In this episode of YS Up Governance and Boards Podcast, 3YS Owls Governance Consultants, Ainslie Cunningham and Deb Anderson interview Georg Chmiel. Georg is the Executive Chairman of Juwai-IQI, one of the largest end-to-end property market places in Asia. He is also Chairman of iCarAsia (ASX:ICQ), the number 1 online automotive marketplace for South East Asia and non-executive Director of Centrepoint Alliance Limited (ASX:CAF), a leading wealth management network across Australia, as well as Prop Tech Group.
We explore with Georg his wealth of experience working in South East Asia; online new and used car and property sales in South East Asia , iProperty, artificial intelligence, some of the challenges faced by start-ups, budgets and financial reporting, culture, the importance of a clear vison and AI.
If you take REA's realestate.com.au, the number one reason why it was such a success is because there were newspapers. Newspapers are highly inefficient to search. I mean, you can't compare. It's only a subset of the total market in the newspaper, otherwise they will be that thick. And online allowed, for the first time, to really give full transparency and generate more and better leads, and balance the power in the industry. That is real disruption.
What is not disruption are companies like WeWork or others which try to apply a bit of the accounting standards and couple of other things and convert large long-term leases into smaller short-term leases. I mean, the only outcome of all of that was changes to the lease standards, and a lot of people who probably lost a bit of the belief in the technology and the disruptive community. But honestly, it really makes a difference.
It's also differentiating between countries. So, if you take a Western, let's say, European or Australian approach, technology is not unconditionally embraced. The first thing which comes to mind, particularly in countries like, let's say, Germany where I'm originally from, is fear. So, technology is there's something stored about myself, what will happen with the data, etc.
When you take an Asian approach, it's about opportunity, it's about how can this help me in doing things I wasn't able to do before. How do I, and this is not just online technology, how do I get access to medication? How am I able to follow a job when I'm quite remotely based? I mean, if you think of those countries, you've got 7,000 islands in Philippines, you've got 17,000 in Indonesia. I mean, logistically, a nightmare. So, the only way you can do it is by disrupting how you interact in these markets.
Georg Chmiel is the Executive Chairman of Juwai-IQI, one of the largest end-to-end property market places in Asia with more than 12,000 sales agents. He is also Chairman of iCarAsia (ASX:ICQ), the number 1 online automotive marketplace for South East Asia and non-executive Director of Centrepoint Alliance Limited (ASX:CAF), a leading wealth management network across Australia, as well as Prop Tech Group (to be listed soon).
Georg was previously Managing Director / CEO of the iProperty Group (ASX:IPP) before it was sold to REA Group for over A$750m, non-executive Director of Mitula Group (ASX:MUA) and earlier Managing Director / CEO of LJ Hooker Group with 700 offices across ten countries. Georg also held the position of CFO at REA Group (ASX:REA).
Georg has over 25 years of experience in growth business, especially in the real estate and online industry. Georg is the recipient of the Asia Pacific Entrepreneurship Award in 2016 and the Top Outstanding Leaders Asia Award in 2015. Georg is a CPA (USA), member of the American Institute of Certified Public Accountants, Fellow of the Australian Institute of Company Directors and holds an MBA (INSEAD) and a Computer Science degree (TU Munich).
If you enjoyed this episode please remember to review, like and comment. You can leave a rating and subscribe for the latest episode at iTunes using the apple icon in the player above.
3YS Owls are a corporate governance firm and incorporated legal practice who specialise in providing a variety of services and solutions across corporate governance, company secretary, board advisory, strategy, risk and business consulting. Contact the team today to see how we can help you.
If you have a topic you would like us to explore, or you would like to join us as a guest on the podcast, we would be delighted to hear from you. Let's Get in Touch!