Joel Neoh Quits As Fave CEO
Joel Neoh founded Fave in 2015 and oversaw the company’s expansion and innovation to become one of Southeast Asia’s fast-growing fintech startups.
Fave, a consumer fintech platform in Southeast Asia, has announced that its founder and CEO, Joel Neoh, will be stepping down from his role in early March 2023 and the company will be run by co-founder Yeoh Chen Chow will continue to lead the business.
Together with Yeoh, Avantika Jain, General Manager in Singapore, Aik Kuang Heng, Fave’s newly appointed General Manager in Malaysia, alongside local leadership teams in Indonesia and India will also be in the lead role.
As the most recent senior hire, Aik Kuang has held senior leadership roles in organisations such as iflix and WeTV SEA prior to joining Fave.
The company, which was founded in 2015, has become one of the leading players in Southeast Asia's fintech space under Joel's visionary leadership. Fave's products have evolved over time, from offering deals to empowering customer savings through QR payments and loyalty programs.
Fave strong leadership team
In 2021, Fave was acquired by Pine Labs for $45 million. Joel is leaving Fave with a strong leadership team in place and solid momentum for growth, having achieved its all-time highest volumes of transactions at the end of 2022, with 40% quarter-on-quarter growth.
The company plans to roll out more collaborations with key banks and financial institutions and enter the flexible payment processing space for online merchants in Q2 2023.
Joel is also known for being a founder of Groupon in Malaysia in 2011 and co-founding digital media platform Says in 2009.
He remains active in Southeast Asia's digital and technology ecosystem as an investor in over 25 startups and as a mentor and advisor in various organizations. Upon his departure from Fave, Joel plans to continue contributing to Southeast Asia's technology ecosystem by helping fellow entrepreneurs grow their startups.
B Amrish Rau, CEO of Pine Labs, praised Joel for leaving behind a "tremendous legacy" and expressed excitement about Fave's growth trajectory in 2023.
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