Xiang Jie Chung
Verified Expert in Finance
Finance Expert
Singapore, Singapore
Toptal member since June 10, 2024
Xiang Jie is a vice president of finance at Carro, Southeast Asia's largest automotive marketplace. He has secured over $500 million in capital, overseeing a tenfold surge in revenue and entry into three new markets across APAC. Currently, he is focusing on various areas of corporate finance, including M&A, FP&A, transformation, and restructuring. Xiang Jie has also spent several years building well-rounded finance skills, including serving as an auditor, consultant, and financial controller.
Career Highlights
Certification Highlights
Case Studies
Expertise
Work Experience
Vice President of Finance
CARRO Thailand
- Acted as a key member of the management team, playing a pivotal role in scaling the business from startup to unicorn. Drove a tenfold revenue increase to over $743 million and facilitated expansion from four to seven APAC markets in three years.
- Established and grew the company's finance division, increasing the team from fewer than 30 to over 100 employees across six countries within two years.
- Oversaw financial reporting of all markets and business lines down to transactional and unit economics levels. Assembled a SWAT task force to address and resolve urgent issues with significant business impact.
- Set up regular budgeting and rolling forecast processes across all markets. Prepared annual consolidated budgets for board approval, as well as regular cash forecasting, and advised on capital allocation planning.
- Implemented standardized finance policies and procedures across the company. Established finance shared services function in Malaysia for over $371 thousand in annual cost savings.
- Oversaw finance transformation activities throughout the company, implemented NetSuite ERP, and fully integrated it with core business systems, dashboards, and analytical tools.
- Established banking relationships with key local and international banks as part of the company's long-term capital strategy. Assisted in negotiating term sheets and conducting continuous credit evaluations.
- Supervised tax activities, including tax planning, transfer pricing, and structuring activities across the company.
- Executed corporate restructuring for the company, focusing on initial public offering (IPO) readiness, regulatory compliance, and tax optimization.
- Contributed to fundraising and M&A teams led by the CEO and CFO. Raised over $300 million and secured a controlling stake in six companies, plus minority holdings in three others over three years.
Founder
The Craft Ambassadors Asia
- Launched a craft beer importation business from a hobby, introducing draft and bottled US craft beers to Singapore and expanding distribution to eight dedicated craft beer bars within two years.
- Expanded US craft beer distribution to local distributors in Japan and Vietnam.
- Pivoted to bottled and canned craft beer home delivery during COVID-19 due to social gathering restrictions and temporary suspension of food and beverage (F&B) businesses.
Transaction Services Manager
WPP
- Executed financial due diligence on small and medium-sized deals across the APAC region, reporting to the APAC and Global Transaction Services directors.
- Established pro-forma financial reporting, standardized profit and loss (P&L) normalization, and carved out financials of acquired companies post-deal completion, collaborating with target finance teams for streamlined reporting processes.
- Coordinated with M&A deal teams and advisors on the deal process, including ensuring key milestones were met and providing inputs for sale and purchase agreement (SPA) and term sheet negotiations.
Country Financial Controller for Indonesia
WPP
- Managed financial, tax, and legal affairs for over 20 local entities with net annual revenues surpassing $100 million. Acted as the principal liaison and escalation contact for internal and external stakeholders' financial, tax, and legal issues.
- Executed and supported corporate restructuring plan in Indonesia as part of global restructuring initiatives, freeing up more than $100 million in trapped cash.
- Led and implemented local entities' legal and tax health assessments, employing external advisors and averting potential fines of $5 to $10 million. Communicated key issues to the global tax director.
- Implemented new accounting standards, including IFRS 15 and 16, as well as other local Indonesian accounting standards.
- Assisted the country CFO with diverse group-wide projects such as shared services initiatives, new campus negotiations, and organization of country-level conferences.
Manager
EY
- Supervised project teams handling technical financial and commercial tasks, including financial and tax due diligence, financial model reviews, carve-out assistance, independent reviews, and post-transaction support.
- Assumed the lead role in cross-functional project management for regional/APAC transaction advisory engagements, bearing full responsibility for deliverables with clientele spanning PE funds, fintechs, and regional to global financial institutions.
- Established data analytics approach on transaction due diligence using tools like Alteryx, Tableau, and Spotfire on large complex data sets.
- Supported business development activities in ASEAN, engaging in cross-functional pitches, Myanmar investor roadshows, the Singapore fintech festival, and regional insurance seminars.
Manager
KPMG
- Led engagement teams for medium and large audit and advisory projects across diverse regions, reporting directly to various partners.
- Served on a special audits task force focused on high-risk audits, including insolvencies, wind-downs, significant accounting errors, startups, and plantations.
- Advised clients on regulatory and statutory requirements, prepared red flag reports, recommended compliance protocols, and conducted organizational health checks.
- Conducted continued professional education (CPE) training sessions for junior associates and new graduate hires.
Specialist
MINDEF Communications Organisation
- Completed the two-year compulsory military service required for all Singapore citizens.
- Served as an IT and signals specialist in a military camp.
- Participated in overseas missions during extensive military exercises.
Education
Master's Degree in Accounting
Singapore Management University - Singapore, Republic of Singapore
Bachelor's Degree in Chemical Engineering
Purdue University - West Lafayette, Indiana, United States
Certifications
AWS Cloud for Finance Professionals
Amazon Web Services
Essential Financial Modelling
Gridlines
Chartered Accountant (Singapore and ASEAN)
Institute of Singapore Chartered Accountants
Skills
Finance
Corporate Finance, Accounting, Budgeting, P&L Forecasting, Cash Flow Modeling, Financial Planning & Analysis (FP&A), Pro Forma Financial Statements, Profitability Analysis, International Taxation, Financial Modeling, Anti-money Laundering (AML), Tax Planning, Fundraising, Dividend Policy, Consumer Loans, Debt Restructuring, Mergers & Acquisitions (M&A), Financial Reporting, Management Accounting, Import Costing, Taxation, Valuation, Environmental, Social, and Governance (ESG) Reporting
Output Software
Microsoft Excel, Microsoft PowerPoint, Office 365
Geographic Expertise
Singapore, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Myanmar, Hong Kong, China, Japan, Taiwan, United States, Cambodia
Data & Analysis Software
NetSuite, Tableau
Other
Auditing, M&A Due Diligence (Financial), Corporate Restructuring, Financial Controls & Processes, Pro Forma Analysis, Carve-out Planning, Carve-out Analysis, Cohort Analysis, Restructuring, Financial Controlling, Startups, Advisory, Internal Control, Xero, M&A Due Diligence (Commercial), Regulatory Reporting, Regulatory Risks, Finance Transformation, Investor Relations, System Implementation, Process Automation, PMI, Corporate Development, Data Analytics, Process Modeling, Statistics, Corporate Strategy, Business Development, Export Shipment Handling, Product Imports, Sales, Military, Corporate Law, Cloud Computing, Data Validation, SAP, Treasury, Fintech, Target Operating Models
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