and business partnerships which the Bank had entered under my recommendation; unfortunately after almost a year we were not able to derive much benefit and I had to recommend terminating them.
Exiting any relationship or partnership is often more difficult than entering into them.
Although the business proposition appears sound at the time of inception, one has to be mindful and always be prepared, even for situations not within our control, such as business conditions and regulatory evolvement. Hence contingency plans are important, and it is not just about formulating a ‘plan B’ but also ‘plan C or D’ where possible.
What advice would you give to someone who wants to succeed in financial services?
Be adaptable, agile and teachable, but never compromise on your principles. The foundation of financial services is very much built on integrity and trust, and there cannot be any compromise on these core principles.
Being adaptive and agile are key traits which have helped me to thrive instead of strive in any working environment.
We also need to be mindful that irrespective of our age and position or the title we carry, we do not know everything and we should be humble to learn, unlearn and re-learn. Having such a mindset and behavior are characteristics which I believe are recipes for success in our career.
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