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Independent Singapore
26-06-2025
- Business
- Independent Singapore
‘You don't need to be a stock market expert to get rich' — Young Singaporean millionaire reveals how solving problems of others with AI led to his first million
SINGAPORE: Ask most people what it takes to be a millionaire today, and you'll probably hear a mix of 'build an app,' 'invest in crypto,' or 'get lucky in tech.' However, for one young Singaporean millionaire, the real answer is a lot more grounded: solve the problems of others. In a candid street interview with Asian Boss , Kevin Quah, a startup business co-founder and CEO of Tictag, a data-centric artificial intelligence (AI) company, peeled back the hood on what it actually takes to build a million-dollar business — and spoiler alert: it wasn't a trust fund, or market timing wizardry. 'I'm not a stock market expert,' he said, adding that what financially worked for him most was building something useful and meaningful, such as connecting AI with real-world, everyday needs, including empowering senior citizens, people with disabilities, and underprivileged communities. From law to launch: A major career pivot His path to wealth started with something that looked like a detour. Initially trained in law, he did what many might consider unthinkable in a culture that prizes professional stability: he left! 'I decided I didn't want to chase the entire law rat race. I respect lawyers — my wife is one, and she's a great one — but I knew it wasn't for me,' he said. 'That was when I decided to pursue my passion in tech and AI,' Kevin further shared the reasons for his career pivot. The big turning point also came when he realised he couldn't fulfil his vision within the constraints of a previous AI startup, probably led by someone else, so he and his co-founders decided to break out and build something of their own — not mainly for money or prestige — but more to leave a legacy. 'We wanted to find a way to connect AI with the common person and people who had disabilities or were underprivileged. We wanted to do that with AI, and we felt that we couldn't necessarily do that within the confines of the previous startup, so we set out to do our own thing and also like to build something of our own so, in a sense, maybe find a way to leave a legacy,' Kevin explained his vision. First million, no magic — just mindset You might assume Kevin made his first million through smart investing or a viral product. Nope. It was just a mindset. Specifically, the kind of mental shift you have when you're no longer collecting a stable paycheck. 'There's no more salary. You can pay yourself a pittance to survive, but at the end of the day, the only way to grow now is not to ask your boss for a raise, but it's literally to go out there and hunt for deals. Hunt for people who will believe in you and hunt for people who will join you and help you grow this company.' That sense of ownership and urgency, he says, was what truly accelerated his company's growth — and, by extension, his wealth. Money habits that actually matter Despite his wealth, Kevin is no fan of reckless spending or flex culture. His parents drilled one lesson into him early on: live within your means. 'One thing that my parents have always told me is never to spend beyond your means. I've always kept that in mind. Never, never leave your credit card bills unpaid. Don't try buy something that is well beyond your status in life,' he recalled what his parents had advised him, adding that he still lives by that principle. When asked on camera about budgeting, he admitted that though he's not much of a strict budgeter, he's far from careless. 'My wife forced me to say yes [about him budgeting], but no (he doesn't do budgeting), not really,' he laughed. 'I'm a techie, so when there's something really, really cool in the tech world, I can't resist. But I have to be careful with how we spend as well. So, again, never spend beyond means.' How to play smart in the credit card game He also plays smart in the credit card game by using different cards for different types of purchases to maximise cashback and air miles. 'Firstly, if you're not using a credit card, that's probably a mistake. And secondly, if you're using the same credit card for everything, that's also probably a mistake,' he says. 'You're not going to maximise how much cash back or miles you get because every credit card has a limit. I do have multiple credit cards that I use for different occasions,' he added. The millionaire skill set you actually need In a world where AI is transforming (and often threatening) the job market, what does he think young people need to stay competitive? Two things: communication and problem-solving. 'Many hard skills can be augmented or almost entirely replaced by AI. So, it's super critical for people to retain the ability to talk to each other, to convince, and to negotiate,' he advised. He was also quick to add that even AI tools like ChatGPT aren't magic bullets unless you know how to use them well. 'People start to lose the ability to problem-solve when they think that everything can just be solved for them through AI, but even when you're prompting ChatGPT, you must ensure that that prompt always goes in the right direction. If the answer isn't what you expect, you need to modify that and make sure whatever it's spitting (hallucinating) out to you sounds good, and then, after that, you fix whatever it has spitting (hallucinating) out to you as well,' he explained. If he lost it all (his wealth & success) today, what would he do to rebuild it? Kevin said, 'Firstly, I would be humble. I would reach out to the network I've built over the years and see if there's something I can contribute to, at least get a living wage. And then, through that, hopefully I can build up my experience within that company, even without seniority, contribute quite a bit, and then at some point get back to doing what I do best, which is starting something cool and carrying on and building it up.' See also 7 Ways To Child-Proof Your Home Before Your Baby Arrives So it's obvious that Kevin is not banking on luck — just experience, relationships, and resilience. And when the time is right, he'd start something new again. What about owning all that flashy stuff? You'd think with millions in the bank, he'd be zipping around in plenty of flashy stuff, right? Well, not really. 'The most common misconception is that when you start a company like a startup, you immediately flush (get rich). That's never been the case. There's a long, long, long journey you must take before you get to the point where you're driving a BMW around,' Kevin shared the hard and painful truth of a startup business. Millionaire insights: Stay grounded, stay useful For anyone dreaming of becoming a millionaire, Kevin's advice isn't about finding shortcuts, but rather solving problems. It's about staying focused on what matters and building something worthwhile for everyone to benefit from, so by solving real problems, the money will then follow. So, no indeed, you don't need to be a stock market expert to make it big, but you do, indeed, need vision, purpose, grit, humility, and a willingness to start from where you are right now — even if it means building quietly while everyone else is trumpeting their so-called 'get-rich-quick' wins. Kevin Quah's journey is proof that in today's AI-fuelled world, wealth is no longer reserved just for investors. It's also for problem-solvers, communicators, and those brave enough to leave the well-trodden path behind. He didn't rely on investing and trading skills to succeed. He built something meaningful, stayed grounded, and placed his bet on people. And that, it turns out, is still the smartest investment of all. And also, 'Yes, you can still become a millionaire even if you're working 9 to 5' — 30 y/o Singaporean shares how he got rich, yet doesn't own a car, and still takes public transport
Business Times
18-05-2025
- Business
- Business Times
Tictag, Hatch tap AVPN's AI Opportunity Fund to train marginalised groups in AI
[SINGAPORE] When non-profit organisation AVPN surveyed 3,000 respondents, it found that only 15 per cent of them have taken part in artificial intelligence (AI) skill programmes, while 57 per cent were unaware that such resources exist. However, about 91 per cent said they are keen to learn AI-related skills – especially as AI is expected to contribute US$3 trillion to Asia-Pacific's gross domestic product, noted Moutushi Sengupta, senior adviser at AVPN. She added: 'Routine tasks – from scheduling to compliance checks – are increasingly being automated, while new roles are emerging in areas such as AI governance, healthcare and advanced manufacturing.' Therefore, AVPN launched the AI Opportunity Fund: Asia-Pacific, supported by and the Asian Development Bank. Forty-nine organisations across the region have been selected to receive funding and guidance from this US$15 million initiative. Although the fund was initiated last year, the chosen organisations were announced only in early May. The fund aims to train and upskill groups of workers in AI, as part of a three-year programme. Marginalised communities, such as migrant workers and persons with disabilities (PWDs), will benefit. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up AVPN worked with its strategic partners, such as AI Singapore, to develop localised AI training programmes based on Google AI Essentials, said Sengupta. With this fund, AVPN has adopted a train-the-trainer approach to reach a larger pool of beneficiaries. 'By equipping organisations with the resources to deliver localised, language-specific AI training, we enable them to deliver this knowledge directly to their own communities. This approach ensures the training provided is relevant, accessible and deeply rooted in local contexts, while also multiplying its impact and reach beyond what any single organisation can achieve alone,' she added. Upskilling for local communities The two organisations chosen from Singapore were Tictag and Hatch. Both operate in the AI and digital space, running upskilling programmes for local communities. In an interview with The Business Times, Kevin Quah, co-founder and chief executive of Tictag, said: 'We want to be able to foster inclusive AI development by not only involving people within the AI economy, but also providing foundational AI skills training to different communities that have unmet needs across Asia-Pacific.' With this particular fund, Tictag aims to 'deliver more accessible AI-focused training modules' to migrant workers, teaching skills such as data management and collection. These foundational skills can enhance their employability, enabling them to pursue entrepreneurship or higher-paying roles. 'Migrant workers might not see AI in action in their day-to-day jobs. We want to expose them to the larger AI ecosystem and give them the skills they need to hopefully enrich their own communities – not just here, but also back home,' Quah said. 'One of the gaps we identified was that migrant workers expressed a desire to learn other skills besides their jobs.' Tictag works with different social service organisations to reach migrant workers from various sectors, including domestic workers. So far, it has collaborated with 16 such organisations to train more than 200 individuals, including migrant workers, PWDs and refugees. Meanwhile, Hatch uses digital tools to help underserved communities upskill, and runs training and employment programmes. Since it was founded in 2018, it has trained more than 1,400 individuals and has an 87 per cent job placement rate. Hatch uses digital tools to help underserved communities upskill. PHOTO: HATCH With the AI Opportunity Fund, the social enterprise hopes to help a broader range of beneficiaries, including women returning to the workforce, senior workers with limited digital exposure, and PWDs. It collaborated with AI Singapore to develop and customise the curriculum. Yeoh Wan Qing, co-founder and chief product officer of Hatch, said: 'AI changes a lot of things in the digital sector – processes are now shorter and faster. We wanted to help because the groups that we work with fall behind (as) they are not ahead with their skills.' She added that many of Hatch's beneficiaries are employed in industries that are 'quite prone to being automated because of the AI revolution', such as administration. Teaching AI skill sets will help them be more efficient at work. 'We've decided to customise a certain part of the curriculum into applications for different sectors – coming up with more use cases on how they can see these skills being applied in their own work and daily lives,' Yeoh said. Those who require moderate support such as early career workers can tap Hatch's AI Readiness Program Core Track, a structured online learning programme; while those who require additional guidance and accommodations such as PWDs can tap the AI Readiness Program Enhanced Support Track. In the fund's second phase, will commit an additional US$10 million to AVPN for AI upskilling initiatives to support micro, small and medium enterprises in South-east Asia.
