Jeanette Chan, a former China practice managing partner at Paul, Weiss, Rifkind, Wharton & Garrison, recently left the firm after three decades to join fintech startup Airwallex as its chief compliance officer and general counsel. Chan speaks to ALB about the change, and what she hopes to accomplish in her new role.
ALB: After more than three decades at Paul, Weiss, what prompted you to leave such a well-established firm, and move not just in-house, but to a start-up like Airwallex?
Jeanette Chan: Many people have asked me this question. As you mentioned, I was with Paul, Weiss for more than 30 years and during my wonderfully long and fulfilling career with them, was fortunate to have worked with many great lawyers and entrusted to lead the firm’s successful China practice. I was very blessed and will be eternally grateful to Paul, Weiss for many unforgettable experiences. But I had reached a point in my life and career where I felt it was time to allow others to lead the China practice. This, coupled with the fact that I was ready for something different, something completely new and challenging, prompted my decision to look at other opportunities.
I got to know about Airwallex via several different sources, but it was what I heard from their investors and other companies in the digital-payment space that inspired me to have deeper discussions with the founders. It was clear to me that Airwallex had built a great business in a short period, with the trust of its investors and clients, and the envy of its competitors. I am excited to be a part of Airwallex’s senior management team to lead the legal and compliance functions as we prepare to expand globally and become one of the strongest digital payment companies in the world.
ALB: What will be some of your key priorities in your new role? How are you shaping the legal function at Airwallex?
Chan: My first key priority is to build a strong in-house legal and compliance team. The current team is small, and as Airwallex expands globally, it is important to hire lawyers and compliance officers in the new jurisdictions in which we will operate, to ensure we have the right legal and compliance frameworks wherever we may be. And as we grow the team, it goes without saying that they must work well together as an integrated unit. The strength of the legal and compliance team comes from unity and all members working as one, sharing information and contributing to the growth of the company.
The other key priority is to gain the trust of the regulators. Not only do we need to ensure our products are sound and secure, but we also need to demonstrate to regulators that Airwallex’s legal and compliance team is committed to ensuring laws and regulations are complied with, to establish ourselves as a trusted partner. Fintech is a highly regulated industry thus compliance with the law is of utmost importance. We must always be vigilant in ensuring compliance and not cross any redlines. Having a good working relationship with regulators is key to the success of our business.
As our business team innovates new products and new ways to support our clients in the digital payment sector, the legal team has to be able to keep up with these new developments, both in the law and in technology. The team must be able to adapt quickly and be ready to take on and resolve new and ever-evolving issues. We have to be innovative and creative in our workings with the business team on resolving issues and in launching new products.
ALB: How would you like to see the rest of your legal career play out?
Chan: I do not have a crystal ball, but I would like to build one of the best legal and compli-ance teams in the fintech sector. A team that is smart, creative, and innovative as well as highly ethical and compliant. A team that works well with and has the trust of the government and regulators in the markets we are in. That would be a great way to cap my career.
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