SYNQA: Connecting people, businesses and societywritten by Sonia li on May 01, 2020
Ever heard of the Japanese Shinkansen bullet train story? Or how the U.S. Navy designed its ship coatings? Both products are inspired by nature; the former by the bird kingfisher and the latter by shark skin. These are among many brilliant examples of biomimicry. Biomimicry is a practice, a way of thinking and solving problems by mimicking nature and its elements. It’s the idea that in nature, we can find solutions to complex challenges.
Similar to biomimicry, the concept of a business ecosystem has its roots in nature. The term business ecosystem was first introduced by James F. Moore in 1993 in his article Predators and Prey: A New Ecology of Competition. In an ecological system, animals, plants and living organisms, work and interact together to create a system; a life bubble. They are all co-dependent and contribute to one another. Analyzing businesses through an ecosystem lens is understanding that “a company [cannot] be viewed […] as a member of a single industry but as part of a business ecosystem that crosses a variety of industries.” (Moore, 1999). Like all ecological systems, business ecosystems are evolvable, dynamic and interconnected. Stakeholders collaborate because there are mutual benefits to do so.
Looking to nature for inspiration
Why are we talking about biomimicry and business ecosystems and how does it relate to SYNQA? Observing nature and human behavior can help us find solutions to problems and provides insight on how businesses and people can thrive and coexist. And in nature, one can observe a beautiful synchronization that occurs – where every part has a purpose and their interaction is mutually beneficial for all parties. Along with our resolute vision of creating an economic ecosystem in which all people can thrive and coexist in harmony, this is what we drew upon as we transitioned from Omise Holdings to SYNQA, as announced on 30 April 2020.
With the maturation of our company and its activities, we wanted to capture and convey how fintech contributes to the synchronization of people, businesses and society with more accuracy. Through our companies and their technologies, we are certain that win-win-win situations can be created. We wanted our corporate identity to inform audiences how our businesses exist to enable that harmonious alignment. Late 2019, we embarked on a rebranding process that included a company name change, a new logo, new design and colors, a new website, and a revitalized vision, mission and messaging.
SYN + Q = SYNQA
SYNQA is our new company name. Our name signifies synergy, synchronization, symbiosis, symmetry and quest. These words capture the essence of our vision and mission: connecting people, businesses, and society in innovative ways that spread the wealth of financial opportunity and provide fair and open access to a growing economic ecosystem. Each business we invest in or manage has a key role and purpose to play in the thriving present and future of fintech, and each business contributes in its own way to our mission and vision.
We can only achieve our mission and vision with our people and strong values. Clarity makes everything easier, a clear mind and vision leads to clear actions. Excellence is what we strive for. Change reminds us to be adaptive and humble. And when these values are synchronized, we can make positive impact.
Our logo design conveys the dual concepts of innovation/futuristic and harmony/cooperation. While these two directions might seem opposing at glance, they represent how we envision the future of digital economy: through greater cooperation and openness. The signature “Y” represents people, business and society. When they are collaborative and aligned, it leads to innovation, new technologies and more opportunities. The “Y” represents why we started SYNQA and why we aim to create synergy within our group of companies, and to flourish in the broader fintech ecosystem.
Synchronizing Economic Possibility
As a global holding company that invests in and owns companies that deliver fintech solutions and products to clients around the world, our key role is to build and synchronize connections. Synchronization implies connection and we believe everything is connected; and if not, they can be via technology. Through those connections, meaningful economic activity and relationships are born. By bridging the legacy financial systems of yesterday and the financial technologies of today, we expand accessibility to financial services, economic opportunity, and capital markets.
We believe in the power of relevant, high quality fintech products and infrastructure, and their role in accelerating digital transformation for businesses to better serve their customers. Our subsidiary, Omise (Payment Gateway) has been at the forefront of online payment since 2013, providing 40,000 merchants across Asia with the necessary tools to run their online business, accept payments, and connect them with millions of customers. OmiseGO, another subsidiary is building an open financial infrastructure on a blockchain that tackles another pain point faced by businesses. The OMG Network provides a value transfer solution that enables businesses and individuals to securely offer and access a wide range of financial services, and invest, exchange and spend digital assets.
Like an ecological system, a business ecosystem has multiple layers, components and complexities. For SYNQA, we may have only skimmed the surface, but we’re in it for the long haul and our companies are laser focused on building high quality, relevant products for businesses. We aspire to grow SYNQA’s ecosystem by managing companies, investing in entrepreneurs and businesses, and acquiring companies that contribute to the formation of a fairer and more efficient financial ecosystem. We’re extremely excited with the possibilities our technologies offer. It’s always only the beginning.