“In this era of digitization, children should be allowed and even empowered to harness the benefits of tech because it prepares them better for the world that they would live in. Of course, correct guidance and control is important to ensure they are on the right track since as I mentioned before, tech opens up newer types of perils for children and adults alike”
- “COVID-19 then entered the picture and disrupted all order in the world. These disruptions came in a couple of waves – one was health issues, the other was economic issues. But the most long lasting and the one with the most positive outcomes was in the third wave which accelerated the implantation of a fourth industrial revolution globally.”
Today in Inside Story, we feature Rakhil Fernando, known to most people as the son of Ramani and Ranjith Fernando. Treading in his parents footsteps, Rakhil too is a trail blazer, someone who is continuously pushing the boundaries and looking for new challenges and experiences. The Managing Director of Daraz Sri Lanka, a wholly owned subsidiary of the Alibaba Group which is one of the largest ecommerce market places in South Asia, Rakhil is also the Chief Executive Officer of Koko, a buy now and pay later fintech startup, established by the Alibaba Group in 2020. A veteran of the startup ecosystem in South East Asia, he was previously the Director of Innovation & Venture Building of Metlife in Asia. Rakhil has many years of finance and banking experience, and holds a Bachelor of Science in Aerospace Engineering from Embry Riddle University in USA. Rakhil has been a member of YPO since 2020 and is a Global Goodwill Ambassador for Habitat for Humanity.
Q What makes you tick – gets your adrenalin pumping?
I love big ideas! It may be in the form of completely transforming the way things are done or embarking on a bold path that challenges the status-quo, or even finding a mission that challenges me personally. These are a few things that can really keep me engaged and motivated, and push me to do better and be better every day.
Q What would you say is the driving force in your life?
Fundamentally, there are two ways to approach life. You can either run away from the opportunities and adversities life throws at you and settle for what I would call a rather mediocre and uneventful life; or you could embrace opportunities and challenges alike, and run towards a transformative vision that you set for yourself. Because it is okay and normal to stumble along the way, and get back up. You can make life an electrifying experience with plenty of wins to celebrate. My approach to life is definitely the latter, and the driving force beneath all that is my insatiable hunger for adventure and reckless optimism.
Q You have a degree in Aerospace Engineering but worked in finance and tech – why is that?
It can be mostly attributed to my upbringing, which had me attempting everything and anything. I had attempted to play various instruments, have tried my hand at acting by taking part in plays, and tried virtually every sport imaginable - although quite unsuccessfully. Having this attitude of wanting to do many things gave me significant exposure to attempting different things and failing at some of them – which in turn laid the foundation for cultivating a personality and thick skin that gets constantly excited by new explorations. My entry in to finance and tech, despite having spent years educating myself in a completely different field therefore, is an outcome of this yearning for exploring the unknown and swimming against the current I would say.
Q Do you think that Covid has revolutionized tech, and the way we live and work?
The tech revolution was inevitable. Even before the coronavirus struck, there was plenty of evidence that the world was gradually moving to a more virtual standard. We saw this in the form of a gradual shift in consumer behaviour, overwhelming growth in social media engagement, automation, virtual environments, blockchain and robotic engineering advances, a fresh narrative on business intelligence tools, more productive manipulation of data and much more. COVID-19 then entered the picture and disrupted all order in the world. These disruptions came in a couple of waves – one was health issues, the other was economic issues. But the most long lasting and the one with the most positive outcomes was in the third wave which accelerated the implantation of a fourth industrial revolution globally. The tech revolution that was activated by the impacts of the pandemic contributed to the discovery and evolution of outcomes in healthcare-tech, bio-tech, digitalization and automation to a remarkable level within a short span of time. So yes, Covid did impact the way we work and live by accelerating the changes in behaviour and attitudes toward tech, more than actually impacting tech itself.
Q Do you limit the number of hours your family devote to on line activities – especially your children [a bit hard with on line schooling]?
In this era of digitization, children should be allowed and even empowered to harness the benefits of tech because it prepares them better for the world that they would live in. Of course, correct guidance and control is important to ensure they are on the right track since as I mentioned before, tech opens up newer types of perils for children and adults alike. Yes, we try to take a balanced approach to manage our device-dependence and consciously spare time for quality interaction – we pursue our personal hobbies that have little connection to technology – like my prized lego collection. Overall, we are mindful of not letting tech get in the way of our home life.
Q Your mother and father are well known PERSONALITIES in Sri Lanka – was it a case of living under their shadow when growing up, or were you and your siblings given the space and encouragement to carve out your own paths?
I feel humbled by the privilege of growing up with the guidance and love of my parents. Both were well-accomplished in their respective fields and certainly set high standards in terms of managing a successful marriage and a business partnership while being exemplary parents to us. I consider it a blessing to have been under their wings and they had a great positive influence on me and my siblings. They allowed us to follow our dreams and make our own choices and backed us to the hilt in all our decisions – this was obviously a great strength and a blessing.
Q What are your hobbies?
Most of my hobbies around disconnecting from work. I do dabble in the odd Lego set once in a while. Architecture and design is also something I spend a lot of time researching. My house is in a constant state of renovation because of this. However the majority of the time I try to spend with my Son.
Q Do you bring work home with you or is there a very strong dividing line between work and home?
Given the current shift of work dynamics, it is somewhat impossible not to take work home – because working from home is a norm now. What’s important is to draw clear boundaries between work and home life so that both are managed prudently without compromising your happiness, well-being or peace of mind.
Q As a Global Goodwill Ambassador for Habitat for Humanity, what exactly does your role involve?
My role at Habitat for Humanity is one that gives me great pride and joy. As a Goodwil Ambassador my primary role is to actively promote their vision and mission of creating a better society. This means I am dedicated to helping Habitat for Humanity Sri Lanka to raise awareness about the need for affordable housing for all, and raise much needed funds and resources to support more low-income families in Sri Lanka break the cycle of poverty. This means much to me personally, as I am a firm believer that, when you give somebody a home, you give them a place to be anchored to.
Q Are you and your wife equal partners? Sri Lankan men, even those educated overseas are notoriously chauvinistic
My wife is an amazing grounding force in my life. She plays a key role in my life as my best friend, partner, confidante, advisor and much more. I grew up watching my mother playing numerous roles as a successful entrepreneur, a socialite, and a fashion icon – I have witnessed so many women being empowered and inspired through her strength and resolve. I strongly believe that women have exceptional power in them and hold great regard for my wife for the exceptional strength, love and genius she brings into our lives and marriage.
Q Your career path has been that of a high flyer – what are your plans for the future?
I’m set on continuous evolution. As I mentioned before I am almost reckless and unstoppable when it comes to experimenting and taking calculated risks. Right now, my focus is on delivering on the ambitious expectations of Daraz Sri Lanka and making it the biggest success story for Daraz in the region. Empowering my team towards this, and continuing to improve in my leadership role by learning and unlearning, is my most immediate plan for the future.
Pix by Waruna Wanniarachchi
