Leadership Perspectives
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Jessica Tan:
A Singaporean on the global stage
The former Co-CEO of one of China’s largest financial institutions believes that a necessary hallmark of leadership is the ability to be aspirational and bold.
For Jessica Tan, until recently the Co-CEO and Executive Director of Shenzhen-based Ping An Group, the words “it can’t be done” are anathema.
“I’m driven by impact, and the ability to make a difference. It doesn’t matter in which field, financial services, healthcare or technology,” she explains. “As humans, we are constantly evolving for the better. So, the ability to be aspirational, and then to try our hand at whatever it is, is important. You can fail many times, but it shouldn’t stop you from building [on those lessons] – that is what’s amazing.”
Over the last decade, the 47-year-old Singaporean has helped steer Ping An’s transformation into a fintech powerhouse and one of China’s largest companies. It was a startup that challenged state-owned institutions to change the dynamics and delivery of financial and health services for a billion people. Much of that was due to the relentless drive to do even better, a mindset that Tan believes all companies would do well to adopt.
Back in town and chatting over coffee she says: “There are some myths about Singapore versus China. One, China is big and that’s why you can scale businesses. But people forget it’s much harder to build a business in China because it’s big. There are many players.”
When established by Ma Mingzhe in 1988, Ping An was up against six state-owned banks that commanded half the market, and eight peer-level banks each competing in different provinces and cities. “We were competing for our life!” said Tan, who first joined the insurer in 2013 as Group Chief Information Officer.
Over the last decade, Ping An has grown from serving 80 million customers to some 232 million customers across its insurance, banking, asset management, and health and senior care services. With a net profit of nearly S$16 billion (RMB 85.67 billion) in 2023 and an integrated “one customer, multiple products, and one-stop services” ecosystem, it is today one of the three largest integrated financial groups in China, and is ranked 33rd on the Fortune Global 500 list.
The can-do mindset
It was Ping An’s can-do culture that helped it thrive in the face of stiff competition and in seamlessly integrating its financial and healthcare offerings, shares Tan. In her view, business leaders have to make bold decisions when growing their enterprises or expanding operations into international markets. And their considered risk-taking would have to be met with a culture of innovation, she adds.
Of her time at Ping An developing new services for expansion, she says, “We just kept iterating. Let’s figure out a way to solve problems, as opposed to [being defeatist].”
She cites the example of Ping An Health, also known as Ping An Good Doctor. A healthcare and elderly care ecosystem, Ping An Health provides 24-hour services for users of the group’s life insurance, property insurance, healthcare insurance, banking, and other integrated financial businesses, both online and offline.
While it would have been natural to tap a top business leader with vast expertise in the healthcare sector to lead the unit’s next phase of growth, Ping An instead found an able steward in a former Mars Wrigley China executive.
“When you’re innovating, the talent [you tap into] is different. Because if nobody has done it before, who would you hire? The talent becomes about the softer attributes, the leadership, while the technical attributes can either be learnt or [assembled] together.”
Key, too, for an organisation’s leadership is its ability to inspire its workforce and younger colleagues towards a common purpose, she adds.
Turning her focus back to Singapore and its aspirations on the world stage, she reflects, “We are very fortunate here, but we can be even better. If we think we’ve done well in Singapore, we should be able to go further afield and [succeed]. There are no limitations. You must have an aspiration, no matter how well you’re already doing.”
Fundamentals of board directorship
A graduate of Massachusetts Institute of Technology with advanced degrees in engineering and computer science, Tan was partner at consulting firm McKinsey before joining Ping An in 2013, rising to Group Co-Chief Executive Officer in 2018. While at Ping An, she also served on the Group’s Board of Directors and on the boards of subsidiaries such as Ping An Bank, Ping An Asset Management, and Ping An Life. She has also served on global advisory committees, including the Institute of International Finance, World Bank, and World Economic Forum.
When conversation segues to harnessing the benefits of board diversity, she pauses. “Before we get to diversity, I think we should talk about what a great board is. Because it’s not clear to most people.”
A board of directors’ first consideration has to be the long-term interests of stakeholders, unlike company executives who typically focus on generating profits in the short- to mid-term. “You need to make sure they are taking the right call for the long-term. Everyone looks at current performance, which is the result of past decisions,” she says, noting that the results of initiatives implemented today may only become apparent much later.
Board directors would also need to keep an eye on the allocation of resources to ensure it matches the firm’s goals, take responsibility for risk management, and help develop a talent pipeline that meets the needs of organisational strategy. “This is often missed. People development is a long-term effort.”
Diverse skill sets and experiences, including demographics like gender and age, would aid in carrying out a board’s duties she agrees. But in addition to having a mix of competencies in speciality fields, such as law and finance, she strongly believes boards require sufficient directors with a track record in running businesses. “No judgement, but I would encourage more [directors] with business experience.”
For directors who have been newly appointed, she advises: “It’s quite important that they make an effort to understand the actual business context. It’s okay to ask questions. There are no silly questions. Because you are bound by fiduciary duties.”
Her gap year
Having spent the last decade shuttling between Singapore and China, Tan, whose eldest daughter is off to university in a year, is keen to devote much of 2024 to time spent with family.
But still driven by the need to build something for the better, she serves on boards or in an advisory role at several not-for-profit institutions, including the Monetary Authority of Singapore’s Financial Centre Advisory Panel, Central Provident Fund Board, National Healthcare Group, and the Agency for Integrated Care.
Healthcare services and financial literacy, especially in the context of an ageing society, are areas that resonate with her, she says with characteristic intensity. Observing how the Singapore government has already implemented significant initiatives in both healthcare and social security that help protect one in retirement, Tan adds with a smile: “We can be bolder.”
Board diversity is more than a number