Jx Lye always harbored the desire to create something of his own. His career in product management at tech giants such as Dropbox, Lyft, and ByteDance expanded his skill set and responsibilities, ultimately leading him to a pivotal role as Chief Product Officer at Endowus, a digital investment platform. This experience, which he describes as “tremendous and irreplaceable,” provided him with deep insights into the finance industry and fortified his resolve to launch his own venture.
At Endowus, Jx tackled the challenge of integrating digital processes with traditional banking systems, a task fraught with complexity and high stakes. This daily grind revealed a significant market gap: the need for streamlined bank connectivity. Intrigued by the potential to automate and simplify these processes, Jx engaged with various fintechs, banks, and SMEs, discovering a universal struggle with manual reconciliation and inefficiency. This revelation laid the groundwork for his startup, Acme Technology.
Building Acme Technology
Acme Technology, founded in January 2023, aims to address the cumbersome process of bank integration. Jx, alongside former Stripe and Salesforce employees, developed APIs that facilitate seamless data exchange and real-time money movement between banks and clients. Acme’s platform acts as the infrastructure connecting back-end systems to banks, enhancing efficiency, accuracy, and auditability.
Within a year, Acme secured significant clients like Zalora, WhiteCoat, and Luce. These partnerships highlight Acme’s value in automating payment reconciliation, reducing manual workload, and ensuring prompt communication of payment receipts. Jx emphasizes the importance of serving SMEs, considering them essential for user feedback and validation. His vision for Acme includes expanding bank connections, scaling operations, and fostering a world-class team and culture.
Navigating the Challenges and Opportunities of Entrepreneurship
Jx’s journey abroad played a crucial role in shaping his entrepreneurial outlook. Exposure to diverse business models and talent pools in the US and China provided him with a global perspective necessary for building a competitive company. His team at Acme reflects this global experience, with members bringing insights from leading tech hubs. Despite the current economic uncertainties, Jx believes it is an opportune time to build a startup.
He draws parallels to successful ventures born during the 2008 financial crisis, asserting that challenging times breed the most determined entrepreneurs. In Singapore, he finds support from a close-knit tech community and institutions like Enterprise Singapore, which aid startups and SMEs alike. Jx advises those affected by layoffs to reassess their skills and aspirations, viewing the disruption as an opportunity for growth or pivoting to new sectors, including non-profits. He acknowledges the maturing tech scene in Singapore, which now offers varied opportunities for tech professionals, from joining big tech firms to starting their own companies.
To read more startup stories visit- thesingaporepress