Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is a partner in KT Capital Group and the Chinese shareholder representative of a large, listed P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Crypto Exchanges: Is the Disruptor Being Disrupted?

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase (COIN US)</a> has significant growth potential in non-transaction revenue with its crypto platform strategy and various initiatives underway.</li>
<li>This would also help the company move away from competing just on fees in the long run, although fee compression is unlikely to materialize in the medium term.</li>
<li>Using P/S ignores the company's profitability. On a P/E basis, the company's valuation looks reasonable compared to other major Fintech/payments peers.  </li>
</ul>



Coinbase (COIN US) has significant growth potential in non-transaction revenue with its crypto platform strategy and various initiatives underway.
This would also help the company move away from competing just on fees in the long run, although fee compression is unlikely to materialize in the medium term.
Using P/S ignores the company's profitability. On a P/E basis, the company's valuation looks reasonable compared to other major Fintech/payments peers.  


2022 High Conviction: Coinbase Is More Than Trading Coins

Coinbase Global

2022 High Conviction: Coinbase Is More Than Trading Coins