Pros
Working at Xe was like being thrown into a burning building and handed a wet napkin for firefighting; an absolute masterclass in navigating chaos with minimal resources. If nothing else, it sharpened my problem-solving skills and resilience, mostly out of necessity. More importantly, it gave me a crystal-clear understanding of exactly what kind of organisation I never ever ever want to work for again, which is, in itself, a valuable (but annoyingly inconvenient) lesson.
Cons
Xe operates like a fintech in name only, parading outdated, inefficient systems because never mind customer experience. The technology is archaic; think early 2000s UI, riddled with inefficiencies that make even basic transactions painful for both clients and compliance teams. Instead of investing in sustainable solutions, management opts for bandaid fixes, with no real incident management, no root cause analysis, and no strategic overhaul - just layer upon layer of quick patches that create more problems than they solve. Leadership is equally dysfunctional, with critical roles filled by individuals whose only qualification seems to be proximity to power. Nepotism is rife, with decision-making concentrated in a few hands, whose appointment appears to be based on not much other than family/cultural ties. Vision and long-term strategy are non-existent; the company runs on corporate fluff, spinning narratives to mislead auditors while failing to execute even the most basic principles of change or project management. Regulatory compliance is another afterthought. The company lacks a commercial understanding of APAC regulations, relying on ineffective third-party e-KYC providers that fail to meet minimum compliance requirements. Calls to reinforce the 3LoD framework were ignored, demonstrating a fundamental disregard for risk culture and best practice. Governance is weak, with unreliable data routinely accepted in board reports and KPIs, leading to misinformed decision-making and a lack of accountability at the highest levels. Employee welfare is equally neglected. Under-resourcing in Australia, particularly in line 2 compliance, results in chronic overwork, while investment in staff is treated as an unnecessary expense. The company’s solution? Offshore low-complexity tasks to underpaid, poorly trained employees, widening global income disparities while degrading service quality. ESG considerations are non-existent and profit is the sole driver, regardless of ethical or commercial consequences. Xe is not just inefficient; it’s structurally unsound. The risk culture is performative at best, deceptive at worst, with misleading regulatory reports and a blatant disregard for best-practice compliance frameworks. The business is fundamentally unserious about long-term sustainability, relying on weak governance, cheap labour, and misleading reporting to mask deeper structural issues. If left unaddressed, it is not a matter of if this company will face regulatory and operational fallout, but when.