INTHEBLACK September 2021 - Magazine - Page 51
ONE PIECE
OF ADVICE
“A career path is
unpredictable, filled
with random encounters
and opportunities. I
have learned to accept
setbacks in the proper
light, as they help
prepare for eventual
success. There’s always
a silver lining if you look
hard enough – after all,
there’s no mountain
without a valley.”
of the first data centre REIT listed in Asia,
whose share price has tripled since its listing.
In 2018, Ong was ranked by Data Economy
magazine as one of the world’s top 25 finance
deal makers in the data centre industry.
Joining Keppel as senior finance manager in
control of one of the smaller listed companies,
Ong moved into corporate development and
the European business, before taking on a
broad-based role, where he got to “scout the
world” looking for data centres and raise
capital to fund their acquisition.
A major new asset class that has taken off
during the past five years, demand for data
centres has “gone through the roof” during
the pandemic, says Ong. This is a sign of the
changing nature of technology use in the
industry – something accountants need to
get comfortable with.
“Accountants by nature tend to be a little
bit conservative, but I do see the adoption
of technology into accounting practices
becoming mandatory, or we will get left
behind,” Ong says.
“I took part in a recent SAP senior
executive panel, where it was reported
that close to 40 per cent of all accounting
processes are still manual.”
Ong sees more accounting going to the cloud,
increased automation of processes, greater use
of analytics in fraud detection and artificial
intelligence being used to track inventory levels
and drive superior customer analytics.
THE LONG RUNWAY
Ong understood the importance of living
within your means early in life. The family
relied on his father Yong-Poh’s modest
wage as an accountant. There was no car
or television and money was tight. However,
when Yong-Poh landed a job with British
Petroleum later in his career, things changed
and Ong’s eyes were opened to the
possibilities in a global economy.
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Ong’s father taught him the core values of
hard work, thrift and always putting in your
best effort, but he never pressured his son to
follow in his footsteps. After some initial
stumbles on his journey towards a career in
finance, Ong took some accounting units in
junior college, which led to a bachelor of
accounting degree at Singapore’s Nanyang
Technological University, where he went on to
become a top student in financial accounting.
An internship with PwC followed, then his
first job with Arthur Andersen as a tax
consultant, where he learnt another life
lesson – when you’re young, work out what
you don’t want to do. At the start of your
career, there is a long runway ahead of you.
Use this time to experiment and figure out
what you like and don’t like. Don’t be afraid
to try new things.
On his long and varied career path, Ong’s
success has hinged on putting integrity before
capability, being truly honest with yourself at all
times, and being willing to invest in a business
relationship without expecting anything back.
“Success is a function of preparation and
opportunity,” Ong says. “Eventually people
will sit up and notice your abilities and
achievements, if you put in the effort.”
intheblack.com September 2021 51