Monochrome Asset Management CEO Jeff Yew is considering reviving the Forest City technology campus previously run by Balaji Srinivasan’s Network School.
The proposal comes after Malaysian authorities ordered the closure of Network School following controversy surrounding the campus’s operations.
Yew has now reportedly held preliminary discussions with Srinivasan and his team to take over the project.
Jeff Yew is a Malaysian digital asset industry figure who is often referred to as the “Crypto Boss” due to his involvement in the crypto industry since 2013. He was the founding CEO of Binance Australia before founding digital asset management firm Monochrome Asset Management in 2021.
Focus on Local Talent
Different from the original concept of Network School, Yew wants to develop the campus with a “Malaysia first” approach.
He sees Johor as a potential digital hub for technologies such as artificial intelligence (AI), blockchain and computer science, as well as attracting international talent and developing local entrepreneurs.
Among the proposals highlighted are a scholarship program for Malaysians to ensure that the development of the technology ecosystem also benefits local talent.
Forest City Finds New Breath
The proposal also has the potential to breathe new life into Forest City, which has been struggling to attract residents and business activities.
The Network School campus was previously one of the communities that gave some dynamism to the mega development, which is worth around US$100 billion.
The Malaysian government had previously designated Forest City as a Special Financial Zone with the target of attracting more family offices to the area.
So far, about RM670 million in assets under management have been successfully withdrawn from several family offices, but the figure is still far from the RM2 billion target by the end of the year.
Network School Controversy
Network School has been operating in Forest City for almost two years and brings together students, professionals and entrepreneurs from various countries.
However, controversy erupted after photos of Israeli visitors on campus went viral, raising questions about compliance with Malaysia's immigration regulations.
Immigration checks found that all students had valid travel documents. However, further investigation later uncovered two breaches of local licensing laws that led to the eviction notice.
Srinivasan later failed to reach an agreement with Malaysian authorities to continue operations and eventually moved the Network School project to Kazakhstan.
Malaysia Still Targeting Tech Economy
While the closure of Network School has raised questions about Malaysia’s tech landscape, the article noted that the case does not necessarily affect Malaysia’s attractiveness to tech investors.
Malaysia is still working towards a higher-value tech economy, including strengthening AI, chip design, digital infrastructure and the development of tech talent.
As for Forest City, the emergence of a new campus has the potential to be a catalyst for revitalizing the area if Yew’s plan is successful.
