logo
Two women entrepreneurs on how they tackled tradition and gender biases to transform their businesses

Two women entrepreneurs on how they tackled tradition and gender biases to transform their businesses

Business Times23-04-2025
[SINGAPORE] Jenny Tay and Clare Leighton share one thing in common: they are women leading their respective small and medium-sized enterprises (SMEs) – Direct Funeral Services and fileAI, respectively – and who have refined business operations in their sectors, introduced innovation and challenged longstanding industry norms.
Both told their stories at UOB's womenpreneur panel discussion held at the National Gallery Singapore on Apr 11.
Direct Funeral Services
Just over a decade after taking over the family business, managing director Jenny Tay and her husband, Darren Cheng, its chief executive officer, have instituted wide-ranging changes at Direct Funeral Services.
The company was set up in the 90s by her father, Roland Tay, who is well-known for offering pro bono funerals for the underprivileged and victims of tragic, high-profile murder cases. He has handed over the management reins to his daughter and son-in-law, but still plays a role manning the company's customer hotline.
In 2013, the young couple stepped into the business 'out of love', inspired by the elder Tay's commitment to helping others.
But their early days were not easy. They came up against resistance from industry veterans, who asked why a well-educated woman like Jenny Tay would enter what they saw as a 'dying trade'.
A NEWSLETTER FOR YOU
Friday, 8.30 am SGSME
Get updates on Singapore's SME community, along with profiles, news and tips.
Sign Up
Sign Up
The couple set out to challenge outdated perceptions. Their first step was to professionalise the team by introducing uniforms, streamlining the workflow and elevating the standard of service.
Though change did not happen overnight, Jenny Tay noted that the company's staff felt that they came to be accorded more respect by their clients, who even addressed them by name.
Since the couple took over, they have introduced personalised memorial biographies for their clients, Jenny Tay told The Business Times on the sidelines of the UOB panel discussion.
These biographies are generated by an in-house-developed artificial intelligence (AI) platform that creates the life stories of the deceased – shifting the focus at wakes from how someone died to how they lived.
Direct Funeral Services had started out writing each biography from scratch, but as demand for these memorial biographies grew, AI enabled them to offer this service at scale. Families furnish the key details, and the system comes up with the life stories that are shared at wakes and memorials.
Jenny Tay said that machine-generated biographies may seem less personal, but they reduce the emotional strain of repeated questions from visitors at wakes. This enables visitors to connect with the person's legacy in a more meaningful way.
A tech innovation introduced in March was the Memory Weave app, through which guests at wakes and memorials contribute photos and videos of the deceased as a digital gift to the family. These go on show on a monitor at the funeral.
Another innovation is the use of therapeutic music through a collaboration with the Teng Ensemble, a Singaporean Chinese fusion music group, to support individuals coping with grief. Jenny Tay was inspired after attending one of the group's concerts, where binaural beats were woven into their compositions to ease anxiety. This method is already being used in hospitals and eldercare homes.
'It sparked in me that we can use that for our grieving families,' she said.
Following studies with higher learning institutions, Direct Funeral Services incorporated monaural beats – suitable for open settings like wakes – into their funeral music. The result is a calming soundscape that helps the bereaved process emotions more naturally. This will be launched by August.
The couple also went on to found Direct Life Foundation, the charitable arm of Direct Funeral Services which supports vulnerable seniors and underprivileged children through community care.
Direct Funeral Services has undergone significant growth and transformation since 2013, expanding from a five-person team to a staff of 80. Once largely made up of workers in their 40s to 60s, the team now comprises mainly younger professionals in their 20s to 40s.
They have seen a fifteenfold increase in revenue since 2013, the managing director said.
'Our people find the work meaningful,' Jenny Tay said. 'With our commitment to raising service standards in the industry, we've earned the trust of families – many of whom return to us because they believe in what we do.'
FileAI
Leighton, co-founder and chief operating officer of fileAI, did not face the challenge of bringing a traditional business up to date like Tay did, but said she had to contend with other biases.
Set up at the height of the Covid-19 pandemic, the Singapore-based startup was the result of integrating AI and machine learning to better manage documents and information.
Leighton said the idea for the business came from a pain point she experienced first-hand, when she had to get a large volume of documents organised.
FileAI uses a combination of off-the-shelf and proprietary AI to automate the extraction and processing of unstructured data – imposing organisation on the data found in, for example, PDFs, spreadsheets and e-mails. It helps businesses streamline high-volume workflows across industries such as finance, insurance and supply chain operations.
She told The Business Times: 'We felt it acutely. During the lockdown, when early customers weren't drawing revenue, they were still willing to subscribe and pay for a product they couldn't even see. That kind of validation gave us the confidence to keep building (the business).'
The Australian's journey into tech began in 2016 at a fledgling Uber, at a time of its rapid growth.
'Uber (at that time) was a great case study and cautionary tale for companies that do not properly address diversity and inclusion early, also with leadership and development,' she said.
She said that during Uber's hypergrowth phase, promotions happened rapidly – leading to unconscious bias and systemic issues in hiring.
'We talk about it now as 'cookie-cutter hiring'. The thinking was: 'Did they go to the same university as him, have the same degree?' It was hiring done in your own image, and it stifled diversity and innovation,' Leighton said.
These experiences shaped her approach to leadership at fileAI. She believes in removing the so-called 'gender lens' that typically frames women's stories around identity, rather than their capability.
While she acknowledges the challenges of being a woman in tech, she is careful not to overemphasise gender in evaluating success.
Leighton said: 'A lot of my mentors, a lot of the growth and opportunities I was given, were merit-based, and it was with men in the room, or men leading me. So while we need more female leadership, it is limiting to think we need only women mentors.'
Just five years since its launch, fileAI now operates in 18 countries, with teams in five of them. The company has grown steadily and, as of February this year, raised US$14 million in a Series A funding, further cementing its place in the AI-driven productivity space.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Money laundering case: MAS slaps 9 financial institutions with S$27.45m in penalties
Money laundering case: MAS slaps 9 financial institutions with S$27.45m in penalties

CNA

time2 days ago

  • CNA

Money laundering case: MAS slaps 9 financial institutions with S$27.45m in penalties

Credit Suisse, UOB and UBS were among nine financial institutions that have been slapped with S$27.45 million in penalties for breaches related to the 2023 money laundering case involving more than S$3 billion in assets. Action has also been taken against 18 individuals involved in managing relationships with suspects in the case. MAS added that this marked the conclusion of its enforcement actions against financial institutions with a 'material nexus' to the money laundering case. However, it may take action against 'a few remaining individuals' after ongoing court proceedings or investigations conclude.

Banks tighten vigilance and measures following $3b money laundering case
Banks tighten vigilance and measures following $3b money laundering case

Straits Times

time2 days ago

  • Straits Times

Banks tighten vigilance and measures following $3b money laundering case

Sign up now: Get ST's newsletters delivered to your inbox The extra scrutiny is in response to the largest money laundering incident encountered here. SINGAPORE – Local banks have beefed up oversight around money laundering risks, with one lender reassigning a banker involved in a recent high-profile case to a non-client facing role. The extra scrutiny is in response to the largest money laundering incident encountered here. This involved around $3 billion in illicit funds being washed through at least 16 financial institutions by a group from China's Fujian province who used multiple passports to avoid detection. The scandal exposed critical weaknesses, with breaches due to poor implementation of polices and controls that in turn highlighted the vital role of gatekeepers – from individuals to banks and corporate secretarial firms – in preventing financial crimes. The Monetary Authority of Singapore (MAS) said on July 4 that it found shortcomings in the assessment of a customer's risk and source of wealth, the monitoring of suspicious transactions and inadequate risk mitigation measures. Penalties amounting to $27.45 million were imposed on nine financial institutions on July 4. UOB, which was hit by $5.6 million in penalties – the second highest after the former Credit Suisse Singapore branch – said it has reviewed the issues and staff involved and addressed accountability and discipline. Top stories Swipe. Select. Stay informed. Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Seller's stamp duty hike will curb short-term speculation; market effect likely minimal: Analysts Singapore Trilateral workgroup formed to address allegations of foreigners illegally taking on platform work World Trump says countries to start paying tariffs on Aug 1; floats range of 10% to 70% Singapore Think like criminals, anticipate cyber attack tactics: Experts Singapore Tourism bump from Lady Gaga concerts raked in up to estimated $150m for Singapore economy Life Book review: OB Markers sequel Ink And Influence makes catch-22 proposal for The Straits Times Mr Leonard Tan, former team head of group retail privilege banking at UOB, resigned in January 2023. UOB also conducted extensive internal investigations and determined that there was no willful misconduct by Mr Alvin Ang, also a former team head of group retail privilege banking. Mr Ang has been 'reassigned to a non-client facing role'. The bank has implemented remedial actions over the past two years to address the deficiencies highlighted in an internal review. These include bolstering transaction monitoring and customer due diligence processes and taking steps to ensure anti-money laundering measures are consistently and rigorously applied. The bank has also invested in technology and other resources to enhance its fight against financial crime. Employee training has been ramped up to ensure that staff meet the required standard of integrity, values and professional conduct. 'All these are part of our continuous efforts to detect and respond more quickly and effectively to risks,' UOB said. UBS, which completed its merger with former Credit Suisse in 2024, acknowledged the MAS findings. The Swiss banking giant faces penalties of $3 million for its part, while former Credit Suisse was hit with the highest penalty of $5.8 million. UBS said it has cooperated fully with the authorities and 'will continue to work together closely to safeguard Singapore's financial industry'. Julius Baer's Singapore branch, which was levied $2.4 million in penalties, has moved to strengthen its anti-money laundering framework. Its former relationship manager, Liu Kai, was charged on Aug 15, 2024 over allegedly facilitating the movement of illicit funds in the case. LGT, a private bank owned by Liechtenstein's royal family, was slapped with $1 million in penalties. Trident Trust Company (Singapore), which faces $1.8 million in penalties, said a detailed plan to address the breaches has been implemented. It did not elaborate. The asset management firm Blue Ocean Invest, which was penalised $2.4 million, said it has implemented measures to enhance internal policies and procedures. Citi's Singapore spokesperson said the bank has strengthened its client onboarding and monitoring processes. Its former banking relationship manager, Wang Qiming, has indicated his intention to plead guilty to 10 charges, including money laundering and forgery, during a court appearance in December 2024. Wang's clients at the bank included two of the 10 convicted money launderers – Su Baolin and Vang Shuiming. Prosecutors said that around December 2020, Wang allegedly abetted Su in making a false loan agreement to deceive Standard Chartered Bank about the source of a deposit made into Su's bank account. He also allegedly forged a loan document between April 19 and April 25, 2021, to deceive Citibank about the source of Vang's funds to allow a deposit of $999,980 into his account. Citi sacked Wang in April 2022.

$3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches
$3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches

Straits Times

time2 days ago

  • Straits Times

$3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches

Sign up now: Get ST's newsletters delivered to your inbox MAS said eight of the nine financial institutions did not review transactions flagged as suspicious by their own systems. SINGAPORE - Credit Suisse (Singapore Branch) and UOB were each handed more than $5 million in penalties for flouting anti-money laundering controls related to the $3 billion money laundering case in 2023. They were among nine financial institutions (FIs) handed $27.45 million in composition penalties by the Monetary Authority of Singapore (MAS). On July 4, MAS announced the penalties and said it also took action against 18 individuals who work for the FIs . Credit Suisse, which was rescued and taken over by UBS in 2023 , faced the highest penalty of $5.8 million. This also took into account its breaches from November 2017 to October 2023 in relation to accounts the now defunct Swiss bank maintained on behalf of certain US customers. UOB was next with penalties amounting to $5.6 million and UBS at $3 million. The other FIs are brokerage UOB Kay Hian, asset manager Blue Ocean Invest, Citibank N.A. Singapore and Citibank Singapore collectively known as Citi, and the Singapore branches of Julius Baer, LGT Bank as well as fund services firm Trident Trust. MAS said the FIs did not adequately check on customers' sources of wealth, even though there were discrepancies in the documents they had provided. In fact, eight of the nine FIs did not adequately investigate suspicious transactions flagged by their own systems. Singapore's largest case of money laundering involving $3 billion in cash and assets saw 10 foreigners arrested in multiple islandwide raids here on Aug 15, 2023. The nine men and one woman , who were originally from Fujian, China, were jailed, deported and barred from re-entering Singapore. The group had dealings with several FIs here. MAS took action against FI staff involved in managing relationships with members of the gang. P rohibition orders of between three and six years were slapped on four people from Blue Ocean Invest. They are the company's chief executive officer and executive director Mr Tsao Chung-Yi; chief operating officer Ms Wong Xuan Ling; executive director and relationship manager Mr Henry Hsia Lun Wei; and former relationship manager Ms Deng Xixi. MAS said as senior managers, Mr Tsao and Ms Wong had failed in several areas, including developing adequate policies and ensuring these were subject to audits. The prohibition orders mean they cannot manage and provide any FI services for the duration of the order. Additionally, MAS issued reprimands to three executive directors from Trident Trust and two former team heads from UOB. Trident Trust's executive directors Mr Sean Andrew Coughlan, Mr Tan Ho Kiat and Ms Kek Yen Leng had all failed to detect or adequately assess multiple deficiencies during the onboarding of higher risk customers. UOB's former team heads of group retail privilege banking Mr Alvin Ang Sze Hee and Mr Leonard Tan Sheng Rong had failed to conduct or ensure proper due diligence. MAS said another nine relationship managers and supervisors were privately reprimanded for more limited lapses. They were not named by the authority. Reprimands do not necessarily mean the individual is currently unfit or improper, but are issued based on their misconduct at the material time, said MAS. MAS added it reviewed the conduct of a larger number of employees of the FIs linked to the case, but did not find evidence of significant lapses by most of them. However, action may still be taken against several others , after the conclusion of ongoing court proceedings and investigations. At $27.45 million, the penalties are smaller than the $29.1 million imposed on eight banks in 2017 for various anti-money laundering breaches related to Malaysia's 1MDB case. That case saw BSI Bank slapped with $13.3 million, and Falcon Bank with $4.3 million in penalties . Both merchant banks had their bank status pulled and were shut down. The Straits Times understands that while the financial penalties on the $3 billion money laundering case were not the largest, the supervisory engagements are one of the most extensive and complex. A ction has been taken against several others linked to it . Wang Junjie, a former director at a corporate service provider was sanctioned by the Accounting and Corporate Regulatory Authority and then charged with forgery in January. Two former relationship managers at banks, Liu Kai and Wang Qiming, were charged in August 2024 with allegedly facilitating the movement of illicit funds. The cases of all three are still pending. Two property agents, Tiew Chin Nee and Zhu Zhengxin, have been fined for their involvement in the case. And Liew Yik Kit, the personal driver of one of the fugitives, was the first Singaporean to be dealt with. He was jailed for three months after pleading guilty to lying to the police . MAS said the penalties it has imposed took into account numerous factors including the extent of the FI's exposure to the money launderers, the number of breaches and the degree of weakness in their anti-money laundering controls. Ms Ho Hern Shin, MAS' deputy managing director of financial supervision, said it will work closely with FIs to promote more consistent implementation of anti-money laundering measures. She added the vigilance of FIs and their employees was critical, and MAS will take firm action where there are serious failings. The maximum fine for breaching MAS' requirements for the prevention of money laundering on banks, merchant banks, capital market intermediaries and licensed trust companies is $1 million per offence. Blue Ocean Invest acknowledges MAS's findings and said it has implemented measures to enhance its internal policies and procedures. UOB said since the saga, it has implemented prompt remedial actions to address the deficiencies identified after a comprehensive internal review. These included stepping up on its transaction monitoring and customer due diligence processes. UOB added that it has conducted a thorough assessment of the facts and circumstances surrounding the issues and staff involved, and taken appropriate actions to address accountability and discipline. An LGT spokesperson said the bank remains strongly committed to the fight against money laundering and safeguarding the integrity of Singapore's financial system.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store