Building Southeast Asia’s leading rewards platform
Henry Chan is one of the leading entrepreneurs in Singapore, best known as the Co-Founder and CEO of ShopBack. Since its founding in 2014, ShopBack has grown into Southeast Asia’s largest rewards and cashback platform, serving over 40 million users across 10 markets.
Chan’s entrepreneurial journey began after his experience at Zalora, where he recognized a gap in how e-commerce platforms incentivized shoppers. Together with Joel Leong and a team of co-founders, he launched ShopBack to offer users cashback rewards for online purchases. This simple but powerful idea resonated across Singapore and quickly expanded regionally.
Today, ShopBack partners with over 15,000 online and offline merchants, including global brands like Amazon, Shopee, and Lazada. Entrepreneurs in Singapore like Henry Chan are proving that strong user understanding and operational excellence can turn local ideas into regional platforms.
Strategic growth and regional expansion
Henry Chan’s leadership has been pivotal to ShopBack’s success. From its early days in Singapore, the company focused on building strategic partnerships with major retailers, ensuring a wide range of cashback opportunities for consumers.
In 2017, ShopBack raised US$25 million in Series B funding led by Credit Saison, strengthening its presence across Southeast Asia. The company continued to expand, entering Australia, Taiwan, and South Korea. In 2022, ShopBack secured an additional US$80 million in a funding round led by Asia Partners, bringing its total funding to over US$230 million.
Unlike traditional loyalty programs, ShopBack differentiates itself by integrating cashback seamlessly into users’ shopping experiences, whether online or offline. It also diversified into financial services with the launch of ShopBack Pay and ShopBack PayLater, expanding its role in the digital payments ecosystem.
Chan’s pragmatic leadership style — blending data-driven decision-making with local market understanding — has made ShopBack one of Southeast Asia’s most trusted consumer platforms.
Entrepreneurs in Singapore like Henry Chan highlight how innovation, when paired with operational discipline, drives regional success.
Impact on Singapore’s startup ecosystem
ShopBack’s success is a significant boost to Singapore’s growing reputation as a hub for regional tech champions. Its expansion story exemplifies how Singapore-founded startups can scale beyond the domestic market to dominate Southeast Asia.
Support from organizations like Enterprise Singapore and funding ecosystems such as Startup SG played a crucial role in ShopBack’s early momentum. The company’s success story also showcases the importance of nurturing digital talent and fostering an innovation-friendly environment.
Moreover, Henry Chan and his team actively contribute to the ecosystem by mentoring younger entrepreneurs and investing in early-stage startups. Their involvement strengthens the collaborative, supportive culture essential for Singapore’s continued startup growth.
Singapore business leaders like Henry Chan are not only building successful companies; they are reinforcing the foundations of a thriving innovation ecosystem.
Conclusion
The Johor-Singapore Special Economic Zone is not just a bilateral achievement; it reflects a broader paradigm shift in global trade.
In an era of fragmented supply chains and regional realignments, the JS-SEZ offers a rare model of pragmatic cross-border integration. It highlights how governments can create competitive advantage through collaboration — not isolation.
Moreover, the zone strategically aligns with trends such as:
The rise of nearshoring: reducing supply chain risks by regionalizing production
Digital-first economies: building smart logistics and digital services hubs
Sustainability priorities: embedding ESG principles into new economic zones
If successful, the JS-SEZ could become a benchmark for future cross-border economic initiatives across Asia and beyond.
Future focus: ambitions for 2030 and beyond
Henry Chan’s journey from an e-commerce employee to the CEO of Southeast Asia’s largest rewards platform demonstrates the vision, resilience, and adaptability of entrepreneurs in Singapore.
As ShopBack continues to expand and innovate, Chan’s leadership remains a shining example of how Singaporean entrepreneurs can turn local opportunities into regional powerhouses.
Discover more inspiring journeys on Feature.Asia: 10 Entrepreneurs Under 30 Changing Asia’s Economy
