Carol Fong of CGS International Securities won Excellence in Leadership at Markets Media Group’s 2024 Women in Finance Asia Awards, which was held in Singapore earlier this year. 2025 Women in Finance Awards will be held on May 29^th and the nominations could be submitted online here.

Carol, please tell us about your role and your daily responsibilities.

As the Group CEO of CGS International, my role involves setting the strategic direction for the company and overseeing our operations across the various markets. We currently operate through a network of local offices, branches and strategic partners, with presence in over 15 countries. Our main markets are in Singapore, Malaysia, Indonesia and Thailand, with other offices located in Hong Kong, South Korea, United States and United Kingdom.

Being decisive is a critical aspect of my leadership style, as I work closely with our leadership teams to drive growth initiatives, ensure operational excellence, and foster innovation. I also focus on strengthening our client relationships and exploring new opportunities for diversification and sustainability within the financial industry.

Another part of my role includes integrating the CGS International business with our parent company, China Galaxy Securities (CGS). CGS is one of the leading securities firms in China, and we have been working on positioning ourselves as the China-ASEAN nexus, facilitating cross-border capital flows between the two regions.

What makes a good leader?

A good leader, to me, is someone who inspires and empowers their team to reach shared goals. It’s not only about having a clear vision, effective communication, and making smart decisions, especially when things get tough. It’s also about empathy and adaptability—understanding my team’s challenges and adjusting to change. A positive culture, where growth, innovation, and teamwork thrive, is key.

I focus on people development, getting to know my team well and treating everyone with respect. By balancing decisiveness with empathy, one can build trust and loyalty. Over the years, this approach has helped us transform the business, creating new lines of revenue that aren’t tied to volatile market trends, and positioning us to outperform the competition.

What have been the main drivers of your success?

The main drivers of my success have been a relentless commitment to learning and adaptability. Embracing change and being open to new ideas have allowed me to stay ahead in a rapidly evolving industry. Building strong relationships with clients and colleagues has also been essential, as has fostering a talented team that shares a common vision. Additionally, perseverance and a focus on strategic diversification have enabled me to navigate challenges and capitalise on opportunities.

How would you describe your work/management ‘style’?

I would describe my management style as open, collaborative and inclusive. I believe in empowering team members by providing them with the resources and autonomy they need to excel. Open communication is key. I encourage feedback and value diverse perspectives to drive innovation. I also prioritise setting clear objectives and aligning them with our overall strategic goals, ensuring that everyone understands their role in the company’s success.

What keeps you motivated?

I’m motivated by the opportunity to make a meaningful impact on both the company and the broader financial industry. Seeing our strategies lead to tangible results and growth is incredibly rewarding. I’m also driven by the challenges that come with an ever-evolving market; they push me to continuously learn and innovate. Additionally, witnessing the professional development of my team members brings me great satisfaction.

Who have been the main influences in your career?

Throughout my career, I’ve been fortunate to have mentors, including my former bosses at CIMB, Nazir Razak, Tengku Zafrul Aziz, and my current boss, Wang Sheng, Chairman of China Galaxy Securities, along with other colleagues who have significantly influenced my professional journey.

Their guidance, support, and shared insights have shaped my approach to leadership and business. Industry leaders who demonstrate integrity, innovation, and resilience have also inspired me. On a personal level, my family’s support has been invaluable, providing me with the encouragement to pursue my ambitions.

Where does the financial-services sector stand when it comes to gender equality?

The financial services sector in Singapore has made significant progress in narrowing the gender pay gap over the past decade, with recent data showing improvements in the financial and insurance services sector. However, there is still work to be done to achieve full parity.

Across the industry, companies are taking steps to promote gender equality by implementing more inclusive hiring practices, improving benefits for all employees, and ensuring equal access to leadership opportunities. While the sector is making strides, challenges remain, particularly in senior leadership positions, where women are often under-represented.

What can be done to close the gender-parity gap in financial services? And what are your current initiatives at CGS International Securities in that space?

To close the gender-parity gap in financial services, organisations should focus on key strategies. Competency-based hiring ensures candidates are assessed on skills, not gender, while pay transparency and fair compensation address disparities through regular benchmarking. Equal access to training, leadership programmes, and career advancement opportunities promotes development for all employees. Lastly, fostering an inclusive and supportive workplace creates a culture where diversity is valued and everyone feels safe and respected. These actions are essential for achieving meaningful progress.

At CGS International, we are committed to closing the gender-parity gap through several initiatives:

· Gender-Neutral Hiring Practices: We do not discriminate based on gender throughout the employee life cycle, from recruitment to exit. Our competency-based hiring ensures that we select the right talent for the job, regardless of gender, race, or other factors.

· Fair Compensation: We regularly benchmark salaries and review employee benefits to ensure we are offering competitive and equitable compensation. Our gender pay ratio is favourable, with a male-to-female basic salary ratio of 1:0.94 across our MIST countries, outperforming the World Economic Forum’s benchmarks for wage equality.

· Diversity, Equity, and Inclusion (DEI) Policies: CGS International has a strong DEI policy that promotes respect, equal access to opportunities, and a culture of inclusion where employees feel comfortable expressing their opinions and contributing to the company’s growth.

· Employee Feedback and Engagement: Since 2023, we have been conducting DEI surveys to gain insights into employees’ perceptions of diversity, fair treatment, and opportunities for growth. This helps us understand their sense of belonging and guides improvements in our workplace culture.

· Celebrating Diversity: We actively celebrate diversity through events such as International Women’s Day and ethnic festivities across our offices, fostering an inclusive atmosphere and recognising the contributions of all our employees.

These initiatives show CGS International’s dedication to creating a workplace where gender equality thrives and every employee has the opportunity to grow and succeed.