Cover Story: Zac Liew speaks on reinventing fintech, balancing innovation with trust and the power of AI

You’ve just stepped down from Curlec after eight remarkable years solidifying Malaysia’s fintech landscape. What emerging sector would you be most excited to explore next?

Zac Liew (ZL): Without a doubt, AI is currently the most exciting sector. There’s extensive literature about its transformative nature. I’m involved with another company at this time, and we are exploring the many use cases of AI, internally and externally.

We’re also a payments and technology company using AI internally to streamline operations and help team members eliminate daily admin duties. Like ChatGPT for consumers, we’re applying this to business contexts with staggering productivity results.

Read more: Zac and Zander Liew explore Janda Baik’s hidden gems with the Next-Gen Ford Ranger WildTrak

ZL: On the productisation side, it’s extremely exciting and fast-moving. Technology evolves rapidly—something changes every hour. AI has the ability to transform everything, reminiscent of other software waves, like cloud computing. This transformation feels quite similar to previous technological shifts, but the pace and scope of change with AI appears unprecedented. The potential applications across business operations and product development continue expanding at a remarkable rate.

What were the biggest challenges you faced in scaling a digital payments platform like Curlec in Malaysia’s fintech ecosystem, and which specific innovations led to positive disruptions of traditional payment methods?

ZL: When Curlec launched in 2017, we initially focused on recurring payments. Digital payments were quite new then, requiring extensive market education and trust-building with consumers and merchants. We were a B2B, merchant-facing business, after all. 

Then, Covid-19 created a volume spike where people had no choice but to transact online. E-commerce volume grew perhaps three times quicker than anticipated, solving our trust challenge as people became comfortable with digital transactions.

We tend to downplay what we do—we weren’t rocket scientists solving world problems, but we did solve specific business problems. Our first product addressed Malaysian businesses’ cash flow issues, late invoices and payment collection challenges.

The problem statement was ‘how do we solve that?’ and build technology around it. Problem statements evolve incrementally. We focused on creating client value. If that’s regarded as disruptive technology, it’s simply the result of solving real problems.

You’ve previously spoken about the importance of stability in unstable times. How do you balance the disruptive nature of innovation with the need for trust and reliability in financial services?

ZL: The classic startup mantra was Mark Zuckerberg’s ‘move fast and break things’—Facebook’s ethos that eventually became standard in startup culture. However, in fintech where we handle people’s money in a regulated environment, you can’t constantly break things.

It’s about striking the right balance: moving fast while remaining compliant. Mistakes will happen, but we must learn from them and maintain appropriate checks and balances throughout the business. This ensures we stay agile without losing people’s trust or money. The challenge is maintaining startup speed and innovation while operating within the constraints and responsibilities of proper financial services regulation.

See also: 3 CEOs On The Future Of Fintech In Malaysia

Curlec grew threefold during the pandemic by helping businesses manage cash flow—a time when many struggled. How did that experience shape your understanding of technology’s role in fostering economic resilience?

ZL: It goes back to solving problem statements. We started by replacing direct debit paper forms. That process required human intervention, including sending forms nationwide. It could take up to three months, involving wet ink signatures. We asked, ‘why not solve this with an electronic form?’

Then we tackled other problems: ‘Why are cash-based transactions still necessary when you can do things online?’ We found ways to solve simple problems better, often through technology—though technology isn’t always the solution. Economic growth is ultimately about money and time—creating more of both by solving problems efficiently. 

Would you expand on ‘technology isn’t always the solution’?

ZL: On a personal level, I hate ordering from QR codes at restaurants. Technology cannot replace human touch, customer service and old-school relationship-building. For curated experiences or service-focused models, technology will never solve those problems.

Don’t miss: Fintech Association of Malaysia President Karen Puah Shares This Advice for Women in Fintech

With AI now reshaping everything from fraud detection to customer experience, how do you envision AI changing the fintech landscape in Southeast Asia and what might you be cautious about?

ZL: AI is still in its early stages, so it’s best to adhere to an 80/20 rule. You can solve 80 per cent of basic problems like customer support and first-line sales, but people will ultimately still want human interactions. Complete automation, with robots talking to each other, isn’t realistic just yet. Currently, AI is more like a sophisticated form of autocorrect that fills gaps at high speed.

We must be careful in recognising the technology’s state of infancy. Hallucinations [when AI systems confidently generate false information that sounds plausible but is actually incorrect] still occur, requiring human oversight. Using LLMs as 100 per cent accurate sources in business contexts is risky—we’re just not there yet.

What is it about Malaysia’s ecosystem, culture or market dynamics that not only supports innovation but gives you a competitive edge? And what would you tell policymakers about the one change that could unlock Malaysia’s potential as a true innovation powerhouse? 

ZL: Malaysia is an entrepreneurial society—we’re not afraid of taking risks. Statistics show over 90 per cent are SMEs, indicating widespread small business ownership. [According to Reuters, as of 2023, Malaysia’s 1.15 million SMEs comprise over 97 per cent of the nation’s businesses and contribute 38.2 per cent of GDP.]

This entrepreneurial spirit is our country’s heartbeat and should be nurtured at every level, not just in technology. Policymakers should back entrepreneurs and help us become more international. Competition is beneficial—Malaysians need to compete globally. We need to bring international players here and put a stop to brain drain.

Recent AI and data centre infrastructure investments are positive policy moves. However, we must go beyond just building infrastructure for export. We should incubate companies utilising this infrastructure to commercialise from Malaysia for the world, bringing the right talent here to build our capabilities and providing appropriate incentives. Our gung-ho spirit and risk-taking ability, combined with proper policy support, can position Malaysia as a global entrepreneurial hub.

NOW READ

Home tour: A maximalist bachelor pad in Kuala Lumpur filled with personalised details

When your dental clinic feels like a retreat: Dr Anna Chong on prioritising comfort in dental care with Oranna Dental

Pepper, spice and all things nice: Molton Brown’s Re-charge Black Pepper line packs a punch