Malaysian media icon comes full circle

IN FOCUS

In today’s newsletter, we look at:

• A Malaysian tycoon’s return to the banking sector
• India’s lending innovation

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Hello,

What is life if not a series of second chances?

This week’s Big Story got me reflecting on the second chances I’ve had in life.

Perhaps the most significant was my admission to the Indian Institute of Mass Communication (IIMC), a government-run media institute. I initially didn’t make the list of selected students and had given up hope.

I was filling out forms to join a public sector bank when my home landline – remember those? – suddenly rang. It was IIMC, offering me a seat after another student unexpectedly dropped out.

That call was a turning point in my life, leading to an internship at a Delhi newspaper and, eventually, over a decade-long career in journalism.

In this week’s Big Story, my colleague Emmanuel explores the return of Malaysian tycoon Tong Kooi Ong to the banking industry. It seemed like Tong had left the banking world behind for good after selling PhileoAllied Bank, which he founded in 1994, following the 1997 Asian financial crisis.

The publisher of business weekly The Edge, Tong has now made a comeback as a minority shareholder in GX Bank, which is primarily owned by a joint venture between Grab, Singapore telecom giant Singtel, and Malaysian conglomerate Kuok Group. Notably, Tong is the father-in-law of Grab co-founder Anthony Tan.

With GX Bank, Tong’s banking journey has come full circle.

— Samreen

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THE BIG STORY

The Malaysian media tycoon-digibank pioneer on GX Bank’s board

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THE HOT TAKE

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Get ready for a keynote that will set the stage for the future of Southeast Asian tech

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