HEROES OF PHILANTHROPY D EC EM BER INDONESIA’S 50 RICHEST

202 1
MIKE CANNON-BROOKES MODERNA

TECH TRAILBLAZER
DIGITAL PIONEER OTTO TOTO SUGIRI
POWERS INDONESIA’S E-BOOM WITH DCI

W W W. F O R B E S .C O M

DISPLAY UNTIL MID-FEBRUARY

AUSTRALIA....................A $12.00 INDIA................................RS 500 KOREA........................... 11,000 PHILIPPINES.......................P 350 THAILAND..........................B 300
CHINA.......................RMB 85.00 INDONESIA..............RP 100,000 MALAYSIA...................RM 30.00 SINGAPORE...................S $13.00 OTHERS........................US $15.00
HONG KONG..................HK $90 JAPAN......................¥1238 + TAX NEW ZEALAND...........NZ $13.00 TAIWAN..........................NT $275
 December 2021 Volume 17 • Number 9

2
INSIDE
CONTENTS

HEROES OF PHILANTHROPY
56
14 | Green Guy
Australian tech billionaire Mike
Cannon-Brookes aims to help save the
planet by pledging over $350 million
in personal funds to philanthropies
fighting climate change, and investing
several billion more into sustainable
companies and green technologies.
By Jonathan Burgos

16

22 | Heroes of Philanthropy
The 15th roundup of Asia’s top 15
philanthropists who demonstrated
a clear personal commitment to
causes in the region.
Edited by Rana Wehbe Watson

INDONESIA’S 50 RICHEST

56 | Digital Pioneer
Billionaire Otto Toto Sugiri, one of
Indonesia’s earliest tech entrepreneurs, 66 | Back On Track
is now helping to grow Indonesia’s Collective wealth gets a 21% boost COVER CREDITS

digital economy by building its largest OTTO TOTO SUGIRI : Photograph by

to a record $162 billion amid
Ahmad Zamroni/HKV for Forbes Asia
data center company DCI. an economic uptick.
By Ardian Wibisono By Jane Ho and Naazneen Karmali

FORBES ASIA DECEMBER 2021

 December 2021
4
CONTENTS
74
ENTREPRENEURS
34 | The Anti-Amazon
Josh Silverman is using cutting-edge
technology and an army of 5 million ar-
tisan-entrepreneurs to transform Etsy
from a hippie flea market into a Wall
Street hero—without losing its soul.
By Steven Bertoni
MONEY & INVESTING
52 | Marathon Man
Across America, scores of municipal
pension funds remain scandalously
underfunded. But not the pension fund
of Tampa, Florida’s police and firemen,
thanks in large part to Harold J. Bowen,
whose no-frills approach to stock
picking has protected and served them
for more than 45 years.
By Jason Bisnoff
30 UNDER 30 ALL-STARS
74 | Beyond the Sound Barrier
A decade ago, Daniel Ek convinced
record labels and artists to stream their
songs on Spotify, reviving the flatlining
music industry. Now, after amassing
a $4.4 billion fortune, he’s moving
the super-streamer past pop stars and
personalities in a bid to own the world’s
digital eardrums.
By Steven Bertoni
FORBES ASIA
Volume 17 • Number 9
82
98
82 | Hall of Fame FEATURES
Ten years. A hundred thousand
nominees. Six thousand members.
98 | Reinventing Scientific
Entreprenuership
And these 30 all-stars.
By Steven Bertoni, Elisabeth Brier, Abram Noubar Afeyan launched 70 companies
Brown, Michael Del Castillo, Amy Feldman, by pushing researchers to ask what if
Jeff Kauflin, Sergei Klebnikov, Alex Knapp, their craziest ideas were true. With
Alex Konrad, Alan Ohnsman, Chase $17 billion and a model of “parallel
Peterson-Withorn, Chloe Sorvino, Alexandra entrepreneurship,” he can fund a lot
Sternlicht and Alexandra Wilson. of wild notions.
By Amy Feldman
INNOVATION
90 | Boys in the Bubble THE LIST
Startups are supposed to specialize, but 108 | Next Billion-Dollar
OpenSea’s founders thrived by building Startups 2021
a wide-open market for creating and
Forbes teamed up with TrueBridge
trading all manner of NFTs. Now they
Capital Partners to search for America’s
just have to worry about competitors,
25 venture-backed startups most likely to
fraudsters and the next crypto crash.
become unicorns. A $1 billion valuation
By Jeff Kauflin isn’t what it used to be, as companies
reach that milestone at breakneck speed.
90 Edited by Amy Feldman
12 | Fact & Comment
Steve Forbes
Biden’s vaccine diktat is wrong.
13 | Tech Connector
Rich Karlgaard
Blue ocean strategy.
112 | Thoughts
On obligations.
DECEMBER 2021
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 BUSINESS EDITORIAL
6 Chief Executive Officer William Adamopoulos Editor Justin Doebele
Senior Vice President Tina Wee Asia Wealth Editor & India Editor Naazneen Karmali
Executive Directors Eugene Wong, Aarin Chan, Janelle Kuah Senior Editors Robert Olsen, Rana Wehbe Watson, Jennifer Wells
Director, Circulation Eunice Soo Art Director Mirna Aprilla
Sales Directors Michelle Ong, Janice Ang, Kathy Cheng Associate Editor John Kang
Deputy Director, Circulation Pavan Kumar Senior Designer Mossy Chew
Deputy Director, Events & Communications Audra Ruyters Multimedia Editor Candice Wong
Deputy Director, Conferences Jolynn Chua Multimedia Producer Zinnia Lee
Senior Manager/Assistant to the CEO Jennifer Chung Contributing Editors Greg Ahlstrand, Jonathan Burgos,
Senior Manager, Events & Communications Melissa Ng Amit Prakash, Yessar Rosendar, Ardian Wibisono
Senior Manager, Ad Services – Digital Keiko Wong Contributing Photo Editor Muhammad Fadli
Ad Services Manager Fiona Carvalho
Conference Manager Clarabelle Chaw ASIA CONTRIBUTOR NETWORK
Managers, Marketing & Research Gwynneth Chan, Kwang Yoke Peng Bangkok Suzanne Nam
Assistant Manager, Conferences Peh Ying Si Beijing Yue Wang
Office Manager, Hong Kong Megan Cheung Chennai Anuradha Raghunathan
Executive Assistant Sharon Joseph Delhi Megha Bahree
Advertising Executives Vanessa Lim, Rita Diana Ho Chi Minh Lan Anh Nguyen
Marketing and Research Executive Goh Yu Zhen Hong Kong Shu-Ching Jean Chen
Circulation Services Taynmoli Karuppiah Sannassy, Jennifer Yim Manila Roel Landingin
Perth Tim Treadgold
Shanghai Jane Ho
Singapore Jessica Tan
Taipei Joyce Huang
Tokyo James Simms

CHAIRMAN AND EDITOR-IN-CHIEF: STEVE FORBES

FORBES MEDIA EDITORIAL

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EVP, ForbesWoman Moira Forbes Alice Jackson-Jolley, Rob LaFranco, Rashaad Lambert
(Culture & Community), Janet Novack, Michael Ozanian,
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DECEMBER 2021 — VOLUME 17 • NUMBER 9

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FORBES ASIA DECEMBER 2021

8 To Boldly Go
he cover story on DCI’s Otto Toto Sugiri reveals something

T about pioneers, that they are often ignored and overlooked in

their early days—until they are finally discovered and champi-
oned. A pioneer can often toil in obscurity for years before they
are lauded for having the foresight to be early in doing some-
thing that later becomes popular. That’s the definition of being a trailblazer,
going off the beaten path and setting a course for those who come later.
Sugiri is what’s now called a serial entrepreneur—when the phrase wasn’t yet
in vogue—and in tech to boot, also a fashionable label to have. And he accom-
plished it in Indonesia, a country long overlooked but now one of the darlings
of the global investment community. His life’s work is a trifecta of the topical:
a serial tech entrepreneur from Indonesia.
The companies that he has founded or cofounded reads like a checklist of
technology’s progress over the decades: first software (think Microsoft), then
an internet service provider (think AOL) and finally data centers (think AWS).
He’s gone from being little known to appearing on a Forbes Asia cover and
a newly minted billionaire—making him a role model for youthful tech entre-
preneurs who are hoping their startup will bring them similar success.
There’s a link here to our annual Heroes of Philanthropy list. Those on this
list aren’t doing good to hog the spotlight for themselves. Philanthropy by its
definition means giving priority to others. The region’s most generous givers
are seeking no greater glory than to have the satisfaction of knowing that they
made a difference.
With this final issue of the year, it seems pertinent to end with the feature
on Sugiri as part of our Indonesia’s 50 Richest list package and the Heroes
of Philanthropy list. As the world reflects on the past 12 months—and what’s
ahead in the next 12—it’s good to be reminded of the values inherent in being a
pioneer who boldly goes where no one has gone before, and those of altruism,
which seeks to make the world a better place. Best wishes to all for a happy,
prosperous and safe 2022.
As always, all comments welcome at editor@forbesasia.com.

JUSTIN DOEBELE
EDITOR, FORBES ASIA

FORBES ASIA DECEMBER 2021


PETRONAS GEARS UP FOR
THE FUTURE OF WORK
PETRONAS proactively upskills employees to emerge stronger and more agile
in a rapidly changing business environment.
A
mid the rising tide of digitalization
and deployment of robotics and
artificial intelligence capabilities
across industries, companies are adapting
to the revolutionary changes by upskilling
their workforce in an effort to minimize job
losses and prepare their organizations for
the future.
A recent study by PricewaterhouseCoopers
suggests that specialist jobs will be highly
prized as companies embrace digitalization
to boost productivity and decrease workforce
size. While jobs won’t be insulated from
redundancies resulting from technological
advancements, organizations do have a
responsibility to train their people to adapt
to the new normal.
Anticipating this, PETRONAS has been
building an agile, innovative, and resilient
workforce. This will enable the company
to fully realize its potential as a progressive
energy and solutions partner, with a vision
for a sustainable future.
Knowledge is Power
PETRONAS’ commitment to its workforce
stems from over two decades of dedication
towards sustainability. It has been developing
and investing in talent to create a highly
knowledgeable and skilled workforce to
support growth and drive Malaysia’s energy
industry forward.
With this in mind, PETRONAS has
established Institut Teknologi Petroleum
PETRONAS, Universiti Teknologi PETRONAS
(UTP) and Akademi Laut Malaysia. These
institutions offer specific expertise to support
PETRONAS’ technology and sustainability
agenda. For example, PETRONAS has
activated 53 projects with UTP geared
towards subsurface imaging, unconventional
resources, improved oil recovery, carbon
dioxide removal technology, and future
sensors. All these efforts are aimed at
producing excellent technology-driven and
economical solutions.
Complementing this is an expanding
network of academic collaborations with
more than 15 Malaysian universities and
PROMOTION
Engineers being trained for the future at PETRONAS Technology Center
10 foreign tertiary institutions. The deep-
rooted synergy between the industry
and the academe has pushed knowledge
and innovation frontiers in the areas of
sustainability, while fortifying the capabilities
of all involved to thrive amid a challenging
era that calls for the rapid transition of the
energy industry into net zero emissions.
To support this transition, PETRONAS
had established three global technology
centers: the PETRONAS Technology Center
at UTP, Malaysia; the PETRONAS Center
for Engineering of Multiphase Systems at
Imperial College London; and the PETRONAS
Center of Excellence in Subsurface
Engineering and Energy Transition at the
Institute of GeoEnergy Engineering at Heriot-
Watt University in the U.K.
Diversity and Inclusion
While enhancing the knowledge of its
employees, PETRONAS also cultivates a
sustainability agenda that’s focused on
providing a safe workplace so that all
employees can thrive in a culture that
embraces diversity and inclusion.
Stephanie Travers is one such employee
who thrives in PETRONAS’ culture of diversity
and inclusion. A native of Zimbabwe, Travers
made history when she was appointed
as one of the first female trackside fluid
at Universiti Teknologi PETRONAS (UTP).
engineers for the PETRONAS Formula One
Team in 2019, having competed against
more than 7,000 applicants.
PETRONAS ensures diversity and inclusion
in the workplace through a range of policies
from flexible working arrangements,
workplace redesign, unpaid study leaves,
extended maternity leaves, returnee
programs, and improved medical benefits.
Charting the Future
With rapid changes brought on by the Covid-
19 pandemic, PETRONAS has dynamically
shifted its business to adapt to the new
environment. It has successfully developed,
retained, re-skilled and managed its talents to
gear up for PETRONAS’ future growth.
Through these efforts, PETRONAS is
adjusting to the new normal of working while
deploying new processes to empower and
train talents to deliver excellence in a highly
volatile business environment. Q
www.petronas.com/sustainability
 “With all thy getting, get understanding”
FACT & COMMENT
By Steve Forbes, Editor-in-Chief
12
Biden’s Vaccine Diktat Is Wrong
The Fifth U.S. Circuit Court of Appeals
has temporarily blocked President Joe
Biden’s sweeping vaccine mandate. As a
result, the Occupational Safety and Health
Administration has backed off enforcing it.
The case is now in the hands of another ap-
peals court. Ultimately, the issue will go to
the Supreme Court, which will throw out
this executive order—and rightly so.
Last September President Biden issued
an executive order to force private-sector
companies with 100 or more employees to
have their workers get vaccinated or be tes-
ted weekly and wear face masks. Noncompliant employers
could face fines of more than $13,000 per violation.
Such a sweeping order would set a dreadful precedent.
For instance, what would stop future decrees from ban-
ning or limiting the sale and consumption of sugary sodas
in the name of fighting the scourge of obesity? Not to men-
tion placing severe limitations on chips or other junk foods.
Or a virtual prohibition of cigarettes, which bring on can-
cer, heart disease and other deadly ailments?
The administration says the president has the right to issue
emergency orders. But an emergency applies to a sudden ca-
tastrophe, which was the case when the pandemic burst forth
in March 2020. The word emergency doesn’t apply here. After
all, the president made his announcement in September.
Only in November did the administration get around to is-
suing the actual order, which runs 490 pages. And that order
wasn’t scheduled to take effect until January 4, 2022.
Moreover, the decree doesn’t take into account those
who have already had Covid-19. Countless physicians have
pointed out that the immunity acquired from Covid is up-
ward of 27 times more potent than the vaccines themselves.
The legal challenges will soon reach the Supreme Court,
which will most likely throw the mandate out.
Perhaps, then, the government will undertake the hard
work of calmly and carefully answering skeptics’ questions,
take into account those who have had this disease and fac-
tor in the miracle of the new therapeutic pills from Pfizer
and Merck.
An Ominous Misuse of Antitrust
The Biden Justice Department has filed an antitrust suit
to block the proposed purchase of book publisher Simon
& Schuster by its far larger competitor, Penguin Random
FORBES ASIA
House. The action is wrongheaded and
should be resisted. In fact, its implications
go beyond the deal itself.
The original concept of antitrust was to
bust up destructive combinations that il-
legally thwarted competition and, impor-
tantly, used a monopoly position to gouge
consumers with high prices. Until the Biden
administration took office, the criterion for
pursuing antitrust actions was what impact
a deal might have on prices for customers.
Bigness itself was and is not bad.
The Penguin–Simon & Schuster trans-
action would hardly create a monopoly. Their combined
share of book sales would come to around 27%. But the
DOJ whines that bestselling authors might be harmed by
not getting big advances because there would be one fewer
major publisher that might participate in an auction.
Huh? We have to wield the power of the federal govern-
ment to ensure fat advances for a handful of writers?
The suit alleges that the deal would enable the merged en-
tity to exercise unprecedented control over what’s published in
the U.S. and how much authors are paid. This, the government
avers, would hurt authors from earning a living writing books.
Real world to the White House: Hundreds of thousands
of people would like to earn a nice living writing books. Just
as there are probably millions who’d love to be entertain-
ment stars or megapopular musicians but never get much
further than waiting tables or doing local gigs.
Only a relative handful of writers achieve big success.
Moreover, thanks to technology, the ability to self-publish
has never been greater. Many writers have figured out that they
can make greater money arranging the printing and doing
their own marketing than relying on a publisher’s royalties.
If Biden antitrusters were really worried about books,
they’d be looking at Amazon’s outsize influence in that mar-
ketplace. The real agenda behind this and similar suits: using
antitrust laws as a new weapon to exercise government con-
trol over how companies are allowed to operate.
It’s part of modern socialism: The government doesn’t
take over companies and industries; it’s easier and cheaper
to make a business’ survival and well-being dependent on
government bureaucracies. So, under the guise of “preser-
ving economic opportunities,” Washington can meddle in
every aspect of how a company operates.
This lawsuit is really about expanding government
power, not fostering opportunity and prosperity.
DECEMBER 2021
 TECH CONNECTOR
By Rich Karlgaard

Blue Ocean Strategy 13

Of history’s revolutionaries dustry. It’s very manual today,

who did good, few are less-her- there’s paperwork everywhere.
alded than Malcom McLean, Actually, customers pay more for
who invented modern ship- paperwork than transporting the
ping, the foundation of a thriv- container.” Take, for example, an
ing modern economy. Young avocado grown in New Zealand
McLean had a humble start. Col- and consumed in Hong Kong, he
lege was not an option for him says. The shipping costs account
during the American Depression for less than 10% of the avocado’s
of the 1930s. So McLean bought store price. The cost of the pa-
a used truck and hauled empty perwork is double that.
tobacco barrels. Not exactly a “So today, when you pay a hun-
portentous start. McLean’s idea on container sizes was key in the logistics
dred for moving the container,
When the U.S. entered World revolution. you often spend two hundred on
War II, its military faced the paperwork. Maersk is transform-
challenge of transporting tanks, trucks and material across ing the industry by digitalizing all aspects of it, including
the Atlantic and Pacific oceans. Shipping logistics was forced the booking and the tracking. Even the vessel is being digi-
to evolve quickly, or the Allied effort would end in failure. talized so we know exactly how much fuel it consumes, ex-
McLean noticed that containers were the key. They had actly where it is and when it will arrive.
to be large enough to hold trucks and tanks, but they had “A digital twin of a transportation network allows for
to be small enough and of equal size to be loaded direct- much better customer service. It reduces costs and is much
ly by cranes from rail cars onto ships. He wondered if the more predictable when we digitalize documents. Everyone
same idea could work in commercial shipping. In 1956 he underestimates this. They think the world is well along the
launched a container ship route from Newark, New Jersey path of digitalization. But for many legacy industries, like
to Houston, and in 1969 he expanded to Hong Kong and shipping, it’s still early days,” he says.
Taiwan, then in subsequent years to Singapore, Thailand Decarbonizing ships, says Snabe, is the other revolution
and the Philippines. that has just started. It won’t happen overnight, he says:
McLean’s containers were an economic revolution. “When you put batteries on a vessel from Asia to the U.S.,
Cranes slashed loading costs by 97%. Huge ships could be the batteries will take up 60% of the capacity of the ves-
unloaded, then loaded up again, in hours, not days. The sel. So that doesn’t work. Sails don’t work because you can’t
threat of longshoreman work strikes diminished. Ships deliver on the accuracy needed in the supply chain. So how
only make money when they are at sea, McLean liked to say. do you do this? We think the answer is to convert green
electricity to green fuel. We know how to do this. And we
On the Horizon are the first vessels to do it.”
Last month I reminisced about McLean’s legacy with the I asked Snabe about the hidden costs of green energy
chairman of Maersk, the world’s largest container shipping on such a massive scale as global shipping: “For a pair of
ANUCHA SIRIVISANSUWAN/GETTY IMAGES

company. Jim Hagemann Snabe did not work his way up sneakers coming from Vietnam, it’s going to cost five cents
the shipping industry. His background is thoroughly mod- more to get them to Denmark. It’s doable.”
ern: software. Snabe was once co-CEO of SAP, the German
enterprise IT company. Rich Karlgaard is editor at large at Forbes.
Snabe says the global shipping industry has undergone As an author and global futurist, he has
published several books, the latest of
multiple revolutions—from sails to diesel, paddles to pro- which is Late Bloomers, a groundbreaking
pellers, hand-loading to containers. He says global ship- exploration of what it means to be a late
ping’s next two revolutions have arrived. One is digitaliza- bloomer in a culture obsessed with SAT
scores and early success. For his past
tion; the second is decarbonization. columns and blogs visit our website at
“What’s going on right now is one of digitalizing the in- www.forbes.com/sites/richkarlgaard.

DECEMBER 2021 FORBES ASIA

 G
HEROES OF PHILANTHROPY THE PROFILE

g
reen
14

uy AUSTRALIAN TECH BILLIONAIRE

MIKE CANNON-
BROOKES
AIMS TO HELP SAVE THE PLANET
BY PLEDGING OVER $350 MILLION
IN PERSONAL FUNDS TO PHILANTHROPIES
FIGHTING CLIMATE CHANGE, AND
INVESTING SEVERAL BILLION MORE
INTO SUSTAINABLE COMPANIES AND
GREEN TECHNOLOGIES.
COURTESY OF ATLASSIAN

BY J O N AT H A N B U R G O S

FORBES ASIA DECEMBER 2021

 15

DECEMBER 2021 FORBES ASIA


MIKE CANNON-BROOKES, ONE OF
AUSTRALIA’S RICHEST PEOPLE
WITH A $20-PLUS BILLION
16
FORTUNE, IS PASSIONATE ABOUT
PROTECTING THE ENVIRONMENT
THE PROFILE • HEROES OF PHILANTHROPY
AND SAVING THE PLANET.
He lives and breathes sustainability in every-
thing he does, and is deploying his own funds
to make a difference. In late October, just be-
fore the start of COP26 in Scotland, Cannon-
Brookes and his wife Annie pledged to donate
A$500 million ($357 million) by 2030 to non-
profits seeking to alleviate climate change. With
this pledge, Cannon-Brookes leapfrogged into
the ranks of more established names to become
one of Australia’s most generous philanthropists.
Yet Cannon-Brookes, 42, wants to do more
than be an altruist. He also wants to effect change
with savvy investments that do well while doing
good. On the same day he unveiled his philan-
thropic plans, he also announced that he is dou-
bling down on renewable energy, aiming to invest
A$1 billion into the sector, on top of A$1 billion
he says he’s already deployed through his self-
funded investment firm Grok Ventures.
FORBES ASIA
Then there’s the property-buying spree in New
South Wales where he aims to transform large
tracts of land into a green paradise through re-
generative agriculture, which tries to reduce car-
bon emissions released by traditional farming.
Their plans for the properties include breeding
crickets and other insects as protein alternatives
while using electric tractors and solar power on
the farms.
“Australia has a big problem with agriculture in
general and how we’re going to transition that in-
dustry,” says Cannon-Brookes by video call in No-
vember. One property close to his heart is a 40ha
country home in the rural village of Kangaloon,
located in an area known for its vineyards, rain-
forests and waterfalls about 140km from Syd-
ney. “There’s lots of trees, kangaroos and wombats
here,” says Cannon-Brookes.
The tech billionaire says Australian companies
have no choice but to become more sustainable
as environment-conscious countries increasing-
ly impose carbon taxes on fossil fuel imports and
even stop buying them—a troubling prospect for
the world’s largest coal exporting country (by
value). The transition from fossil-fuel depen-
dence to renewable energy “requires both finan-
cial and philanthropic investments,” says Can-
non-Brookes. “You need a lot of academic studies
to be done in showing how these new technolo-
gies work for different areas and regions.”
This is where his donations to Australian groups
such as Beyond Zero Emissions (BZE), Climate
Solar panels being
Council and Rewiring Australia play a major role,
inspected. especially since Prime Minister Scott Morrison
COURTESY OF 5B
DECEMBER 2021
 PROMOTION

MALAYSIA UNVEILS BLUEPRINT

TO ACCELERATE GROWTH IN
HEALTHCARE TOURISM
The Southeast Asian nation expects revenue from medical tourism
to potentially equal or surpass pre-pandemic levels by 2025.

A
s international travel gradually
resumes post-pandemic, Malaysia
is pulling all the stops to speed up
the growth in medical tourism, guided by
a new blueprint unveiled last month by the
Malaysia Healthcare Travel Council (MHTC).
Founded in 2009 under the purview of
the Ministry of Health, MHTC works with
industry players and service providers to
grow the health travel sector by promoting
the Malaysia Healthcare brand globally. Its
new blueprint aims to highlight the country’s
healthcare travel ecosystem with a focus on
enhancing the traveler experience in the next
few years as economies around the world
recover from the negative impact of the
Covid-19 pandemic.
To enhance and elevate the traveler
experience, the blueprint will highlight
five areas: quality, affordability, safety,
hospitality and seamless journey. The
country aims to maintain high quality
healthcare services at affordable prices,
while equipping highly trained specialists
with the latest medical technologies.
The plan also calls for the cooperation
among stakeholders to rebuild the industry,
amplify the Malaysia Healthcare brand and
increase global awareness of the country’s
niche offerings such as the Fertility Hub of
Asia, the Cardiology Hub of Asia, and the
Cancer Care Center of Excellence.
Charting a New Course
“The emphasis will be on providing the best
‘Malaysia Healthcare’ travel experience with
world-class medical services at an affordable
price, great hospitality and an overall
seamless journey for the traveler,” says Mohd
Daud Mohd Arif, CEO of MHTC.
“By 2025, we hope to achieve a targeted
US$400 million in receipts from healthcare
travel, with a significant positive spillover
effect into the rest of the Malaysian
economy.” That will potentially equal or
surpass the hospital receipts generated from
Malaysia’s Health Minister Khairy Jamaluddin (rightmost) spearheads the launch of the
Malaysia Healthcare Travel Industry Blueprint 2021-2025 on a virtual platform.
healthcare travelers in 2019, just before the
pandemic upended the global economy.
Medical tourism has had a significant
contribution to the country, with the
government estimating the spillover of such
Malaysia to enhance the healthcare
traveler experience.
medical receipts to the broader economy
at US$1.5 billion in 2019 when 1.2 million
medical tourists visited the country. The
industry achieved an average annual growth
of 16% between 2015 and 2019.
While Malaysia’s popularity as a leading
healthcare travel destination in Southeast
Asia has grown in the past decade, its value
propositions of quality, accessibility (to
top specialists and medical facilities) and
affordability, has grabbed the attention
of the international media. Last year, the
International Medical Travel Journal in the
U.K. named the country “Destination of the
Year” while the U.S.-based International
Living magazine ranked Malaysia as the “Best
Country in the World for Healthcare” from
2015 to 2019.
Anticipating pent-up demand among
travelers seeking medical treatments in
Malaysia in the post-pandemic years ahead,
the country has positioned itself as a safe
and trusted destination with a wide range
of hospitality choices such as spa resorts,
wellness centers and health-centric getaways.
It will leverage technology to make the
traveler experience even more seamless.
“For every plan and aspiration articulated
today, we must bear in mind that the end
goal is to build a sustainable future for the
healthcare industry,” Health Minister Khairy
Jamaluddin said during the launch of the
blueprint last month. Q
www.mhtc.org.my
 THE TECH BILLIONAIRE SAYS AUSTRALIAN
COMPANIES HAVE NO CHOICE BUT TO
BECOME MORE SUSTAINABLE.
agreed to cut Australia’s carbon emissions to zero
by 2050 during COP26. Cannon-Brookes criti-
18 cized the plan on Twitter, saying it lacked a clear
blueprint on how the target can be achieved.
BZE has been rallying the Australian gov-
THE PROFILE • HEROES OF PHILANTHROPY
Cannon-Brookes agrees, saying decarboniza-
tion is the single biggest economic opportunity
for the resources powerhouse. He has partnered
with mining billionaire Andrew “Twiggy” For-
rest to harness solar power in Australia’s sunni-
est areas. The pair are among the biggest backers
of the Australia-based startup Sun Cable, which
bills itself as the world’s largest solar power proj-
ect. It is constructing a mega solar farm in the
deserts of the Northern Territory to supply elec-
tricity to Darwin by 2026, and to Singapore the

ernment to deepen its commitment to climate
change initiatives. It has stressed that the coun-
try’s fossil fuel exports are at risk as the world
seeks to transition to net zero emissions fast-
er than Australia’s 2050 goal, with some of the
biggest customers for Australian coal—including
China and the U.S.—pledging aggressive cuts.
“Over the next two decades Australia will lose a
third of total commodity export revenue and the
jobs that go with them, unless significant policy
shifts are made,” BZE says in a study. It estimates
Australia can generate as much as A$333 billion
in annual exports by 2050 if it steps up invest-
ments in zero carbon exports.
following year via a 4,200km long high voltage
direct current (HVDC) undersea cable called the
Australia-Asia PowerLink (AAPowerLink).
The A$30 billion project aims to create a solar
farm that can produce up to 20 gigawatts of peak
electricity, the world’s largest battery that can
store as much as 42 gigawatt-hours of electricity
and the longest HVDC submarine cable. Sun Ca-
ble will start raising capital in 2022 to fund the
construction of AAPowerLink through a combi-
nation of equity and debt as well as funding sup-
port from the Australian government, accord-
ing to Sun Cable CEO David Griffin. Construc-
tion will begin in 2024, with the project expected

SUNSHINE HARVEST
SUN CABLE’S AUSTRALIA-ASIA POWERLINK WILL PLUG SINGAPORE INTO THE WORLD’S LARGEST SOLAR
FARM IN AUSTRALIA VIA A 4,200KM SUBMARINE CABLE.

Converter station and battery

Electricity Battery
supply
SINGAPORE
Solar array Electricity Battery
factory supply

INDONESIA

Darwin
4,200km
subsea cable
Solar farm and battery

800km overhead
transmission line
Solar generation: Battery storage:
Powell Creek 17-20 GWp* 36-42 GWp*

*Global warming potential

AUSTRALIA
Source: Sun Cable

FORBES ASIA DECEMBER 2021


to deliver 800 megawatts of electricity to Darwin
two years later and supply two gigawatts to Sin-
gapore when the undersea cable becomes fully
operational by 2028.
“The Sun Cable project demonstrates that
there’s an enormous opportunity for Australia to
become an export superpower in renewable en-
ergy,” says Kane Thornton, CEO of Clean Energy
Council, a Melbourne-based think tank that rep-
resents renewable energy companies. “No other
country in the world has what Australia has in
terms of wind, sunshine and water. What peo-
ple like Mike Cannon-Brookes and Twiggy have
now realized is that renewable energy presents
an enormous economic opportunity.”
While electricity produced by Sun Cable is ex-
pected to supply about 15% of Singapore’s annu-
al electricity needs by 2028, the Southeast Asian
nation plans to double its electricity imports to 4
gigawatts by 2035, according to Sun Cable. This
will support Singapore’s ambition of becom-
ing a regional hub for trading renewable energy
and carbon offsets, Sun Cable cofounder Fraser
Thompson said in a statement in October. Over
the longer term, the Asia-Pacific has huge poten-
COURTESY OF SUN CABLE
tial to become a leader in renewable energy trad-
ing, with the region significantly lagging behind
Europe in terms of renewables and grid connec-
tivity, Thompson said. About 12% of electrici-
ty produced by the E.U. is traded among mem-
ber countries, compared to less than 0.3% in the
DECEMBER 2021
Asia-Pacific, according to Sun Cable.
Australia has installed more than 3 million
rooftop solar systems in the past decade, and
the Clean Energy Council expects the number
of installations this year to surpass the record
of 369,000 set in 2020. It has more rooftop so-
lar installations than any other country, with one
panel being installed every 44 seconds on aver-
age, according to Thornton. 19
One of the Grok Ventures-funded companies is
Australian fintech Brighte, which finances the in-
THE PROFILE • HEROES OF PHILANTHROPY
stallation of solar panels in Australian homes. By
providing upfront financing for installing roof-
top solar panels, Brighte is accelerating the de-
carbonization of Australian homes, says Cannon-
Brookes. Since its inception in 2015, the compa-
ny has disbursed over A$600 million in loans to
more than 75,000 households, according to its
website. “It’s a very good business,” he adds.
While Cannon-Brookes has invested in more
than 20 startups, ranging from makers of alter-
native proteins to robotics and renewables, his
most rewarding venture by far is Atlassian, the
enterprise software company he cofounded with
University of New South Wales classmate Scott
Farquhar after they graduated in 2002. Since its
market debut in New York in 2015, Atlassian’s
An artist’s rendering shares have risen by more than 20 times, touch-
of overhead transmis-
sion lines to Darwin. ing an all-time high of $458 in late October af-
ter the maker of project management software
reported a 34% jump in revenue to $614 million
in the July-September quarter.
“WHAT PEOPLE LIKE
MIKE CANNON-BROOKES AND TWIGGY
HAVE NOW REALIZED IS THAT
RENEWABLE ENERGY PRESENTS
A N E N O R M O U S E C O N O M I C O P P O R T U N I T Y.”
A 50%-plus rise in the stock price this year
propelled Atlassian’s market cap past $100 bil-
lion for the first time in October, making it more
valuable than IBM. It is his stake in Atlassian
that underlies Cannon-Brooke’s massive for-
tune. The company—which counts NASA, Tes-
la and SpaceX among its clients—has seen rev-
enue rise by an average of over 35% annually
since it started trading on Nasdaq, bolstered by
demand for cloud computing platforms. “We’ve
grown steadily for the past 20 years and we
don’t intend to slow that down,” says Cannon-
Brookes, who is co-CEO of the company. But if
his green investments and philanthropic dona-
tions succeed, he may be known as more than
just a great tech entrepreneur.
FORBES ASIA
 PROMOTION

ICTSI:
A CRUCIAL PARTNER IN THE
PHILIPPINES’ PANDEMIC RECOVERY
ICTSI is at the forefront of the Philippines’ fight against the Covid-19 pandemic,
while improving its operations to be ready for the future.

The Solaire-ICTSI Vaccination Center at the Bagong Nayong Pilipino park in Paranaque was built at no cost to the government as part
of efforts to help achieve herd immunity in the country.

With the Covid-19 pandemic upending the
global economy and severely impacting
international trade, the role of ports as vital
economic lifelines has never been more pro-
nounced. Driven by passion to serve its stake-
holders, International Container Terminal Ser-
vices, Inc. (ICTSI)—with its ports operating
24/7 across 20 countries and six continents—
has proven to be a steadfast partner of the
Philippines in facing current challenges.
To navigate its way out of the pandemic,
the Philippines needs to speed up the vac-
cination program across the country to revive
the economy. No stranger to overcoming
headwinds, the Manila-headquartered global
ports giant led by billionaire Enrique K. Razon
Jr. is supporting both government and pri-
vate sector efforts in vaccine procurement
and distribution.
At the height of the pandemic last year,
ICTSI joined the private sector initiative to
procure three million doses of the Oxford-
AstraZeneca Covid-19 vaccine and donated
150,000 doses to the Philippine government.
The company also partnered with the gov-
ernment in procuring more than 20 million
doses of the first batch of Moderna vaccine to
arrive in the country, funding and facilitating
the international logistics for the order.
ICTSI also spearheaded the construction of
the mega vaccination center at the Bagong
Nayong Pilipino park near the Manila inter-
national airport, facilitating the efficient dis-
tribution and administration of the vaccines
to residents of Metro Manila and nearby
provinces.
With the country’s continued recovery
threatened by the lingering pandemic,
ICTSI donated an additional 68,300 doses of
AstraZeneca to 12 local government units in
August. The company is cautiously optimistic
that the Philippines' economic recovery can
be sustained now that the vaccination pro-
gram has made significant headway in the
country.
Resilient Performance
Despite prevailing headwinds brought on
by the pandemic, ICTSI posted a resilient
performance in the nine months ended Sep-
tember 30, with net profit climbing 73% to
US$316.4 million compared to the previous
year as global trade recovered across Asia,
the Americas, Europe, Middle East and Africa.
Revenue from port operations increased 24%
to US$1.4 billion, while EBITDA improved 29%
to US$829.4 million.
“This is extremely encouraging,” Razon
said. “The company’s robust financial position
provides a foundation to fund capital expen-
ditures entirely through our strong cash flows
and continue to grow ICTSI sustainably for
the long term benefit of all our stakeholders.”

ICTSI saw robust organic growth across
most of its terminals around the world, sup-
ported by prudent actions taken by the com-
pany at the onset of the pandemic, as well as
considerable improvement in trade activities
and favorable business conditions across the
diverse markets in which it operates.
“We remain mindful that the pandemic
continues to create challenges throughout
our industry,” Razon said. “We have good
momentum to deliver further disciplined
growth and we look to the future with
confidence.”
Going Green On A Blue Ocean
Despite the challenges brought on by the
ICTSI's Manila flagship terminal replaced its old lighting system with new eco-efficient LED systems.
PROMOTION
ICTSI utilizes technology to help save the
environment by rolling out eco-friendly hybrid
rubber-tired gantries.
pandemic, ICTSI is tirelessly implementing
Environmental, Social and Governance (ESG)
initiatives. The company is moving forward
with programs to advance sustainability
efforts and push for a greener future.
The company is supporting conservation
and eco-conscious advocacies, including the
preservation of Palawan—considered as the
Philippines’ last frontier—and the cleanup of
Pasig River, which connects several munici-
palities across the Philippine capital. ICTSI's
Manila flagship terminal is also located at the
mouth of the river.
ICTSI is also implementing key operational
changes to boost energy and fuel efficiency
at its ports, while reducing waste, pollution,
Contecon Guayaquil in Ecuador handled the
world’s first carbon-neutral-certified container
shipment on 12 December 2020.
and carbon emissions. Committed to build-
ing a “better normal,” the company recog-
nizes the crucial role technology plays in
advancing a more environment-friendly sup-
ply chain.
In the past few years, ICTSI has been
upgrading its fleet of vehicles to be more
fuel-efficient, cutting by half its carbon emis-
sions. The company has also rolled out green
initiatives such as eco-friendly wash bays,
wastewater recycling facilities, solar-powered
warehouses, noise pollution reduction proj-
ects, and energy efficient lighting systems at
its container terminals.
There is a concerted effort to ensure a
sustainable recovery from the pandemic,
beyond just going green. Being in the pole
position to further this goal, ICTSI sees the
future of ports and shipping evolving, leading
to a more sustainable and inclusive maritime
supply chain. ICTSI has shown it can manage
the shift by handling the world’s first carbon-
neutral shipment at the Contecon Guayaquil
terminal in Ecuador, the first carbon-neutral
port in South America.
With its solid performance in port develop-
ment, strong balance sheet, and far-reaching
vision, ICTSI is ready for a more connected,
resilient, and sustainable new world coming
up on the horizon.
 THE LIST

22

HEROES OF
PHILANTHROPY
F
or our 15th roundup of Asia’s top philanthropists, we scoured the region for
prominent entrepreneurs and business tycoons who demonstrated a clear
personal commitment to a number of causes. We kept the list to a select group
of 15. The majority were new entrants, but we did include some previous
honorees if they achieved a major new altruistic milestone that justified a
relisting. One example is Vietnam’s richest man, Pham Nhat Vuong, who
continued to contribute significantly to alleviate Covid-19’s impact in local communities.
Starting last year, Vuong has given over $320 million for Vietnam’s pandemic relief.
Higher education was a main focus for some listees. Hong Kong’s billionaire siblings
Gerald and Ronnie Chan donated $175 million to a medical school in Massachusetts while
Japanese manufacturing tycoon Takemitsu Takizaki gave away shares of his company—
worth almost $2.3 billion—to fund scholarships for university students in Japan. In Taiwan,
property magnate Lin Chen-hai gave $100 million last year to establish a graduate school
for economics and political science at National Tsing Hua University. Meanwhile Indian
billionaire Anil Agarwal signed the Giving Pledge, joining ranks with some of the world’s
most charitable individuals.
The main feature is on Australian tech billionaire Mike Cannon-Brookes, whose
efforts to save the planet include a pledge to donate over $350 million to nonprofits
tackling the climate crisis.
The list, which is unranked, focuses on individual philanthropists in the Asia-Pacific
region who are donating significant amounts from their personal fortunes, as well as giving
their time and personal attention to their selected causes. It doesn’t consider corporate
philanthropy unless the companies are privately held by a majority owner. While they
share similar goals with our listees, we exclude fundraisers or heads of nonprofits, social
enterprises or similar organizations; those highlighted on the list have a vision to support
solutions that look to make the world a better place.

E D I T E D BY R A N A W E H B E WAT S O N

Research and Reporting: Jonathan Burgos, Karsha Green, Ralph Jennings, John Kang, Danielle Keeton-Olsen,
Ramakrishnan Narayanan, Lan Anh Nguyen, Anuradha Raghunathan, James Simms, Yue Wang

I L LU S T R AT I O N S BY M A S AO YA M A Z A K I F O R F O R B E S A S I A

FORBES ASIA DECEMBER 2021

 CL A R A
JOSE PH
T SA I W U T SA I
Cofounder, Alibaba Founder, The Joe and
Age: 57 • Hong Kong Clara Tsai Foundation
Age: 55
Through the Joe and Clara Tsai Foundation, the hus-
band-and-wife team pledged $220 million in July to-
ward a first-of-its-kind collaboration that studies the
biology of peak human performance. “There have been
huge advances in body imaging, bioengineering and AI,
but none of it has been applied to sports and athletic
performance,” Wu Tsai told Forbes in July.
The Wu Tsai Human Performance Alliance brings
together six public and private institutions, including
Boston Children's Hospital, the Salk Institute for
Biological Studies and Stanford University (Wu Tsai's
alma mater). They will seek to better understand
COURTESY OF HUMAN PERFORMANCE ALLIANCE
DECEMBER 2021
physical performance that could help combat the
effects of disease, injuries and aging. “You can get
breakthroughs when you cross-pollinate ideas among
people that don’t usually get together,” said Wu Tsai.
“These are top clinicians, athletes and practitioners
working together with the deep scientists.”
Tsai, a cofounder of Chinese e-commerce giant
Alibaba, has a strong interest in sports. At Yale 23
University, where Tsai received a B.A. and a law degree,
he made the lacrosse team as a walk-on and played
HEROES OF PHILANTHROPY
pickup basketball. In 2017, he bought a 49% stake in
the National Basketball Association’s Brooklyn Nets
for $1 billion; he bought the remaining 51% two years
later for $1.35 billion. In total, it was a record amount
for a U.S. professional sports team.
Outside of sports, the Joe and Clara Tsai Foundation
pledged $50 million in August last year to create a
social justice fund. It's aimed at fighting systemic
racism and promoting economic mobility in Brooklyn,
and includes initiatives such as interest-free loans for
Black-owned businesses. In February, the foundation
donated an undisclosed amount to Yale to launch an
institute to study human cognition. —John Kang
FORBES ASIA
 P H A M N H AT V U O N G
Founder and chairman, Vingroup
Age: 54 • Vietnam
26
The country’s biggest conglomerate run by
Vietnam’s richest man has given over $320
HEROES OF PHILANTHROPY

million to pandemic relief in Vietnam since

2020. Vingroup’s donations to the national
vaccine fund helped purchase 4 million
Covid-19 vaccine doses and 33 million test kits.
It also donated millions of doses of antiviral
medications Remdesivir and Monupiravir to
provinces hard hit by the pandemic.
The property, auto and technology group
separately contributed $45 million to Vuong’s
Kind Heart Foundation—launched in 2006—
in the first nine months of 2021. The foundation
has 30 programs to help the needy that range
from scholarship to disaster relief, including
support for 2,000 orphans in Vietnam, some
who lost parents during the pandemic.
In 2020, Vingroup developed and produced T E R E S I TA
a ventilator using an open-source design and
locally made components; Nguyen Viet Quang,
CEO of Vingroup, said the company doesn’t
S Y- C O S O N
make a profit on the ventilators and donated
several thousand to Russia and the Ukraine. Vice chairman, SM Investments Corp.
—Lan Anh Nguyen Age: 71 • Philippines

As soon as Covid-19 vaccines became

available this year, SM Group acquired
560,000 doses to inoculate the group’s more

VUONG: JUSTIN MOTT/REDUX PICTURE; SY-COSON: COURTESY OF SM INVESTMENTS

than 120,000 employees. SM also donated
150,000 doses to the government and
marginalized communities. Through the
SM Foundation, it has so far donated over
1.5 billion pesos ($30 million) in vaccines,
hospital equipment and protective gear for
healthcare workers. Sy-Coson—the eldest
daughter of the late Henry Sy—spearheads
the group’s philanthropy as vice chairman
of the foundation established by her parents
in 1983.
Over the past three decades, SM Founda-
tion has supported the treatment of 1.2 mil-
lion underprivileged patients, helped over
8,000 students attend college and technical-
vocational institutions and funded the build-
ing of over 100 schools across the country.
The Philippines’ richest family also estab-
lished the Henry Sy Foundation in 2008 to
build school facilities for major educational
institutions. —Jonathan Burgos

FORBES ASIA DECEMBER 2021

 A N I L A G A RW A L
Founder and chairman, Vedanta Resources
Age: 67 • India

Indian metals and mining magnate Anil Agarwal signed 27

the Giving Pledge this March. In his pledge letter, the
billionaire, who parlayed a scrap metal business into a

HEROES OF PHILANTHROPY
natural resources behemoth, referenced his humble start in
life. “Like many young men and women in India, I started
working when I was just 15 years old,” he said.
Agarwal also talked about how he built his business
from his first acquisition in 1976 to later capitalizing on
the opportunities in an economically liberalized India.
He added that his philanthropic focus would be on
programs in India that work toward the "eradication of
poverty, child welfare, and women empowerment.”
In July, Agarwal announced a five-year, 50-billion-
rupeee ($660 million) initiative under his Anil Agarwal

Foundation to support programs ranging from healthcare
to animal welfare. At least 60% of this outlay is expected to
be from his personal fortune.
Nand Ghar, the flagship project under this initiative,
aims to establish early childhood care centers in part-
nership with the Indian government. It has also tied up
with the Bill and Melinda Gates Foundation to address
health and nutritional needs in the northern state of Uttar
Pradesh. In total, Nand Ghar is expected to benefit about
70 million children and 20 million women across the coun-
try. Two other projects under the initiative include bol-
stering healthcare in 1,000 villages in 12 states for 2 mil-
lion people and a skills training program in over 35 trades
across 200 centers in India. —Anuradha Raghunathan
AGARWAL: COURTESY OF VEDANTA; LIN: MASAO YAMAZAKI FOR FORBES ASIA
LIN CHEN-H A I
Founder and chairman, Pau Jar Group
Age: 74 • Taiwan
The billionaire property tycoon gave
$100 million in May 2020 to estab-
lish the Taipei School of Economics
and Political Science at National
Tsing Hua University—one of Tai-
wan’s top-ranked universities. The
largest-ever donation for social sci-
ence education in Taiwan according
to the university was made through
TSE Foundation, a private group

created by Lin and three others to

launch the new graduate program; its
first students enrolled in September.
Lin’s Pau Jar Group is the most
prolific builder of new housing proj-
ects in Taiwan, says Erin Ting, head
of research at Savills real estate in
Taipei. It launched projects total-
ing $4.5 billion last year, Ting says,
almost 50% higher in value than
its nearest Taiwanese competitor.
Founded by Lin three decades ago,
the privately held group has expand-
ed to Australia, China, Malaysia and
Vietnam. —Ralph Jennings

DECEMBER 2021 FORBES ASIA

 JEFFREY CHEAH
Chairman, Sunway Group
Age: 76 • Malaysia
28
Malaysia’s education and hotel group tycoon
Jeffrey Cheah announced in September last year
HEROES OF PHILANTHROPY

a plan to launch an endowment fund worth over

1 billion ringgit ($240 million). Through this
fund, the billionaire hopes to move his Sunway
Education Group schools away from a tuition-
dependent model to become self-sustaining and
able to offer more scholarships.
According to an emailed response, the endow-
ment will come from Cheah’s personal funds. But
first Cheah’s foundation is urging the Malaysian
government to amend a policy that requires char-
itable organizations to spend at least 50% of their

WEE WEI LING

income by the following year, so the tycoon's dona-
tion can be invested and grown like endowments
at American universities.
The endowment is on top of the tycoon’s
promise in 2009 to, over time, donate his entire
stake in Sunway Education Group, comprised of
18 schools, to his philanthropic arm, Jeffrey Cheah
Foundation. Last year Cheah donated 88 million
ringgit in grants and scholarships.
Cheah has said he has donated more than 600
million ringgit for scholarships so far, and he in-
tends to donate a total of 1 billion ringgit in grants
in his lifetime. —Danielle Keeton-Olsen
Executive director, Pan Pacific Hotels Group
Age: 69 • Singapore
Hotelier Wee Wei Ling—the eldest daughter
of billionaire banker and real estate tycoon
Wee Cho Yaw—wanted to do more than
checkbook philanthropy. So she and her
cousin, Wee Boon Kuan, who has business
interests in health and wellness, cofounded
Extra•Ordinary People in 2017 to provide
performing and visual arts programs for
children, teenagers and young adults with
special needs. To date, the charity has raised

CHEAH: COURTESY OF SUNWAY GROUP; WEE: KELVIN CHNG/THE STRAITS TIMES

S$1.2 million ($881,380) from philanthro-
pists and corporate sponsors. It organized
two concerts—dubbed Extra•Ordinary Cele-
bration—over the past three years that show-
cased the talents of differently abled perform-
ers to a combined audience of over 20,000.
Wee, executive director of Pan Pacific
Hotels Group, also champions inclusivity in
the workplace; the group offers a school-to-
work program for persons with disabilities in
Singapore. She is the chairperson of Project
We Care—a private sector collaboration
with the Singapore government—to promote
volunteerism among companies. Under her
leadership, the charity has mobilized more
than 11,800 corporate volunteers from 383
companies in the city-state, raising S$5.5
million in cash and in-kind donations that
have helped over 80,800 people. —J.B.

FORBES ASIA DECEMBER 2021

 TA K E M I T S U
TA K I Z A K I
Founder and honorary chairman, Keyence
Age: 76 • Japan
The billionaire founder of Keyence gave
3.65 million shares—worth around $2.3 bil-
lion— to his Keyence Foundation last year
to fund scholarships for new university stu-
dents. Started in 2018, the foundation an-
nually gives 500 Japanese and internation-
al undergraduates in Japan about ¥80,000
($708) a month for four years of school.
It selects recipients based on academic
achievement, financial need and an essay.
According to Takizaki’s statement on
the foundation’s website, the purpose of the
scholarships is to enable financially disadvan-
taged high school students to attend college
and to prevent graduates from being bur-
dened with student loans after graduating.
Takizaki, who started the manufacturer of
sensors used in factory automation in 1974,
is only one of a handful of executives at blue-
chip corporations in Japan without a college
degree. His stake in Keyence is worth about
$33 billion, making him one of the coun-
try’s top billionaires. He stepped down as
chairman in March 2015 but remains on the
board of directors and is honorary chairman.
—James Simms
TAKIZAKI: MASAO YAMAZAKI FOR RORBES ASIA; KIM: JAMEL TOPPIN FOR FORBES ASIA
DECEMBER 2021
29
HEROES OF PHILANTHROPY
MICHAEL KIM
Founder, MBK Partners
Age: 58 • South Korea
The founder of one of the largest private equity firms
in Asia (by AUM) pledged to donate 30 billion won
($25.5 million) to the Seoul government for a new
public library in the South Korean capital. The five-
story, 9,000-square-meter library, to be named the
Seoul Public Kim Byung-ju Library, is to break ground
in 2023 and open in 2025. “My lifelong love of books
inspired me to help create a communal space where
people may gather to read,” Kim said in August at a
ceremony announcing the donation.
It's the latest in a string of donations made by Kim
to support education causes. In 2010, he donated
$7.5 million to establish a new dorm at Haverford
College in Pennsylvania, where he studied English as
an undergraduate. The dorm was completed in 2012
and was named Kim Hall as a tribute to his father,
Kim Ki-yong, a scholar who passed away 20 years ago
from lung disease. In 2018, Kim donated $7 million to
endow an associate professorship at Harvard Business
School, another alma mater. “Education is the engine
for changing the world,” Kim says by email.
Kim founded his buyout firm in 2005 after lead-
ing the Asia arm of U.S. private equity giant Carlyle
Group. Two years later, he launched the MBK Scholar-
ship Foundation, one of the first nonprofits in Korea to
award education grants on the basis of financial need
versus merit-based scholarships. More than 150 MBK
scholars to date have received full tuition to attend the
country’s universities. —J.K.
FORBES ASIA
 RONNIE GER ALD
CHAN CHAN
Chairman, Cofounder,
Hang Lung Group Morningside Group
30 Age: 72 • Hong Kong Age: 70

In September, the Chan family’s charity, the Morningside

HEROES OF PHILANTHROPY

Foundation, donated $175 million to the University of

Massachusetts Medical School, marking the largest gift ever
to the UMass system. The gift, which more than doubled
the medical school’s endowment, prompted the university
to rename it the UMass Chan Medical School. Its three
graduate schools were also renamed: the T.H. Chan School
of Medicine (after the family's late patriarch, Chan Tseng-hsi,
who died in 1986 of complications from a botched surgery),
the Tan Chingfen Graduate School of Nursing (after the
family's matriarch, who was a nurse) and the Morningside
Graduate School of Biomedical Sciences.
“In choosing to support UMass Medical School, the
Morningside Foundation...wants to recognize the importance RINA LOPEZ
B A U T I S TA
of public-private education. Blessed with many outstanding
private universities, it is all too easy for us in Massachusetts
to lose sight that it is the state universities that bear the bulk
of the burden of educating the young people of this country,”
said Gerald Chan, cofounder of investment firm Morningside Founder and president,

Group and director of Hong Kong property group Hang
Lung, in September at a donation ceremony at the school.
This is the Chan family's latest donation to U.S.
universities. In 2014, the Morningside Foundation pledged
$350 million to Harvard University, where Gerald earned a
master's degree and a doctorate in radiation biology. It was
the largest donation in the 385-year history of the world's
wealthiest university. Fewer than two weeks later, Ronnie and
his wife pledged $20 million to the University of Southern
California, the alma mater of Ronnie and his two sons. —J.K.
RONNIE: GIULIA MARCHI/BLOOMBERG; GERALD: FORBES ASIA; LOPEZ BAUTISTA: MASAO YAMAZAKI FOR RORBES ASIA
Knowledge Channel Foundation
Age: 61 • Philippines
Daughter of Filipino tycoon Oscar
Lopez, Lopez Bautista in 1999 founded
and now runs the edtech nonprofit
Knowledge Channel Foundation, Inc.
(KCFI). Its content is designed to meet
the educational standards set by the
Philippine Department of Education for
K-12 students and teachers in the country.
Funded by Lopez group companies
and others, KCFI last March launched
the Stay at Home, Learn at Home
campaign for students during Covid-19
lockdowns. In its first few months, the
campaign produced 1,500 educational
videos. At present, KCFI has over
150,000 followers on Facebook and more
than 200,000 subscribers on YouTube.
In September, KFCI partnered
with theAsianparent Philippines app,
reaching a further 500,000 users. KFCI
estimates it is now reaching over 10
million Filipino households. Over 7,000
Filipina principals, teachers and parents
have also attended KFC’s webinars and
online training programs on Facebook,
the company says. —Karsha Green

FORBES ASIA DECEMBER 2021

 C H O TA K WO N G
Founder and chairman,
Fuyao Glass Industry Group
Age: 75 • China
Cho’s Heren Charitable Foundation pledged
$1.6 billion in May to build a science and
technology university in Fuzhou, the capital
of his home province Fujian, to train tech
talent for China’s advanced manufacturing
industry. Two months later, the foundation
donated $15.6 million to flood-relief efforts
in China’s central Henan Province after
record rainfall led to hundreds of deaths
and widespread damage.
The founder of Fuyao Glass Industry,
who dropped out of junior high school to
support his family, established Heren in
2011 with a donation of 300 million shares—
then worth about $500 million. The foun-
dation has used dividends and share sales to
support more than 233 projects in educa-
tion, environmental protection, poverty
relief and cultural heritage preservation.
According to stock exchange filings, the
215 million shares that Heren still owns in
the global auto glass supplier, listed in both
CHO: COURTESY OF HEREN CHARITABLE FOUNDATION; PREMJI: MASAO YAMAZAKI FOR RORBES ASIA
Shanghai and Hong Kong, have a market
value of about $1.5 billion. —Yue Wang
DECEMBER 2021
31
HEROES OF PHILANTHROPY
AZIM PREMJI
Founder and Chairman, Wipro
Age: 76 • India
Premji, who consistently tops the list of biggest
givers among India's philanthropists, donated
in 2021 an estimated $1.3 billion of his family's
wealth to social causes through his eponymous
foundation. Since it was established in 2001, the
Azim Premji Foundation, which focuses on giving
equal access to quality education, has been working
with government-run schools in rural areas to
improve learning outcomes.
In 2020, the foundation and Premji’s tech com-
pany Wipro allocated about 11 billion rupees ($148
million) to fight Covid-19. This year they increased
their commitment by an additional 10 billion rupees,
with an assurance to provide more if required. The
foundation has been working in rural areas in 10
states to boost vaccination coverage while also pro-
viding critical equipment to treat Covid-19 patients.
In 2019, Premji renounced more of his personal
assets, earmarking them to an endowment fund
that supports the foundation's programs. He has
transferred about 74% of his shares in Wipro to
the foundation. The endowment is now valued at
nearly $35 billion.
Premji was the first Indian to sign the Giving
Pledge in 2013 and continues to be one of the most
generous philanthropists worldwide with over $20
billion donated so far. —Ramakrishnan Narayanan
FORBES ASIA
 MIKE CANNON-
BROOKES
Cofounder and co-CEO, Atlassian
32 Age: 42 • Australia
Tech billionaire Mike Cannon-Brookes—one
HEROES OF PHILANTHROPY
of Australia's top tycoons—wants to help save
the planet. He's pledging to donate A$500
($357 million) by 2030 to nonprofits fighting
climate change. At the same time, he is dou-
bling down on renewable energy and green
technologies, aiming to invest A$1 billion into
the sector, on top of A$1 billion that he’s already
deployed through his self-funded investment
firm Grok Ventures.
The transition from fossil-fuel dependence to
renewable energy “requires both financial and
philanthropic investments,” Cannon-Brookes
says in a video call last month. One group bene-
fitting from his largesse is the local Beyond Zero
Emissions, which has been rallying the Aus-
tralian government to deepen its commitment
to climate change initiatives. The transition to
clean energy is the single biggest economic op-
portunity for Australia, Cannon-Brookes says.
He's partnered with local mining billionaire
Andrew Forrest to bankroll Australia-based Sun
Cable, which is constructing the world’s biggest
solar farm and energy storage facility in the Aus-
tralian desert to supply electricity to Darwin and
Singapore via the world’s longest undersea high-
voltage electrical cable (see story p. 14). —J.B.
FORBES ASIA
K I M J U N G -J U
Founder, Nexon
Age: 53 • South Korea
The founder of one of South Korea’s largest online
gaming companies (market cap) has donated a to-
tal of 6.3 billion won ($5.3 million) to two children's
hospitals. He has given 3.8 billion won to Daejeon
Chung-nam Public Children’s Rehabilitation Hospital
since 2019 and 2.5 billion won last year to establish
the Nexon Children’s Palliative Care Center at Seoul
National University Hospital, set to open in 2022.
Kim, who has two teenage daughters, plans to
donate an additional 2.5 billion won to the pallia-
CANNON-BROOKES: COURTESY OF ATLASSIAN; KIM: MASAO YAMAZAKI FOR RORBES ASIA
tive care center and 1.3 billion won to the Daejeon
hospital next year. “Since its foundation, Nexon has
been able to grow thanks to the great love and in-
terest it has received from children and teenagers,”
Kim says by email. “For the past 10 years, I have
been looking for ways to help the rehabilitation
and treatment of children with disabilities in Ko-
rea, while constantly thinking about how to repay
them.” Nexon's most successful game titles include
MapleStory and KartRider—both are popular
among teenagers. From 2013 to 2015, Nexon do-
nated 20 billion won to build the Purme Founda-
tion Nexon Children's Rehabilitation Hospital in
Seoul, which the company says is the first rehabili-
tation hospital for children in Korea. The 10-story,
18,580-square-meter hospital opened in 2016.
Kim is a founding member of C Program, a
venture philanthropy fund launched in 2017, along
with fellow Korean internet entrepreneurs Kim
Beom-su (Kakao), Kim Taek-jin (NCSoft), Lee
Hae-jin (Naver) and Lee Jae-woong (Daum, which
merged into Kakao in 2014). —J.K.
DECEMBER 2021
 Government of Gujarat

10
th

From Aatmanirbhar Gujarat to Aatmanirbhar Bharat

MAHATMA MANDIR, GANDHINAGAR

GUJARAT, INDIA

Inauguration by
Shri Narendra Modi - Prime Minister, India

"Gujarat has always been the hub of growth and development.

'Aatmanirbhar Gujarat to Aatmanirbhar Bharat'
strengthens our commitment towards the same."

Shri Bhupendra Patel,

Hon’ble Chief Minister, Gujarat, India

Thematic & Sectoral Seminars Global Trade Show & Exhibition

Country & State Seminars Online & Onsite B2B / B2G Networking
Parallel to the Summit will unfold 'VIBRANT GUJARAT National Partners
GLOBAL TRADE SHOW 2022' from January 9 to 13 at
one of India’s Largest Exhibition Venue spread over
200.000 sq mtrs.

For more Information visit www.vibrantgujarat.com | Helpline: +91 79 2324 0000

 ENTREPRENEURS
By Steven Bertoni
34
The Anti-Amazon
J OSH S ILV E R MAN is using cutting-edge technology and an army of 5 million artisan-entrepreneurs
to transform E TSY from a hippie flea market into a Wall Street hero—without losing its soul.
O
On April 2, 2020, during the
chaotic early days of the pandemic, Etsy CEO Josh Silver-
man awoke to a sales shock. Every four hours, the compa-
ny’s data-junkie boss received an update on the volume of
personalized pillows, hand-sewn stuffed animals, vintage
Victorian lockets and millions of other one-off items sold
through the digital marketplace. Silverman had been rush-
ing to cut Etsy’s marketing spending to prepare for a Covid-
induced slump. But the latest report showed a surge.
The source: face masks. The press was reporting that the
federal Centers for Disease Control was soon to recommend
face coverings for all Americans. With inventory already
difficult for first responders to find, civilians were flocking
to Etsy’s ragtag community of hobbyists for their pandemic
protection. “Until that day, if you searched Etsy for ‘mask’
you’d see Halloween costumes or face cream,” says Silver-
man, sitting cross-legged on a handmade modern wingback
chair in Etsy’s still-deserted Brooklyn headquarters. “We
had an emergency meeting to decide whether to double
down on masks.”
The team was split. Some saw the face mask market as
a fad. To others, it offered a chance for Etsy to show off the
power and flexibility of its decentralized, nearly 3 million–
strong seller community. “This was our Dunkirk, where
we could mobilize cottage industry to come to the rescue,”
says Silverman, who is 52. “The world’s supply chains had
locked up. You couldn’t get face masks. Yet Etsy’s supply
chain was just two hands making.”
FORBES ASIA
Photograph by Gabby Jones for Forbes
Etsy rallied its sellers, emailing them info on mask ma-
terials and designs. Programmers retooled the site toward
selling the PPE; the marketing team peppered the web and
social media with ads. Within a day, an army of 10,000 in-
dependent crafters were hawking masks on Etsy. Within
two weeks, 100,000 sellers were. By the end of 2020, Etsy
had moved more than $740 million worth of masks—ac-
counting for 7% of its $10.3 billion in gross sales (the value
of everything sold on the site; Etsy takes a cut of each sale).
It turned out to be perfectly positioned for the pandemic:
Sellers had more time to craft furniture, art and toys, and
quarantined customers were looking to buy it all. Etsy’s an-
nual revenue increased 111%, to $1.7 billion; net income
was up 264%.
“Home suddenly became your office, playground and
day-care center,” says Jefferies analyst John Colantuoni.
“That drove demand for unique and handmade products.”
Since Covid’s March 2020 lows, Etsy shares are up some
800% at the end of November, torching the Nasdaq (up
130%), eBay (165%), Walmart (30%) and Amazon (95%).
The 16-year-old company is worth over $37 billion. Active
buyers and sellers on Etsy have doubled to 90 million and 5
million, respectively. As with most digital retailers, growth
has slowed in the second half of 2021 as the economy has
reopened, but analysts are betting Etsy will hit a 30% sales
increase in 2021.
Let Amazon, Walmart and Target battle to deliver mass-
produced items as cheaply and quickly as possible. Etsy has
empowered an eclectic (and mostly female) community of
crafters with the same cutting-edge AI, data science and
marketing tools that the retail giants use. In doing so, Etsy,
a member of Forbes’ Just 100 list of the top corporate citi-
zens, has provided millions of moonlighters with crucial
income—and purpose—in a time of unprecedented layoffs,
lockdowns and dislocations. Says Silverman, “Our mission
is to keep commerce human.”
Etsy has always been the crunchy kid at the country
club. Founded by Brooklyn artisan Rob Kalin, it churned
through CEOs before going public in 2015 as a Certified B
Corporation beholden to strict environmental and commu-
nity standards. Wall Street hated its do-gooder stance—and
red ink. In 2016, Etsy’s net losses grew 45%, to $54 mil-
DECEMBER 2021

lion. The next year, investors Black-And-White
Capital, TPG and Dragoneer bought up shares,
hoping to force Etsy to sell itself. Etsy pushed
back. The board scrambled for a CEO to balance
its mission-based employees and its money-ob-
sessed investors. Silverman, who had joined the
board in 2016, seemed a good fit.
Raised in Ann Arbor, Michigan, Silverman got
a B.A. in public policy at Brown in 1991, worked
for progressive New Jersey Senator Bill Bradley
and later earned a Stanford M.B.A. In 1998 he
cofounded Evite, the online invitation manager,
before spending five years leading eBay market-
places abroad. He turned around a struggling
Skype in 2008 and later ran American Express’s
credit-card business from 2011 to 2015.
With a maniacal focus on upping Etsy’s gross
sales, he quickly slashed staff, departed most in-
ternational regions and cut projects that wouldn’t
create at least $10 million in gross sales. That in-
cluded Etsy Studios, a craft supply website that
150 people, about 15% of Etsy’s total staff, had
spent 18 months building. “It was as painful as
it sounds, a real gut punch,” Silverman says. “We
encouraged people who were motivated and be-
lieved to stay, and those skeptical to leave.”
DECEMBER 2021
35
ENTREPRENEURS
CEO Josh Silverman He improved Etsy’s search tools, scrapped in-
in Etsy’s Brooklyn
headquarters, which house servers for the cloud and invested in cus-
is decorated with tomer service. By 2019, Etsy’s market cap had
one-of-a-kind art and
furnishings from the risen 300%, to $5 billion. In all, since Silverman
company’s crafting took the helm, shares have returned over 2,000%.
community.
“Prior to the pandemic, Josh did a great job focus-
ing on the things that moved the needle on gross
sales,” says Citi analyst Nicholas Jones. “It posi-
tioned Etsy to benefit from the demand surge.”
One challenge: enabling customers to find a
one-of-a-kind product on Etsy as easily as they
can a commodity on Amazon. To improve search
and product recommendations, it’s building AI-
powered computer vision tools to identify, tag
and create structured data for its millions of
unique items.
Notorious for slow deliveries, Etsy is also rais-
ing expectations for sellers. Crafters are being
pushed to provide transparent timelines and
improve customer communication. A new dash-
board will show vendors how they rate for cus-
tomer service and satisfaction. Overachievers
will get higher visibility on the site. “We need to
do what our sellers need, not want,” Silverman
says. “To serve the sellers, you need to obsess over
the buyer experience.”
FORBES ASIA

EMERGING STRONGER
As Indonesia emerges from the pandemic,
businesses and investors are looking to ride
on the country’s rebound from an unprec-
edented crisis. According to the Asian Devel-
opment Bank (ADB) in a report released
late September, the Indonesian economy is
expected to grow by 3.5% in 2021, and by
4.8% in 2022, underpinned by robust exports
and government spending. Supportive fiscal
policy and accommodative monetary policy
will also help boost growth.
Meanwhile, private consumption is pro-
jected to recover modestly before rising by
5% next year, ADB said. Investment should
also strengthen in 2022 as conditions stabi-
lize and the business climate improves.
“Indonesia’s economy had a relatively
1 Indonesia
SPECIAL ADVERTISING SECTION
INDONESIA:
mild downturn in 2020, thanks to the gov-
ernment’s bold, timely policies to provide
fiscal stimulus and social assistance to the
vulnerable to prevent long-term economic
scarring. It continued to recover in the first
half of 2021 due to those same policies and
strong exports,” said Jiro Tominaga, ADB
Country Director for Indonesia.
Keen Investor Interest
The confidence in Southeast Asia’s largest
economy is reflected in rising investment
in the country’s dynamic tech sector. Indo-
nesia’s digital economy is projected to grow
by almost 50% this year on the back of rapid
development in the e-commerce segment,
a trend that is expected to continue until at
Investors are keen to ride on Indonesia's rebound.
least 2025 according to the “e-Conomy SEA
2021” report by Google, Temasek and Bain &
Company. The report estimates that Indone-
sia’s internet economy—measured in gross
merchandise value—will grow to US$70 bil-
lion this year, up 49% from US$47 billion last
year.
Venture capital (VC) firm Alpha JWC
Ventures has capitalized on keen investor
interest in tech start-ups to continue its win-
ning streak in Indonesia over the past year.
With three Indonesia-based unicorns already
in its portfolio, the firm’s portfolio of compa-
nies managed to raise over a billion dollars so
far in 2021 amid the pandemic.
Going forward, Alpha JWC Ventures plans
to double down on Indonesia’s tech sector.
 SPECIAL ADVERTISING SECTION

With the recent close of its latest, and larg-

est fund, the firm will be able to increase its
investment ticket size significantly, and part-
ner with its portfolio companies for longer
periods. The VC’s Indonesia-focused invest-
ment approach has been validated by global
organizations such as the World Bank’s Inter-
national Finance Corporation and Morgan
Stanley Alternative Investment Partners, who
have invested in the latest fund.

Domestic Leaders Continue to

Dominate
Meanwhile, Indonesian companies in more
© Bukalapak

traditional sectors have also prospered dur-

ing this challenging time. As the largest and
most successful bread company in Indonesia,
PT Nippon Indosari Corpindo Tbk continued
its domestic dominance, commanding a
90% share of the country’s mass-produced
bread market.
The company’s strategy to focus on devel-
oping Indonesia’s bread market has yielded
positive results, and the company’s quarterly
sales are already returning to pre-pandemic
levels, boosted by wider distribution cover-
age and higher penetration. Profitability
margins are also set to expand, underpinned
by improved productivity and efficient cost
management.
PT Arwana Citramulia Tbk, Indonesia’s
ceramic tile industry leader, is another case
in point. The company’s early decision to
spread out its manufacturing to five loca-
tions around the country has kept costs
low and its operations efficient, helping it
to navigate the turbulence and maintain
its leadership position. The company is also
expanding into new market segments. It’s
latest plant, for instance, was set up to pro-
duce a new product, glazed porcelain tiles,
called ARNA.
Indonesian SMEs are leveraging digitalization to find new avenues of growth.
While Emtek has helped Indonesian busi-
nesses by providing them multiple platforms
to showcase their products, its associate
company Bukalapak is helping small busi-
nesses in the country grow. Enterprises that
sign up to the Bukalapak app have access
to buying millions of different products
at the best wholesale prices for resale into
their local community, as well as the ability
to offer digital services to their customers;
including paying utility bills, moving remit-
tance money, buying travel tickets and even
investing in digital gold.
Access to innovative financial solutions will
play a key role in driving Indonesia’s long-
term economic expansion. In this regard,
Bank Mandiri, the largest financial institution
in Indonesia, is committed to delivering rel-
evant financial products and services to its
customers around the country. This is part
of the bank’s broader mission to seamlessly
integrate its financial solutions into its cus-
tomers’ lives by delivering fast and simple
digital banking solutions.
In the energy sector, Indonesia’s Pertamina
is also committed to transforming its opera-
tions to contribute to a low-carbon economy
as it works towards building a sustainable
business by transitioning to greater use of
clean energy. In particular, the country’s
national energy provider has set its sights on
the development of geothermal, hydro- and
solar-based power generation. As part of this
transition, it has announced plans to support
the nation’s effort to decarbonize, starting
with reducing its greenhouse gas emissions,
mainly carbon dioxide, by 30% before 2030.
These progressive companies have lever-
aged technology and innovation to grow
sustainable businesses, and will lead Indo-
nesia’s recovery as it shakes off the effects of
the pandemic in the coming years.

Transforming to Fuel Growth

Other companies have also pivoted their
businesses to adjust to changing customer
and market needs. Indonesian conglomerate
Emtek Group, for instance, has managed to
stay ahead of the competition by transform-
ing from a conventional free-to-air television
broadcaster into a multi-channel, multi-plat-
form digital media company.
Today, the group owns three free-to-
air television stations, one direct-to-home
satellite television operator, a leading over-
©Pertamina

the-top streaming platform, an ecosystem

of digital publishers, and a series of content
and production companies, among other
assets. Pertamina is utilising solar panels at its refinery in Central Java.

Indonesia 2
 SPECIAL ADVERTISING SECTION

PT NIPPON INDOSARI CORPINDO TBK:

GROWING TOGETHER WITH INDONESIAN FAMILIES
The pioneer of Indonesia’s mass-produced bread industry has extended its competitive edge to further
dominate the domestic market.

As the largest and most successful bread

company in Indonesia, PT Nippon Indosari
Corpindo Tbk. and its top-selling brand, Sari
Roti, have gone from strength to strength
since the firm’s establishment almost 27
years ago. The company has an overwhelm-
ing 90% market share in Indonesia’s mass-
produced bread market, having leveraged
technology and a comprehensive distribu-
tion network to meet fast-rising demand for
bread and cake products in Indonesia.
Indosari was founded by the Salim Group,
the Yap family and Pasco Shikishima of
Japan. Wendy Yap—the daughter of the
late Piet Yap, one of the founders of Bogasari
Flour Mills of Indonesia—is the President
Director and CEO of the company. In 2010,
Indosari became the only bread company to
be listed on the Indonesia Stock Exchange,
with the ticker code ROTI. In November 2017,
private equity giant KKR became the com-
pany’s third-largest shareholder through a
rights issue.
The Bread of Choice
The brand developed its products spe-
cifically for Indonesian tastes while using
advanced technology to ensure high
standards of quality and hygiene. Sari Roti
products are also distributed through an
extensive network, including modern trade
channels such as minimarts and supermar-
kets, and general trade outlets such as small
shops, tricycles and direct sales to homes
and schools. In total, more than
The Company supports Indonesia's Covid-19 relief efforts. itability margins are also set
Sari Roti is touching the daily lives of millions of Indonesian families.
70,000 sales outlets in 34 provinces bring Sari to further expand on the back of operational
Roti closer to the daily lives of Indonesian leverage through increasing productivity
families. and efficient cost management.
Indosari today operates 14 strategically As part of the company’s commitment
located factories across Indonesia’s major toward Environmental, Social and Gover-
islands: Java, Sumatra, Kalimantan and nance (ESG), Indosari initiated a corporate
Sulawesi. Currently, these facilities bake social responsibility program called Sari Roti
about 5 million pieces of bread and cakes a Peduli, which this year focused on support-
day. One more Sari Roti plant in Sumatra is ing the Indonesian government on Covid-19
scheduled to come online next year, ensur- relief. The project started by providing bread
ing sufficient capacity to meet the country’s donations for medical workers through hos-
growing demand for bread over the next pitals and vaccination centers. However, as
few years. Indonesia’s Covid-19 cases peaked in August
and September, Sari Roti Peduli extended
Staying Focused its donations further to reach thousands of
The company ’s strategy to patients in Covid-19 isolation centers.
focus on developing Indone-
sia’s bread market has yielded
positive results. Despite
the challenges of Covid-
19, Indosari’s quar terly
sales are already returning
to pre-pandemic levels,
boosted by wider distribu-
tion coverage and higher
penetration, especially in
general trade channels. Prof-
For more information: www.sariroti.com

5 Indonesia
 SPECIAL ADVERTISING SECTION

ADAPTABILITY AND STRONG

PARTNERSHIPS KEY TO
EMTEK’S GROWTH
Emtek Managing Director Sutanto Hartono and Bukalapak President Teddy Oetomo share the secrets
of their success.

“The only constant in

life is change,” as the
saying goes, and in the
world of business and
entrepreneurship, those
who adapt quickly to
change are most likely
to stay relevant.
Emtek Group, one of
the largest conglom-
erates in Indonesia, is
a perfect example of
a company that has
stayed ahead of the
competition by adapt-
ing its business model,
transforming from a
conventional free-to-air Emtek's ongoing business transformation has created a robust and growing ecosystem.
television broadcaster into
a multichannel and multiplatform digital media streaming platform, Vidio, which has since users. It has also become the largest local origi-
company. grown to become the largest OTT platform in nal series producer in the country. Recently,
Today, Emtek Group, which started off as a Indonesia, with over 62 million monthly active Vidio made headlines by attracting US$150
distributor of Compaq computers in the 1980s, million of investment from private equity firm
owns three free-to-air television stations, one Affinity Equity Partners, at a US$750 million pre-
direct-to-home satellite television operator, a money valuation.
leading over-the-top (OTT) streaming platform, Understanding changing behaviors, includ-
an ecosystem of digital publishers, a series of ing the increasing amount of time being spent
content and production companies, and more. on consuming content on social media plat-
forms, Emtek, via its indirect subsidiary Indone-
Evolution to Digital sia Entertainment Group (IEG), has also acquired
Having taken full control of SCTV, a free-to- a stake in RANS Entertainment, one of the larg-
air television station, in 2008, Emtek acquired est media influencer companies in Indonesia.
another free-to-air television station, Indosiar
Karya Media, a few years later. Both are leading It’s All in the DNA
national TV stations in Indonesia. Besides being agile, Hartono believes that
And while the free-to-air business was thriv- Emtek’s “collaborative and partnership DNA” is
ing, Emtek believed that the dominance of free- also one of the key factors in its success.
to-air operators in terms of advertising revenue “It would have taken too long for us to build
would not last, says the company’s Managing new capabilities ourselves, therefore we believe
Director Sutanto Hartono. “We knew that there it is better to partner with others to expand.
would be a tipping point where new technol- However, you need a different kind of DNA in
ogy may disrupt the industry. So, we decided order to have a strong partnership—you need
to extend the business model—to become a to be able to give and take,” Hartono says. “I
multiplatform media company,” he adds. Sutanto Hartono, Managing Director am proud to say that we have a fairly solid
In 2014, the company created its own OTT of Emtek and CEO of Vidio track record when it comes to partnerships.

7 Indonesia

In Indonesia, warungs supply the local community with their
The majority of our partnerships are very
long-lasting.”
Hartono adds that the company’s strong
reputation for partnerships also helps open
doors to new opportunities, including invest-
ments in the Southeast Asian super app Grab,
and Bukalapak, one of the largest e-commerce
companies in Indonesia.
Leveraging the robust ecosystem of media
and digital platforms in its portfolio, Emtek is
committed to solidifying its leading position
in Indonesia through continuous innovation
in product development, as well as by forging
further strong partnerships.
Bukalapak Empowers
Indonesian Entrepreneurs
While Emtek has helped many Indonesian
businesses by providing them with multiple
platforms through which to showcase their
products—as well as developing the nation’s
creative content industry—its associate com-
pany, Bukalapak, has also played a major role in
this sphere. In particular, Bukalapak has helped
in developing the nation’s small-and-medium
enterprises (SMEs) by enabling mom-and-pop
stores to grow in the increasingly digitized and
competitive new world.
According to Bukalapak President Teddy
Oetomo, the company has enabled more
than 8.7 million Mitras (mom-and-pop stores)
to grow their business sustainably. Once these
stores have signed up to the Bukalapak app,
they have access to buying millions of different
products at the best wholesale prices for resale
into their local community, as well as offer-
ing digital services to their customers such as
paying utility bills, moving remittance money,
buying travel tickets and even giving them the
option of investing in digital gold.
This plan to help enable the Mitras—which
are mainly located in non-Tier 1 cities—to sell
more products has proved key in helping the
Indonesian economy grow from the ground up.
SPECIAL ADVERTISING SECTION
Mitra Bukalapak boosts the store owners' revenue by offering digital services
daily necessities. such as logistics, basic banking and a place to buy e-travel tickets, in addition
Serving Most of Indonesia
Enabling the Mitras has also helped Bukalapak
to significantly differentiate itself from the other
major e-commerce players in the country—
which are mainly focused on growing their
business in Tier 1 cities.
“If you look at Indonesia, most people only
see it as a country with a large population. How-
ever, many do not take into account that only
about 40 million people live in Tier 1 cities, such
as Jakarta, Surabaya and Medan, and about 230
million people are living outside Tier 1 cities,”
says Oetomo.
“Today, three quarters of Bukalapak’s busi-
ness comes from non-Tier 1 cities, and more
than half of the mom-and-pop stores in Indo-
nesia are using our services,” he adds.
Cutting out the Middleman
For Oetomo, the main reason Bukalapak’s
Mitra business is growing is that the company
remains focused on addressing one issue: how
Teddy Oetomo, President of Bukalapak
https://www.emtek.co.id/
to selling customers their daily necessities.
to help the mom-and-pop stores—which do
not have the economies of scale to compete
with larger retailers—to make more money and
to be more competitive.
“We connect them directly with the dis-
tributors, so that they get the best pricing. We
have also developed a process where, if they
are able to place their orders by 6pm, they will
receive their goods the following morning,”
says Oetomo. “This is why I tell investors that we
are not just the typical e-commerce player, we
are an all-commerce player—one that has an
online-to-offline strategy as well.”
Untapped Opportunities
Although Bukalapak has secured the lion’s share
of the mom-and-pop stores, Oetomo says that
the company’s outlook remains very bright, as
there are still a lot of untapped opportunities.
“There are 64 million SMEs in Indonesia.
There’s a lot of work to be done. Next, we will
be looking at how to enable other sectors
within the SME space,” he says. “Even within the
mom-and-pop space, we believe there are still
a lot more products and services that can be
introduced to help their businesses continue to
grow.”
Emtek’s Hartono says he is also confident in
the growth potential of Bukalapak, in which
Emtek has a 25% stake. “Bukalapak is super
important to Emtek for multiple reasons, but
the most important reason is that it allows us to
engage with our audience online via our multi-
digital platforms, as well as offline. It helps to
provide a complete customer experience jour-
ney,” says Hartono.
http://about.bukalapak.com/
Indonesia 8

ARWANA CITRAMULIA:
TAKING CARE OF BUSINESS
A commitment to its workers, local communities and the environment are central to the ongoing success
of Indonesia’s leading ceramic tile manufacturer.
Since its founding in 1993, leading Indonesian
ceramic tile company Arwana has gone from
strength to strength, building several new
factories around Indonesia and becoming
one of the region’s largest ceramic tile pro-
ducers, and the ninth-largest in the world.
As well as continuous R&D and consistently
upgrading to new technologies, much of the
reason for the company’s ongoing steady
growth is Arwana’s commitment to its work-
ers, local communities and the environment.
Arwana started out as a limited liability
company, opening Plant 1 at Tangerang,
Banten in 1995 with a capacity of just under 3
million square meters of tile products per year.
As of 2021, the company has built four more
plants, with new production lines added and
upgraded. This has allowed Arwana to grow
its production capacity by more than 20
times, to about 65 million square meters of tile
products per year, across five factories located
in South Sumatra, East Java and Banten.
Just six years after commencing pro-
duction, Ar wana listed on the Jakar ta
Stock Exchange (now the Indonesia Stock
Exchange) and conducted its IPO (stock code
ARNA) in July 2001. This was followed by bum-
per dividends and stock splits in 2009 and
2013. Continuing its expansion, the company
9 Indonesia
SPECIAL ADVERTISING SECTION
Arwana’s newest production line, Plant 5B in Mojokerto, Surabaya.
recently added Plant 5B to its Mojokerto-
based operations to produce a new product
line of glazed porcelain tiles called ARNA.
Tiling the Land
The key product that has propelled the
company to success is competitively priced
ceramic tiles in a vast range of patterns and
designs. “When we began in 1995, we lacked
experience and our average selling price was
about US$5.50 per square meter. Nearly 30
years later, it is US$2.50 per square meter—
while improving profitability—because we
are very focused and hands-on,” explains
Arwana’s Co-founder and President Tandean
Rustandy.
Arwana’s various products are sold under
Arwana’s latest product line, ARNA glazed
porcelain tiles.
the entry-level brand Arwana, the mid-level
brand UNO, and the new high-end brand
ARNA. Marketing is handled by the company’s
subsidiary Primagraha Keramindo, which has
established a network of 44 sub-distributors
handling 33,000 retail outlets nationwide.
This has pushed Arwana’s market share to
over 20%.
A Holistic Approach
Though the company’s growth has been
swift, Arwana is aiming to be the best—but
not necessarily the biggest—on a number of
fronts.
The company decided to spread out its
manufacturing early on, positioning its fac-
tories in five locations around the country,
mainly chosen based on population density.
This reduces logistical costs and the challenge
of transporting tiles around the Indonesian
archipelago while also cutting delivery times.
The distribution network fans out from
these five plants to the company’s 44 distri-
bution centers, which cover all of the major
cities and most of the big towns in Indonesia.
This gives Arwana a nigh-ubiquitous presence
in the country, not only as a product, but also
as an employer that is increasingly woven into
the fabric of the nation.
 SPECIAL ADVERTISING SECTION

The signing of a scholarship assistance cooperation agreement for Pradita Arwana donates supplies to SDN14 Indralaya Utara
Dirgantara High School from PT Arwana Citramulia Tbk to Yasarini Pusat on Primary School, South Sumatra.
May 24, 2021 in Jakarta.

This multiple-location strategy also miti-
gates the potentially negative impact that
a mega-factory might have, while enabling
Arwana to adhere to its vision of contribut-
ing to Indonesia’s development by creating
jobs, generating tax revenue, and taking on
social and environmental responsibilities. As
a result, the company has established good
relationships, maintained by each factory’s
management, with local governments and
communities. And, by contributing employ-
ment opportunities, it has helped spawn
independent ancillary businesses in the vicin-
ity of its factories.
As Tandean points out, “Small businesses
sprout up in response to our presence, result-
ing in a visible improvement in the locality’s
"Success is achieved through innovation,
creativity and efficiency. Protect the environment,
conserve energy, produce high quality products,
invest in the best technology and find and nurture
the best human resources."
prosperity. We also add directly to this with
many programs and projects.”
Factory management strives to improve
local communities by planting trees, improv-
ing the habitability of local homes, and
building public infrastructure and facilities.
There is, on average, 30% green space on fac-
tory grounds, and nearly 70% at Factory IV,
where employees can even grow their own
vegetables.
“The green spaces are good for the mental
health and well-being of employees, and also
contribute to absorbing some of the factory’s
carbon footprint,” Tandean says.
Arwana is also deeply committed to devel-
oping its human resources, viewing them as
crucial stakeholders. Indeed, the company’s
management believes that happy and stress-
free workers are not only more productive,
but can become multi-generational fixtures
within the company.
Education is an important part of Arwana’s
investment in its people’s futures, and the
company offers scholarships for employees’
academically promising children and gradu-
ate degree scholarships for qualified military
officers. There are also early childhood educa-
tion and kindergarten classes that take place
at the factories. In addition, the company has
set up free clinics and sponsored numerous
community activities, including raising funds
for school supplies and for local orphaned
children.
Building on Success
According to Tandean, “Success is achieved
through innovation, creativity and efficiency.
Protect the environment, conserve energy,
produce high-quality products, invest in the
best technology, and find and nurture the
best human resources. We stay ahead of the
curve and break the path, not follow it. Meet-
ing new and unfamiliar challenges just makes
us stronger and more resilient.”
Looking to the future, Tandean adds: “We
will continue to serve the country and com-
munities and foster our human resources.
Though we do some export, our main focus
is domestic, upholding excellent quality and
value for our customers.”

CEO of Arwana, Mr. Tandean Rustandy, and Chief of Staff of the Indonesian Army, General Andika
Perkasa, inaugurate a postgraduate scholarship program from Arwana for qualified army officers at the
Universitas Indonesia campus in Depok. The program is held jointly with Universitas Indonesia. www.arwanacitra.com

Indonesia 10
 SPECIAL ADVERTISING SECTION

ALPHA JWC VENTURES:

DOUBLING DOWN ON INDONESIA’S TECH SECTOR
Southeast Asia’s leading venture capital firm is poised to continue its winning streak with the close of its
latest fund.

In just six years, Alpha JWC Ventures has
blossomed to become the leading venture
capital firm in Indonesia and the region as a
whole. The company is Southeast Asia’s best-
performing early-stage venture capital firm,
with around US$630 million in assets under
management (AUM) across three funds.
Currently, Alpha JWC Ventures counts
three tech unicorns among its stable of
companies: Indonesia’s largest “buy now,
pay later” platform Kredivo; Southeast Asia’s
largest secondhand automotive marketplace,
Carro; and online brokerage platform Ajaib.
The firm was the first institutional investor
for each of these startups, all three of which
crossed the billion-dollar valuation mark this
year amid the pandemic.
Alpha JWC Ventures launched its first fund
of US$50 million in 2016, which was deployed
into 23 early-stage companies in Southeast
Asia, most of them in Indonesia. More than
90% of these companies have since received
follow-on funding. The firm’s second fund,
closed in 2019, was oversubscribed at
US$143 million, and has been invested into
30 companies.
The performance of the two funds has
been impressive so far. The first fund’s total
value to paid-in (TVPI) has reached 3.72x,
while its internal rate of return (IRR) stands at
around 37%. The second fund has a TVPI of
3.45x and an even higher IRR of 87%.
Significantly, the firm has generated nine
exits so far, including the sale of business
media company DealStreetAsia to Nikkei,
regional co-working space network Space-
mob to WeWork, and Vietnamese enterprise
SaaS company Base.vn to the country’s larg-
est technology firm, FPT Corporation.
“We are at the inflection point in Indo-
nesia’s digital economy. Covid has acceler-
ated digital adoption, which led to stronger
traction and higher revenue for some of the
companies. We have quite a lot of companies
that reach profitability at operating level and,
because of this, we are confident to see more
unicorns coming out from Indonesia,” says
Co-Founder and General Partner Jefrey Joe.
Joe also attributes the firm’s success to the
breadth and depth of its team. “We have one
of the region’s largest VC teams to help the
founders with their human capital, fundrais-
ing, business operations and strategies. We
have been doing this for years, even before
the pandemic, so when the pandemic hit,
we did not need to shift gears and try a new
approach in portfolio management—we
continue what we do best: putting all hands
on deck to support these companies.”
Beyond the three unicorns already in its
portfolio, Alpha JWC Ventures has another
11 that are nearing unicorn status. These
include Indonesia’s fastest growing grab-
and-go coffee chain, Kopi Kenangan; Indo-
nesia’s largest B2B marketplace, GudangAda;
healthy consumer goods producer Lemonilo;
and Southeast Asia’s largest peer-to-peer
platform, Funding Societies.
Beefing up its War Chest
With the recent close of its third fund, Alpha
JWC Ventures is set to make more waves in
the coming years as it doubles down on the
Indonesian tech market. Last month, the firm
raised US$433 million in Southeast Asia’s larg-
est early-stage fund.
With the enhanced war chest, Alpha
JWC Ventures will be able to increase its
investment ticket size up to US$60 million
in multi-stage funding, yet invest as low as
US$100,000 in seed stage. The VC’s sector-
agnostic and Indonesia-focused investment
approach has also been validated by global
organizations such as the World Bank’s Inter-
national Finance Corporation (IFC) and Mor-
gan Stanley Alternative Investment Partners,
who have invested in the latest fund.
“We are grateful to have a great list of local,
regional and global investors. We started with
a strong investor base in Indonesia, from cor-
porates and tech companies to family offices.
Then we grew our investor base in Fund 2
with LPs [limited partners] from Japan, Korea

Closing the Year with a Bang

Alpha JWC Ventures’ winning streak has con-
tinued unabated in 2021 despite the chal-
lenges posed by the pandemic. The firm’s
portfolio companies have collectively raised
more than a billion dollars so far this year,
with the majority raising follow-on funding
within a year of Alpha JWC Ventures’ initial
investment. Co-Founders and General Partners of Alpha JWC Ventures, Chandra Tjan (left) and Jefrey Joe (right).

11 Indonesia

and other Asian countries, as well as Europe.
The growth continues for Fund 3, where we
welcomed even more global investors. We
believe this is the beginning of more global
investors coming and supporting Indonesia’s
tech industry,” says Co-Founder and General
Partner Chandra Tjan.
The enlarged funding will also allow alpha
JWC Ventures to partner with their portfolio
companies for longer, and continue to add
value to these enterprises in a more mean-
ingful way. The firm also plans to boost its
team by hiring more experienced profession-
als from different backgrounds.
“A larger base of top-quality investors also
means more opportunities for strategic part-
nerships and alliances for our portfolio com-
panies, which will be value-adding in their
growth and expansion plans,” adds Tjan.
Investing in Next-generation
Startups
Since its establishment in 2015, alpha JWC
Ventures has identified potential winners
based on the strength of each startup’s
founders. As the region’s technology sector
matures, the company is primed to work with
the next generation of tech entrepreneurs; a
younger, untapped space that it believes will
be able to generate 100x returns.
SPECIAL ADVERTISING SECTION
Alpha JWC Ventures’ team drives one of the largest venture capital firms in Southeast Asia.
“The quality of companies and founders in
Indonesia has increased significantly in the
past couple of years compared to what I saw
in the early 2010s. While their canvases are
still relatively blank, these new founders have
learned from older startups’ past journeys.
Most of them have worked in these startups
too, so they have seen firsthand what it takes
to build a good startup. As such, the possible
solutions that they can bring to consumers
are limitless,” says Tjan.
He also believes that the time taken to
become a unicorn has been shortened con-
siderably. For instance, Ajaib only took 2.5
years to become a billion-dollar enterprise—
the fastest in Indonesia. “With accelerated
digital adoption and more educated con-
sumers, it will take less time for tech startups
to reach the billion-dollar valuation mark in
the future.”
Doubling Down on Indonesia
Looking ahead, Alpha JWC Ventures believes
that Indonesia still presents plenty of oppor-
tunities for savvy investors. The World Bank
forecasts Indonesia’s economy to rebound by
3.7% in 2021, and accelerate to 5.2% in 2022.
In particular, Alpha JWC Ventures sees
opportunities in Indonesia’s Tier 2 and Tier 3
cities, companies offering SME solutions, as
well as those in the deep technology sector.
“Indonesia is on a growth trajectory and
there is a clearer path to exits, which is result-
ing in more investors entering the market to
help build the ecosystem. That’s why we’re
getting strong interest for our Fund 3 and
portfolio companies,” says Tjan.
Going forward, Alpha JWC Ventures is
set to continue setting the pace for VC
investment in Indonesia and the rest of
Southeast Asia. The firm is also seeking to
make a broader social impact through its
investments.
“Our performance shows the world that
there is a lot of value to be created in South-
east Asia, especially in Indonesia. Indonesia’s
digital economy is in its ascendency and this
is the inflection point—things will just get
better with post-pandemic economic recov-
ery and the growth of many promising start-
ups, including our own,” says Joe.
www.alphajwc.com
Indonesia 12
 SPECIAL ADVERTISING SECTION

PERTAMINA SETS BOLD

SUSTAINABILITY GOALS
Indonesia’s national energy company aims to become a world-class global player by prioritizing its
sustainability initiatives and ESG implementations, as well as accelerating digitalization, forging more
collaborations, and improving global competitiveness, productivity and efficiency.

With rising concerns over climate change,

governments around the world are rallying
to achieve net-zero emission goals while cor-
porations are realigning business strategies
with a greater focus on sustainability.
Per tamina, Indonesia’s state-owned
energy company, has announced that it
will support the nation’s effort to decarbon-
ize, starting by reducing its greenhouse gas
emissions.
“Our operational energy efficiency in refin-
ery and upstream facilities, flare gas utiliza-
tion, waste heat recovery and the increasing
utilization of geothermal energy, all contrib-
ute greatly towards the reduction of emis-
sions,” says Nicke Widyawati, the President
Director and CEO of Pertamina, who was
featured in the Forbes list of the World’s 100
Most Powerful Women in 2020 and 2021.
As the largest company in Indonesia
involved mainly in oil, natural gas and renew-
able energy, Pertamina plays an important
role as the guardian of Indonesia’s energy
security, while its wide range of activities
affect the lives of millions of people in the
country. As it transitions to the greater use of
clean energy, the company will explore the
As one of its energy transition initiatives, Pertamina has pioneered the use of geothermal
By using solar panels as clean energy resources in its operational area, Pertamina is developing
new and renewable energy as one of its eight energy transition initiatives.
development of geothermal as well as hydro-
and solar-based power generation.
Pertamina has several Environmental,
Social and Governance (ESG) programs that
are geared towards decarbonization. In con-
junction with its 64th anniversary, the com-
pany has also identified six “go” themes—go
energy in Indonesia.
sustainable, go green, go collaborate, go digi-
tal, go productive and go global.
Environmental Targets
In terms of environmental goals, Pertamina
focuses on three key areas: addressing cli-
mate change; reducing its environmental
footprint; and protecting biodiversity.
Over the years, the company has suc-
cessfully reduced its energy consumption
and intensity, leading to a reduced carbon
footprint.
“Last year, we succeeded in reducing
greenhouse gas emissions by 27%. Going
forward, we are targeting 30% by 2030, in
line with Indonesia’s commitment to reduce
emissions as stated in the Paris Agreement,”
says Widyawati.
The government has plans to reduce as
much as 314 million tons of carbon dioxide
equivalent in 2030, of which 183 million tons,
or more than 50%, is a target for the new and
renewable energy (NRE) sector.
“To be able to provide significant results in
mitigating climate change with the current
business landscape, the global oil and gas
sector must reduce emissions by at least 3.5

13 Indonesia

Capable of carrying 2 million barrels of oil, the Very Large Crude Carrier (VLCC) Pertamina Pride plays a significant role in stabilizing
gigatons of carbon dioxide equivalent annu-
ally by 2050,” explains Widyawati.
To protect biodiversity, Pertamina has
started a flora and fauna conservation pro-
gram that aims to preserve 87 endemic
animal species, most of which are critically
endangered, and 52 endemic plant species.
Social Responsibilities
Pertamina’s social responsibility efforts are
centered on five areas: health and safety;
prevention of major accidents; employee
recruitment, development and retention;
innovation and research; and community
engagement and impact.
In the area of health and safety, Pertamina
continues to aim for zero accidents while
operating a stringent “contractor safety man-
agement system” (CSMS).
Up to October, the incidence of Covid-19
cases at Pertamina has been 0.21%, which is
lower than Indonesia’s national average of
0.8%, while the death rate stands at 0.76%,
which is far below the national average of
3.37%.
The company has built three hospitals for
emergency Covid-19 treatments in Simprug,
SPECIAL ADVERTISING SECTION
Tanjung Duren and Wisma Haji Pondok Gede,
Jakarta, and has offered free vaccinations for
all employees while ensuring that all parties
across the supply chain adhere to the com-
pany’s CSMS.
As part of its commitment to improve
employee welfare, Pertamina provides a dis-
crimination- and harassment-free workplace,
while offering salaries and remunerations,
including pension plans, that are above the
regional minimum wage.
The company also supports diversity,
inclusion and gender equality. It applies a
zero-gap gender pay ratio while one-third of
the Board of Directors are women and 16%
of management roles across the entire com-
pany are held by women.
There is a special recruitment scheme for
people with disabilities while younger employ-
ees below 40 are groomed for senior roles, fill-
ing up to 17.5% of management positions.
Pertamina recognizes the importance
of training and education and has offered
2.5 million learning hours for employees in
2020 while targeting 250 hours of training
per employee per year from 2021. In terms
of education and training resources, the
the supply of crude oil to Indonesia.
company provides a university, a health,
safety and environment training center and
a maritime training center, as well as capacity
building in decarbonization and sustainable
energy development. As part of its corporate
social responsibility initiative, the company
assists business entrepreneurs through its
“Small Medium Enterprises & Partnership
Program”. Pertamina also offers a platform
for students to showcase their talents on the
popular annual science competition called
“Pertamina Cerdas”.
On the national level, the company’s “One
Price Fuel” and the “One Village One Outlet”
programs ensure that the population across
the vast Indonesian archipelago has access to
affordable energy.
Governance Goals
To improve corporate governance, the com-
pany initiated the “New Pertamina Clean
Charter” in June 2020 as part of its Anti-Brib-
ery Management System.
The Charter, signed by the company’s
entire Board of Directors and Board of Com-
missioners, outlines the requirement to
manage the company professionally, avoid
Indonesia 14

conflicts of interest, prevent bribery, uphold
trust and integrity, and adhere to the prin-
ciples of good corporate governance.
Within the Charter are guidelines or code
of conduct which encourages traits like pro-
fessionalism, trustworthiness and integrity,
among others.
“The New Pertamina Clean Charter is
expected to become a new culture and set
of values for Pertamina’s officers and work-
ers,” says Widyawati.
Pertamina aims to further improve its
Good Corporate Governance score, which
stood at 92.85% in 2020, and to achieve 100%
compliance in reporting asset obligations.
Extending beyond the company, Pertami-
na’s clean charter will be made accessible to
the general public. To do this, the company
is coordinating with law enforcement agen-
cies such as the Corruption Eradication Com-
mission, the Indonesian National Police, the
Attorney General of the Republic of Indonesia
and the Indonesian National Armed Forces.
NRE Initiatives
Transitioning to NRE, Pertamina has identi-
fied eight strategic initiatives. Among them
is a plan to increase the capacity of its geo-
thermal power plants from 672mw in 2020 to
1,128mw by 2026.
The other initiatives include: participating
in a joint-venture with an Indonesian com-
pany to produce batteries for electric vehi-
cles; constructing a methanol plant for gasifi-
cation; building an environmentally friendly
refinery; increasing clean energy capacity;
implementing a circular carbon economy;
and increasing the production of dimethyl
ether (DME) as an alternative fuel.
Pertamina is also exploring the potential
use of green hydrogen as a climate-friendly
One of Pertamina’s efforts to develop new renewable energy is through the implementation of
carbon capture, utilization, and storage (CCUS) projects in oil and gas fields.
15 Indonesia
SPECIAL ADVERTISING SECTION
A Pertamina worker at the Kamojang Geothermal Power Plant, West Java, operated by PT Pertamina
Geothermal Energy (PGE). Currently, Pertamina is increasing its geothermal capacity as part of its
renewable energy with significantly lower
carbon emissions at its power station in
Ulubelu.
The company has set a target to achieve
a production goal of 10 gigawatts of NRE
by 2026 by implementing carbon capture,
utilization and storage (CCUS) projects such
as those in the Sukowati and Gundih oil and
gas fields, and continuing to develop clean
energy from geothermal operations.
Pertamina has introduced Green Energy
Stations (GES), with 99 already in operation,
to cater to both normal and electric vehicles.
GES are energy efficient as they are solar-
powered, offer cashless transactions and they
make high-grade fuel available to motorists
driving the latest fuel-efficient vehicles. To
further decarbonize and reduce greenhouse
gas emissions, 5,000 Pertamina gas stations
will be converted and powered by solar
energy with a total capacity of 910mw.
eight energy transition initiatives.
“The use and application of CCUS technol-
ogy helps with Pertamina’s transition to using
clean energy. This low-carbon technology
will support Pertamina’s business sustainabil-
ity in the future,” says Widyawati.
For its entire NRE initiatives, Pertamina will
allocate around 9% of its total capital expen-
diture for the 2020 to 2024 period, more than
double the international industry benchmark,
which averages at 4.3%.
Collaborating for Success
Collaboration is an important aspect of
Pertamina’s business. The company has
formed partnerships with around 66,000
micro- to small-sized enterprises, around
22,000 of which are managed by women
entrepreneurs.
To provide access to liquified petroleum
fuel for rural communities as well as provid-
ing jobs and improving livelihoods, Pertam-
ina is working with the government to roll
out more than 4,000 mini fueling stations,
or Pertashops. “At last count, 3,218 such out-
lets are in operation across the country,” says
Widyawati.
Pertamina’s continuing pursuit of innova-
tion has also resulted in the creation of Green
Energy Stations, which provide not just con-
ventional fuel for vehicles, but also solar-pow-
ered charging ports for electric vehicles.
Digitalization Efforts
Leading the company’s digitalization efforts
is the Pertamina Integrated Command Cen-
ter, which utilizes technology to ensure that
the company’s operations run smoothly. It
also churns out real-time data and manages
a performance dashboard that monitors all

the company’s six subsidiaries, which are:
upstream (focusing mainly on exploration,
extraction and production of raw materials);
refining and petrochemical; commercial and
trading; power and NRE; gas; and shipping.
The command center also monitors the
movement of vessels used by the company
to transport cargo like crude oil, the com-
pany’s 24,000-kilometer gas line, fuel stocks
at all terminals, depots and gas stations, and
sales transactions, among others.
Global Reach
The company’s international assets are man-
aged by Pertamina Internasional Eksplorasi
dan Produksi (PIEP). In the upstream busi-
ness, PIEP’s oil and gas field assets are spread
across 13 countries, which are: Algeria, Malay-
sia, Iraq, Canada, France, Italy, Namibia, Tan-
zania, Gabon, Nigeria, Colombia, Angola and
Venezuela.
SPECIAL ADVERTISING SECTION
To date, PIEP has contributed as much
as 49.9 million barrels of oil, with a value of
around US$2.8 billion, to meet Indonesia’s
domestic demand and help to stimulate the
national economy.
The company’s marketing team continues
to grow the market, especially in Asia, Africa
and Australia, while managing worldwide
demand for petroleum-based products
like aviation and marine fuel, diluted crude
oil and lubricants, among others. Cargo is
delivered by the company’s 11 shipping ves-
sels, with three of them having certificates
of compliance from the United States Coast
Guard.
Ultimately, Pertamina aims to be a world-
class energy player by being globally com-
petitive, highly productive and efficient,
while prioritizing its sustainability initiatives,
accelerating digitalization and strengthening
its collaborations.
Being Climate-friendly
“We will support Indonesia’s energy transition
by implementing climate-friendly business
strategies and building a portfolio of renew-
able energy sources so that the country will
have more options for clean power in the
future,” says Widyawati.
Despite the pandemic-induced economic
slowdown, Pertamina continues to be profit-
able and remains committed to supporting
climate-friendly objectives. The company
has just completed a management restruc-
turing exercise and is aiming to achieve a tar-
get of US$93 billion in revenue by 2024. Last
year, the company made a net profit of US$1
billion.
“We hope that Pertamina, as an energy
company of Indonesia, will energize every-
one to contribute towards a greener future
by reducing global carbon emissions,” says
Widyawati.
Learn more at www.pertamina.com
Indonesia 16
 MONEY & INVESTING
By Jason Bisnoff Photograph by James McEntee for Forbes

52
Marathon Man
Across America, scores of municipal pension funds remain scandalously underfunded. But not
the pension fund of Tampa, Florida’s police and firemen, thanks in large part to JAY BOWE N , whose
no-frills approach to stock picking has protected and served them for more than 45 years.

Bowen, Hanes &

Company president and
CIO Harold J. Bowen III
at Tampa’s Firefighters’
Museum.
H Harold J. Bowen III has competed in
so many triathlons he has lost count. At age 59, he’s training for his
twelfth Escape from Alcatraz race, which means that next June he will
swim 2.4km across San Francisco Bay, ride a bike 29km to Golden
Gate Park and run 13km to Marina Green. Bowen describes his en-

FORBES ASIA DECEMBER 2021

durance-sports obsession as a “productive addiction,”
because many years ago he realized that exercise would
help him combat his attention deficit disorder.
“I will keep at it as long as I’m walking,” insists Bowen,
lean and tall with a slight Southern accent.
As the sole asset manager of Tampa, Florida’s fire-
fighters’ and police officers’ $2.7 billion pension fund,
Bowen has staked his success on focus and stamina. His
firm—Bowen, Hanes & Company—is not only the first
responders’ sole asset manager, but the pension fund
makes up nearly 80% of the Atlanta money manager’s
$3.5 billion in assets.
In an industry in which diversification is foundation-
al, Bowen is an outlier. His fund’s balanced strategy—a
mix of roughly 70% equities, 30% fixed income—has
returned 15% (net of fees) over the last three years and
13.5% over the last five years, versus 13.7% and 12.4%
for the benchmark index, respectively. That puts the
boutique manager in the top 1 percent of comparable
pension plans, according to data from the Wilshire Trust
Universe Comparison Service. Over 47 years the fund
has logged equity returns of 14.8%, outpacing the S&P
500’s 12.6% total return. In the last year, Tampa’s police
and firemen have been treated to a 32% return. Even
more importantly, actuarial reports show that their pen-
sion is 94% funded, compared to 71% among municipal
pensions, according to Wilshire.
“It’s tragic to say Tampa is the exception and not the
rule,” says Bowen, with a hint of hubris, over a salmon
salad lunch in historic St. Augustine, Florida. “We don’t
get involved in any type of pool funds, private equity or
hedge funds. We are unconventionally conventional,
and it’s boring, but it’s also high-quality and long-term
in approach.”
“Jay” Bowen, as he’s known, inherited his pension
management operation from his father, Harold J. Bowen
Jr., who founded the firm in 1972 but had courted the
Tampa pension fund since the ’60s. Bowen III’s approach
is very much “if it ain’t broke, don’t fix it.” Like his late
father, he uses a top-down “thematic” method to picking
sectors and individual, mostly large-cap blue chips, typi-
cally with dividends. Another key to his firm’s success is
the 25-basis-point fee he charges Tampa, about half the
industry average.
An English major who graduated from the University
of North Carolina at Chapel Hill in 1984, Bowen joined
his family firm in 1986. In 1989 he wrote a thesis on
international economics at the London School of Eco-
nomics and later spent time doing research in Washing-
ton, D.C., at the Cato Institute, a libertarian think tank.
“My time at the LSE and Cato made me realize how
important monetary policy is to the markets,” he says.
“There are other important policy regimes to monitor—
regulatory, tax and trade policy—but monetary policy is
the granddaddy of them all.”
DECEMBER 2021
In the 1980s, Bowen, Hanes used the economic back-
drop of falling interest rates and declining inflation to
buy winners like Campbell Soup and Coca-Cola. In the
’90s, as a new global economy emerged after the fall of
the Berlin Wall, Bowen’s biggest holdings were in com-
panies that would benefit from globalization, such as 53
General Electric and Colgate-Palmolive. In the early
2000s, he saw opportunity in China’s rapid growth and
MONEY & INVESTING
its voracious appetite for natural resources, making big
bets on mining companies Inco, which was sold to Bra-
zil’s Vale in 2006, and BHP Billiton. Post–Financial Cri-
sis, Bowen gauged which sectors the Fed’s easy-money
stance would favor and loaded up on S&P 500 momen-
tum giants Apple and Microsoft but also consumer sta-
ples such as PepsiCo and Procter & Gamble.
Bowen’s current picks focus on tech companies dis-
guised as industrials. In other words, new technologies
like AI, the internet of things (IOT) and 5G are chang-
ing the prospects for industrials like Charlotte, North
Carolina’s Honeywell, once best known for making
home thermostats. Last November, Honeywell, a mar-
ket leader in aerospace, invested in Trinity Mobility, an
Indian company whose IOT apps will soon be put to
work in so-called smart cities. Honeywell also paid $1.3
billion a year ago for life-sciences software company
Sparta Systems.
Other less-obvious technology plays he favors include
Johnson Controls, Union Pacific, Teledyne and Corning,
which as the largest global fiber-optic cable manufac-
turer profits from the growth of 5G networks. Corning is
also a major supplier of the advanced glass used in dis-
plays for iPhones, flat-panel TVs and laptops.
“A lot of these companies are selling at either market
multiple or below, and they have strong balance sheets
and attractive yields,” Bowen says, noting Honeywell’s
1.8% dividend yield.
His approach is not without hiccups. He has long held
Swedish telecom giant LM Ericsson, whose stock has
languished for more than a decade and is down 9% year-
to-date. “I haven’t given up on Ericsson,” Bowen says.
“It’s right in the heart of 5G equipment, and there are not
too many players in that area.”
Although Covid-19 has had little effect on Bowen’s
investment approach, he has embraced the work-
from-home ethos, having moved his home and main
office to Ponte Vedra Beach, just outside Jacksonville,
Florida. His largest account is now about three hours
away by car.
“Big public pension plans will usually have 20 or 30
managers,” says Bowen, who notes that he has signed
up a few other pension funds, including that of the em-
ployees of coastal Glynn County, Georgia. “We’re lucky
to be involved with a fund that views us as their core
unconstrained manager, letting us pretty much do what
we want.”
FORBES ASIA

BEXIMCO PHARMACEUTICALS
PUTS HIGH-QUALITY MEDICINES
WITHIN EVERYONE’S REACH
The Bangladesh-based pharma company is striding forward with its mission to make life-
saving drugs available and affordable for people in every part of the world.
In November 2021, Bangladesh-based Bex-
imco Pharmaceuticals made international
headlines with the launch of the world’s first
generic molnupiravir, an oral antiviral drug
for the treatment of patients with mild to
moderate forms of COVID-19. Developed
by U.S. firms Merck, Sharp & Dohme (MSD)
and Ridgeback Biotherapeutics, molnupi-
ravir represents a major breakthrough in
addressing the world’s current greatest
health challenge, with interim data pub-
lished by MSD showing that it reduces the
risk of hospitalisation and death by around
50%. Beximco’s branded generic version of
molnupiravir is being marketed as Emorivir.
This follows on from Beximco’s May 2020
launch, at the height of the pandemic, of
the world’s first generic version of remde-
sivir—branded as Bemsivir—an antiviral
drug developed by U.S. firm Gilead Sci-
ences that has been effective in treating
COVID-19 patients.
Beximco was allowed to produce these
generic copies under a pharmaceuti-
cal patent waiver granted by the WTO’s
Trade-Related Aspec ts of Intellec tual
Property Rights (TRIPS) for the least devel-
oped countries. The company, which is
considered a pioneer in providing access
to breakthrough drugs at affordable prices,
leveraged its competitive cost advantages
and strong experience to be able to make
these potentially life-saving treatment
options at substantially cheaper prices than
the originator brands.
PROMOTION
“Further to our launch of
the first generic remdesivir
at the start of the pandemic,
t h e la u n c h of a g e n e r ic
version of molnupiravir is
another example of Beximco
Pharma’s ability to rapidly
respond to make af ford-
able treatments available
to patients suffering from
COVID -19,” said Nazmul
Hassan MP, Managing Direc-
tor of Beximco Pharmaceuti-
cals. “This is a great achieve-
ment for the company and
one which we believe could
play an important role in combating the
pandemic, especially in low- and middle-
income countries where access to vaccines
has been limited.”
Over the past 12 months, Beximco has
provided Bemsivir to public and private
healthcare facilities in Bangladesh, and
has also donated large quantities of the
drug in several other countries. To date,
the company has supplied Bemsivir to 22
countries including India, Azerbaijan, Paki-
stan, Nigeria, the Philippines, Venezuela
and Lebanon.
Exports to 50 Countries
Founded in 1978, Beximco started out
importing medicines from multinational
corporations (MNCs) such as U.S.-based
Upjohn and Germany’s Bayer, before
manufac turing the drugs locally
under license. Today, Beximco has
emerged as a leading exporter of
medicines, with a global footprint
in 50 countries around the world. Its
success story is built on its unwaver-
ing commitment to quality and the
dedication of its 5,000-strong work-
force, driven by the company’s aspi-
ration to be among the world’s most
admired pharmaceutical companies.
Beximco began its export operations
in 1992, exporting active pharmaceutical
ingredients (APIs) to Hong Kong, with Rus-
sia becoming its first export destination for
formulation products the following year.
Since then, the company has gradually
expanded its overseas business, enter-
ing Singapore, one of the most stringent
markets in Asia, in 2001. As a testament to
its success, the company has won Bangla-
desh’s prestigious National Export Trophy
(Gold) five times for its outstanding contri-
bution to the country’s export.
Spanning an area of 23 acres in Dhaka,
Bangladesh, Beximco’s state-of-the-art
manufacturing facilities have been accred-
ited by regulatory authorities in Australia,
Canada, Europe, the Middle East and the
U.S., among others. Through these facili-
ties, the company has made great strides
in its ability to produce high-quality drugs
at prices up to 99% cheaper than their
branded counterparts, thus making treat-
ments and medicines accessible to millions
of patients in developing countries.
In 2015, the company launched the
world’s first generic version of Harvoni
(Sofosbuvir plus Ledipasvir), the revo-
lutionary drug to treat hepatitis C, and
began selling it for around US$10 versus

the originator’s price of US$1,130. It did the
same when it launched the generic version
of another groundbreaking hepatitis C
drug, Sovaldi (Sofosbuvir).
COVID-19 Pledge
Out-of-pocket expenditure accounts for
the bulk of the healthcare expenses in
most low- and middle-income countries
where access to breakthrough and highly
expensive treatments is almost impos-
sible. Since the beginning of the pan-
demic, there has been an urgent need
to find immediate solutions or medical
interventions to save human lives. Rising
to the challenge, in November 2020, Bex-
imco and 17 leading global generic drug
companies pledged to work together via
the United Nations-backed Medicines
Patent Pool (MPP) to accelerate access to
COVID-19 treatments for low- and mid-
dle-income countries. Among the other
PROMOTION
signatories to the MPP pledge are world-
leading generic manufacturers such as
Lupin, Aurobindo Pharma, Zydus Cadila,
Dr. Reddy’s Laboratories, Sun Pharma-
ceutical Industries and Celltrion.
Bangladesh’s pharmaceutical industry
has been at the forefront of driving the
nation’s progress, with the country trans-
forming itself from a net importer of medi-
cines to an exporting nation over the past
three decades—and Beximco has played
a pioneering role. At present, Beximco is
the country’s sole exporter of medicines
to the U.S., which is also the largest export
market for the company.
Looking to the future, Beximco aims to
strengthen its presence in key emerging
and developed markets. The company is
also building a robust pipeline of value-
added generic products for these mar-
kets, including a differentiated portfolio of
metered dose inhalers, dry-powder inhal-
ers and sterile ophthalmics. By collaborat-
ing with leading MNCs, it has developed
new skills and conceived and implemented
advanced, state-of-the-art technologies.
Rising healthcare costs have become a
major challenge globally, with the high
cost of medicines a serious concern
for governments around the world. To
address this, governments are promoting
the use of generic drugs, which creates
huge opportunities for generic drug pro-
ducers like Beximco.
With its robust and highly compliant
infrastruc ture, cost competitiveness,
diverse portfolio and skilled manpower,
Beximco has already emerged as an
important generic drug player in Asia. As
patents for branded or originator drugs
expire, Beximco will be able to reinforce
its differentiated value proposition, tak-
ing the opportunity to produce generic
versions at significant scale and at a much
lower cost, touching the lives of millions
around the world by providing affordable
access to life-saving medicines.
To find out more
www.beximcopharma.com
 I N D O N E S I A’ S 5 0 R I C H E S T THE PROFILE

Digital
56

Pioneer
OTTO
BILLIONAIRE

TOTO SUGIRI,
ONE OF INDONESIA’S EARLIEST TECH
ENTREPRENEURS, IS NOW HELPING TO GROW
INDONESIA’S DIGITAL ECONOMY BY BUILDING
ITS LARGEST DATA CENTER COMPANY DCI.

BY A R D I A N W I B I S O N O

P H OTO G R A P H S BY A H M A D Z A M R O N I / H K V F O R F O R B E S A S I A

FORBES ASIA DECEMBER 2021

57
 WITH HIS TRADEMARK BLACK SHIRT AND
58
LONG GRAY HAIR, OTTO TOTO SUGIRI,
COFOUNDER AND PRESIDENT DIRECTOR
THE PROFILE • INDONESIA’S 50 RICHEST
OF DATA CENTER COMPANY DCI INDONESIA,
STANDS OUT AMONG THE COUNTRY’S
YOUTHFUL TECH ENTREPRENEURS.
The 68-year-old, who learned to program before
many of those entrepreneurs were born, is one of
Indonesia’s earliest tech entrepreneurs, blazing a
trail for others to follow.
His first company Sigma Cipta Caraka, which
he started in 1989, was one of Indonesia’s earli-
est homegrown software companies and became
one of the largest by sales, beating out compe-
tition from imported software providers. From
there, Sugiri set up the country’s first inter-
net service provider Indointernet in 1994, giv-
ing millions of Indonesians access to the inter-
net for the first time. During the dot-com boom,
he founded BaliCamp, a company on the resort
island to incubate startups and offer outsourcing
services. “Sugiri is like Indonesia’s Bill Gates,”
says Tom Malik, chief operating officer of lo-
cal big data company Dattabot, who has known
Sugiri for more than two decades.
Now, as a new generation tries to launch their
first companies, Sugiri is well into his latest act
building data centers, the critical infrastructure
at the heart of any digital economy. Founded by
Sugiri and six others in 2011, DCI is Indonesia’s
largest data center company, providing over half
the country’s local capacity. Of the four cloud ven-
dors operating in Indonesia—Alibaba, Amazon
Web Services, Google Cloud and Microsoft—DCI
says three are clients, as are some of Southeast
Asia’s largest e-commerce companies. DCI also
counts among its clients over 40 telecom firms
and more than 120 financial services providers
across Indonesia, Southeast Asia and the U.S.
To be sure, Indonesia’s data center capacity,
at 81 megawatts (MW), is dwarfed by Singa-
pore’s 613MW (data centers are ranked by power
consumption). But Sugiri says that the shortfall
FORBES ASIA
represents opportunity. “Indonesia has the larg-
est population in the region, but with one of the
lowest data center capacities per capita in the
world,” says Sugiri in an exclusive interview in
late October.
The rapid growth of Indonesia’s digital econ-
omy will generate huge demand for data cen-
ters to handle all that traffic. Indonesia’s e-con-
omy is the largest in Southeast Asia, with an es-
timated $70 billion in gross merchandise value
(GMV) this year, according to a recent Bain,
Google and Temasek report. E-commerce giant
Bukalapak did the country’s largest-ever IPO
in August, raising $1.5 billion, and at least four
more local unicorns, including GoTo and Tra-
veloka, would like to list in the next 12 months.
VC firms poured $4.7 billion into Indonesian
deals to June this year, the most invested any-
where in the region.
DCI is doubling down to stay on top. Over the
past decade the firm has spent $210 million to
build four data centers at its main 8.5 hectare site
in Cibitung, just outside of Jakarta, which can be
scaled up to 300MW to meet further demand.
In May, billionaire Anthoni Salim upped his
stake in DCI from 3% to 11% as part of a broad-
er strategic partnership between his Salim group
and the company.
Under the deal, DCI will manage the Salim
group’s in-house 15MW data center—which it-
self can be expanded to 600MW to meet future
demand. DCI is also being asked to oversee other
data centers of the group, not counting the addi-
tional business that could potentially come from
the group’s massive portfolio of companies and
properties across Indonesia and the rest of Asia.
“We believe data is a pivotal point of digitaliza-
DECEMBER 2021
tion, and it will continue to grow exponentially.
DCI, as the locally grown technology company DATA DRIVER
with proven expertise in data center solutions, is DCI has seen both revenue and net profit climb over
our key strategic partner,” says Salim by text. the past four years, thanks to growing demand for
DCI’s financial figures are impressive. The data center services.
company booked an 81% rise in revenue, and a
57% increase in net profit, on a compound annu- Revenue (RUPIAH BILLIONS) Net profit (RUPIAH BILLIONS)
al growth rate from 2017 to 2020. In this year to Compound annual Compound annual
59
end-September, however, revenue grew just 3% growth rate of 81% growth rate of 57%
year on year to 607 billion rupiah ($43 million).
183

THE PROFILE • INDONESIA’S 50 RICHEST

200
Sugiri explains the low figure masks the recur- 800
759
ring revenue figure, whose higher margin show 150
up in the net profit that grew 24% to 173 billion 700 107
100
rupiah to end-September.
One sign of investor confidence is in DCI’s 600 48 62
50
stock price. After listing in January, the stock has
risen around 11,000% to date to a recent 44,000 500
490 0

2017

2018

2019

2020
rupiah. At $7 billion, DCI is now one of the most
valuable companies on Indonesia’s stock ex- 400
change by market cap. Sugiri and two other co-
founders have become billionaires based on their 300
293 Profit margin

stakes in the company—making up three out of 40% 38%

the four new entries on this year’s Indonesia’s 200
50 Richest list. 127 30%
24%
21% 22%
100 20%

A F T E R L I S T I N G I N J A N U A R Y, D C I 0 10%

STOCK HAS RISEN AROUND 11,000%

2017

2018

2019

2020
0%
T O D AT E .

2017

2018

2019

2020
Source: DCI Indonesia

The stock’s meteoric rise led Indonesia’s stock

exchange to suspend trading of DCI shares five
times this year, launching an investigation in
June. Sugiri says the exchange has absolved the
company and the founding shareholders of any
wrongdoing. The exchange declines to comment
on any investigation as a matter of policy. Sugi-
ri believes the gains were due in part to huge in-
vestor demand chasing a small number of shares
on offer.
DCI’s success has attracted some heavyweight
Sugiri remains unfazed by this emerging rivalry. “Data
centers in Indonesia will become more critical as big global
internet and technology companies see the importance of
being closer with their users,” he says. “Our current target
is to remain the biggest player in Indonesia. This is our
playground.”

competition. In May, billionaire Theodore Rah-
mat’s Triputra group said it was teaming up
with Singapore’s ST Telemedia and Temasek
to get a 72MW data center online by the end
of 2023. In November, the Sinar Mas business
group, backed by the powerful Widjaja family,
announced it was partnering with Abu Dhabi’s
Group 42 to build a local 1,000MW data cen-
ter (no date was given for its opening). Leading
Indonesian property group Ciputra has also ex-
pressed interest to enter the data center indus-
try, but hasn’t yet unveiled any specific plans.
Other international and domestic companies
already in the market have announced their
intention to expand.
S
ugiri speaks from more than four decades of ex-
perience in Indonesia’s tech industry. After get-
ting a bachelor’s in electrical engineering and
a master’s in computer engineering from Ger-
many’s RWTH Aachen University, he returned
to Indonesia in 1980 originally to take care of his ailing
mother, who later passed away. He then stayed in Indone-
sia to do a variety of local programming gigs, such as writ-
ing engineering software for oil companies or a program
to manage loan disbursements to fishermen in Papua for a
U.N. agency. In 1983, Sugiri joined Bank Bali, then owned
by his uncle, Djaja Ramli. (Bank Bali later merged with
Permata Bank, which in turn got bought by Bangkok Bank.)
“We developed the bank’s IT system, from the back of-
fice to accounting. I worked with different departments to

DECEMBER 2021 FORBES ASIA

60
THE PROFILE • INDONESIA’S 50 RICHEST
Sugiri in the lounge area of a DCI data center.
come up with software to make the work more efficient.
One of the successes I remember was that the accounting
staff could go home before sunset. Previously they worked
until almost midnight working on manual bookkeeping,”
Sugiri says.
He left to start his own software firm Sigma Cipta Cara-
ka in 1989 with $200,000—enough to pay ten months’
salary and rent. He was joined by six former Bank Bali
employees, including Marina Budiman, now president
commissioner at DCI. It was perfect timing. The govern-
ment had just deregulated the banking industry, and the
number of banks jumped from 111 in 1988 to 240 in 1994.
These new banks needed IT support, and Sigma soon
booked its first client. It was profitable within its first year,
with $1.2 million in income.
While Sigma was a distributor for IBM, the company’s
major revenue generator soon became its own proprietary
programs. Its main competitor was Multipolar, owned by
Mochtar Riady’s Lippo group. But Multipolar only sold ex-
pensive imported software, while Sugiri offered cheaper
software that he and his team had programmed for local
market conditions.
FORBES ASIA
Around this time a friend approached Sugiri
with the idea to start Indonesia’s first internet
service provider. The pair originally just wanted
to give Indonesian students a cheaper and faster
way to access imported learning materials. “Books
were expensive at the time and took time to get
to Indonesia,” he says. In 1994, they launched
“ D ATA I S A P I V O TA L P O I N T O F
D I G I TA L I Z AT I O N A N D W I L L C O N T I N U E
T O G R O W E X P O N E N T I A L LY.”
Indointernet, giving not just students but all
Indonesians a chance to surf the worldwide web
for the first time.
Sugiri’s next act in 2000 was BaliCamp, a self-
described “artist colony for software develop-
ers” on the resort island that was a subsidiary of
Sigma. With the dot-com boom in full swing,
Sugiri used the island’s low costs and idyllic life-
DECEMBER 2021
 PROMOTION

BAYER TRANSFORMS HEALTHCARE

ACROSS ASIA PACIFIC
Bayer steps up investments in research and development to bring innovative
healthcare solutions across the region.

W
ith chronic heart diseases and
cancers among the leading causes
of death in the Asia Pacific, German
pharmaceutical and life sciences company
Bayer is striving to address the growing
medical needs of patients across the region.
As Asia Pacific economies boom in recent
years, deaths caused by cardiovascular
diseases have significantly increased,
aggravated by consumers’ increasingly
sedentary lifestyles and rapidly changing
eating habits.
Recognizing the urgency of this chronic
disease epidemic, Bayer has stepped up
investments in research and development
in Singapore, its regional hub for the past
50 years.

Strengthening the Heart

Last year, Bayer announced a five-year
collaboration with the National Heart Centre
Singapore to set up a research center to
better understand the underlying causes of
cardiovascular diseases, the region’s leading
cause of deaths. Though preventive care and
early screening are crucial to achieve better
patient outcomes, patients typically delay
consultation with the doctor until it’s too late.
Cases of heart failure—which affects
more than 60 million people worldwide1—
is projected to increase drastically in the
next decade.2 A worsening heart condition
sparks a downward health spiral and
repeated hospitalizations, with 56% of
patients returning to the hospital within 30
days. Each subsequent hospitalization raises
the mortality rate, with one in five patients
dying within two years of a worsening heart
failure event.3
Among other innovations to lower
the death rate from heart diseases, Bayer
has introduced a new drug therapy that
promotes smooth muscle relaxation and
vasodilation, and reduces the likelihood of
re-hospitalization for heart failure patients.4
Focus on Cancer
Tackling the various forms of cancer, Bayer
has also developed a precision medicine
strategy to identify specific tumor biomarkers
and mutations. This will help develop tailor-
made treatments for patients, reduce side
effects, and provide patients a better quality
of life.
The company has a precision cancer
therapy that inhibits tropomyosin receptor
kinase fusion cancer—a tumor that occurs
when normally unrelated genes combine
and form cancer-causing abnormal proteins.
This precision treatment focuses on tumor
genomics rather than the site of origin of
the tumor.
Another focus area for Bayer is prostate
cancer, one of the leading tumors worldwide.
In the Asia Pacific, 190,000 cases of this
disease are recorded annually with more than
80,000 deaths, according to the Organization
of Economic Cooperation and Development.
The cases are rising due to insufficient
screening, owing to the lower awareness of
the disease in the region.
The Big Leap
Bayer has recently developed a prostate
cancer treatment that has produced
excellent results, combined with traditional
anti-hormonal treatments. This marks a leap
forward from conventional chemotherapies
that attack both cancerous and healthy tissue
and cause considerable suffering.
The company is leading the transformation
of healthcare to help people live healthier
and longer. With its commitment to patient-
centricity, innovation, sustainability and
science, and promising pipeline of treatments
that target prevalent diseases, Bayer is well-
positioned to enhance the well-being of
millions across the region. Q

1. AHA. What is Heart Failure. https://www.heart.org/en/health-topics/heart-failure/what-is-heart-failure Last Access: June 2020; Vos T, et al.
A systematic analysis for the Global Burden of Disease Study 2016. Lancet. 2017; 390: 211–59.
2. Savarese G, et al. Global Public Health Burden of Heart Failure. Cardiac Failure Review. 2017; Apr;3(1):7-1.
3. Butler J, et al. Clinical Course of Patients With Worsening Heart Failure With Reduced Ejection Fraction. J Am Coll Cardiol.
2019;773(8):935-944.
4. Armstrong P, et al. A Multicenter, Randomized, Double-Blind, Placebo-Controlled Trial of the Efficacy and Safety of the Oral Soluble
pharma.bayer.com/
Guanylate Cyclase Stimulator: The VICTORIA Trial. JACC Heart Fail. 2018”Feb;6(2):96-104. transforming-healthcare
 “Our current target is to remain the biggest player in Indonesia.
This is our playground,” says Sugiri.
62
THE PROFILE • INDONESIA’S 50 RICHEST
“ S U G I R I I S L I K E I N D O N E S I A’ S
B I L L G AT E S .”
style to attract local and international tech talent to the is-
land to incubate startups and offer outsourcing servic-
es. One BaliCamp project helped create an Indonesian-
language spellchecker for Microsoft. “There were many
IT companies in Indonesia at the time, but they like-
ly made you a sales engineer or a marketing guy. Only a
few companies would let you develop a product. Sigma
was one, and its BaliCamp was the most famous....I
heard it was the coolest place to work,” says Leontinus
Alpha Edison, cofounder of e-commerce firm Tokopedia
(now merged with Gojek to form GoTo). He and fellow
Tokopedia cofounder William Tanuwijaya worked at
Sigma for a couple of years.
FORBES ASIA
Although BaliCamp closed following the Bali
bombing in 2002, Sigma was still going strong.
Since Sugiri ran the business debt-free, he man-
aged to survive the Asian financial crisis, and at
its peak Sigma reportedly was doing about $21
million in revenue—and had 50 bank clients
that included ABN Amro and the Bank of Tokyo.
Sugiri had also begun to dabble in data centers,
operating two of them.
In 2008, Sugiri sold 80% ownership in Sigma
to the country’s largest telecom firm, Telekomu-
nikasi Indonesia (Telkom), for $35 million. Tel-
kom sweetened the deal by saying it would help
Sugiri take the firm public. When the listing
didn’t materialize, Sugiri two years later sold
his remaining stake for $9 million and thought
about retirement.
That idea was short-lived. In 2011, the In-
donesian government announced its intention
to on-shore Indonesian data, discouraging the
use of offshore centers. Sugiri saw an opportu-
nity and with six others launched DCI. To at-
tract the biggest and best clients, Sugiri made
sure DCI got Tier IV certification, the global
data center industry’s highest classification, in
2014. To qualify, a data center must guarantee
being online for 99.995% of the time, and have
fully redundant backup power in the case of
blackouts. “I was challenged to make the high-
est standard facility, which is not cheap,” says
Sugiri. “Tier IV data centers cost 60% more
[to build] than Tier III. But it was a matter of
building credibility.”
T
hrough its tie-up with the Salim
group, major expansion is on the ta-
ble for DCI. On the Indonesian is-
land of Bintan, off the coast of Sin-
gapore, DCI will manage a data cen-
ter for the group. Given the island’s location,
this data center could potentially tap the Singa-
pore market. The Salim group is reportedly in
talks with banks to raise as much as $500 million
to fund even more expansion into data centers.
While Singapore is far ahead of Indonesia in
data center capacity, DCI has a chance to gain
ground in the region. Singapore declared a tem-
porary moratorium in May on adding data cen-
ter capacity on state land amid concerns that the
industry’s rapid expansion could put a strain on
the country’s available land, power grid and
other resources.
Indonesia has potential to be a regional hub,
says San Francisco-based Kevin Imboden, direc-
tor of research for Cushman & Wakefield’s global
DECEMBER 2021
data center advisory group. Emerging technolo-
gies such as the Internet of Things and 5G net-
works will drive the need for more capacity and
processing power located within the country and
region, he notes. The construction of two subsea
cables, to be completed in 2023 and 2024, will
allow faster connectivity between Jakarta and
financial centers such as Singapore.
Meanwhile, Indointernet remains in business,
chaired by Sugiri, who has a 16.5% stake. The
company which listed in February, has seen its shares rise
threefold to date and in June Singapore-based data center
operator Digital Edge bought a controlling 59.1% stake in
the company for $165 million (Sugiri remains on the board).
Digital Edge is headed by Samuel Lee, the former pres-
ident for Asia-Pacific for U.S. firm Equinix, the world’s
largest data center operator with 227 centers worldwide.
Digital Edge wants to expand across Asia. 63
“There is huge excitement in the data center industry
right now,” says Sugiri.

THE PROFILE • INDONESIA’S 50 RICHEST

IN THE PIPELINE
Indonesia has 81MW of existing data center capacity, with about 200MW more planned.

Operator IN MEGAWATTS (MW)

(Headquarters)

Existing
DCI 37
(Indonesia)
15 (online by end-2021) Planned

Biznet
(Indonesia)
20

Princeton Digital 17
(Singapore)
22 (online by 2022)

Multipolar
(Indonesia)
5

SpaceDC 2
(Singapore) 24

Triputra,
ST Telemedia
& Temasek
(Indonesia and
Singapore)
72 (online by end-2023)

NTT
(Japan)
45
Logos & Pure
Data Centres
(Australia & U.K.) 20 (online in 2022)

Indointernet
(Singapore)
6 (online by end-2021)

Source: Baxtel, Cushman & Wakefield

DECEMBER 2021 FORBES ASIA

 PROMOTION

PAVING THE WAY FOR A

SEAMLESS SUCCESSION
HSBC helps families in Asia build meaningful legacies that can last through generations.

With the impending transfer of wealth in the

next decade, many high-net-worth families
around the world have turned their attention
towards the critical issue of succession and
legacy planning. The so-called “great wealth
transfer” is particularly relevant to Asia, one of
the world’s fastest growing regions.
“Wealthy families in the region are dealing
with many of the same issues as their
counterparts in the West in transferring
wealth from one generation to the next,
and ensuring that their needs are met
across multiple stakeholders with different
motivations,” says Steven Weekes, Head of
Trust and Fiduciary Services for Southeast
Asia at HSBC Global Private Banking. “The key The HSBC building, facing the picturesque Victoria Harbour in Hong Kong, serves as the bank's
question we help clients answer is: How can regional headquarters.
we ensure that the family’s wealth and legacy
is preserved, to last for generations to come?”
According to recent research by Wealth-X,
by the year 2030, it is expected that more
than US$15 trillion of wealth will be handed
down to the next generation—with much of
this wealth expected to change hands within
the next five years.
Transition in a family-owned business
can be a challenging, multi-faceted process.
Families should begin conversations about
succession early, encompassing everything Philip Kunz, Steven Weekes,
from handing over the business, investment Head of Global Private Banking, Head of Trust and Fiduciary Services,
goals to values and purpose, Weekes says. South Asia, HSBC Southeast Asia, HSBC Global Private Banking
He adds that ex ternal advisors may
need to be involved in these discussions member engagement. A properly structured family office and
as independent parties to help address “Establishing a family of fice is a big succession plan is thus crucial to overcome
differences of opinions, as well as seemingly undertaking,” Weekes says. "Ultimately, these obstacles and establish an orderly
divergent concerns and preferences. a family of fice is and will always be as transfer of the management and ownership
distinctive as the families that set them up." of the family enterprise.
The Role of Family Offices Family offices also face a unique set of "We always encourage our clients to start
Clients are also increasingly establishing challenges when it comes to succession planning and preparation early. Families can
family offices to ensure a smooth transfer planning, as family dynamics can complicate embark on the journey by communicating
of wealth as the task of creating meaningful matters. Succession planning for both the openly, building trust, and work towards
legacies for affluent families becomes more family office and the family enterprise must balancing the needs of the business whilst
complex and challenging. be planned in a holistic manner, in line with satisfying family members' expectations,"
The family office deals with the organ- the family's long-term objectives, to ensure Kunz adds.
isation, administration, management and effective transition.
maintenance of the family wealth and affairs. “Often, the family enterprise may lack the Aligning Next Generation
More importantly, it provides a platform for governance structures to manage these Priorities
the family to professionalise their long-term complex situations,” says Philip Kunz, Head of Against the backdrop of these challenges
wealth management and increase family Global Private Banking for South Asia at HSBC. to the transfer of wealth is a new and rising

generation preparing to take the reins of
their family legacy. Research by HSBC has
shown that this unique group of individuals
are increasingly driven to influence the world
and exert a positive social impact compared
to their parents.
“Our goal is to give these next generation
of family members and entrepreneurs the
support they need to plan strategically for
the wealth that they will manage and the
businesses they will operate or influence,”
says Kunz.
Over the years, HSBC has actively engaged
its nex t generation of clients through
various initiatives—including the Next
Generation Conference and Next Generation
Sustainability Leadership Programme—to
facilitate networking and provide a platform
to discuss their challenges and ideas. “We
have even brought our next gen clients to
the jungles of Borneo so that they can see
first-hand what impact our behavior has on
nature and sustainability,” Kunz says.
Driving Sustainable
Outcomes
Indeed, leveraging their wealth to achieve
sustainable outcomes is a top priority for
Disclaimer
The information contained in this article has not been reviewed in the light of your individual circumstances and is for information purposes only. It does not purport
to provide legal, taxation or other advice and should not be taken as such. No client or other reader should act or refrain from acting on the basis of the content of this
article without seeking specific professional advice. Issued by The Hongkong and Shanghai Banking Corporation Limited.
PROMOTION
many of the next generation clients. To
support these aspirations, HSBC launched
the Sustainable Investment Academy, a
collaborative effort with the group’s asset
management, wealth management and
private banking arms.
“We have handpicked the most relevant
in-house and external content to facilitate
effective conversations with clients about
sustainable investments—supporting them
as they choose to make a positive change to
the world,” says Kunz. “Whereas in the past
private banking clients were more focused
on ethical exclusions from their investments,
we are now seeing that clients are generally
interested in ESG (environmental, social, and
governance) from multi-asset approach, and
want to include ESG criteria in their portfolio,
without incurring additional risk.”
On the other hand, clients who are keen
on impact investing—and intentionally seek
to create a direct social or environmental
impact—may be prepared to get personally
involved.
Serving More Complex Needs
Technological, environmental, generational
and social changes are defining the future of
wealth and legacy planning. While the needs
of families and individuals with significant
wealth are becoming more complex, these
clients also recognise that their wealth is not
measured purely by its monetary value but
by the positive change it can bring.
Likewise, HSBC understands that the bank’s
role goes beyond simply managing their
wealth, but more importantly to ensuring
future sustainability and growth.
With Asia being at the center of this global
wealth shift, Kunz believes that HSBC is well-
positioned to provide its regional clients with
holistic and comprehensive solutions that
meet their increasingly global needs.
This spans across a client’s basic retail and
transactional needs, to constructing a long-
term investment strategy and portfolio, to
considering generational planning needs,
and perhaps even embarking on their
philanthropic ambitions.
“It has been a privilege for us to have
worked with many of our clients for over
75 years in Asia, from one generation to the
next,” Kunz says. “We will continue to build
these bridges, forging stronger bonds with
Asia’s entrepreneurs and families in helping
them achieve their long-term ambitions.”
 I N D O N E S I A’ S 5 0 R I C H E S T THE LIST

BACK ON TRACK business. Despite their fortune falling $2.2 billion to $9.7
billion, the Widjajas remained at No.2. Anthoni Salim,
66 whose diversified Salim Group runs businesses from food
Collective wealth gets a 21% boost to a record to telecom, reclaimed his position as Indonesia’s third
$162 billion amid an economic uptick. richest after a four-year gap. Salim’s net worth got a 44%
BY J A N E H O A N D N A A Z N E E N K A R M A L I boost to $8.5 billion, as his investments in rising stars such
as Emtek and data center operator DCI Indonesia paid off.
Salim wasn’t the only beneficiary of the January IPO of
ollowing a 2% contraction in 2020, Indo- DCI Indonesia. The company produced three of the four

F nesia’s economy is expected to grow nearly

4% this year, fueled partly by rising com-
modity exports. With the emergence of the
new members to the list this year: DCI’s cofounders, Otto
Toto Sugiri, Marina Budiman and Han Arming Hanafia
made their debut amid the company’s soaring shares. The
Omicron variant, the nation, which was bat- fourth newcomer is John Kusuma, who has a valuable
tered by Covid-19 earlier this year, is stake in Bank Aladin Syariah, which has
going all out to prevent a third wave No. 3 a presence in the digital sphere.
with strictures on international arriv- Anthoni The most notable digital banking
Salim
als as well as Christmas and new year beneficiary is Jerry Ng, this year’s big-
holiday restrictions. The benchmark gest gainer in percentage terms. His
stock market index rose over 19% since wealth was up more than fivefold amid
we last measured fortunes, helping to Bank Jago’s digital expansion, propel-
lift the combined net worth of the 50 ling him to No. 12 with $3.2 billion.
richest by over 21% to $162 billion, up A rise in coal prices fueled the fortunes
from $133 billion last year. of six listers from that sector, including
Nearly three-fourths of the listees Kiki Barki, the sole returnee this year.
saw their fortunes rise this year, with Barki, the founder of coal miner Harum
eight adding $1 billion or more. Bro- Energy, is back after a seven-year gap at
thers R. Budi and Michael Hartono No. 27 with $1.6 billion. Five from last
retained the top spot with a net worth year didn’t make the cut-off for this year’s
of $42.6 billion. They were the biggest list, which was $695 million, up from
dollar gainers this year, adding $3.8 $475 million in 2020.
billion, thanks mainly to rising shares
of Bank Central Asia as investors piled into bank stocks. Editing assistance and reporting by Anuradha Raghu-
The Widjaja family of the Sinar Mas conglomerate was nathan. Additional reporting by Pudji Lestari, Marella
among seven on the list who saw their wealth decline this Putri, Yessar Rosendar, Elisa Valenta, Yue Wang and
year due to lower sales and profits in the group’s paper Ardian Wibisono.

YULI SEPERI/GETTY IMAGES

METHODOLOGY: This list was compiled using shareholding and financial information obtained from the families and individuals, stock
exchanges, annual reports and analysts. The ranking lists both individual and family fortunes, including those shared among relatives.
Private companies were valued based on similar companies that are publicly traded. Public fortunes were calculated based on stock
prices and exchange rates as of Nov. 26, 2021, and adjustments may have been made for some stocks that are thinly traded or have a low
public float. The list can also include foreign citizens with business, residential or other ties to the country, or citizens who don’t reside in
the country but have significant business or other ties to the country. The editors reserve the right to amend any information or remove any
listees in light of new information.
 IN DO NE S I A’ S
Tech Unicorns
50 R IC H EST
Coming Wave
E-commerce giant Bukalapak’s blockbuster IPO in August, raising $1.5
billion, set the stage for more mega-listings in Indonesia. Four unicorns, in-
cluding GoTo created by the merger of Gojek and Tokopedia in May, plan to 1. R. BUDI & MICHAEL
go public in the next 12 months. With e-commerce transactions set to grow HARTONO
nearly 50% to $70 billion in Southeast Asia’s biggest economy this year, pri- $42.6 BILLION
vate equity firms are pouring funds into Indonesian tech firms, according to BANK CENTRAL ASIA 67
AGES: 81, 82
a report published by Google, Temasek and Bain & Company in November.
These companies raised $4.7 billion in the first half, account-

THE LIST
ing for 41% of Southeast Asia’s private equity deals by value, the
2. WIDJAJA FAMILY
report says. As these unicorns go public, they may spawn a new
generation of wealthy technopreneurs. —Jonathan Burgos $9.7 BILLION
SINAR MAS

Herd of Unicorns Ready, Set, List 3. ANTHONI SALIM

Some examples of the country’s most Tech unicorn
valuable tech outfits. Bukalapak’s listing is $8.5 BILLION
SALIM GROUP
Indonesia’s biggest
AGE: 72
IPO to date.
Education Ruangguru
THE FOUR LARGEST
TECH IPOS EXPECTED
E-commerce Blibli IN 2022 (AT CURRENT 4. SRI PRAKASH LOHIA
VALUATIONS).
$6.2 BILLION
INDORAMA CORP
Fintech Ajaib UNICORN AGE: 69
$1B+ valuation
Akulaku
Xendit DECACORN
$10B+ valuation 5. PRAJOGO PANGESTU
$6.1 BILLION
Logistics J&T Express BARITO PACIFIC
SiCepat AGE: 77

Travel Tiket.com 6. CHAIRUL TANJUNG

Traveloka $5.5 BILLION
SiCepat Traveloka J&T Express GoTo CT CORP

Superapp GoTo $1 BIL $5 BIL $20 BIL $30 BIL AGE: 59

Sources: Credit Suisse, Forbes Asia

7. SUSILO WONOWIDJOJO
$4.8 BILLION
FUNDS RAISED
Record Deals GUDANG GARAM
Private equity AGE: 65
is flowing into
Indonesian
tech firms.
$3 BIL $3.8 BIL $3.2 BIL $4.4 BIL $4.7 BIL

CHANGE IN WEALTH KEY:

*1H to June
Source: e-Conomy UP DOWN UNCHANGED
SEA 2021 report 2017 2018 2019 2020 2021* NEW TO THE LIST RETURNEE
 IN D ON ESIA’S
50 RICH EST Coal

Firing Up Fortunes
8. BOENJAMIN SETIAWAN
$4.2 BILLION Indonesia’s mining barons benefited as China saw its coal supplies
KALBE FARMA disrupted by cold weather and a trade spat with Australia, stoking de-
AGE: 88
mand for the fuel. Prices spiked to all-time highs, causing the fortunes
68 of Indonesia’s coal producers to soar. “Financial results of coal miners
9. JOGI HENDRA ATMADJA are improving in line with the rising coal price,” says Dessy Lapagu, an
analyst at Samuel Sekuritas Indonesia. “That lifted the share price of
$4.1 BILLION
THE LIST

MAYORA INDAH
coal companies.”
AGE: 75 Adaro Energy’s revenue rose over 30% in the first nine months to
$2.6 billion from a year earlier, while operational Ebitda grew 70% to
$1.2 billion. A 38% jump in Adaro’s shares over the last 12 months
10. BACHTIAR KARIM has boosted the wealth of its key stakeholders. CEO Garibaldi Tho-
$3.5 BILLION hir saw his net worth increase 58% to $2.6 billion, president com-
MUSIM MAS GROUP missioner Edwin Soeryadjaya more than doubled his to $1.51 bil-
AGE: 64 lion, vice president commissioner Theodore Rachmat by 78% to
$2.84 billion, and board commissioner Arini Subianto by 60% to
$975 million. However, the coal-price surge hasn’t derailed Adaro’s
11. WIJONO & HERMANTO plans to diversify into clean energy. “In the next 10 years, I hope
TANOKO renewable energy can account for 50% of the company’s revenue
$3.3 BLLION stream,” says Thohir.
AVIA AVIAN
Harum Energy founder Kiki Barki returns to the list after a four-
AGES: 69, 59
fold rise in the price of the coal producer’s shares this year lifted his
net worth to $1.6 billion. The stock’s recent ascent started in mid-
12. JERRY NG 2020 after Harum acquired a 3.2% stake in Australia-listed Nickel
Mines, which it has since increased to 6.7%.
$3.2 BILLION
BANK JAGO While some coal miners have been diversifying in anticipation of Arini Subianto
AGE: 56 diminishing prospects for fossil fuels, Hendra Sinadia, executive di- $975 MIL
rector of the Indonesian Coal Mining Association, says it’s too early to
write off the commodity. “I expect demand from power generators to
13. EDDY KUSNADI remain strong at least in the next four decades considering it’s still the

SOERYADJAYA: AHMAD ZAMRONI/FORBES INDONESIA;

SARIAATMADJA

RACHMAT: COURTESY OF TRIPUTRA GROUP; KWONG:

THOHIR & SUBIANTO: COURTESY OF ADARO ENERGY;
most affordable fuel for electricity,” he says.

LIANGKUAI/XINHUA NEWS AGENCY/NEWSCOM

$2.9 BILLION Elsewhere, Bayan Resources shares rose over 80% in the last 12

COURTESY OF BAYAN RESOURCES; BARKI: JIN

EMTEK months, doubling the wealth of founder Low Tuck Kwong to $2.55
AGE: 68
billion. Bayan’s revenue climbed over 70% in the first nine months to
$1.7 billion and Ebitda grew fourfold to $967 million. The company,
which exports most of its output, is one of the biggest beneficiaries
14. MARTUA SITORUS of high coal prices, notes Fauzan Luthfi Djamal, an analyst at RHB
$2.85 BILLION Sekuritas Indonesia.
KPN CORP
AGE: 61
However, coal prices have retreated significantly from their peak
after Chinese regulators cracked down on speculative bets in thermal
coal futures. Australia’s Newcastle coal price, a global benchmark, has
15. THEODORE RACHMAT dropped 33% from a record $259 per tonne reached on Oct. 5.
$2.84 BILLION
ADARO ENERGY
AGE: 77
 IN DO NE S I A’ S
50 R IC H EST

Edwin Soeryadjaya
$1.51 BIL
16. TAHIR
Theodore Rachmat $2.8 BILLION
MAYAPADA GROUP
$2.84 BIL AGE: 69 69

17. GARIBALDI THOHIR

THE LIST
Kiki Barki
$1.6 BIL $2.6 BILLION
160% ADARO ENERGY
AGE: 56

18. LOW TUCK KWONG

$2.55 BILLION
BAYAN RESOURCES
ADARO ENERGY
AGE: 73
BAYAN RESOURCES

19. OTTO TOTO SUGIRI

WEALTH $2.5 BILLION
DCI INDONESIA
INCREASE AGE: 68

58% 20. PETER SONDAKH

60% $2.15 BILLION
RAJAWALI CORPORA
AGE: 71

109% 21. SUKANTO TANOTO

78% $2.1 BILLION
ROYAL GOLDEN EAGLE
AGE: 71

22. DJOKO SUSANTO

$1.9 BILLION
ALFAMART
AGE: 71
Garibaldi Thohir
$2.6 BIL

Low Tuck Kwong

$2.55 BIL CHANGE IN WEALTH KEY:
UP DOWN UNCHANGED
NEW TO THE LIST RETURNEE
 IN D ON ESIA’S
50 RICH EST

23. MOCHTAR RIADY

$1.85 BILLION
70 LIPPO GROUP
AGE: 92
THE LIST

24. CILIANDRA FANGIONO

$1.83 BILLION
FIRST RESOURCES
AGE: 45

25. PUTERA SAMPOERNA

$1.8 BILLION
SAMPOERNA STRATEGIC
AGE: 74

26. CIPUTRA FAMILY

$1.65 BILLION Digibank Disrupters
CIPUTRA GROUP
JERRY NG

Bank Jago’s skyrocketing share price turbocharged the wealth of veteran banker
27. KIKI BARKI
Jerry Ng, who joined the list last year after purchasing shares in the Indonesian
$1.6 BILLION lender from the Arto Hardy family in 2019. Its stock has climbed over 10,000%
HARUM ENERGY
AGE: 82 since then, making it Indonesia’s fourth-largest bank by market cap ($14 billion),
and blasting Ng up the list by 32 spots with a net worth of $3.2 billion.
Its ambition to become the country’s first fully digital bank attracted Indonesia-
28. IRWAN HIDAYAT based superapp GoTo, which bought a 22% stake in 2020 to bring the bank into
$1.58 BILLION its ecosystem. Singapore’s GIC followed, acquiring a 9% stake in Bank Jago in
INDUSTRI JAMU DAN FARMASI February, which helped fuel the stock’s rally.
SIDO MUNCUL Ng, 56, previously held top positions at Bank Danamon Indonesia, Bank
AGE: 74
Central Asia and Bank BTPN, which launched a digital banking service in 2016
when he was president director.
Bank Jago was an early mover in Indonesia’s digital banking industry. Lenders
29. EDWIN SOERYADJAYA that followed have also seen their shares surge, including Bank Aladin Syariah,
$1.51 BILLION whose price lift earned shareholder John Kusuma a spot on the list for the first
SARATOGA INVESTAMA SEDAYA
AGE: 72
time with a net worth of $1.4 billion.
Investors are betting that digitalization will help banks connect with ERMAN/INFOBANK
Indonesia’s unbanked, who make up half the population in a country where
30. MARINA BUDIMAN mobile phones are ubiquitous. However, Harry Su, managing director of Samuel
$1.5 BILLION International, advises caution: “At this stage of the market cycle, the risk-reward
DCI INDONESIA trade-off in investing in digital bank stocks is not favorable as most of them trade
AGE: 60 at lofty valuations.” —Ardian Wibisono
 IN DO NE S I A’ S
50 R IC H EST

31. KUNCORO WIBOWO

$1.48 BILLION
ACE HARDWARE INDONESIA 71
AGE: 64

THE LIST
32. JOHN KUSUMA
$1.4 BILLION
BANK ALADIN SYARIAH
AGE: 55

33. MURDAYA POO

$1.26 BILLION
CENTRAL CIPTA MURDAYA
AGE: 80

34. HUSAIN DJOJONEGORO

Blue Chip $1.25 BILLION
SUDHAMEK AGOENG WASPODO SOENJOTO ORANG TUA GROUP
AGE: 72

Indonesia’s growing appetite for nibbles over the past year dished up profits
at Garudafood Putra Putri Jaya, one of the country’s biggest snack-food makers 35. HUSODO
by sales. Shares have roughly doubled since January to lift the fortune of ANGKOSUBROTO
Garudafood head Sudhamek Agoeng Waspodo Soenjoto to $995 million.
$1.22 BILLION
Third-quarter net profit at the Indonesia-listed firm skyrocketed over 80% GUNUNG SEWU GROUP
year-on-year to 370 billion rupiah ($26 million), on 6.3 trillion rupiah in AGE: 66
revenue, recovering from a pandemic-induced hit to 2020 earnings (down 9% to
7.7 trillion rupiah from a year earlier). Indonesian cheese producer Mulia Boga
Raya, which Garudafood bought in September for $65 million, also gave a boost; 36. WINARKO SULISTYO
its revenue grew by 7% to 735 billion rupiah in the June-September period. $1.2 BILLION
Garudafood expects full-year sales will rise 10% this year, with countrywide FAJAR SURYA WISESA
AHMAD ZAMRONI/HKV/FORBES INDONESIA

F&B growth pegged at around 6% on easing lockdown restrictions, according AGE: 76

to the Indonesian Food and Beverage Producers Association. With most of its
sales to households, this year Garudafood launched into Indonesia’s wellness
market with herbal medicines, while its distribution arm Sinarniaga Sejahtera 37. HAN ARMING HANAFIA
began selling medical devices. Separately, it invested about $1.5 million in a $1.19 BILLION
DCI INDONESIA
peanut farm and a corn farm to support snack production.
Sudhamek’s father, Darmo Putro, founded Tudung, a tapioca-flour producer,
in 1958. Over the past six decades its flagship Garudafood expanded to
include biscuits, nuts, chocolates and chips as well as beverages. Sudhamek, CHANGE IN WEALTH KEY:
who chairs Tudung, became president commissioner of Garudafood in 2018. UP DOWN UNCHANGED
—Yessar Rosendar NEW TO THE LIST RETURNEE
 IN D ON ESIA’S
Wealth Creation
50 RICH EST

The Road Ahead

After a moderate downturn last year, Southeast Asia’s largest economy is pick-
ing up steam. GDP is expected to grow nearly 4% this year, buoyed by the global
38. ALEXANDER TEDJA economic recovery and rising commodity prices. Next year it is forecast at 5.2%,
$1.15 BILLION around pre-pandemic levels. But Indonesia is not over the hump yet: Despite strong
72 PAKUWON JATI exports, economic momentum slowed in the third quarter amid strict lockdowns.
AGE: 76
While vaccination rates have picked up, at the current pace it will be another year
before over 75% of the population is double jabbed.
THE LIST

Indonesia’s rupiah held up better than most other Asian currencies against the
39. EDDY KATUARI
U.S. dollar so far this year, while signs of a recovery and attractive valuations have
$1.1 BILLION propelled the benchmark index up 11%. The government aims to cut its budget
WINGS GROUP
AGE: 70 deficit to 4.4% of GDP in 2022, from an estimated 5.5% this year. The goal in 2023
is to be below the 3% legal limit, which has been temporarily waived for pandemic
relief measures.
40. HARY TANOESOEDIBJO In December, Indonesia will take over the G20 presidency—its first time in the
$1.02 BILLION role—a month after the world’s largest economies agreed to stop funding interna-
MNC LAND tional coal projects. The country is among the top emitters of greenhouse gases
AGE: 56 because of deforestation and its dependence on coal-fired power plants. It’s also
the world’s biggest exporter of thermal coal by weight. Earlier this year Indonesian
President Jokowi Widodo set a climate goal to reach net-zero emissions by 2060
41. LIM HARIYANTO amid plans to ramp up renewable energy. The big question is how Indonesia can
WIJAYA SARWONO lessen its reliance on coal as it pursues growth. —Rainer Michael Preiss
$1 BILLION
HARITA GROUP
AGE: 93
Of Note
Among Asia’s major currencies, the rupiah has held up well against the U.S. dollar.

PERCENTAGE CHANGE YEAR-TO-DATE

42. SUDHAMEK AGOENG AGAINST U.S. DOLLAR 2.1 Chinese yuan
WASPODO SOENJOTO
$995 MILLION 2.1 Taiwan dollar
GARUDAFOOD PUTRA PUTRI JAYA
AGE: 65 -0.5 Hong Kong dollar

-1.4 Indonesian rupiah

43. HAMAMI FAMILY -1.5 Indian rupee

$985 MILLION
TIARA MARGA TRAKINDO
-1.9 Singapore dollar

-4.0 Philippine peso

-8.1 South Korean won

-8.5 Japanese yen

-8.6 Thai baht

CHANGE IN WEALTH KEY:
UP DOWN UNCHANGED As of Nov. 10.
NEW TO THE LIST RETURNEE Source: Bloomberg
 IN DO NE S I A’ S
Bounce Back 50 R IC H EST
After last year’s dip, Indonesia’s economic growth is on track to recover
to pre-pandemic levels.

GDP GROWTH (%) *FORECAST

5.0 4.9 5.0 5.1 5.2 5.0 5.2 5.2

3.7 44. ARINI SUBIANTO
$975 MILLION
ADARO ENERGY 73
AGE: 50

THE LIST
45. SUSANTO SUWARTO
$925 MILLION
-2.0 EMTEK
AGE: 65
2014 2015 2016 2017 2018 2019 2020 2021* 2022* 2023*

Source: Bloomberg
46. SABANA
PRAWIRAWIDJAJA
Spending Cuts
$900 MILLION
Jakarta aims to return the budget deficit to the 3% legal limit by 2023. ULTRA JAYA MILK INDUSTRY
BUDGET DEFICIT AS % OF GDP *FORECAST AGE: 81

6.4
5.5 47. SJAMSUL NURSALIM
4.4 $880 MILLION
2.6 3.0 MITRA ADIPERKASA
2.5 2.5 2.2 AGE: 79
2.1
1.8
48. SOEGIARTO
2014 2015 2016 2017 2018 2019 2020 2021* 2022* 2023* ADIKOESOEMO
Source: Bloomberg $860 MILLION
AKR CORPORINDO
AGE: 83
Dose Rate
Indonesia expanded its vaccine rollout after Covid-19 cases surged midyear.
(Weekly cases in thousands, weekly doses in millions.) 49. OSBERT LYMAN
400K 20M $800 MILLION
WEEKLY CASES WEEKLY DOSES ADMINISTERED
LYMAN GROUP
AGE: 71
300K 15M

200K 10M 50. KARTINI MULJADI

$695 MILLION
TEMPO SCAN PACIFIC
100K 5M
AGE: 91

0 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
FOR MORE INFO, GO TO
Source: Johns Hopkins University FORBES.COM/INDONESIA
74

A DECADE AGO, Daniel Ek CONVINCED

LABELS AND ARTISTS TO STREAM THEIR SONGS ON SPOTIFY, REVIVING THE FLATLINING
MUSIC INDUSTRY. NOW, AFTER AMASSING A $4.4 BILLION FORTUNE, HE’S MOVING PAST
POP STARS, OPENING HIS SUPER-STREAMER TO STORYTELLING, LIVE TALK AND A NEW
BREED OF AUDIO CREATORS IN A BID TO OWN THE WORLD’S DIGITAL EARDRUMS.

FORBES ASIA
 THE PROFILE • 3 0 U N D E R 3 0 A L L- S TA R S

BEYOND
75

SOUND
TH E

BARRIER
BY S T E V E N B E R T O N I

P H OTO G R A P H Y BY
GUERIN BLASK FOR FORBES

FORBES ASIA
 It’s
76
lunchtime in late October, and 71 stories above Wall Street
at 4 World Trade Center, Daniel Ek is strolling along the pol-
ished concrete floors of Spotify’s headquarters. He passes
sleek sculptures of headphones crafted in neon-hued metal,
couch-lined luxury lounges for VIP advertising clients and
soundproof podcast studios custom-built for the medium’s
biggest stars, then enters a large cafeteria rigged with stage
lighting for pop-up concerts.
The room is being prepped for dinner with Spotify’s board,
which will include a surprise performance by Brothers Os-
borne—a hip country-rock duo whose hit song “Stay a Little
Longer” has been streamed 180 million times on Ek’s music
service. Spotify just reported third-quarter earnings, and Ek,
a 38-year-old self-described introverted engineer who seldom
gives interviews, is having a rare day in the spotlight.
The soft-spoken Swede, who has a shaved head and a beard,
has been on the move since 5 a.m. hosting calls with finan-
cial analysts, sitting for a parade of interviews and leading
a 200-employee town hall. “It was crazy, because it was the
first in-person meeting we’ve done here in two years,” says
Ek, decked out in black jeans, a black suede coat and patent-
leather sneakers. “It had a great, warm vibe. Everyone was
hugging and applauding.”
There were billions of reasons to cheer. Earlier in the day,
Spotify dropped blowout quarterly numbers, making a racket
that reverberated across the worlds of Wall Street, music and
media. Revenue hit $2.9 billion, a 27% jump from the same
quarter last year. Ad sales climbed 75% to nearly $375 million.
Active listeners grew just shy of 20% over the same time the
previous year to more than 380 million. Ditto paid subscribers,
who now top 170 million. Its stock, stuck on pause for most of
FORBES ASIA
2021, popped 10%, adding $5 billion in value and
pushing Spotify’s market cap above $50 billion for
the first time since the summer.
The company has come a long way since Ek reluc-
tantly threw on a suit and tie—and threw back a few
whiskies—to pose for the cover of the first Forbes
30 Under 30 issue ten years ago. Back then, in Jan-
uary 2012, Spotify had just 500 employees, $300
million in sales and a valuation of $2 billion. The
service had been available in America for only six
months. Today, Ek’s super-streamer plays in 184
countries, has 7,400 employees and $9.7 billion in
annual sales. Spotify went public in 2018, and Ek—
who in 2012 had a paper fortune of $300 million—
is now worth $4.4 billion.
“Spotify was the force that transitioned hundreds
of millions of users from piracy to paying custom-
ers,” says Sean Parker, who, as cofounder of Napster,
was considered the Blackbeard of the music busi-
ness before becoming Facebook’s first president and
a Spotify investor. “It’s no exaggeration to say that
Daniel saved the music industry.”
Record labels are certainly cashing in. When
Spotify arrived in the U.S. in 2011, streaming was a
$600 million business, accounting for 4% of the re-
cording industry’s annual global revenue. In 2020,
streaming services delivered $13.4 billion in sales,
representing 62% of industry revenue. Last year,
Spotify paid out $5 billion to rights holders, most-
ly the big labels, which passed along an estimated
$500 million of that to recording artists. “Let’s be
real,” Ek says. “I had no idea Spotify’s cultural and
monetary impact would ever be this big.”
Now he wants to go even bigger. Let other media
behemoths battle for eyeballs; Spotify is going af-
ter the world’s eardrums. “Everyone underestimates
audio. It should be a multi-hundred-billion-dollar
industry,” Ek says. “Audio is ours to win.”
Much of the audio world remains fragmented
and shockingly analog. Radio, a 135-year-old tech-
“IT’S NO EXAGGERATION
TO SAY THAT DANIEL SAVED
THE MUSIC INDUSTRY.”
nology, has proven more resilient than Keith Rich-
ards. Each day the old-school medium reaches an
estimated 3 billion people, and each year it pulls in
ad revenue topping $30 billion, according to adver-
tising research firm WARC. “In the U.S. alone, two-
thirds of all audio ad spending still goes to terres-
trial radio,” Ek says. “That’s a massive amount of
revenue that needs to shift online.”
DECEMBER 2021
 He’s shaping Spotify into the go-to destination for all digi-
tal sound: not just music but news, storytelling, live talk, au-
diobooks and education. He wants to provide the tools to em-
power audio creators to dream up entirely new categories with
fresh soundscapes. All of which will be run through Spotify’s
AI-powered algorithms to deliver an audio stream personal-
ized to each listener. What TikTok, YouTube and Instagram
have done for photos and video, Ek wants to do for sound.
“Having easy-to-use cameras in our hands has taken vid-
eo production from esoteric to the mainstream. Audio should
do the same,” says Mary Meeker, the founder of venture firm
from the glory days of the late 1990s, when compact
discs reigned supreme. In 2011, recorded-music rev-
enue was near $15 billion, 40% less than the $24
billion in sales it logged ten years before.
Enter Ek. Raised in Stockholm’s rough Ragsved
neighborhood, he had a natural talent for music
and coding. In high school he made websites for lo-
cal businesses, then dropped out of college during
his first year to build a digital ad company he later 77
sold to online marketer Tradedoubler for more than
$1 million. Just 22, Ek bought a Ferrari and bottle

Bond and longtime author of the influential Internet Trends
report. “The opportunity to evolve audio creation and interac-
tivity for millions of people is significant.”
T H E P R O F I L E • 3 O U N D E R 3 0 A L L- S TA R S
service in flashy clubs before the rock-star life ulti-
mately left him depressed. He retreated to a remote
cabin to focus on fixing digital music. In 2006, he
teamed up with Tradedoubler’s cofounder, Martin
Lorentzon—now Spotify’s chairman, who’s worth

W
hen the Swedish-born Spotify burst on the
American scene in 2011, the music industry
was a mess. Late to transition to digital music
and bled dry by piracy and file-sharing sites like
Napster, the recording business had fallen hard
$5.8 billion thanks to having bankrolled much of
the streamer’s early days. The duo set out to build
an ad-based music site with the ease of iTunes, the
speed of Google, the sharing of Facebook and the
massive music library of Napster—but legal.

FULL STR EAM A HE AD

When Spotify first landed in America in 2011, music streaming was just a $600 million global business.
Physical album sales and downloads totaled $12.4 billion. Fast-forward to 2020,
and the music industry had its best performance in 18 years, jumping 47% to $21.6 billion.
Streaming accounted for $13.4 billion of that, 62% of the take.
GLOBAL RECORDED MUSIC INDUSTRY REVENUE, 2001–2020

$25B Total physical

Total streaming
Downloads and other digital
Performing rights*
Synchronization**
$20B

$15B

$10B

$5B

$0B
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$23.6 $22.1 $20.5 $20.4 $19.9 $19.3 $18.1 $16.8 $15.7 $14.9 $14.7 $14.8 $14.5 $14.0 $14.5 $15.8 $17.0 $18.7 $20.2 $21.6
Total revenue (in billions)

*Performance rights: fees paid for music at sporting events, live broadcasts, supermarkets and more.
**Synchronization: fees paid for music used in advertisements, TV and movies. Source: IFPI

DECEMBER 2021 FORBES ASIA

 The challenge was part technical, part contractual. Ek ob- zon—launched competitive products. “Apple’s big
sessed over a design that seamlessly worked on desktops and the comeback [in the early 2000s] was centered around
exploding smartphone market. His engineers created a clever the iPod—they built their whole brand around mu-
distribution system using a combination of physical servers, sic,” Parker says. “Few thought Spotify would sur-
cloud computing and peer-to-peer file sharing that let millions vive with iTunes preinstalled on billions of iPhones
of people access tens of millions of songs simultaneously. and Macs.” Of course, Apple remains a potent player
The lawyers proved tougher. Years of rampant internet- in the space, with an estimated 70 million subscrib-
based piracy had left record labels paranoid about giving up ers in 2020 (YouTube Music has around 50 mil-
78 lion, Amazon Music 55 million).
But the big three are far behind
Spotify’s 170 million paying cus-
tomers. And Apple and Amazon
don’t offer a free, ad-based op-
tion. Spotify does, and it attracts
an additional 220 million users.
“Before, ad-supported music was
just the on-ramp to subscrip-
tions,” says Richard Greenfield,
a partner at media research shop
LightShed Partners. “Now it’s
big business by itself, and Spoti-
fy has no competition.”
The company got a head start
thanks to its easy-to-use, play-
anywhere product, shareable
playlists (there are now some
4 billion) and having been the
first to offer a streaming model
that customers preferred over ei-
ther paid downloads or piracy. It
proved sticky, too: Once listen-
ers built libraries, they had few
incentives to switch to a differ-
ent service. Extreme focus and a
clear mission also helped. “The
best people in audio come to
Spotify because we’re the best at
it. Over at Apple, music is prior-
ity No. 27,” Ek says. “If you want
Daniel Ek jams out at Lincoln Center in Manhattan on a frigid December night
during his cover shoot for the 2012 inaugural edition of the Forbes 30 Under 30. to build a self-driving car, don’t
come to us.”
Although Spotify has become
music’s new Mecca, its stock
rights, especially to a free, ad-based service. After Spotify has sputtered. Over the last 12 months, shares are
debuted in Europe, Ek negotiated for more than three years up 4%—vastly underperforming the S&P 500 and
to get the rights he needed to launch in the U.S. “Daniel Nasdaq’s more than 30% gains. Investors hate its
could have entered America much sooner by signing a bad CD-thin margins and the leverage the major labels
deal that would have destroyed the company,” Parker says. hold over it. Because Spotify doesn’t own the mu-
“He had the iron will to resist labels and artists trying to sic it streams, as much as 70% of every revenue dol-
take advantage of the company.” lar goes to rights holders (who then, depending on
That iron will alchemized Spotify into a gold mine—for contracts, pay the artists). Spotify has never swung
HARRY BENSON FOR FORBES

both its early investors and the music industry as a whole,
whose companies now trade near historic highs. Warner
Music Group is up 50% over the past 12 months, with a
market cap of $20 billion. Universal, which recently spun
off from media titan Vivendi, is worth nearly $50 billion.
Most shocking of all, Spotify has kept its lead even as a
trio of trillion-dollar titans—Apple, Alphabet and Ama-
an annual profit. Last year its losses tripled to $713
million. “I focus on cash flow. It’s positive, and we’re
not dependent on investors to fund us,” Ek says with
a shrug. “We aren’t profitable yet because we keep
investing. We want to keep growing because there is
such a big prize at the end of the tunnel.” He’s bet-
ting big on podcasts to get to the light.

FORBES ASIA DECEMBER 2021

A
fluke was the spark of Spotify’s podcast epiph-
any. In 2017, Ek noticed something odd out of
Germany, one of the company’s top markets. Mu-
sic labels, to maximize streams, had begun up-
loading audiobooks. Spotify was built for three-
minute songs, not 30-minute chapters. The user experience
was terrible. Fast-forwarding and rewinding were tricky.
Chapters would be shuffled out of order. Nonetheless, some
titles cracked the charts next to the latest pop hits. “It showed
we had permission to go outside of music,” Ek says.
Podcasts, long dominated by Apple, seemed ripe for a shake-
up. “It was still download-based. Advertising and discovery
were clunky. You couldn’t play the podcast easily in your car or
on your smart speakers,” Ek says. “We realized everything we
built for music could be adapted to podcasts.”
That segment started small and was initially a flop. Most
people saw Spotify strictly as a music company. Then Ek went
big. “I told our team we were publicly committing $1 billion to
podcasting. They told me the entire market isn’t worth a bil-
lion. I said, ‘Well, it will be,’ ” Ek says with a laugh. “The num-
ber was significant enough that it was scary for us, which is
important. I wasn’t betting the entire company on it, but it
was meaningful enough that everyone, including us, had to
take it seriously.”
Spotify, a hardcore tech business, was now diving headfirst
into content. Ek hired Dawn Ostroff, a TV veteran who had
helmed the UPN and CW networks in the early 2000s and,
later, Condé Nast Entertainment, to amass a sweeping array
of shows and build an advertising machine to monetize it. In
2019, Spotify paid $194 million for prestige podcast network
Gimlet Media, $55 million for true-crime studio Parcast and
$190 million for Bill Simmons’ sports-and-culture network,
“LET’S BE REAL—I HAD NO
IDEA SPOTIFY’S CULTURAL
AND MONETARY IMPACT
WOULD BE THIS BIG.”
the Ringer. For tools, Spotify dropped $154 million on Anchor,
which makes software for recording shows, and another $236
million to buy Megaphone, an ad network.
In 2021, Spotify generated buzz by signing a widely repor-
ted $60 million licensing deal for Alex Cooper’s Call Her
Daddy and $100 million for The Joe Rogan Experience—the
latter podcasting’s most popular, and polarizing, show. (Spo-
tify declined to comment on the deal prices.) Next came
partnerships with A-listers including Barack and Michelle
Obama, Prince Harry and Meghan Markle, Kim Kardashian
and filmmaker Ava DuVernay. “It was a multitiered strategy,”
Ostroff says. “We had to build a catalog of as many podcasts
as possible, attract established podcast stars and go after top
talent who could lend their craft to the medium.”
DECEMBER 2021
In February, Spotify launched its advertising net-
work, enabling brands to serve targeted ads to listen-
ers of its more than 3 million shows. While Apple has
been notoriously stingy about sharing data, Spotify
is going in the opposite direction, providing a bun-
dle of analytic tools to help brands and creators mea-
sure the effectiveness of campaigns and offer clear
info on audiences.
Podcasters love it. “We’re now doing twice as 79
many shows as before, and the quality and diversity
of our shows is incredible,” Bill Simmons says.
T H E P R O F I L E • 3 O U N D E R 3 0 A L L- S TA R S
Spotify’s trove of data is a powerful perk. “It
gives us unbelievable insight and advantage,” Sim-
mons says. “It shows us moves we should be making
and things we’re not doing right.” When Simmons’
fantasy-football podcast initially underperformed,
data revealed that its competitors attracted strong
followings by launching episodes well before the Na-
tional Football League season began. Simmons de-
buted the program earlier, and listener numbers
soared. Lydia Polgreen, Gimlet Media’s boss, used
Spotify’s metrics to develop true-crime programs that
mixed the tabloid drama audiences craved with Gim-
let’s brand of high-quality storytelling. (Video giants
Netflix and Amazon Prime have long mined data to
spot promising plots and stars for series and films.)
Next up? New revenue models for creators to bet-
ter interact with—and make money off—their fans.
Spotify’s “free” and “paid” tiers will remain, but Ek
is adding more options that will let creators charge
for exclusive content, early access and interactive
experiences. The basic idea isn’t radically different
from other membership sites like Patreon—or Only-
Fans—but it’s tailored specifically to audio. A recent
deal with Shopify will let artists sell tickets and mer-
chandise on their Spotify pages. Whatever the mod-
el, Spotify will likely get a piece of each sale—a fresh
revenue stream it won’t have to share with record la-
bels and publishers.
With Spotify’s podcasts hitting all the right notes,
Ek has turned to other formats. In November, he
bought audiobook network Findaway to take on
Audible, the Amazon-owned market leader. He’s
also rolling out video podcasts.
This summer, Spotify launched its live-content
product Greenroom as an answer to Clubhouse, a
live-talk app that became a surprise hit during the
pandemic. Bill Simmons initially thought Ek was
chasing a fad. “Daniel made a smart case. He said
we’re the best at audio. This might be a thing—or it
might not. But we must do it, make the best version
of it and see if it works.”
Ek is a tinkerer, an improver of improvements,
rather than a tech visionary with a fixed master
plan. “I don’t have Steve Jobs’ crisp view of the fu-
ture,” he says, standing in his mic-filled podcast stu-
dio. “But I have a direction. If we’re moving fast
enough, I know we’ll eventually get there.”
FORBES ASIA

HONG KONG BREAKS NEW
GROUND IN WEALTH MANAGEMENT
+PXGUVQTHTKGPFN[TGIWNCVKQPUOCMG*QPI-QPICRTKOCT[ICVGYC[VQHCEKNKVCVGKPXGUVOGPVƃQYUKPCPFQWVQH%JKPC
Hong Kong’s private wealth management
industry has remained resilient in the face
of the Covid-19 pandemic, thanks to the
sound asset management of established
groups and the tech-fueled boom by first-
generation entrepreneurs.
Total assets under management rose
21% to HK$34 trillion (US$4.4 trillion) in
2020 from the year before, while private
banking and private wealth management
increased 25% to US$11.3 trillion, data
from the Securities and Futures Commis-
sion (SFC) show. “Hong Kong is already
well in the game but the question is how
we can remain relevant amid the stiffer
global competition,” says Laurence Li,
Chairman of the Hong Kong Financial Ser-
vices Development Council (FSDC).
FSDC believes the Wealth Management
Connect (WMC) would enhance the spe-
cial administrative region’s already trans-
parent regulatory framework, technology-
friendly environment and professional
talent pool. With its proximity to the main-
land and experience in serving the China
market, Hong Kong is poised to maintain
its premier position in the wealth manage-
ment market.
Major Breakthrough
The WMC is a major break through in
which retail investment funds domiciled in
Hong Kong and authorised by the SFC will
be eligible for the scheme instead of the
traditional product by product approval
approach. “With the abundance of a 1.3
million high net worth individual (HNWI)
population and US$6.5 trillion of HNWI
wealth, China offers tremendous demand
for private wealth management services,”
FSDC said in a report.
Hong Kong’s family of fices — which
comprise a high-end subset of the pri-
vate wealth management business—are
becoming increasingly important to the
whole financial services industry because
of the business potential inherent in their
massive AUM as well as financial centre’s
overall wealth management capabilities.
There has been robust growth in family
offices globally in recent years, with the
PROMOTION
number of single family offices world-
wide climbing 38% to 7,300 in 2019 from
the 2017 level, according to Campden
Research. Asia led the increase, record-
ing a 44% growth in the same period, the
fastest in the world. Hong Kong can lever-
age this strong regional growth momen-
tum and further develop into Asia’s hub
for family offices.
W ith it s mature and sophis tic ated
financial markets, Hong Kong can meet
the investment needs of wealthy fami-
lies. These families can depend on Hong
Kong’s robust regulatory and legal frame-
work as well as its predictable tax system
that helps to ensure protection for their
assets. The city’s close ties with the main-
land also makes it the ideal investment
gateway into and out of China.
Key Growth Segment
After FSDC published a report on “Family
Wisdom: A Family Office in Hong Kong”
in July 2020, Chief Executive Carrie Lam
acknowledged in her policy address last
year the high growth of the family office
business, which she says has become an
important segment in the wealth and asset
management industry.
FSDC has provided recommendations
to further develop Hong Kong as a hub
for family of fices, encompassing four
key areas: regulatory requirement, tax
considerations, talent development and
setting up of one-stop liaison and ser-
vices centre. In line with the recommen-
dations, FamilyOfficeHK was established
under InvestHK to promote Hong Kong
in local and major international markets,
while offering one-stop support services
to family offices seeking to establish their
presence in the city.
The private sector has also expanded
their services in the city. For instance,
HSBC has launched a new institutional
family office service in Hong Kong. The
bank is also investing US$3.5 billion and
hiring more than 5,000 new wealth plan-
ners to grow its business in Asia over the
next three to five years as part of a broader
regional expansion.
Greater Asian Interest
“We are seeing greater interest from Asian
clients who are setting up and expand-
ing family offices to adopt institutional
approaches to build continuity, diversifica-
tion and resilience in their investment port-
folios,” said Siew Meng Tan, Regional Head
of HSBC Private Banking, Asia Pacific.
Other international banks including UBS,
JPMorgan and DBS are also building their
family office units in Hong Kong. “When
I first joined the bank, private banking
was mainly about managing our client’s
personal investment s,” says Amy Lo,
Co-Head of UBS Wealth Management
for Asia Pacific and concurrently Head
 PROMOTION

and Chief Executive of UBS Hong Kong
Branch. Over time, the industry gradually
transformed into wealth management,
says Lo, who is also a member of FSDC’s
council board. “Now, we have to take
care of the clients’ needs including their
families and businesses. It goes beyond
investment. It is a holistic approach to
managing their total wealth.”
With Hong Kong of fering a broader
spectrum of green and alternative invest-
ment oppor tunities that are popular
among family offices, such as wine and
art investments, the city is well placed to
accommodate the diversified investment
needs of family offices. These unique
advantages make Hong Kong a natural
choice for family offices looking to deepen
their presence in the Asia Pacific region.
Hong Kong broadly defines family offices
as single family offices (SFOs) and multi-
family offices (MFOs). SFOs are set up by
a single family and exclusively serves the
needs of that family, while MFOs serve
multiple families who may or may not be
related to each other. Some MFOs are
owned by third parties and operate like
asset management companies.
In January 2020, the SFC issued a circu-
lar on the licensing framework for family
offices, which provided guidance on regu-
lating family offices intending to carry out
asset management and other services in
Hong Kong. If an SFO is not being run as a
business, a license isn’t required, accord-
ing to the regulatory framework.
H o ng Ko ng’s w eal t h ma nag e m e n t
industry is leveraging technology to tap
increasing opportunities amid a rapid
growth in wealth across Asia. With new
technologies such as robo-advisors, arti-
ficial intelligence and virtual reality trans-
forming the industry, asset managers are
embracing technology to keep up with
the latest innovations.
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 • 3 0 U N D E R 3 0 A L L- S TA R S •

HALL OF FAME

CLOCKWISE FROM TOP RIGHT: ATIBA JEFFERSON/NBAE/GETTY IMAGES; IMAGINE CHINA/NEWSCOM; GUERIN BLASK FOR FORBES; DEAN MACKENZIE FOR FORBES; COURTESY OF STRIPE; JAMEL TOPPIN FOR FORBES (2)
LeBron
James

82
Ten years. 100,000 nominees.
6,000 revolutionaries across Miley
Cyrus
20 industries. In honor of
the 10th anniversary of
the Forbes 30 Under 30,
we’ve picked the 30
all-time all-stars. Among
them: a Nobel laureate,
six social media bigwigs,
two crypto kings, two
EV evangelists and the
top-earning female
athlete ever.

By Steven Bertoni,
Elisabeth Brier, Abram
Brown, Michael Del
Castillo, Amy Feldman,
Jeff Kauflin, Sergei
Klebnikov, Alex Knapp,
Alex Konrad, Alan
Ohnsman, Chase
Peterson-Withorn,
Chloe Sorvino,
Alexandra Sternlicht
and Alexandra Wilson.

Whitney
Zhang Wolfe Herd
Yiming

Vlad
Tenev

Patrick
Collison

Melanie
Perkins
 CLASS OF 2012
Daniel Ek
THEN: His music streaming ex-
periment Spotify had just entered
the U.S. and had 10 million active
users and was worth $2 billion.
NOW: Today, Spotify streams
70 million songs to nearly 400
million users across 184 markets.
It’s worth $50 billion; Ek is
worth $4.4 billion.
Drew Houston
THEN: Dropbox, the file storage
and sharing company that
Houston cofounded in 2007
at age 24, was already one of
Silicon Valley’s hottest startups,
with 200 million users.
NOW: A billionaire since 2014,
Houston is still CEO of Dropbox,
which went public in 2018 and
has a $10 billion market cap; the
company says it has more than
700 million registered users.
“I was stunned and also energized.
It felt like getting drafted into the big
leagues. Being on the 30 Under 30 helped
raise Dropbox’s visibility.”
— D R E W H O U STO N —
LeBron James
THEN: The Miami Heat forward,
then 27, was a National Basket-
ball Association all-star and
owned a small stake in the
Liverpool F.C. soccer club.
NOW: The superstar has won
four titles with three basketball
teams: the Heat, the Cleveland
Cavaliers and his current squad,
the L.A. Lakers. Off the court, he
has earned over $1 billion from
deals with Nike and Walmart as
MONICA SCHIPPER/GETTY IMAGES
well as from his appearance in
the animated comedy Space Jam:
A New Legacy.
Dustin Moskovitz
THEN: Once the world’s young-
est self-made billionaire, the
Facebook cofounder left in
2008 to start work-productivity
toolmaker Asana. By 2012,
DECEMBER 2021
it was launching early versions
of its software.
NOW: Asana, which went public
in September 2020, has more
than 100,000 paying customers
and roughly $350 million in
annual revenue.
Ben Silbermann
THEN: Pinterest wasn’t an
overnight success. Silbermann
and his cofounder, Evan Sharp,
spent several years fooling
around with a shopping app
called Tote before shifting to
digital pinup boards. Things
clicked: A year after a desktop
version launched, Pinterest had
a $270 million valuation.
NOW: Monthly users rose 37%
last year to 459 million, due
to a burst of new interest in
the lifestyle app during the
pandemic. Silbermann remains
Rihanna
CEO of the company, whose
market cap is now $30 billion.
Kevin Systrom
THEN: Instagram was 14 months
old and had just seven employ-
ees. Still, 15 million had used its
filters to jazz up their photos.
NOW: Systrom sold Instagram
to Facebook months after his
Under 30 appearance. It now
has over 1 billion users but faces
concerns about its effects on
teens’ mental health. Worth
$2.2 billion, Systrom hasn’t run
it since 2018. His most recent
project: a Covid-tracking web-
site he built in spring 2020.
Mark Zuckerberg
Eight years after Zuck
THEN:
started Facebook in his Harvard
dorm room, his social network
had amassed 845 million
users—and was readying for
its $100 billion May 2012 IPO.
NOW: Now called Meta, the
company has 3.6 billion users
across Facebook, Instagram
and WhatsApp as its market cap
hovers around $1 trillion. But
amid declining interest from
young users and a tarnished
brand, Zuckerberg is shifting his
focus to virtual reality and a still
unproven idea for a metaverse.
CLASS OF 2013
Patrick and John Collison
THEN: Ireland-born brothers
Patrick and John dropped out
of MIT and Harvard to cofound 83
Stripe in early 2010 at ages 21
and 19, respectively. They came
up with the idea for accepting
3 O U N D E R 3 0 A L L- S TA R S
credit cards on the web while on
vacation in South America.
NOW: Stripe is the second-most
valuable U.S. startup, worth
$95 billion; the brothers each
own a $9.5 billion stake. Patrick,
its CEO, is diversifying Stripe to
include crypto and tax collection
tools, among others, ahead of a
much-anticipated IPO.
Rihanna
THEN: The 24-year-old pop star
had secured endorsements with
Vita Coco, Nivea and perfume
Reb’l Fleur.
NOW: Rihanna is a billionaire,
thanks to Fenty Beauty, her
50/50 joint venture with LVMH.
The brand, which makes skin
color–inclusive products, is
worth an estimated $2.8 billion.
Her Jay-Z-backed Fenty lingerie
brand raised money at a $1 bil-
lion valuation in February.
Zhang Yiming
THEN: He founded ByteDance
in 2012 in a four-bedroom
Beijing apartment and launched
news-aggregation app Toutiao
months later.
NOW: ByteDance’s roughly
five-year-old app TikTok
has more than 1 billion users
worldwide, but its future will
be in the hands of someone
other than Zhang, who stepped
down as ByteDance’s chairman
in November as the Chinese
government exerts more pres-
sure on high-profile CEOs.
CLASS OF 2014
Miley Cyrus
THEN: The 21-year-old pop star
had just released her most
commercially successful album,
Bangerz, and made headlines
for her infamous MTV Video
Music Awards performance
complete with twerking. She
FORBES ASIA

“As a young female founder,
I sometimes struggled to get institutional
84 leaders to take meetings with us.
The 30 Under 30 list certainly helped us
validate our ideas and our platform.”
3 O U N D E R 3 0 A L L- S TA R S
— RACHEL CARLSON —
rose to fame as a teenager
thanks to her starring role in
Disney’s popular television
series Hannah Montana.
NOW: Cyrus has released three
more albums and has 152
million Instagram followers.
She founded the Happy
Foundation to help support
LGBTQ+ and at-risk youth
and is an investor in startups
including FanMade, which
helps create superfan experi-
ences, and feminine-product
company Hers.
Rachel Haurwitz
THEN: Haurwitz cofounded
the genome editing company
Caribou Biosciences in 2011
based on Crispr research she
conducted with cofounder
(and later Nobel Prize winner)
Jennifer Doudna. In May 2014,
Haurwitz cofounded another
biotech outfit, Intellia Thera-
peutics, that also uses a Crispr
gene editing system.
NOW: Today the companies
are publicly traded and have a
combined market capitalization
of over $10 billion; both also
have drugs currently in early
clinical trials.
Evan Spiegel
THEN: Kids loved Snapchat and
its central premise: disappear-
ing photos. Spiegel’s app had
50 million users, their median
age around 18. Facebook liked
Snapchat, too. Mark Zuckerberg
offered $3 billion for the com-
pany; Spiegel declined.
NOW: Now called Snap, it has
over 500 million users. Spiegel,
who is still CEO and a billion-
aire, has plunged Snap into
augmented-reality technology,
FORBES ASIA
where digital images and envi-
ronments are placed in real-life
surroundings.
Malala Yousafzai
THEN: Shot by the Taliban at age
15 for speaking out publicly on
behalf of girls and their right
to go to school and learn, the
Pakistani student cofounded
the Malala Fund in 2013 to
help others like her. She also
published her autobiography,
I Am Malala. In December
2014, Yousafzai won the Nobel
Peace Prize, becoming the
youngest-ever Nobel laureate.
NOW: She was named the U.N.’s
youngest Messenger of Peace in
2017. Her fund has raised over
$100 million, and she continues
to be critical of the Taliban.
CLASS OF 2015
Andy Fang and Stanley Tang
THEN: Computer science stu-
dents at Stanford University,
they met recent graduate Tony
Xu in 2012. Soon after, they
developed the app DoorDash to
help restaurants capitalize on
digital ordering.
NOW: After one of the hottest
IPOs of 2020, the delivery
giant, which spent more than
$10 billion on acquisitions in
2021, is valued at $84 billion.
Fang, chief technology officer,
and Tang, chief product officer,
each hold 4% of company stock
and are worth $3 billion each.
Apoorva Mehta
A former Amazon engi-
THEN:
neer, Mehta started Instacart
in 2012 after 20 failed startup
ideas. In the early days, he did
most of the shopping himself
and made deliveries via Uber.
NOW: The app delivers goods
from 65,000 stores in more than
5,500 U.S. cities. The privately
held company is worth $39
billion, and Mehta, its executive
chairman, is worth $3.5 billion.
Zach Perret
THEN: Plaid, which Perret
Apoorva Mehta
cofounded with William Hockey
two years earlier and whose
software lets companies connect
to consumers’ bank accounts,
had $2.8 million in funding and
a handful of customers includ-
ing Venmo.
NOW: In April 2021, Plaid
raised money at a $13.4 billion
valuation, making Perret, who
is CEO, a billionaire. It has
5,500 customers ranging from
Robinhood to Google.
Emily Weiss
THEN: Founder of successful
beauty blog Into the Gloss,
Weiss raised $2 million to
launch direct-to-consumer
beauty line Glossier in 2014.
NOW: Glossier, which sells balms,
makeup, skin care products and
fragrances, has raised $266 mil-
lion and is worth $1.8 billion. It’s
about to open its first flagship
store in Los Angeles.
CLASS OF 2016
Melanie Perkins
THEN: Eight million people
had used her company Canva’s
free web-based app to design
everything from Pinterest
graphics to restaurant menus.
The Australia-based startup was
valued at $165 million.
NOW: Canva raised $200 mil-
lion in new funding in Septem-
ber at a $40 billion valuation.
Still CEO, Perkins and her co-
founder husband, Cliff Obrecht,
both billionaires, plan to give
away 30% of their estimated
combined 36% stake.
Vlad Tenev
THEN: With fellow Stanford
undergrad Baiju Bhatt, Tenev
launched no-fee stock trading
app Robinhood in 2013, with
the platform’s no-commission
trading model revolutionizing
the brokerage industry. When
CHRISTIE HEMM KLOK FOR FORBES
the cofounders debuted on
the Under 30, the startup was
valued at $250 million.
NOW: Robinhood, which boasts
over 22 million accounts, went
public in July and now has
a market cap of $25 billion.
Tenev, who is CEO, and Bhatt,
the company’s chief creative
officer, are both billionaires.

Sajith Wickramasekara
THEN: Wickramasekara and
an MIT classmate founded
Benchling in 2015 to be a digital
version of a scientist’s lab note-
book. A year later, the biotech
R&D software startup had
raised $6 million at a valuation
of $17.5 million.
NOW: Benchling has more
than 600 customers, including
Regeneron, Sanofi and Syn-
genta. It is worth $6.1 billion
following a recent financing
round led by Franklin Temple-
ton and Altimeter.
CLASS OF 2017
Rachel Carlson
THEN: Guild Education, which
Carlson had founded in 2015 to
help companies offer education
benefits to their workers, had
landed American restaurant
chain Chipotle as its first big
partner and raised $10.5 million
at a $32 million valuation.
NOW: Carlson is one of America’s
richest self-made women, worth
“I feel really satisfied with what I’ve
accomplished so far, but also I still have
some runway ahead before I reach 30.”
— NAOMI OSAKA —
$500 million, thanks to Guild’s
nearly $4 billion valuation.
Among its dozens of partners:
Walmart, Target and Disney.
Kylie Jenner
THEN: The 18-year-old Keeping
Up with the Kardashians star
leveraged her 40 million–plus
Instagram followers in 2015 to
launch and promote Kylie Lip
MICHAEL PRINCE FOR FORBES
Kits, a lipstick-liner duo. The
first batch of 15,000 kits was
snapped up in minutes.
NOW: Jenner sold 51% of Kylie
Cosmetics to global beauty com-
pany Coty Inc. for $600 million
in 2019. The beauty mogul, who
is worth $620 million, tapped
DECEMBER 2021
a new CEO in May but still
promotes the brand to her 282
million Instagram followers.
Nick Molnar
THEN: Once Australia’s top
seller of jewelry on eBay, Mol-
nar cofounded Afterpay in 2014
as a way for credit card–leery
Millennials to buy items and
pay them off in four install-
ments over six weeks. In May
2016, he took the company,
which had just 60,000 custo-
mers in Australia, public.
NOW: Square announced
plans to acquire the buy-now,
pay-later company, which has
16.2 million global customers,
for $29 billion; Molnar is worth
an estimated $1.8 billion.
Whitney Wolfe Herd
THEN: After settling a sexual
harassment suit with her Tinder
cofounder, Wolfe Herd started
Bumble in 2014 as a dating app
designed to enable women to
make the first move. Within two
years, it had some 11 million
registered users.
NOW: Wolfe Herd took her
company public in February at
age 31, making her the youngest
female CEO ever to do so and
the world’s youngest self-made
female billionaire.
CLASS OF 2018
Vitalik Buterin
THEN: The inventor of the ether-
eum blockchain and cryptocur-
rency appeared on the list at age
23, when ethereum’s market
value was about $30 billion and
his wealth some $400 million.
NOW: Since then, ethereum’s
price has exploded, leading to
Austin Russell
a market value of $500 billion
and a personal fortune of
$1.4 billion, making Buterin
among the youngest known
crypto billionaires.
Austin Russell
THEN: Aided by a $100,000
Thiel Fellowship, the optics
prodigy and Stanford dropout
founded Luminar at age 17 to
develop higher-quality laser
sensors for self-driving vehicles.
NOW: Russell, 25, became the
world’s youngest self-made
billionaire when Luminar went
public on the Nasdaq in Decem-
ber 2020. The company, which
he runs, is worth $7 billion.
CLASS OF 2019
Naomi Osaka
THEN: Osaka, fresh off beating
Serena Williams to claim the
2018 U.S. Open women’s title, was
ranked the No. 1 tennis player
in the world at just 21 years old.
NOW: Osaka is the highest-paid
female athlete ever, earning
more than any previous such
woman in both 2020 and 2021.
While her ranking dropped
to No. 13 in 2021, her star
power and influence rose
when she pulled out of the
French Open after being
threatened with a fine for
85
3 O U N D E R 3 0 A L L- S TA R S
declining press interviews;
she has since became a
champion of mental health.
Alex Rodrigues
THEN: At age 19, he engineered
a self-driving golf cart. Soon
after, he won a Thiel Fellow-
ship, dropped out of college and
raised $2 million to pioneer
self-driving trucks. By 2018, his
Embark Trucks had completed
its first cross-country driverless
haul and raised $47 million.
NOW: Embark went public via a
SPAC in November; at age 26,
he’s now the youngest CEO of
a publicly traded company and
worth a half-billion dollars.
Embark has more than 14,000
preorders from companies.
CLASS OF 2021
Sam Bankman-Fried
THEN: His FTX cryptocurrency
exchange had just raised $40
million at a $1.2 billion valuation.
NOW: Two huge fundraising
rounds later—at an $18 billion
valuation in July and a $25
billion valuation in October—
Bankman-Fried is now the
richest under-30 on the planet,
worth $26.5 billion.
FORBES ASIA

How social entrepreneurs are
repurposing capitalism
to tackle global issues
Dian Kurniawati was over whelmed by
anguish every time she visited the shores
of her hometown in Java, Indonesia. The
waves rushing up to her feet would leave
behind plastic bags—a dismal reminder
of the impact of human activity on nature,
which moved her to address the problem
of plastic waste. She founded Tridi Oasis,
a venture that turns plastic waste into
multiple opportunities.
The company gives a second life to
non-biodegradable material. It collects
discarded PET bottles and processes the
waste into high-quality plastic flakes, which
We exist to turn waste
collection and plastic
recycling problems
into opportunities.
— DIAN KURNIAWATI
FOUNDER AND CEO,
TRIDI OASIS GROUP
PROMOTION
a re t h e n u s e d fo r t h e
manufacture of packaging
materials and tex tiles. Sometimes we need to have
The business has created unreasonable goals to change
the world.
ma ny jo b s , e s p e c iall y
for those in the informal
sector who were the worst
hit by the pandemic. “In
the long-term, I want Tridi — DANIEL EPSTEIN
Oasis to turn trash into FOUNDER AND CEO OF UNREASONABLE
jobs and useful products,”
says Kurniawati. access and security for businesses and
Canopy Power, founded by Sujay Malve, communi tie s ac ro s s sever al remote
is another company working towards islands in the Asia Pacific.
a cleaner environment. Growing up in Tr id i Oa sis and C ano py Power are
India, Malve experienced what it’s like among the many new age enterprises that
to live with frequent power outages. It
inspired him to find an alternative source
are leveraging cutting-edge technology
to develop innovative solutions that
of elec t r ic i t y u sing solar energ y — a deliver not only commercial success,
solution that achieves substantial cost
savings by cutting diesel fuel usage, while
but also create a positive social impact.
Other examples include ATEC which
decreasing pollution and CO2 emissions. enables universal access to safe and
The firm aims to empower people to clean cooking, and agritech ventures
move away from fossil fuels and use more Listenfield which provides an application
reliable and renewable electricity supply. programming interface to help produce
The microgrid and engineering services bet ter qualit y crops with sustainable
company is solving the problem of energy agricultural practices.
 PROMOTION

Through Unreasonable Impact, we support

some of the fastest-growing ventures to
help scale up entrepreneurial solutions to
the world’s most pressing challenges, and
help profit and purpose co-exist.

— JAIDEEP KHANNA
HEAD OF ASIA PACIFIC, BARCLAYS

Unreasonable Impact Jaideep Khanna, Head of Asia Pacific at Changing the World One
A common thread across these enterprises Barclays, says “Through Unreasonable Venture at a Time
is Unreasonable Impact, a partnership Impact, we support some of the fastest- The programme is based on the belief
between Barclays and Unreasonable that g ro w i n g ve n t u r e s to h e l p s c a l e u p that the power of the collective will make
offers a global accelerator programme entrepreneurial solutions to the world’s a lasting impac t. “Business is about
most pressing challenges, people, par tner ships and profitable
and help profit and purpose solutions, and we have to be on the side
Business is about co-exist.” of the entrepreneurs who take on these
people, partnerships and The programme is run in
cohorts across the Asia Pacific,
mammoth challenges, improve social
ou tcome s, and g ener ate profit s for
profitable solutions, and the Americas, and the U.K. and shareholders,” says Lars Aagaard, Head
we have to be on the side Europe. It provides resources, of Mergers & Acquisitions and Financial

of the entrepreneurs who

mentorship, and a global support Sponsors for the Asia Pacific at Barclays.
net work to entrepreneurs
take on these mammoth working on resolving pressing

challenges, improve g l o b a l p ro b l e m s p rof i t a b l y

while sparking innovation and
social outcomes, and creating jobs.

generate profits for Daniel Epstein, Founder and

CEO, Unreasonable, established
shareholders. the company with the mission
to re-purpose capitalism. He
believes that entrepreneur s
— LARS AAGAARD are shaping the future of food,
HEAD OF MERGERS & ACQUISITIONS AND energy and sustainability and
FINANCIAL SPONSORS, ASIA PACIFIC, that innovative ideas from small-
BARCLAYS and medium-sized businesses
are key to making lasting
changes. “Sometimes we need
to empower mission-driven businesses to have unreasonable goals to change the
to create scalable and lasting changes. world,” says Epstein.

At the forefront of innovation in their

sectors, we continue to be inspired by
each entrepreneur as they challenge the
status quo with their impactful solutions.

— ALEXANDER HARRISON
COO APAC & COUNTRY CEO, SINGAPORE, BARCLAYS

MEET SOME OF THE UNREASONABLE IMPACT FELLOWS
VITARGENT
Jimmy Tao
CEO & Managing Director
Unreasonable Impact
Asia Pacific 2017
AMPD Energy
Brandon Ng
Co-founder & CEO
Unreasonable Impact
Asia Pacific 2018
Arcstone
Willson Deng
Co-founder & CEO
Unreasonable Impact
Asia Pacific 2018
eFishery
Gibran Huzaifah
Co-founder & CEO
Unreasonable Impact
Asia Pacific 2018
FatHopes Energy
Vinesh Sinha
Founder & CEO
Unreasonable Impact
Asia Pacific 2018
gridComm
Kwong Hwa Jen
Chairman and Managing
Director Unreasonable
Impact Asia Pacific 2018
Heaven Springs
Johnny Ip
Vice President and CIO
Unreasonable Impact
Asia Pacific 2018
RAD Green
Solutions
Ivan Lim
CEO Unreasonable
Impact Asia Pacific 2018
Marvelous Food
Christiana Zhu
Founder & CEO
Unreasonable Impact
Asia Pacific 2019
Unreasonable Impac t fellows do not
believe in settling with the status quo.
Instead, they are motivated to shape
progress in the right direction and design
profitable solutions to create a sustainable
and equitable future. These entrepreneurs
can make a dent in employment trends and
PROMOTION
CROWDE
Yohanes
Sugihtononugroho
Co-founder & CEO
Unreasonable Impact
Asia Pacific 2019
EVERCOMM
Chiu-Hao (Ted) Chen
Co-founder, CEO & Chief
Product Architect
Unreasonable Impact
Asia Pacific 2019
IGL Coatings
Keong Chun Chieh
Founder and CEO
Unreasonable Impact
Asia Pacific 2019
Jasberry
Peetachai “Neil”
Dejkraisak
Co-founder and CEO
Unreasonable Impact
Asia Pacific 2019
Maeko
Chelsea Chee
Founder & CEO
Unreasonable Impact
Asia Pacific 2020
Canopy Power
Sujay Malve
CEO
Unreasonable Impact
Asia Pacific 2020
Mobi-Air
Martin Scaife
Chairman & CTO
Unreasonable Impact
Asia Pacific 2020
TurtleTree Labs
Max Rye
Co-founder and Chief
Strategist
Unreasonable Impact
Asia Pacific 2020
Shiok Meats
Sandhya Sriram
Co-founder and CEO
Unreasonable Impact
Asia Pacific 2020
lead the path towards sustainability, while
also innovating across sectors such as food,
agriculture, and manufacturing.
“At the forefront of innovation in their
respective sectors, we continue to be
inspired by each entrepreneur as they
c halleng e the s t atus quo with their
All images were taken before the Covid-19 pandemic.
gFlow+
Ming Gong
President & CEO
Unreasonable Impact
Asia Pacific 2020
Tridi Oasis Group
Dian Kurniawati
Founder and CEO
Unreasonable Impact
Asia Pacific 2020
Avant Meats
Carrie Chen
Co-founder and CEO
Unreasonable Impact
Asia Pacific 2021
Aqua
Development
Doohyun Lee
Co-founder and CEO
Unreasonable Impact
Asia Pacific 2021
ListenField
Rassarin
Chinnachodteeranun
Co-founder and CEO
Unreasonable Impact
Asia Pacific 2021
ATEC
Ben Jeffreys
CEO
Unreasonable Impact
Asia Pacific 2021
Jala
Liris Maduningtyas
Co-founder and CEO
Unreasonable Impact
Asia Pacific 2021
ATKO
Connie Hong
CFO
Unreasonable Impact
Asia Pacific 2021
impactful solutions,” commented Alexander
Harrison, COO APAC & Country CEO,
Singapore, Barclays.
PROMOTION
 INNOVATION
By Jeff Kauflin Photographs by Sasha Maslov for Forbes

90
Boys in the Bubble
Startups are supposed to specialize, but O PE N S E A ’s founders thrived by building a wide-open
market for creating and trading all manner of NFTs, whether art, music or gaming. Now that
they’re centimillionaires and poised to become billionaires, they have other worries: competitors,
fraudsters and the next crypto crash.
 I
In March 2020, as Covid-19
began to spread, OpenSea founders Devin Finzer and Alex
Atallah held a gut-check phone call. Their five-person
startup had built a platform on which users could create,
buy and sell all sorts of nonfungible tokens (NFTs)—com-
puter files used to track ownership of unique digital as-
sets like art and music on a ledger known as a blockchain.
Yet 26 months after going live, they had just 4,000 active
users doing $1.1 million in transactions a month, which
translated (given OpenSea’s 2.5% sales commission) to a
paltry $28,000 in monthly revenue. The NFT market had
a “dead feeling,” recalls CTO Atallah, who conducted his
side of the call from the basement of his parents’ Colora-
do home, where he had gone to work as New York locked
down. Ominously, Rare Bits, a direct and better-funded
competitor, had just announced it was folding. The pair
set a do-or-die goal of doubling business by the end of the
year—and met it in September.
Finally, in February 2021, the NFT market roused from
hibernation—and went crazy. In July, OpenSea processed
$350 million in NFT trades. That same month, in a round
led by Andreessen Horowitz, it raised $100 million in ven-
ture capital at a $1.5 billion valuation. In August, as NFT
hype (and FOMO) reached a fever pitch, volume spiked
tenfold to $3.4 billion—an $85 million commission wind-
fall for OpenSea in a month when it likely burned less than
$5 million on expenses. Although transactions have since
retreated to around $2 billion a month, the platform now
has 1.8 million active users and a dominant share of the
market. It’s up to 70 employees and is scouting for dozens
more, including much-needed customer service reps.
Recently, there’s been talk of another round of venture
investment at a valuation that could reach $10 billion. With
In August, as NFT hype (and FOMO) reached a fever pitch, volume spiked
tenfold to $3.4 billion—an $85 million commission windfall for OpenSea
in a month when it likely burned less than $5 million on expenses.
DECEMBER 2021
a 19% ownership stake each, CEO Finzer, 31, and Atallah (a
2022 Forbes Under 30 honoree), 29, are centimillionaires
on the cusp of becoming crypto’s newest billionaires.
Yet Atallah was humble as he chatted in November at
a restaurant in New York’s kitschy new Margaritaville
Resort Times Square, sitting near its 8-meter Statue of
Liberty replica, which hoists a cocktail instead of a torch. 91
He was there for the third annual NFT.NYC convention,
which boasted 5,500 registrants with 3,000 on the waiting
I N N OVAT I O N
list. Young enthusiasts prowled the hotel wearing Bored
Ape Yacht Club sweatshirts—a tribute to a collection of
10,000 simian NFTs whose owners treat it as a social club
as much as a collectible or investment.
You might say humility was at the heart of Finzer and
Atallah’s successful strategy. Some advisors had urged
them to specialize in an NFT niche—say, art, gaming or
music. But they opted to build a category-agnostic plat-
form because they didn’t think they were prescient enough
to predict which NFT types would catch on.
Beyond casting a wide net, Finzer says, OpenSea has
thrived simply by “being in the right place at the right
time” and listening to users about what they want. The
platform tracks NFTs on ethereum and other blockchains,
and all purchases are made in crypto. Sellers can opt for
a fixed-price or auction format. Artists can reserve a per-
centage of each resale price. Ultimately, Finzer sees the
NFT ownership verification model working for anything
from concert tickets to real estate—he’s just not sure what
will succeed when. “I’ve always had a pretty gray view of
the future,” he says.
Despite its sudden success, OpenSea faces big and var-
ied risks—from fraud and another NFT market bust to
new competition. In October, Coinbase, the largest U.S.
crypto exchange and an original investor in OpenSea, an-
nounced it will launch its own NFT peer-to-peer market-
place. Within weeks, Coinbase had 2.5 million sign-ups for
its waiting list, and CEO Brian Armstrong was predicting
the new business “could be as big or bigger” than its core
crypto trading business.
OpenSea’s open-market approach heightens the risk of
counterfeits, scams and fraud—just ask Amazon or eBay.
For example, a scammer can copy an image of someone
else’s art and sell it as an NFT on OpenSea. Finzer says
the site is working on an automated way to spot fakes and
has moderators who investigate suspicious offerings. Still,
people can present problems too. In September, Finzer
requested the resignation of OpenSea’s head of product
FORBES ASIA
 after Twitter users discovered a crypto wallet
linked to that executive was buying NFTs shortly
before they appeared on the price-moving Open-
Sea homepage—in other words, he was allegedly
frontrunning his own employer’s decisions.
While they come across as humble, OpenSea’s
92 founders are hardly low on ambition. Raised in
the Bay Area by a physician mom and a software
engineer dad, Finzer says he was “devastated” to
I N N OVAT I O N

be rejected by Harvard, Stanford, Princeton and

Yale. (He settled for Brown.) After a short stint
as a Pinterest software engineer, he cofounded
his first startup, Claimdog, in 2015 and sold it to
Credit Karma a year later.
As a kid, Atallah, the Colorado-born son of
a Colombian-immigrant father and American
mother, made spreadsheets to compare the attri-
butes of everything from birds to browsers. After
graduating from Stanford, he worked as a pro-
grammer before teaming up with Finzer. In Janu-
ary 2018 they entered the Y Combinator startup
accelerator with an idea for paying users crypto
to share their Wi-Fi hotspots. But at that point,
CryptoKitties—the cartoonish virtual cats whose
ownership records were digitally inscribed on the
ethereum blockchain—had captured the public
imagination. “It was the first time people who
didn’t really care about crypto were suddenly get-
ting interested in it for reasons other than flipping
a coin. I thought that was really powerful,” Atallah
says. They quickly pivoted to OpenSea and later
moved their operation to New York City.
Much like Beanie Babies, their cloth-and-
stuffing ancestors, CryptoKitties turned out to be
duds as investment-grade collectibles—the sup-
ply was too great to make most of them worth
much. After spiking in early 2018, interest in
both crypto and NFTs went into hibernation.
What awakened the market in early 2021
wasn’t OpenSea’s doing. Instead, platforms like
the billionaire Winklevoss twins’ Nifty Gateway
captured attention with curated, high-quality
art. Last March, Christie’s auctioned the NFT for
digital artist Beeple’s “Everydays: The First 5000
Days” for $69 million, the third-highest price
ever paid for work by a living artist.
As NFTs fetched eye-popping prices, more and
more ordinary folks decided they too wanted to
become creators, collectors or speculators—and
turned to OpenSea, with its anyone-can-be-an-
artist ethos, built-in secondary market and handy
features. For instance, the site has an advanced
filtering system so users can find NFTs with the
rarest—and theoretically most valuable—attri-
butes. (Only 46 Bored Apes have solid-gold fur,
and they command a hefty premium.) When a
Cofounders Alex new NFT is created and recorded on ethereum,
Atallah (left) and
Devin Finzer in the site automatically spawns a webpage display-
OpenSea’s new SoHo ing it—a nice feature as NFTs became a status
office. The company,
launched in 2018, is symbol, with people sharing their OpenSea pages
on track to exceed and changing their Twitter profile pictures to an
$300 million in
revenue this year, NFT they own. “It became this circular feedback
up from less than
$1 million in 2020.
loop, driven by envy and desire. And OpenSea
really captured that market,” observes Richard
Chen, a partner at VC firm 1Confirmation and an
early OpenSea investor.
Dani, 27, a former fashion designer living in
Georgia, has turned a $17,000 investment in
NFTs like the World of Women into a portfolio
worth $715,000. AJ, a 37-year-old former gam-
ing company CEO from North Carolina, put less
than $10,000 into NFTs and now values his digi-
tal assets at $1.3 million. He recently convinced
his gastroenterologist brother to start buying
NFTs. The brother, in turn, hooked his own bud-
dies. “They’re pretty much doing colonoscopies
and then checking their phones for new NFT
drops,” AJ says.
Sounds like a bubble, all right, raising the
question of how OpenSea will fare when it bursts.
Responds Finzer: “We have a large amount of
padding in case we need to weather a winter.”

FORBES ASIA DECEMBER 2021


SI N G AP O R E
S C A L E S N E W H EI G H T S
While tackling the Covid-19 pandemic challenge remains a priority, the city-state has
regained its global focus and businesses are gradually but surely rebounding.
Despite the lingering impact of the Covid-19
pandemic, Singapore is taking center stage
amid a resurgence in businesses, a calibrated
resumption of travel, and upbeat consumer
sentiment. The city-state has clearly regained
its confidence as a global financial hub, with
the growing number of wealthy entrepreneurs
snapping up posh homes in prime residential
districts, sending prices to record highs.
Adding to signs that the Singapore econ-
omy is returning to normalcy, the nation’s eco-
nomic growth climbed a reassuring 7.1% in the
third quarter compared to the previous year.
This nascent recovery has boosted the coun-
try’s burgeoning fintech industry and the ever-
resilient luxury real estate market. No doubt,
the substantial economic stimulus measures
announced by the government in the most
recent budget has helped to further bolster
economic activity across the board.
Peak of Luxury
While the restoration of international links has
empowered certain sectors, it’s the legacy of
the sundry local lockdowns that has brought
SPECIAL ADVERTISING SECTION
added vitality to some businesses. With stay-
ing at home required for some people and the
preferred choice for others over the past two
years, the primacy of having access to a truly
resplendent residential spaces has never been
greater.
Residential spaces don’t come more
resplendent than the Wallich Residence, a sky-
scraper at the heart of the Singapore's central
business district. The occupants of one of Sin-
gapore’s loftiest living spaces can endure pan-
demic-enforced confinement in the utmost
comfort.
Inevitably, demand has soared for the remain-
ing units in this deluxe abode, which extends
from the 39th to 64th floor of the Guoco Tower,
the city’s tallest and most exclusive mixed use
residential, office and hotel structure. Now that
fine dining and cultural exploration are very
much back on the menu, the ultra-connectivity
of the residence’s city center location has only
further enhanced its allure.
Transborder Transactions
With trade rebounding, restrictions on travel
being scaled down and supply chains surging
back into life, the need for efficient and unfet-
tered digital payments into China has become
a priority for many international businesses.
This bodes well for Aleta Planet, a Singapore
fintech firm that processes cross-border digital
payments.
Founded seven years ago, the success-
ful rollout of its flagship AP-1 digital card has
positioned Aleta Planet among the major play-
ers facilitating rapid and secure payments to
China-based business partners and suppliers.
AP-1 allows international users to make pay-
ments in China without the need for a local
bank account.
This app-based system allows payments to
be cleared into UnionPay personal accounts
worldwide or to qualified WeChat users in
China in an instant, much faster than the 2 to
4 business days it takes via telegraphic trans-
fer. With its mainland system in place, the
company is looking to replicate its services in
other jurisdictions, making it ideally equipped
to meet the needs of Singapore’s increasingly
global businesses.
1
 SPECIAL ADVERTISING SECTION

WALLICH RESIDENCE:
HIGHEND WORKING FROM HOME WITH
ULTRACONVENIENT CONNECTIONS
Live a life of luxury in Singapore’s tallest skyscraper, while working remotely to overcome
every business challenge.

Perched atop Guoco Tower—Singapore’s

tallest skyscraper—Wallich Residence offers
residents a dynamic blend of commercial, res-
idential, retail, hotel and urban park resources.
This iconic 290-meter-high tower has trans-
formed Tanjong Pagar into a bustling com-
mercial and luxury lifestyle hub right in the
heart of Singapore’s central business district.
Extending from the 39th to the 64th floor
of the Tower, Wallich Residence serves both
as a sanctuary and as the most resplendent
remote center of operations for Singapore’s
foremost families and most influential indi-
viduals. Indeed, a commitment to provide the
ultimate resources for luxury living is evident
in every aspect of this premium residential
destination.
Wallich Residence is home to a limited col-
lection of 181 luxury residences, comprising
one- to four-bedroom units, four penthouses
and one exclusive super penthouse. These
meticulously crafted apartments feature
exceptional design and impeccable detailing,
while providing residents exclusive access to
four levels of fabulous amenities that ele-
vate the very concept of a luxury lifestyle to
breathtaking new heights.
Ideal for those keen to fully embrace the
working-from-home phenomenon, Wallich
Residence offers ample space and modern
amenities at each apartment and residents
can also conduct meetings with business
associates or take that important video
Networking suite at level 52
conference call at the networking suite on
level 52. Regardless, they can enjoy pan-
oramic views across the city from the net-
working suite or their personal balconies.
There’s also a 24-hour concierge service that’s
always on hand to assist the residents.
When the working day is done, residents
have the option of exploring level 39’s mag-
nificent infinity pool or the private library
and theatrette on level 52, before catch-
ing a glimpse of the sunset from the high
perch of the observation platform on level
62. Given such matchless and thoughtfully
integrated amenities, it is no surprise that
Infinity pool at level 39
Wallich Residence arrival lobby
Wallich Residence is now widely regarded as
one of the world’s finest working-from-home
locales.
Beyond the comforts of Wallich Residence,
residents have access to the Guoco Tower’s
unique five-in-one integrated development.
There is a direct link to the five-star Sofitel
Singapore City Centre hotel—an invaluable
asset when entertaining and accommodat-
ing overseas clients or colleagues. There is
also a diverse selection of retail and dining
outlets within Guoco Tower that caters to the
needs of the residents.
Wallich Residence also has a direct link
to the Tanjong Pagar MRT station, allowing
residents seamless travel within Singapore.
Orchard Road—Singapore’s main shopping
street—is a mere five stops away. For global
travellers, Changi International Airport is 13
stops via the train or a 15-minute drive along
the East Coast Parkway.
Whether working from home or looking to
cut commuting time to Singapore‘s CBD to
mere minutes, the well-connected, beauti-
fully appointed, luxuriously furnished Wallich
Residence offers residents the peak of luxury.

2
 SINGAPORE’S
TALLEST ADDRESS
Find out more:
65 62259000 65 81259625

DISCLAIMER: THE INFORMATION AND CONTENTS HEREIN ARE CURRENT AT THE TIME OF PRINTING AND ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WHILE
ALL REASONABLE CARE HAS BEEN TAKEN IN PREPARING THIS ADVERTISEMENT, THE DEVELOPER AND ITS AGENTS SHALL NOT BE HELD RESPONSIBLE FOR ANY
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BY THE DEVELOPER OR ITS AGENTS.

ALETA PLANET:
POWERING PAYMENTS WITH CHINA
Singapore-based fintech firm fuels trade between China and the rest of the world.
Amid the rapid increase in digitalization,
global payments solutions are fueling cross-
border transactions and accelerating business
growth worldwide. Singapore-based fintech
firm Aleta Planet has emerged as a key player
in this space, after rolling out leading-edge
solutions that streamline the payment pro-
cesses for enterprises or individuals seeking to
make payments to China in a simple, fast and
secure manner. It helps boost China’s global
trade, while supporting the internationaliza-
tion efforts of Chinese companies.
Many global merchants targeting the Chi-
nese market face various obstacles when inte-
grating payment technologies that suit the
preferences of Chinese consumers. The com-
pany facilitates payments by enabling mer-
chants to accept QR code-based or e-com-
merce payments from over 9 billion UnionPay
cards issued globally. On the opposite end,
Chinese companies are aggressively expand-
ing by setting up regional offices in key hubs
such as Singapore, Hong Kong, Dubai, Malay-
sia and Australia. Cross-border opportunities
are expanding, and this strengthens Aleta
Planet’s proposition as a China-centric com-
pany based in key hubs to bridge the gap for
Chinese companies going global.
“Aleta Planet’s innovative proprietary
Aleta Planet’s Founder and Group Chairman,
Ryan Gwee
4
SPECIAL ADVERTISING SECTION
technology connects businesses and indi-
viduals across the globe by facilitating a com-
plete ecosystem, encompassing card issu-
ance, merchant acquisition, remittances and
B2B payments. This holistic suite of solutions
makes us a natural partner for both global
merchants and Chinese companies expand-
ing overseas,” says Ryan Gwee, Aleta Planet’s
Founder and Group Chairman.
Flagship Product
The firm’s flagship product AP-1—a digital
card that enables international users to make
payments in China, without the need for a
local bank account—plugs a critical gap in
the market, as many retailers in China do not
accept cash given the popularity and conve-
nience of mobile payments via QR codes.
“It is one of the first few foreign cards to
leverage on China’s unified QR system, which
pushes a single QR code for all major pay-
ment systems such as WeChat Pay,” says
Gwee. “The card will appeal to individuals
who frequently travel to China, or those with
family and friends in China.”
The card sits within an app that enables
users to make payments anywhere using
their mobile phones by scanning or generat-
ing QR codes. AP-1 users are also able to remit
Aleta Planet’s Managing Director, Regional Head,
North Asia, Peter Lim
funds to UnionPay personal accounts world-
wide or to qualified WeChat users in China
in an instant, much faster than the average
2 to 4 business days that it typically takes for a
remittance to go through telegraphic transfer.
Beyond UnionPay, Aleta Planet is WeChat
Pay and PayNow enabled, and has expanded
its network of cards to include JCB, Discover,
Diners Club, Visa and MasterCard, in line with
the company’s vision of offering a super app
that can hold multiple cards. By using geo-
positioning technology, the firm’s innova-
tive solution can automatically pre-enroll
cardholders for the best location-based card
benefits.
Aleta Planet was established in 2014 in Sin-
gapore by a team of professionals with strong
business and technology expertise in the
financial services sector. Licensed by Mone-
tary Authority of Singapore (MAS) as a major
payment institution, it has offices in Malaysia,
Australia, Hong Kong and Dubai.
Gwee, together with Peter Lim, Regional
Head for North Asia, and Stephen Richards
Evans, Regional CEO for Europe, Middle
East & Africa, previously held senior posi-
tions at global banks, focusing on managing
and growing the business with China. The
team has an in-depth understanding of the
Aleta Planet’s Regional CEO, EMEA,
Stephen Richards Evans

AP-1 Business Account, an all-in-one digital account for business payments and collections.
nuances of the Chinese system and banking
network given their experience dealing with
Chinese corporations, financial institutions
and government agencies.
Empowering Technology
Platforms
Technology companies are leveraging Aleta
Planet’s payments solutions. It works with
Lakala, a leading financial services platform
in the mainland, to help Chinese merchants
collect payments quickly and securely from
offshore customers. Licensed by People’s
Bank of China and listed on Shenzhen Stock
Exchange, Lakala serves over 25 million
merchants.
Aleta Planet has also partnered with Singa-
pore-based DiMuto, a provider of end-to-end
supply chain visibility technology platform
for the global trade of fresh produce. Under
the partnership, Aleta Planet issues UnionPay
commercial accounts to DiMuto users and
provides a seamless e-wallet function within
DiMuto’s platform via a customized applica-
tion programming interface that enables a
payment superhighway into China and 140
other countries.
The traceability of money flows and vis-
ibility of food quality afforded by this part-
nership allow buyers and sellers to obtain
trade financing solutions, which were previ-
ously not made available by banks for "high-
risk” perishable goods such as agricultural
produce.
“The collaboration between Aleta Planet
and DiMuto aims to bring to the table an
SPECIAL ADVERTISING SECTION
ecosystem where fresh produce buyers and
traders from all over the world can leverage
on one platform that oversees the end-to-
end process, from order placement, delivery
to payment, in an effective and hassle-free
manner,” says Lim.
Supporting Businesses
Aleta Planet’s payments solutions are also
designed to help enterprises manage their
businesses. For instance, the AP-1 Business
Account provides a digital account for busi-
nesses to collect sales settlements, and remit
renminbi payments directly and promptly
into their Chinese suppliers’ UnionPay com-
mercial accounts.
This feature is especially crucial for small
and medium-sized enterprises that are facing
obstacles when expanding into the Chinese
market due to payments issues. While gov-
ernments and large institutions tend to have
the banking capabilities to make payments
in China smoothly, SMEs often encounter
problems due to the country’s strict capital
controls.
“Almost half of the payments to China
are either delayed or rejected,” says Lim.
“Aleta Planet’s proprietary platform, which
had passed China’s State Administration of
Foreign Exchange’s stringent requirements,
focuses on providing SMEs with a secure and
cost-efficient way to pay into China. With
certainty of payments to suppliers, goods
are shipped in a timely manner and business
operations can flow smoothly.”
With the pandemic boosting e-commerce,
Aleta Planet also helps retailers to find ways
to better engage their digitally-savvy custom-
ers and generate new revenue streams. One
such initiative is the development of the app
and payment gateway for a customised co-
branded digital card.
An example of such a card is PacPay, which
Aleta Planet developed in partnership with
boxing champion, Philippine Senator Manny
Pacquiao. The card functions as a mobile
ecosystem for Pacquiao’s fans, supporting QR
code payments, and providing loyalty points,
mobile games and collection of exclusive
memorabilia.
A Holistic Solution
Aleta Planet’s technological solution offers a
number of important advantages over rival
offerings. Unlike traditional transaction flows
which involve an intermediary or process-
ing banks, the company’s platform does not
involve third-party service providers. Instead,
Aleta Planet connects individuals and busi-
nesses directly and assumes the roles of
issuer, acquirer, and payment service provider.
“Aleta Planet’s proprietary system allows
it to support faster cross-border payments
with greater certainty of success,” says Evans.
“This is superior to existing methods like
telegraphic transfers with traditional banks,
which routes payments through multiple
intermediary banks, adding to costs, com-
plexity and delays.”
Reflecting the success of its innovative
offerings, Aleta Planet recently won 2nd place
in the Singapore FinTech Festival Global Fin-
Tech Awards 2021 presented by the MAS, and
the Technology Excellence Award for remit-
tance at the Singapore Business Review Tech-
nology Excellence Awards 2021. It was also
among the Top 10 Fintech Solutions Provider
chosen by the APAC CIO Outlook last year.
Looking ahead, Aleta Planet aims to
expand beyond its China and UnionPay focus.
As it continues to be the preferred payment
platform for Chinese businesses expand-
ing overseas, the company is broadening its
global footprint by entering new markets in
Africa and Asia through mergers and acqui-
sitions. “With this comprehensive offering,
Aleta Planet seeks to expand partnerships
and collaborations beyond China to the rest
of the world,” Evans says.
5
98

FORBES ASIA
 F E AT U R E S

REINVENTING
99

SCIENTIFIC
ENTREPRENEURSHIP

N
DECEMBER 2021
BY A M Y F E L D M A N

P H OTO G R A P H S BY
MICHAEL PRINCE FOR FORBES

oubar Afeyan LAUNCHED

70 COMPANIES BY PUSHING RESEARCHERS TO ASK WHAT IF THEIR CRAZIEST IDEAS
WERE TRUE. WITH $17 BILLION AND A MODEL OF “PARALLEL ENTREPRENEURSHIP,”
HE CAN FUND A LOT OF WILD NOTIONS.

FORBES ASIA
 “I
100
F E AT U R E S
“I constantly say things that
are unreasonable and seemingly crazy,” says Noubar Af-
eyan, founder of venture firm Flagship Pioneering and
chairman of Moderna. What if, he asked his researchers,
microorganisms living in our guts—the “microbiome”—
could help cure cancer? What if red blood cells could
transport drugs along with oxygen? What if not all virus-
es were bad? And what if, he asked a decade ago, mes-
senger RNA (mRNA) could be the basis of therapeutics?
“I said, ‘You’re crazy, it’s never going to work,’” recalls
Moderna CEO Stéphane Bancel of his first conversa-
tions with Afeyan about the subject in 2011. But as Afey-
an, an Armenian immigrant by way of Lebanon
and Canada, turned on the charm Bancel, who
was then CEO of French diagnostics maker Bio-
Mérieux, relented and agreed to come to Mod- “Every one of our companies is born
erna. “Noubar’s genius was not trying to force to aspire to what Moderna has done.
the issue in my brain, but to make me think that
it could change the world and that it was worth
Why wouldn’t you think you can
the risk,” he says. actually change the world?”
Thanks to its mRNA Covid vaccine, Moderna
now is a household name, with 12-month reve-
nues north of $11 billion and a market cap ap-
proaching $125 billion at the start of Decem-
ber. Afeyan, 59, is one of five billionaires associated with
it, with an estimated $3.7 billion fortune (Bancel is an-
other, worth some $9.9 billion). For Afeyan, though, the
hope is that Moderna isn’t a one-off stratospheric suc-
cess, but just one of dozens of companies that could
break out from the work he’s been doing at Cambridge,
Massachusetts-based Flagship for the past two decades.
Flagship is a venture capital firm with a total of $17
billion in assets that operates more like an incubator.
Through it Afeyan is churning out scientific ideas in bio-
tech, the life sciences and agriculture with the goal of
creating and nurturing a half dozen or more companies
each year. Most of those companies grow out of those
what-if questions that Afeyan loves. “Every one of our
FORBES ASIA
companies is born to aspire to what Moderna has done,”
he told Forbes during an interview at Flagship’s offices
overlooking the Charles River. “Why wouldn’t you think
you can actually change the world in the particular area
you are working on?”
Since Flagship’s launch, Afeyan has helped start some
70 companies. Each began life as little more than an idea
in a lab. If the idea proves promising enough, Flagship
invests, and it operates for a time as a wholly owned sub-
sidiary. The best of these subsidiaries will eventually take
on outside investors before (hopefully) going public. So
far, 30 of Afeyan’s companies have completed the entire
process. While Moderna is by far its largest, other pub-
licly traded graduates include Denali Therapeutics (mar-
ket cap $5.2 billion), which is working on treatments for
neurodegenerative diseases; Quanterix (market cap $1.4
billion), which makes tools to measure proteins for dis-
ease detection and treatment; and Rubius (market cap
$1.1 billion), which uses red blood cells as treatments for
cancer and autoimmune diseases.
He calls his model “parallel entrepreneurship,” mean-
ing he wants to found multiple companies at a time, not
just one or two, but six or eight. As its assets have grown
the pace at which Flagship has founded startups has ac-
celerated. Between 2000 and 2005 the firm produced an
average of two companies a year. By 2020, Flagship had
more than doubled the pace to an average of five startups
a year. “He’s very provocative and very challenging and
very demanding,” says Simba Gill, CEO of Evelo Biosci-
ences, a Flagship company focused on the microbiome,
who first met Afeyan more than two decades ago. “He is
very contrarian in all things.”
Since 2007, when Flagship adopted its current model,
through the first half of 2021, its net internal rate of re-
turn, or IRR, was nearly 40%, according to a source close
to Flagship. Moderna has clearly super-powered those
returns. Even after its recent pullback, Moderna stock
is up eight fold since March 2020. Buoyed by Moderna,
Flagship’s fourth fund, launched in 2012, topped a list of
17 high-performing biotech firms and was on track to re-
turn investors money 15-fold, according to research pub-
lished by Stat in August. “Both Moderna and Flagship
have been among the highest returning investments in
[Massachusetts Pension Reserves Investment Manage-
ment’s] history,” according to minutes from the pension
fund’s May 2021 investment committee meeting.
DECEMBER 2021

CLOSING THE GAP:
REIMAGINING CYBERSECURITY IN THE AGE
OF DIGITAL ACCELERATION
A high-level cybersecurity summit featuring three titans of the tech sector offers a
blueprint for safeguarding digital infrastructure.
With the digital acceleration process outpac-
ing even the boldest of estimates, cybersecu-
rity strategies need to be radically reimagined
if organizations are to have any real chance
of managing the emerging technological
risks. Tasked with assessing the scale of the
challenge facing cybersecurity experts and
professionals, three industry thought leaders
turned a keynote session at the CLOUDSEC
2021 event into a high-tech summit, detail-
ing both the priority issues that need to be
addressed and the solutions that will ensure
success in a future that has arrived much
sooner than anyone ever anticipated.
Led by Rich Karlgaard, Forbes Media’s
Futurist and Editor-at-Large, the panel saw
Dhanya Thakkar, Trend Micro’s Senior Vice
President for Asia, Middle East and Africa, and
Nilesh Jain, Trend Micro’s Vice President for
South East Asia and India, turn their attention
to the defining cybersecurity issues of the
day, assessing the global state of play while
also drawing the focus down to the ground-
floor challenges facing businesses through-
out the wider Asian region.
Among the wide-ranging array of topics
covered during the course of the session
were:
Speed of Change
With five years of expected digital accel-
eration compressed into the last six months
alone, how can businesses cope with what
PROMOTION
is—arguably—the biggest challenge of our
time?
Cybersecurity Knowledge Gap
Given the rate of digital acceleration, how
can cybersecurity professionals expand both
their financial resources and their skillsets in
order to ensure they counter any exploitable
technological vulnerabilities?
Cloud-Led Digital Acceleration
Why it is important legacy businesses con-
sider a shift towards a Platform as a Service
(PaaS) model before they look to commit to a
cloud migration that may well be incompati-
ble with their systems, culture and objectives.
The Cybersecurity Bottleneck
With the shortfall in the number of properly
skilled and experienced coders unlikely to be
remedied any time soon, the need for low-
code and no-code cybersecurity software
has never been greater. Given the growing
complexity of corporate digital infrastructure
though, is the current generation of solutions
up to the task?
Boosting Security by Building
a Culture of Trust
With many in the industry now seeing a
direct correlation between a company’s
number of security breaches and its num-
ber of unhappy employees, is it now time to
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 Afeyan is leveraging that success to raise boatloads of loads of people being taken to their deaths.”
new cash. In June, Flagship raised $3.4 billion for a new His grandfather escaped to Bulgaria, where his father
fund, a giant pool of money even at a time when investment was born. Years later, as the Communist regime took over
has been flowing to biotechnology and therapeutics. With Bulgaria, the Afeyans moved again, escaping to Greece
the new capital, Flagship is ramping up its investments in before settling in Lebanon in the early 1950s. “He was
therapeutics, agriculture and nutrition. It is also building living a similar life to what I live now. He was not from
out a new division focused on preemptive medicine, a more the country. He was always having to prove himself,” says
personalized, predictive type of preventive health care, as Afeyan. He spent his childhood in Beirut until August
102 well as health security to better prepare for future threats 1975, when he fled the civil war with his parents and two
from infectious diseases. Without the pandemic, Afeyan older brothers at age 13, this time arriving in Canada.
says, putting his hand on his head, “we probably would not After college at McGill University, where he studied
F E AT U R E S

be as hellbent on doing it as we are now.”
The influx of cash will also test the ability of his mod- chemical engineering at MIT in 1987. A chance meet-
el for parallel entrepreneurship to scale up even bigger
and faster than it has to date. Flagship relies on a hand-
ful of internal teams, such as the one led by longtime bio- in 1985 left its mark. Packard, who died in 1996, de-
tech executive John Mendlein, to investigate ideas and
launch companies in particular areas. As Flagship has
expanded, Afeyan has recruited a bevvy of high-powered
executives to help out, both as partners of the firm and
as CEOs of the new startups. But he still likes to keep a
hand in everything. Even today he remains chairman of
Moderna and is on the board of six other companies in
the Flagship circle. “Noubar has to find the way increas-
ingly to figure out how to run a bigger organization and
“If you play parallel chess, you have
got to get to the essence. You cannot
procrastinate over the particular move.
That mindset of parallel entrepreneurship a brand-new Ph.D. going into an area that would’ve
to me was a provocation.”
keep his finger on the pulse,” says David Epstein, who
joined Flagship as an executive partner in 2017 after hav-
ing been CEO of Novartis Pharmaceuticals. “I think it’s
not natural for him, it’s not comfortable….The man is do-
ing many, many things simultaneously.”
••
chemical engineering, Afeyan completed a Ph.D. in bio-
ing with Hewlett-Packard cofounder David Packard at a
National Science Foundation event in Washington, D.C.,
scribed himself as a new breed of engineer, a blend of en-
trepreneur and innovator. “I was literally mesmerized.”
Afeyan says, “I started to learn everything I could about
how to start companies.”
In 1989, Afeyan founded PerSeptive Biosystems, a Fram-
ingham, Massachusetts-based maker of instrumentation
used by biotech companies. He was an outlier then, he
says, as both a young founder and an immigrant, at a time
when neither was an advantage. “If I had thought about it
a lot, I am very sure I would not have started a com-
pany. It was a very irrational thing to do,” he says. But
he recalled Packard’s advice that when a field is brand
new, just about any innovation in it will be valuable.
“I thought I didn’t have much of a downside,” he says.
“The prospect that I would’ve been throwing away
failed—that thought never occurred to me.”
PerSeptive developed leading-edge technology in
protein analysis, and grew to $100 million in revenue
before Afeyan sold it to scientific instruments con-
glomerate Perkin-Elmer for $360 million in 1998.
He became chief business officer of Applera, the successor
company to Perkin-Elmer’s life sciences business, but was
soon thinking about his next move. Many founders be-
come serial entrepreneurs, starting companies and mov-
ing on, sometimes in rapid succession. But Afeyan won-
dered if he could create a structure to start multiple com-
panies at one time, always having multiple early-stage
ideas and potential startups percolating in the labs.

L
IKE MANY ARMENIANS, Noubar Afe- “If you do something in parallel, you are forced to get
yan’s family moved from country to coun- to the essence of it,” he says. “I think of it as chess. In
try, trying to find a safe haven. During the the case of playing one game of chess, you can try to fig-
Armenian genocide of 1915-16, in which ure out what the other person will do. If you play parallel
as many as 1.2 million Armenian Chris- chess, you have got to get to the essence. You cannot pro-
tians living in the Ottoman Empire were killed, Afeyan’s crastinate over the particular move. That mindset of par-
paternal grandfather and great uncle were taken away allel entrepreneurship to me was a provocation.”
twice, he says. The second time, the German officers who In 1999, Afeyan founded the predecessor company to
were carrying out the deportations realized his grandfa- Flagship Pioneering and set up shop in an office park in
ther had blue eyes and spoke German—and helped them suburban Cambridge. His cofounder was venture capi-
to survive. “The Germans took pity on them,” he says. talist Ed Kania, who had been an investor in PerSeptive.
“Even though it was the government’s policy of carrying “It was one thing for me to [start companies in parallel].
this out, the actual officers were revolted by seeing train It was another to make it a process,” Afeyan says.

FORBES ASIA DECEMBER 2021

 Afeyan, who became a U.S. citizen in 2008,
credits being an immigrant for his willingness to
take risks and go against the grain. “The seeming
courage it would take to do these things is rooted
in being unrooted,” he says. “Part of it is an innate
comfort with discomfort and with not thinking
that everything has to be just so.”
104 ••
A
T THE TIME of Flagship’s found-
F E AT U R E S
ing two decades ago, biotech was
out of favor and so-called “plat-
form companies”—that worked
on a concept like mRNA rather
than a specific drug—were the most unpopu-
lar. “It was a very difficult time for biology. The
dot-coms were infatuating the markets. In bio-
tech and VC, people were saying, ‘The era of bio-
tech is over, the era of the platform is over. We
have learned that none of that has worked,’” re-
calls Doug Cole, a medical doctor and Flagship’s
managing partner who joined Afeyan as one of
the first employees in 2001.
But Afeyan didn’t care what anyone else
thought. “Noubar has always fundamentally be-
lieved that you can change the world with plat-
form science,” says Evelo’s Gill. “Everybody loves
Moderna, but [platforms] tend to be something
that is in fashion or out of fashion. But that’s the
way Noubar thinks, and he has stuck with it the
whole time.”
Over time, Afeyan set up a structure for brain-
storming new companies. He starts with those
what-if questions. Draw a circle around what
currently exists, Afeyan says, and then draw
a bigger circle around what’s adjacent to that.
“What’s outside that is where people think it is
reckless to work,” he says.
And that reckless zone is Afeyan’s sweet spot
because that’s where the big breakthroughs will
happen. There’s also a structure to how Flagship’s
researchers consider dozens of ideas, accepting
some and rejecting others. Afeyan describes the
process as Darwinian. As the firm’s researchers
explore ideas, they’ll change their approach—or
even what they’re working on—with little regard
for how the outside world might view such seem-
ing flip-flops. “All we are doing is running an evo-
lutionary process,” he says.
Ideas that survive—as a total of 89 have—get
numbers rather than names to keep founders
from falling in love with a pet project that may
need to be killed. The firm files intellectual prop-
erty claims (most ideas generate multiple patent
applications) to stake out its turf and invests $1
million or $2 million max. Flagship filed 341 pat-
ent applications in 2020, more than double the
FORBES ASIA
number it had filed two years earlier; in the first
half of this year, it cranked out 379 patent appli-
cations. If the idea proves out in the lab, Flag-
ship gives the new company a name and commits
$20 million or more to it as a wholly owned sub-
sidiary. To date, 70 companies have been formed
from those 89 ideas.
As the companies grow, Flagship brings in out-
side investors, typically raising $100 million or
more, with a view toward ultimately going pub-
lic. By incubating its own ideas and doing all the
seed and early stage venture funding itself, Flag-
ship typically still owns 50% or so at the time of
its startups’ IPOs, according to Afeyan. “It’s a very
different model,” says Avak Kahvejian, a gener-
al partner at Flagship (and distant cousin of Afe-
yan’s). “Noubar invented the model, if you will,
and essentially trained us in doing this.”
Consider Flagship’s work in the microbiome,
the flourishing microorganisms that live with-
in us, especially in our guts. While scientists had
talked about the microbiome for years, when
Afeyan first broached the idea in 2008 of explor-
ing its role in disease, including autoimmune
diseases and cancer, it was pretty far out on the
fringe. After an early exploration went nowhere,
Flagship launched its first microbiome startup
with Seres Therapeutics, which is creating ther-
apeutics to restore health by repairing the func-
tion of an imbalance of microflora, in 2012. To-
day, Flagship has created a half-dozen microbi-
ome companies, including Evelo (founded 2014),
Kaleido Biosciences (2015) and Senda Bioscienc- Thanks to its mRNA
Covid vaccine,
es (2016). This remains a long game, however, as Moderna now is a
researchers work out the science and go through household name, with
12-month revenues
clinical trials. Nearly a decade after its founding, north of $11 billion
Seres has only one drug in phase 3 clinical trials and a market cap
approaching $125
and some other treatments in earlier stage trials. billion. Noubar
Afeyan is one of
The publicly traded company has a market cap of five billionaires
$981 million. associated with it,
with an estimated
The work in the microbiome, in part, led to $3.7 billion fortune.
more recent work on viruses as Afeyan and his
team questioned whether there are viruses in our
bodies that aren’t pathological. “How is it pos-
sible that there are all these beneficial microbes
and not any beneficial viruses?” Afeyan asks.
The answer matters because in gene therapy,
treatments are delivered by viruses and those vi-
ruses have downsides. Afeyan wondered if a safe
virus could replace the existing viruses in that
role. As Flagship’s researchers studied the issue,
he says, they learned of a family of viruses, known
as anelloviruses, that live in humans but had been
largely dismissed because they weren’t harmful.
The research became idea number “FL46” with-
in the firm’s labs, and launched as Ring Thera-
peutics in 2017. In July, Ring raised $117 million,
bringing in T. Rowe Price among other investors.
DECEMBER 2021

Not everything goes smoothly, of course. Flagship has
shut down four companies in which it invested $10 mil-
lion or more, as well as 13 early-stage startups in which
it had invested less than that amount. This past April,
for example, Ohana Biosciences, a fertility company that
focused on sperm-based treatments, shut its doors and
laid off most of its staff a little over a year after emerg-
ing from stealth.
Some bigger bets have gone sideways too. Indigo Ag-
riculture was founded in 2013 to use microbes to make
seeds more productive. It raised $1.1 billion, a huge sum
for an agricultural startup, but has struggled to get its
operations on track. In September 2020, Ron Hovsepi-
an, the former CEO of software firm Novell who joined
Flagship as an executive partner two years earlier, took
over as CEO. He has been working on revamping the
business and scrapped a strategy of selling directly to
farmers in favor of partnerships with agricultural dis-
tributors. “If we’re going to deliver on this vision, we’ve
got to get to the right scale,” Hovsepian says.
Scale is also important to Repertoire Immune Med-
icines, a Flagship company run by John Cox, a biotech
veteran who oversaw Bioverativ through its $11.6 billion
sale to Sanofi. Repertoire is working to understand the
inner workings of the immune system. Its focus: T-cells,
DECEMBER 2021
105
a type of white blood cells that helps protect the body
from infection. “The underlying cause of most autoim-
mune diseases is related to T-cell misbehavior,” Cox ex-
plains. “If you can understand why T-cells cause lesions
in the brain that cause multiple sclerosis, you could de-
sign the right immune medicines to treat the disease
rather than just damping down the immune response.”
That’s a classically big idea for Afeyan, and Repertoire
has now raised more than $350 million from investors
that include SoftBank and the Alaska Permanent Fund
to pursue it. Like other Flagship companies, it’s also a
so-called “platform” company, something that Afeyan ar-
gues reduces the risk of the startups in its portfolio and
allows any of them to shift from one area to another as
the need arises, as Moderna did with Covid-19 vaccines.
“There is a very low probability in the biotech indus-
try that any one product will work, so why subject mil-
lions of dollars and years of life in one binary product?”
he says. “Moderna raised $1 billion and it engendered
skepticism, putting it mildly. They said, ‘How can anyone
give you money?’ The vaccine was developed two days af-
ter [publication of the coronavirus’s genomic] sequence.
Where’s the value? The vaccine or the platform? An in-
vestor today will believe the vaccine. I will go to my grave
believing it is the platform.”
FORBES ASIA
 PROMOTION

HARPS DRIVES GROWTH

THROUGH SUSTAINABILITY
AND ESG PRINCIPLES
A set of core corporate values underpin the operation of most businesses, but for
glove manufacturer HARPS Holdings Berhad, the values are even written into the company’s name,
which stands for: Honesty, Accuracy, Reliability, Presence and Sustainability.

H
ARPS’ philosophy is built upon
four fundamental strategy pillars—
evolutionary innovation; commercial
and supply chain excellence; human capital
development; and operational excellence—
which are known internally as ECHO.
Haziq bin Zairel Oh, Founder, Managing
Director and CEO of HARPS, was brought up
and guided by his father, the late Mr. Oh Tiam
Sing, who worked in the glove industry for
more than 25 years and who was one of the
pioneers of nitrile gloves in Malaysia. Haziq
established HARPS in 2015 as an investment
company and assembled a key senior
management team. Armed with more than
20 years of experience in the rubber industry,
and thus possessing a keen understanding
of the unique complexities of glove-making,
they worked together to manage and lead
HARPS and its subsidiaries strategically on
their business journey.

Investing in the Future

HARPS acquired Central Medicare Sdn. Bhd.
(CMSB) and New Era Medicare Sdn. Bhd. (NEM)
in 2015, and has invested approximately
RM1.1 billion (US$261 million) in its glove
business over the years. Today, via CMSB, it
is operating in OEM mode to manufacture
and market high-quality nitrile examination
gloves. NEM, meanwhile, conducts R&D,
and is involved in the manufacturing and
distribution of surgical and specialty gloves.
Under CMSB, HARPS currently has 34
production lines with a total annual installed
capacity of 11.6 billion gloves, representing an
impressive tenfold increase within six years.
Further expansion plans are also underway,
and HARPS has invested in building two
more manufacturing blocks in addition to its
existing four blocks. This will help increase the
annual installed capacity to 19.5 billion gloves
by 2023.
In 2020, the total global export volume of
HARPS sees its diverse workforce as the company’s most important asset.
gloves was approximately 382 billion gloves.
As a proportion of global export market
share, HARPS held approximately 2% in both
volume and value of sales. As of November
2021, HARPS has more than 35 customers
across four continents, with the largest
proportion coming from the U.S., followed by
Asia and Europe. The application of HARPS’
gloves ranges from food safety and industrial
to medical and PPE barrier protection.
R&D at the Forefront
HARPS fosters an innovative culture driven
by R&D and talent development, with
the belief that innovation is necessary
to ensure business competitiveness and
sustainability. As of October 31, 2021, HARPS
has 33 personnel involved in delivering
innovations to support product and process
development, engineering innovation,
technical support and product stewardship.
The various application solutions that
HARPS has introduced include: eco-friendly
malachite gloves with a lower carbon
footprint, which is quantified by a cradle-to-
grave life cycle assessment; gloves with high
permeation resistance for chemotherapy;
gloves with resistance to specific chemicals;
and gloves with low dermatitis potential.
Addressing the changing demands
of the market over the years, HARPS has
fulfilled various customer requirements via
successful R&D projects. Based on customer
requests, HARPS has managed to decrease

Central Medicare Sdn. Bhd., a subsidiary of HARPS, operates a manufacturing plant in Teluk Intan, Perak, Malaysia.
the thickness and weight of its gloves, from
3.5 grams in 2015 to 2.7 grams, without
compromising on the tensile strength of
its products. In addition, HARPS continues
to invest in fundamental formulation and
material science know-how to enhance its
product quality, optimize productivity and
ultimately leverage on the hand-barrier
protection performance of its products.
HARPS is also investing in operational
innovation, process optimization, automation
and digitalization in line with Industrial
Revolution 4.0 (IR 4.0), with an initial
investment amounting to RM30 million
(US$7 million) to continuously improve the
efficiency of manufacturing control.
Sustainability and Beyond
Mindful of shifting global priorities, HARPS is
working hard to integrate sustainability as not
only one of its core values, but also as a key
element in its business operations. To chart its
path for the future, HARPS has implemented
a five-year sustainability roadmap to focus on
The Phase I Permanent Hostel is part of HARPS’
RM50 million (US$12 million) investment to
improve the welfare of the company’s workers.
PROMOTION
HARPS’ state-of-the-art, self-designed glove-
dipping lines are equipped to produce the
highest quality nitrile gloves.
five key pillars: integrated business strategy,
people, environmental, health and safety,
and governance and compliance. HARPS’ ESG
initiatives are also aligned with the United
Nations Sustainable Development Goals.
As reflected in its ECHO strategy and its
sustainability roadmap, the people element
and human capital development are priorities
for HARPS. Viewing its workforce as the
company’s most important asset, HARPS
places the utmost importance on employee
welfare, attributing its continued success to
the contribution and commitment of each
member of staff. As an illustration of this,
the firm has invested heavily in learning and
development programs to upskill employees,
and has subscribed to globally recognized
ethical audit procedures.
HARPS became a member of the Supplier
Ethical Data Exchange (Sedex) in 2019 and
has since undergone two Sedex Members
Ethical Trade Audits. These are based on
the Ethical Trading Initiative Base Code,
which focuses on the four key pillars of labor
standards, business ethics, health and safety,
and environment.
In line with its growth plans, CMSB is
expected to expand its workforce from
2,600 to 3,500 staff by 2023. As a growing
employer, HARPS implements sound labor
practices guided by the International Labour
Organization’s 11 forced labor indicators,
which include providing a platform for
workers to speak out (via a workers’
representative committee) and ensuring that
there is no unlawful withholding or deduction
of workers’ salaries. A zero-recruitment fee
policy is also among the various ESG practices
implemented by HARPS, which amounts to
a spend of more than RM12 million (US$2.85
million) to date. To improve the living
conditions of its foreign workers, meanwhile,
HARPS has built permanent hostels that
have been assessed by Malaysia’s Ministry
of Human Resources, and which hold valid
Certificates for Accommodation.
Ultimately, by drawing on its deeply held
corporate values, HARPS is on track to bring
the principles of sustainability to every part of
its business as it continues to grow. Q
www.harps.com.my
 THE LIST
ABRA
FOUNDER: Bill Barhydt (CEO)

NEXT
EQUITY RAISED: $86 million
ESTIMATED 2020 REVENUE: $10 million
LEAD INVESTORS: Arbor Ventures, First Round
Capital, HCM Capital, Ignia
Former Goldman Sachs VP Barhydt’s twist

BILLION-DOLLAR
on a bitcoin wallet lends out both crypto and
dollars held by its depositors at rates as high
108 as 12%. The depositor receives 85% of the
interest, while Abra takes the rest. Revenue
is on track to jump sevenfold this year, to
roughly $75 million.

STARTUPS 2021
ALCHEMY
FOUNDERS: Joseph Lau,
Nikil Viswanathan (CEO)
EQUITY RAISED: $345 million
ESTIMATED 2020 REVENUE: $2 million
LEAD INVESTORS: Addition, Coatue, Pantera
E D I T E D BY A M Y F E L D M A N Alchemy lets non-coders write and read in-
Reporters: Elisabeth Brier, Michael del Castillo, Katie Jennings, Alex Konrad, formation on a blockchain. The service is free
Rashi Shrivastava, Chloe Sorvino and Nina Wolpow for smaller developers but costs at least $49
a month for larger customers like PwC and
Unicef. Revenue is on pace to increase tenfold
this year, to some $20 million. Investors
For the seventh year in a row, Forbes has teamed up with TrueBridge Capital
include celebrities Jay-Z and Will Smith. The
Partners to search for America’s 25 venture-backed startups most likely to company is valued at $3.5 billion after raising
become unicorns. TrueBridge asked some 300 venture firms to nominate $250 million in a series C funding round.
companies, while Forbes reached out directly to 80 startups. Then came the
deeper look, as we analyzed finances and interviewed founders and inves- ARRAY
tors. A $1 billion valuation isn’t what it used to be, as companies reach that FOUNDERS: Martin Toha (CEO), Phillip Zedalis

milestone at breakneck speed, but there are plenty of up-and-comers worth EQUITY RAISED: $67 million
ESTIMATED 2020 REVENUE: $11 million
keeping an eye on. This list represents the 25, in alphabetical order, that we
LEAD INVESTORS: Battery, General Catalyst
think have the best shot of becoming future stars.

INCREDIBLE
H E A LT H
Sudanese doctor-turned-entrepreneur
Iman Abuzeid, 36 (left), and software
engineer Rome Portlock, 41, cofounded
this online marketplace for hiring
nurses in 2017. Incredible Health flips
traditional hiring on its head—letting
employers, in this case hospitals, apply
to nurses. Its matching algorithms help
cut the hiring process from months to
weeks. While it’s free for nurses, more
than 500 hospitals, including Kaiser
Permanente and HCA Healthcare, pay
annual subscriptions priced according
ETHAN PINES FOR FORBES

to their total number of hires. The San

Francisco–based startup now oper-
ates in 21 states and expects to roll
out across the U.S. in 2022. “I wanted
to build and create things that would
have an impact on a large scale,
not just one-on-one with patients,”
Abuzeid says.

FORBES ASIA DECEMBER 2021

 Array works behind the scenes with fintechs
and other financial institutions including SoFi,
Brigit and One to help them build out con-
sumer-facing financial tools. Before founding
Array in January 2020, Toha and Zedalis, the
firm’s chief technology officer, worked together
at identity protection company Pentius.

EMBARK VETERINARY
FOUNDERS: Adam Boyko, Ryan Boyko (CEO),
Matt Salzberg, Spencer Wells 109
EQUITY RAISED: $95 million
ESTIMATED 2020 REVENUE: $36 million

N E X T B I L L I O N - D O L L A R S TA RT U P S
LEAD INVESTORS: F-Prime Capital, Founder
Collective, Freestyle, Slow Ventures, SoftBank,
Third Kind Venture Capital
Close to 1 million dogs have had their DNA
tested using Embark’s kits since 2015, when
the Boyko brothers (a computer scientist and
a canine geneticist) founded the company. Its
revenue is expected to double to $72 million
this year. 23andMe’s billionaire cofounder
Anne Wojcicki is one of its backers.

FORETHOUGHT
FOUNDERS: Sami Ghoche, Deon Nicholas (CEO)
EQUITY RAISED: $27 million
ESTIMATED 2020 REVENUE: $2 million
LEAD INVESTORS: K9 Ventures, NEA

Nicholas was an engineer at Facebook,

Palantir and Dropbox before starting Fore-
thought with his former Palantir colleague
Ghoche in 2018. Its AI tool, which plugs into
a company’s customer service software, gets
NOTAR IZE
smarter over time as it learns how to resolve
issues more quickly and efficiently. Gusto, Pat Kinsel, 36 (above), started Notarize after selling his previous company to Twitter in
Lime and Instacart are clients. 2013 and realizing that the notary had failed to sign his documents. He had to convince
state and local regulators that online notarization using cameras could be as secure as
HEADWAY the service performed in person. Ultimately, he helped pass legislation allowing virtual
FOUNDERS: Andrew Adams (CEO), Kevin Chan, notaries in 38 states, including Pennsylvania, Florida and Texas. “I’ve got the scars
Dan Ross, Jake Sussman and receipts,” Kinsel says. Already more than 2,200 corporate customers, including
EQUITY RAISED: $103 million title agency First American and real estate marketplace Zillow, as well as plenty of
ESTIMATED 2020 REVENUE: $16 million individuals, have tapped its online services—including proprietary identity verification
LEAD INVESTORS: Accel, Andreessen Horowitz, tools—to skip the trip to a notary and connect with a professional via video chat instead.
GV, Thrive Capital
By creating software that handles billing and
administrative support for mental health care
providers, Headway has increased the number
of clinicians willing to accept insurance and
helped make therapy affordable for patients workers. “Most employees quit these jobs
who otherwise might not seek help. The com- INCREDIBLE HEALTH because of schedule conflicts. The goal for
pany says three-quarters of its therapists in New FOUNDERS: Iman Abuzeid (CEO), Rome the algorithms is to prioritize both sides,” says
Portlock Mondkar, a former SAP chief product officer.
York City did not previously take insurance.
EQUITY RAISED: $17 million

HYPERSCIENCE ESTIMATED 2020 REVENUE: $5 million MATI

FOUNDERS: Peter Brodsky (CEO), Krasimir
Marinov, Vladimir Tzankov
EQUITY RAISED: $189 million
ESTIMATED 2020 REVENUE: $16 million
LEAD INVESTORS: Bessemer Venture Partners,
AARON KOTOWSKI FOR FORBES
LEAD INVESTORS: Andreessen Horowitz,
Obvious Ventures
LEGION TECHNOLOGIES
FOUNDER: Sanish Mondkar (CEO)
FOUNDER: Filip Victor (CEO)
EQUITY RAISED: $86 million
ESTIMATED 2020 REVENUE: $4 million
LEAD INVESTORS: Spero Ventures, Tribe
Capital

Felicis Ventures, FirstMark, Stripes, Tiger Global
Think of Hyperscience as a digital assem-
bly line for reviewing official forms such as
mortgage applications or disability claims.
Brodsky wants not only to automate his
customers’ menial business processes but also
continuously improve and update them over
time without human intervention. Customers
include TD Ameritrade and Fidelity.
EQUITY RAISED: $85 million
ESTIMATED 2020 REVENUE: $5 million
LEAD INVESTORS: First Round Capital,
Norwest Venture Partners, Stripes, XYZ
Legion Technologies is a workforce manage-
ment software company that uses AI and
machine learning to help employers such
as Dollar General and SoulCycle forecast
demand and optimize scheduling for hourly
Polish immigrant Victor founded Mati to solve
the problem of online identity verification—
without which consumers can’t access
financial services or rent a car—by aggregating
dozens of data points. Today, the company
focuses on Mexico, Brazil and elsewhere
in Latin America, where digital reputation
verification is lacking. It’s now expanding into
Africa, India and Southeast Asia.

DECEMBER 2021 FORBES ASIA


NETLIFY
FOUNDERS: Christian Bach,
Mathias Biilmann (CEO)
EQUITY RAISED: $107 million
ESTIMATED 2020 REVENUE: $10 million
LEAD INVESTORS: Andreessen Horowitz,
Bloomberg Beta, EQT Ventures, Kleiner
Perkins, Tank Hill Ventures
Netlify’s technology lets developers configure
the front end of a website and implement a
110
variety of back-end functions that already exist
to build better sites at 10 times the current
speed and at significantly lower cost. Founded
THE LIST
ESTIMATED 2020 REVENUE: $25 million
LEAD INVESTORS: Camber Creek,
Canapi Ventures, Polaris Partners
POSTSCRIPT
FOUNDERS: Alex Beller, Adam Turner (CEO),
Colin Turner
EQUITY RAISED: $50 million
ESTIMATED 2020 REVENUE: $13 million
LEAD INVESTORS: Accomplice, Greylock
Partners, OpenView, Y Combinator
Postscript helps more than 5,000 small
businesses on Shopify manage their SMS
PRODUCTBOARD
FOUNDERS: Daniel Hejl, Hubert Palan (CEO)
EQUITY RAISED: $137 million
ESTIMATED 2020 REVENUE: $20 million
LEAD INVESTORS: Credo Ventures, Index
Ventures, Kleiner Perkins, Sequoia Capital,
Tiger Global
Palan talked to more than 1,000 product
managers and built 14 prototypes to create
Productboard, which consolidates customer
feedback and helps prioritize key features.
More than 4,500 customers, including
UIPath and Zoom, now use the software.

by two high school pals, its high-profile
customers include Twilio, Peloton and Nike.
NOTARIZE
FOUNDERS: Pat Kinsel (CEO), Adam Pase
EQUITY RAISED: $213 million
text-messaging campaigns with shoppers
to bolster consumer engagement and sales.
Founded in 2018, the company took off that
November after helping its customers attract
shoppers to their Black Friday sales. The
cofounders joined accelerator Y Combinator
soon after.
ROUTE
FOUNDERS: Mike Moreno, Evan Walker (CEO)
EQUITY RAISED: $91 million
ESTIMATED 2020 REVENUE: $34 million
LEAD INVESTORS: Album VC, Craft Ventures
Route aims to tackle the e-commerce problem
of “where is my order?”—“wismo,” as it’s known
in the industry—by connecting merchants with
their customers after online orders are placed.
The Utah-based startup, which provides

SHEF shipping insurance as well as tracking, has

signed up more than 10,000 sellers.

SALT SECURITY
The brainchild of two first-generation Americans who wanted to create economic FOUNDERS: Roey Eliyahu (CEO), Michael Nicosia
pathways for immigrants, Shef helps in-home cooks sell meals to customers who EQUITY RAISED: $131 million
might otherwise order takeout. A year after meeting at the 2018 Forbes Under 30 ESTIMATED 2020 REVENUE: $10 million
Summit, Alvin Salehi, 31 (below right), founder of Code.gov, and Joey Grassia, 34,
LEAD INVESTORS: Advent International,
a serial entrepreneur, teamed up to start the marketplace in San Francisco. They S Capital VC, Sequoia Capital, Tenaya
immediately began lobbying to change state and local laws that prevent people Capital, Y Combinator
from running food businesses from their homes. Thanks partly to those efforts, Shef The five-year-old startup uses machine learning
now operates in eight cities, including San Francisco, New York and Austin, and has to detect cybersecurity weak spots in the
delivered more than 1 million meals prepared by immigrants, laid-off line cooks and interface used to build apps. It then analyzes
others. It won’t divulge how many chefs it currently works with but says 16,000 are on and removes risks for customers including
a waitlist to join. “It’s a very personal mission for both of us,” Salehi says. Home Depot and City National Bank. Israeli
entrepreneur Eliyahu started coding at age 9.

SHEF
FOUNDERS: Joey Grassia (CO-CEO),
Alvin Salehi (CO-CEO)
EQUITY RAISED: $29 million
ESTIMATED 2020 REVENUE: $3 million
LEAD INVESTORS: Andreessen Horowitz,
Craft Ventures, M13

SQUIRE TECHNOLOGIES
FOUNDERS: Songe LaRon (CEO), Dave Salvant
EQUITY RAISED: $143 million
ESTIMATED 2020 REVENUE: $4 million
LEAD INVESTORS: CRV, Iconiq Capital,
Tiger Global, Trinity Ventures

SUNDAE
TIMOTHY ARCHIBALD FOR FORBES

FOUNDERS: Josh Stech (CEO), Andrew Swain

EQUITY RAISED: $136 million
ESTIMATED 2020 REVENUE: $10 million
LEAD INVESTORS: Fifth Wall, Founders Fund,
General Global Capital, QED Investors,
Susa Ventures
When homeowners want to sell their properties
quickly and as-is, with no repairs and no
showings, they can use Sundae’s marketplace to
connect with more than 3,500 investors in 23

FORBES ASIA DECEMBER 2021

 worked as a product manager. Today 1,500
companies including Lattice and Notion use
its tools to certify that they’re storing data
securely in the cloud. “We think of Vanta
as a security company sort of masquerading
as a compliance company,” she says.

VENDR
FOUNDER: Ryan Neu (CEO)
EQUITY RAISED: $66 million
ESTIMATED 2020 REVENUE: $4 million 111
LEAD INVESTORS: Craft Ventures,
F-Prime Capital, Tiger Global

N E X T B I L L I O N - D O L L A R S TA RT U P S
Former software-as-a-service (SaaS)
salesman Neu started Vendr to help
companies more efficiently shop for and
buy SaaS products. Today, customers
including Canva, Reddit and DraftKings
pay Vendr between 1% and 5% of what they
spend on the software. The company expects
revenue to triple this year.

VERY GOOD SECURITY

FOUNDERS: Mahmoud Abdelkader (CEO),
Marshall Jones
EQUITY RAISED: $105 million
ESTIMATED 2020 REVENUE: $11 million
LEAD INVESTORS: Andreessen Horowitz,
Goldman Sachs, Vertex Ventures
The fintech veterans started data security and
compliance firm Very Good Security in 2015.
The company collects, segments and stores
sensitive financial data for clients including
DoorDash so they can stop worrying about

SQUIRE TECHNOLOGIES
privacy regulations and credit-card security
compliance.

VIZ.AI
This all-in-one platform for barbershops started out as a booking site. It soon expanded FOUNDERS: David Golan, Chris Mansi (CEO)
into financial services and is now testing distribution of supplies such as razor blades. EQUITY RAISED: $150 million
The Manhattan-based company charges its more than 2,000 customers a monthly fee ESTIMATED 2020 REVENUE: $12 million
of $100 to $250 per location and collects transaction fees on services. Songe LaRon LEAD INVESTORS: Greenoaks Capital,
(above left), 37, quit a job at law firm Skadden Arps, and Dave Salvant, 36, ditched Innovation Endeavors, Insight Partners,
Kleiner Perkins, Scale Venture Partners
one as a sales associate at AXA to start the company. They took over a Manhattan
barbershop to better learn the business. After a tough start convincing investors to British neurosurgeon Mansi and Israeli
back them, the pair got into the accelerator Y Combinator on their third try. Today data scientist Golan pitched their idea to
investors have come around, and Squire’s valuation tripled to $750 million last July speed up stroke identification in a class run
after a $60 million fundraise. “We have to start putting money earlier in the pipeline for by former Google CEO Eric Schmidt, whose
Black founders,” LaRon says. “Institutional capital needs to start taking more risk.” Innovation Endeavors provided funding.
Now Viz.ai’s software cross-references CT
images of a patient’s brain with its database
of scans to find early signs. Some 800
hospitals have signed up, including the
Cleveland Clinic.
markets. While it’s free to sellers, buyers pay a with fellow Wharton MBA Percoco and
fee of 5% to 7% when they close a deal. Stanford grad Bernady. Today its 30,000 WHEEL
customers, who invest as little as $100, FOUNDERS: Michelle Davey (CEO),
TITAN GLOBAL CAPITAL MANAGEMENT can get access via a mobile app to money Griffin Mulcahey
managers hired away from Wall Street. EQUITY RAISED: $66 million
FOUNDERS: Max Bernady,
Clayton Gardner (CO-CEO), ESTIMATED 2020 REVENUE: $8 million
AARON KOTOWSKI FOR FORBES

Joe Percoco (CO-CEO)

EQUITY RAISED: $75 million
ESTIMATED 2020 REVENUE: $3 million
LEAD INVESTORS: Andreessen Horowitz,
General Catalyst, Y Combinator
Gardner, who worked at hedge funds Farallon
and Cerberus, grew frustrated
by how their investing was limited to the
ultrawealthy. He launched Titan in 2017
VANTA
FOUNDERS: Christina Cacioppo (CEO),
Erik Goldman
EQUITY RAISED: $55 million
ESTIMATED 2020 REVENUE: $9 million
LEAD INVESTORS: Sequoia, Y Combinator
Cacioppo started Vanta after encountering
compliance issues at Dropbox, where she
LEAD INVESTORS: CRV, Lightspeed Venture
Partners, Silverton Partners
Wheel has been working behind the scenes
during the pandemic to help startups,
insurers and hospitals set up telemedicine
practices. Wheel expects its back-end
software to facilitate more than 1 million
patient visits in 2021, a fivefold increase
over 2020.

DECEMBER 2021 FORBES ASIA


112
“When you have a voice, you
have an obligation to use that
voice to empower others.”
—Diane von Furstenberg
“Do your duty, and put yourself
into the hands of the gods.”
—Pierre Corneille
“ You can, for you ought to.”
—Goethe
“Duty is what no one else will
do at the moment.”
—Penelope Fitzgerald
“Our remedies oft in
ourselves do lie / Which we
ascribe to heaven.”
—William Shakespeare
“What kills us isn’t one big
thing, but thousands of
tiny obligations we can’t
turn down for fear of
disappointing others.”
—Alain de Botton
“Not for ourselves alone are
we born.”
—Cicero
“Bad men need nothing more
to compass their ends, than
that good men should look
on and do nothing.”
—John Stuart Mill
“A company’s job isn’t to
empower people; it’s to
remind people that they walk
in the door with power and
to create the conditions for
them to exercise it.”
—Patty McCord
“Those who expect to reap
the blessing of freedom must
undertake to support it.”
—Thomas Paine
FORBES ASIA
THOUGHTS ON
Obligations
“Human happiness and
moral duty are inseparably
connected.”
—George Washington
“Our job as artists is to always
strive to be a punctuation
mark in history.”
—Takashi Murakami
“I will do what I have to do.
And I will do what I must.”
—Neil Gaiman
“He felt a comfort in
irretrievably committing
himself, and exchanging the
burden of indecision for the
burden of responsibility.”
—William Dean Howells
“ Train a child up on the
way he should go, and
even when he is old he will
Paradise Taxed not depart from it.”
—Proverbs 22:6
October 16, 1995
“It’s like heaven,” said Warren Robinson, reflecting on
the 100,000 acres his family owned on two small Hawaiian
islands, Kaua‘i and Ni‘ihau. That fiefdom was worth a half-
billion dollars. But the outside world was “impinging on
the Robinson retreat in the threatening form of the tax
collector.” Unlike some billionaires today who make a lot
of noise about tax obligations they can easily fulfill (looking
at you, Elon!), the Robinsons really were struggling to
pay up. Cash flow was tight and sugar prices were
stagnant, hurting the Robinsons’ sugar plantation.
Even though they lived frugally and practiced careful stew-
ardship over the land that their ancestors bought from
King Kamehameha in the late 19th century, satisfying
Uncle Sam might mean selling land or finally allowing
commercial development. “We go out to dinner three times
a year,” said Bruce Robinson, a cousin of Warren’s.
“We can’t afford it. We get our meat from the mountains.” FINAL THOUGHT
“The world expects each
man to do his duty.
SOURCES: HORACE, BY PIERRE CORNEILLE; ALL’S WELL THAT ENDS WELL, BY WILLIAM If he doesn’t, both suffer.”
SHAKESPEARE; THE SANDMAN: BOOK OF DREAMS, BY NEIL GAIMAN; A HAZARD OF —B.C. Forbes
NEW FORTUNES, BY WILLIAM DEAN HOWELLS; POWERFUL: BUILDING A CULTURE OF
FREEDOM AND RESPONSIBILITY, BY PATTY MCCORD.
DECEMBER 2021
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DIRECTOR (Squid Game) FILMMAKER (Muhammad Ali) SCREENWRITER (Kingdom)

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