David Z Wang from local fintech firm Helicap on entrepreneurship and family

by James · October 13, 2022

In just four short years, local fintech investment firm Helicap has grown from trading $1 million to more than $200 million in deal volume. David Z Wang tells Crystal Lee how he got there and where he’s going.

I’m sitting alone in a glass room in the Helicap office when a man with big hair slides open the door and calls my name. It’s not David Z Wang – the CEO I’m going to meet, but his co-founder and COO Jeremy Tan. “Dave’s got something, but he’s on his way in. Come, let’s go to our office,” he leads me.

David and Jeremy share what appears to be the largest room in the company’s headquarters; their tables side by side with each other. Jeremy gestures for me to get comfortable in the lounge area they’ve carved out inside their office. I ask how they met. “We went to NUS Business School. I know him well – perhaps a little too well, he says, chuckling.

Their camaraderie is palpable when they are together. David, who is affable and gregarious upon first meeting, goes on to tell me how he enjoys working with friends. “I know it’s strange, but I believe in open communication. Quentin (Vanoekel), Jeremy and I are good at different things and we complement each other.

The three established Helicap in 2018 to fill a USD 500 (717) billion funding gap for the unbanked and underbanked in the region. Essentially, the fintech firm in Singapore facilitates loans from global investors (both individual and institutional) to fast-growing micro, small and medium enterprises (MSMEs). Using a proprietary credit analytics technology powered by AI and machine learning, Helicap processes millions of raw credit and performance data to extract meaningful credit rating insights from companies in need of capital. These businesses are then curated and positioned as private investment opportunities for a broad network of accredited investors that include family offices, High Net Worth individuals, impact funds and institutional investors.

Since its inception, Helicap – which houses subsidiaries Helicap Investments, Helicap Securities and Helicap Fund 1 – has disbursed more than $200 million to non-bank financial institutions, in turn improving access to credit for millions of underserved MSMEs and individuals. What is more impressive is its track record of consistently achieving target returns for investors with zero balance sheet loan defaults, despite Covid-19, high global inflation and the war in Ukraine. Helicap has also raised $15 million in funding, with Tikehau Capital, PhillipCapital and Credit Saison among its equity backers.

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All in

Jacket and boots, both Bottega Veneta; trousers, Hermès

The Helicap’s flying start is no beginner’s luck. Its founders boast decades of combined experience in banking and investment management at some of the world’s top financial services. David alone spent nine years at Morgan Stanley, specializing in multi-asset investment in global markets. “Morgan Stanley worked hard for us; the hours were long,” he recalls. “Someone once said that you get a lot of money to learn a lot about the world with a career in investing. It was fascinating and fun, for me. It was high economy. You meet many different people, from customers to colleagues.”

Helicap is not David’s first rodeo either. Before venturing into the alternative lending space, he opened 33 Capital, an investment firm focused on fintech and consumer technology startups. (The first, an online platform for entertainment, didn’t work, but was a necessary lesson in entrepreneurship.)
“It helps that I’ve made a lot of contacts from my banking days and was successful in investing before Helicap. But for people to follow you and believe in you? That is something I am grateful for. Running a business is a humbling experience.”

Part of Helicap’s appeal is the co-investment structure, which gives investors access to attractive assets at lower fees – and thus better returns. Having skin in the game was also part of David’s hustle in the early days. “My offer was that I would put my own money into all the things I present to you,” he says. “That’s what I did the first year. I still do, but not for everyone, as we have too many appointments now.”

A heart for youth

Cardigan and turtleneck top, both Hermès

The idea for Helicap came from traveling around the region. “Back at 33 Capital, we were covering businesses in Southeast Asia, and I realized that we’re in a utopia in Singapore and it’s been made worse by the pandemic. There’s a lot of inequality.”

He adds: “I think the irony is that when you reach a certain level of financial stability and comfort, you realize there are two ways from there. Either you keep going and make more money; or you take a step back and ask yourself, ‘Do I have enough? What can I do differently now?’ I want to make a difference. We saw an opportunity to help investors get good returns, but also have an impact through financial inclusion and providing sustainable financing.”

At the same time that David launched Helicap, he also created a scholarship, the 33 Capital Student Experience Award, at his alma mater to enable students with financial need to attend exchange programs abroad. After spending an eye-opening semester at the USC Marshall School of Business in the US, where he developed a taste for case competitions and an interest in finance, he wanted to give less privileged students a chance to expand their minds and expand their horizons. . “When we finally won a case, it was the first time I had ever won anything. That was the turning point for me. That’s how I got into banking and Morgan Stanley,” explains David.

His nurturing spirit has been forged from a young age. Growing up with a father who often traveled for work, David looked after his two younger sisters. “I checked their report cards. I analyzed their grades and set KPIs for them,” he reveals. “It was hard not having him around, but I learned independence, responsibility and discipline. For that, I’m grateful because now I know what it’s like to figure things out while I’m off the deep end – and that helps with running a business.”

Shoot for the stars

Sweater, turtleneck top and pants, all Hermès; glasses, Ray-Ban

At 39, David seems to have sorted himself out. While running two growing companies, he received a couple of accolades, such as the Top FinTech Leader award by the Singapore FinTech Association in 2019, and was named a Singapore Founder Finalist for the MAS FinTech Awards the following year. Yet for David, success is a means to contribute to his family, employees and society at a higher level. “I wanted to succeed on behalf of my father,” he says softly, adding that his new office in Bukit Bintang, Kuala Lumpur, is dedicated to the senior Wang, in memory of a music store he opened there in the 1990s.

Despite these achievements, there is no rest in sight for the on-the-go. “Our investments have already delivered double-digit returns annually for the first three years, and we can now also think about impact – investing for a purpose. Combining them will not produce high yield results. Despite this, it will be meaningful and can attract many buyers. The next three years will be dedicated to meeting this challenge. It is our goal to create a business that contributes to society in a sustainable way.”

This story first appeared in the October 2022 issue of Prestige Singapore.