Tuesday, April 5, 2011

60 minutes with Founder of SG Net Pte Ltd & Auruma International Ltd

received an email from auruma admin. and this is something great to share. 
Who is Victor Foo? Until recently, probably not many people, except for his friends and associates, cared to know. But with the setting up of Auruma International, the marketing arm that complements his online gold and silver coin and wafer retail business, SG Net, Victor has had to step out into the spotlight, in order to meet his growing network of members, and to answer their questions about the business.
Having persuaded him to take just a little time off from his demanding schedule, we sit down to ask Victor what makes him tick, how he got to where he is today, and despite multi-level marketing being a dirty word to many in this day and age, how his experiences have led him to structure Auruma International the way it is today.
AurumaWorld: So, who is Victor Foo?
Victor: Like most people born and bred in Penang, I am a fairly casual and easy going person, I suppose. I schooled at Penang’s Methodist Boys School, where I learned that aside from having a good educational foundation and strong family bonds, success requires perseverance and honest hard work.
My first job was as a swimming instructor at a swimming academy under the watchful guidance of my father. Thanks to my dad, I was brought up with a solid combination of self-discipline, social responsibility as well as physical and inner strength.
Armed with these attributes and aptitude, I went into the insurance industry at a fairly early age and became one of the youngest rookies at that time to achieve the prestigious Million Dollar Round Table (MDRT) accolade.
My career in the insurance industry brought me a lot of satisfaction, as I was able to help secure and protect the lives and future of the people around me, by helping them to preserve, conserve and protect their wealth and health. Little did I know at that time, that this would become the makings of Auruma International’s basic principles: to create, to preserve and to prosper.

“Wealth is not just about money”

AurumaWorld: What gets you up in the morning? What are your passions in life?
Victor: A good glass of kopi O, preferably Penang style of course!
But seriously, like many people, I’ve been put through the ‘mill of life’ – I’ve worked hard to build my little world, only to watch it crumble. So, I do know what it’s like when life deals you a lousy hand. From that, I learned to treasure the moments with the people I cherish, and I am passionate about sharing my lifelong dream of helping people create and preserve their wealth, as well as prosper from it.
To me, wealth is not just about money, rather, it’s about being enriched by life altering experiences and lifelong relationships with great people. I have absolutely no political ambitions, but am very passionate about using my limited funds and abilities to make a positive change in the way people look at preserving their wealth.
AurumaWorld: When, and how, did you make your first million?
Victor: I honestly can’t remember! My values have changed significantly with time – back then, I was focused on just building the business. Today, life for me is not about just chasing money. No thanks to the inadequacies of the financial industry, I have seen how millions of dollars can be reduced to nothing in the blink of an eye. Thus, I am now more interested in helping other people achieve financial freedom and security through a way that is decoupled from the financial industry.
AurumaWorld: How many businesses do you own?
Victor: I still have my faithful insurance brokerage company. It has seen me through the worst and the best of times. But of late my focus has been on building the online bullion business through SGNet Pte Ltd, and now with Auruma International.
AurumaWorld: How did you come up with the idea of setting up Auruma International?

“an avenue for the man in the street to preserve his wealth”

Victor: SG Net Pte Ltd was established with all the strategic partners in place, and serving institutional buyers and high net worth individuals who understood and appreciated the need to preserve their wealth through investments in solid precious metals.
After SG Net found it’s footing, I started to look for easily accessible avenues for the man in the street to preserve his, or her, wealth. That was what prompted me leverage on SG Net’s infrastructure and to start Auruma International. With my experience in the financial services industry I was able to create a near perfect business model that is unique to the individual. The core principles are:
-        Zero/minimal capital outlay
-        Zero/minimal after sales service
-        Globally tradable
-        Physical asset backed (ie no promissory notes or structures)
-        No/little product explanation
-        Business infrastructure – totally outsourced
-        Business that is open 24 hours a day. No one sleeps!
With this I get up in the morning and smile because this idea can benefit so many people, yet it’s so uncomplicated. It’s all simple, simple, simple!
AurumaWorld: What does Auruma International stand for, and how closely does it relate to your own personal beliefs?
Victor: Many people around the world, like me, saw their retirement plans disappear overnight in 2008, and since then a lot of thinking about wealth has been driven by that singular event. I believe that Auruma International is an avenue for everyone, regardless of where they are in the world, to preserve their wealth by converting their paper backed assets a physical asset with an intrinsic value. This, should help us to weather future financial meltdowns and whatever financial tsunamis that may come.
AurumaWorld: What is Auruma International’s structure?  Why did you choose the multi-level (MLM)/network marketing structure given its tarnished reputation? Also why did you incorporate the company in the British Virgin Islands (BVI)?
Victor: SG Net Pte Ltd was set up and incorporated in Singapore with an initial paid up capital of S$1 million.
Through operating in a highly regulated environment such as Singapore, we were able to build strategic alliances with reputable partners, among whom are UOB Bank, Certis Cisco, the Singapore Tourism Board, Singapore Assay Company, Fedex and DHL. In addition all our suppliers are reputable International Mints. Our strong partnerships have helped SG Net build a solid presence in the online retail space as well as through conventional retailers and financial institutions as a provider and wholesaler of bona-fide products and services globally.
Auruma International Ltd is a special purpose vehicle set up for the sole purpose of marketing gold and silver through the networking medium. Being a BVI company this gives Auruma’s associates the freedom to establish their networking business in a tax-free environment, from anywhere around the world. However, the supply chain, ie from collection of payment and procurement to delivery, is all done through Singapore, as Auruma’s infrastructure rides on SGNet platform.

Trump & Kiyosaki would choose Network Marketing if they started all over again

As associate members are Auruma’s only source of marketing, it is the company’s duty to ensure that their benefits and commissions are duly fulfilled. As mentioned before, the entire Auruma Business opportunity is based on:
  • Wealth Creation = business opportunity where associates receive immediate profit and returns
  • Wealth preservation = converting paper (cash) into physical assets (gold and silver)
  • Wealth = prosperity for all, that is the company and its associates, as well as also others via the Auruma foundation. Our US$2.00 per coin promise goes a long way. Giving is receiving!
  • Nett commission paid to our associates is shared upfront, that means, without taking into consideration Auruma International’s operating expenses. Our unique business model is about sharing and leveraging on each other’s strengths, resources and relationships.
  • “Networking companies”, or MLMs as you mentioned earlier, with the right model that offer real products that have intrinsic value have been proven to be the most effective and successful business system. In fact, I believe billionaires Donald Trump and Robert Kiyosaki have said that if they were to start their business life all over again, they would choose the networking model!
AurumaWorld: How big is your Auruma International team? What are their roles?
Victor: I am very fortunate to have a truly dedicated team who are all very professional about work and deeply passionate about the Auruma business philosophy. We have a lean but highly efficient team that basically manages the global business with our strategic partners like Certis Cisco, FedEx, DHL, and UOB.
Because we are online, we are able to run the business 24/7, in more than 21 countries at this time.
AurumaWorld: What is the shareholding structure for SG Net? Who are your shareholders and their backgrounds? What roles do your respective shareholders play in the company?
Victor: SG Net has two major shareholders: me and my partner, who currently manages a listed company. As we are both driven by the same business and personal philosophy, he has entrusted me to build SG Net and put me in charge of the entire operation. My business partner acts primarily as my sounding board. This is a very good arrangement, which is based on the trust established over many years.

“Our primary philosophy is to help others prosper”

AurumaWorld: You set up the Auruma Foundation as part of the Auruma International structure. Why?
Victor: Auruma’s ‘s primary philosophy is to help others prosper by giving them a simple business platform to create and preserve their wealth. Our business model is designed to pay dividends to our members before ‘Auruma the company’ pays dividends to its shareholders.
The Auruma Foundation runs on the same principle. Auruma International pledges US$2 to the Foundation on behalf of every member who buys a coin. The Foundation’s purpose is to assist people who have no means to help themselves.
How does the Foundation choose which charity to support? We encourage our members to highlight the plight of the less fortunate in their own markets, the Foundation’s role is to validate and assess these recommendations before making a donation to the charity.
In our own way, we hope that this would spread the “help others” spirit, and encourage our members too, as they know that every purchase they make with us goes to a fellow human being in need. We believe in an organic corporate social responsibility programme that starts from the ground up and accumulates from the word go.
AurumaWorld: In your maiden year, how much do you expect Auruma International make in terms of turnover and profit and what are your projections for growth in the coming years?
Victor: We have to run a tight ship so that we can afford to share our margins with all our members. Therefore, Auruma International’s profit or projections are not as important to us in comparison to the wealth we create and preserve for our members when they convert their cash or paper-backed assets into physical gold and silver.
I believe the real measure of our success will be the number of families’ futures we preserve with wealth creation in physical gold and silver. Perhaps you could ask me this question a year from today?

“Ours is not a get-rich-quick programme”

AurumaWorld: Going forward, what is your strategic road map for Auruma International in the short-, medium- and long-term? For example: Do you have plans to list the company? Do you plan to allow your business owners to become shareholders?
Victor: With the power of the borderless digital age, we hope to reach the widest possible global market – across of race, religion and creed. The larger our membership, the more people will prosper, as we want to share our wealth creation idea with as many people as humanly possible. Ours is not a get-rich quick programme, our members grow and nurture their wealth organically, steadily but most importantly, securely.
At the appropriate time we may consider listing the company and of course, offering preferential benefits to our loyal members who have seen and experienced how our programme has helped them secure their wealth.