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Meet Liquid’s Deputy Head of Audit Thomas Tsang

Thomas joined Liquid in May 2018 where he has conducted various audits throughout different departments and business functions.
Thomas Tsang

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Thomas joined Liquid in May 2018 where he has conducted various audits throughout different departments and business functions.

Prior to joining Quoine, Thomas worked at EY, USA in the assurance service line where he was heavily involved with evaluation of internal control effectiveness, annual financial audits and quarterly reviews for both U.S. publicly listed and private clients in banking, oil & gas, and retails industry. He was involved with various financial projects such as merger and acquisition and debt issuance procedures. He has also previously worked as a financial consultant, providing financial oversight, market research, and business/financial strategic planning.

Thomas is a licensed U.S. Certified Public Accountant with deep knowledge in identifying deficiencies in financial reporting, FSCP, and internal controls. Recently, he also obtained the Certified Anti-Laundering Specialist (CAMS) credential.

Q: Why did you join Liquid (Quoine)?

A: When I first heard of Bitcoin back in 2008, I never envision myself going to work in a Crypto FinTech Company. Exactly a decade later, the opportunity to work in Quoine presented itself and I seized it.

The initial bitcoin whitepaper delivered some very interesting concepts and its attempt to address the weaknesses of our traditional banking system which struck my curiosity. At that time, I wondered where bitcoin would lead the financial world to. Many years later, different cryptocurrencies, blockchain backed applications and peripheral products sprouted. And of course regulations slowly surfaced in different countries.

Being involved with the first global crypto exchange licensed by the JFSA, attempting to create a strong pillar to ensure public trust and consulting the company to make the right decision are my ultimate drivers which I firmly believe I can make a difference in.

Q: What are some of the biggest challenges you see facing the digital currency/blockchain service space

A: I can relate to a few challenges in the crypto/blockchain service space, i.e. trust, volatility, and security.

Firstly, the struggle of public trust in cryptocurrencies is constant. Lack of regulation, lack of compliance, fraud and hacks all contribute to public concern.

Secondly, more companies are exploring applications to make crypto payment easier and to grow the utility components of digital currencies, but the inherent high volatility create a higher risk for the users.

Lastly, as digital currencies and blockchain are operated in the traffic of the internet and the clouds, cybersecurity is increasingly becoming more important. The crypto industry must continue to advance security measures to address the complexity and constant advancement of vulnerabilities, viruses, and malware attacks.

Q: What excites you about coming to work every morning?

A: There is no lack of knowledge in the crypto industry and people (colleagues included) who are in it. I am eager to learn and spurred on by knowing that there are lots of opportunities to absorb and embrace new information everyday. There is never a dull day in the crypto environment. I see something new or different daily.

Q: What's your advice for those who want to enter this industry?

A: Be passionate and be creative, think outside of the box and do not lose your integrity. If crypto is ultimately aiming to change the current financial system and introduce new perspectives of how one person validates trust, such as through the use of the blockchain, then don’t think from the ancient and traditional approach.

Be risk oriented and smart. It’s never about doing more, it’s about doing it the right way with efficiency and effectiveness. If you are always working longer hours than your peers, you should try to measure your productivity over deliverables and results instead of time and hours spent.

Q: What do you do for fun?

A: I like to stay active, I’m quite sport oriented, so I enjoy lots of sport, basketball being one of my favorites. I also find traveling extremely appealing and fun. I enjoy meeting new friends and going on adventures. I once hopped on a stranger’s van with a group of 8 people and went on an 8 hours road trip to attend a concert. Life is more fun when you take some risks.

Q: If you can have lunch with anyone, who would it be?

A:Kobe Bryant because of his mamba mentality. I quote “Every negative thing is all an opportunity for me to rise”.

This interview was recorded prior to the tragic event late last January, it shocked the whole world. Rest In Peace Kobe Bryant. You truly are a legend. Thoughts to your family, friends and supporters. 

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