The founder and CEO of Singaporean firm CardsPal has stepped down just three months after it was acquired by FinTech utu.
Saim Yeong Harng founded the company back in 2019, but has now left the helm, and has given no firm indication as to why, or what the future may hold for him.
CardsPal was recently bought by utu, which aimed expand its presence within the post-pandemic tax-free shopping market, which is currently valued at $9.5tn.
The move has taken place shortly Singapore-based company completed a $33m Series B funding round in June.
In his statement revealing the news, Harng claimed that the company is in great hands under its new ownership, and thanked everyone who played a role in the success of CardsPal during his five year run at the reins.
In a heartfelt post on his personal LinkedIn account, Hang said, “It has been nearly 5 years since I embarked on the CardsPal venture back in 2019, full time. It is with mixed emotions that I announce my official step down yesterday. CardsPal is now in good hands with our new owner utu.
“There is a long list of people who I would like to thank throughout this exhilarating journey – every single one who has touched my path, inspired me, provided invaluable lessons, supported me, and taught me.
“Thanks to all my team members, past and present, who have been on this incredible journey with me! We made mistakes, but we also achieved remarkable feats. We ran lean, experimented, pivoted when necessary, pushed hard, and persevered. When I read “Exponential Organisations 2.0,” I realised we unconsciously applied all 10 attributes of being an EXO. Some we did well, some not as much, but we never neglected any.”
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