This article was originally published in IBR Volume 158.
In 2004, 20 years ago, the first edition of International Business Review (then Technology Business Review) was published. Since then, IBR – as the magazine is fondly known – has gained a deserved reputation as the trusted platform through which public and private sector leaders in Malaysia may showcase their successes, innovations and aspirations, as well as reach out to each other.
The success of IBR has given us the confidence to expand our horizons. Now we can tell our story in 195 countries, 147 industries, to over a 45 million reach, curated specifically for our clients.
As we commemorate our 20th anniversary, we look back at the major happenings that have taken place in Asian business since we made our debut. And we start, in this issue, with a retrospective of the giants and icons of industry that have come and gone since our very first year.
BIRTH
ALIPAY, CHINA, 2004
China’s Alipay is the world’s largest mobile payment platform in the world with 1.3 billion users and 80 million merchants.
DEATH
TAN SRI KHOO TECK PUAT, SINGAPORE, 2004
A tycoon who was once the richest man in Singapore. Co-founder of Malayan Banking, Malaysia’s largest bank, and Goodwood Park Hotel – famed luxury hotel in Singapore. Was also the single largest shareholder in Standard Chartered.
DEATH
LIM GOH TONG, MALAYSIA, 2007
Founder of Genting Group who transformed Genting Highlands from a jungle hilltop into one of the world’s most successful casino resorts. Genting Group is now one of the largest gaming companies in the world.
BIRTH
VNG CORPORATION, VIETNAM, 2004
Vietnam’s first ever unicorn start-up, VNG is a technology company focused on digital content, online entertainment, social networking, and e-commerce.
DEATH
BENAZIR BHUTTO, PAKISTAN, 2007
The first woman to be elected as leader of a Muslim majority county, Bhutto served as Prime Minister of Pakistan from 1988 to 1990 and from 1993 to 1996. Was assassinated in 2007 during an election rally.
DEATH
SUHARTO, INDONESIA, 2008
Indonesia’s longest serving President, from 1967 to 1998. Initiated the New Order regime which brought some measure of economic progress, although many have said at the price of civil liberties, cronyism and corruption. Was one of the founding leaders of ASEAN.
BIRTH
BANDAI NAMCO HOLDINGS INC., JAPAN, 2005
Formed after a merger between Bandai and Namco, Bandai Namco Holdings is now the world’s largest toy company by total revenue.
DEATH
CORAZON AQUINO, PHILIPPINES, 2009
President of the Philippines who took office after the People’s Power Revolt which overthrew Ferdinand Marcos in 1986. More famous for being the reluctant widow who was thrust into the limelight.
DEATH
GOH KENG SWEE, SINGAPORE, 2010
Known as the Architect of Modern Singapore, he was the main person behind the transformation of the city-state into an economic powerhouse. Founded various key national bodies such as the Economic Development Board, Sentosa Corporation and the Monetary Authority of Singapore. Was also the mastermind behind Separation.
BIRTH
MITSUBISHI UFJ FINANCIAL GROUP INC., JAPAN, 2005
Japan’s largest financial group and the world’s second largest banking holding group with assets of more than US$3.1 trillion.
DEATH
DR. LIM CHONG EU, MALAYSIA, 2010
Former and longest serving Chief Minister of Penang. Transformed Penang into a hub for electronics and semiconductor manufacturing and was the first leader in Malaysia to introduce the concept of industrial free trade zones (which has since been copied across the country).
DEATH
SIR RUN RUN SHAW, HONG KONG, 2014
Movie mogul and one half of the famed Shaw Brothers duo, he was one of the most influential persons in the Asian entertainment market. Shaw Brothers Studio is one of the largest film production companies in Asia, and is famous for giving the likes of Jackie Chan and P. Ramlee their big break.
BIRTH
MR. DIY, MALAYSIA, 2005
The largest home improvement retailer in Asia with 2,500 stores across Southeast Asia, India, and parts of Europe.
DEATH
JARING MALAYSIA, MALAYSIA, 2015
The first internet service provider (ISP) in Malaysia founded in 1992, anyone in Malaysia who used the internet back then would remember Jaring and the classic “eek whee eeep” sound of its dial-up connection. It went bust in 2015 after it was unable to effectively compete with other ISPs that came after it, such as TMNet.
DEATH
FRIENDSTER, UNITED STATES OF AMERICA/MALAYSIA, 2018
Before Facebook, there was MySpace and before MySpace, there was Friendster. One of the earliest social networking sites, founded in 2003, Friendster was later acquired by Malaysian company MOL (hence why it is on this list of dead Asian companies) in 2009 and transformed into a social gaming network in 2011. It didn’t work out and went defunct in 2018.
BIRTH
VIETJET AVIATION JOINT STOCK COMPANY, VIETNAM, 2007
Vietnam’s first ever privately owned airlines as well as its first ever low-cost airline.
DEATH
LEE KUAN YEW, SINGAPORE, 2015
The founding Prime Minister of Singapore who led the country from being a relatively underdeveloped island city-state with a port to become the largest economy in Southeast Asia by GDP per capita.
DEATH
YEOH TIONG LAY, MALAYSIA, 2017
The founder of YTL Group, which is the largest conglomerate in Malaysia with interests in construction, utilities, hotels, property development and technology, as well as operations in Malaysia, the rest of Asia, Australia and the UK.
BIRTH
ZOMATO, INDIA, 2008
Restaurant aggregation company renowned for offering a platform for user reviews of restaurants across Asia. Also offers food delivery in India.
DEATH
LIM KOK WING, MALAYSIA, 2021
Malaysian cartoonist turned advertising guru turned educationist, Lim Kok Wing started Malaysia’s first local advertising agency. But he is more renowned for his work in education, having started the Limkokwing University of Creative Technology, which is the first institute of higher learning in Malaysia to focus on creativity. He also set up campuses across Africa. Was also seconded to South Africa in the 1990s to help the ANC with the first democratic elections in the country.
DEATH
JIANG ZEMIN, CHINA, 2022
Former paramount leader of China, he was the first person, since Mao Zedong, to hold the posts of Head of State, Communist Party Leader and Military Head at the same time. Jiang sped up the economic reforms championed by former paramount leader Deng Xiaoping, paving the way for China to become the power that it is today.
BIRTH
PT GOJEK INDONESIA, INDONESIA, 2010
Indonesian decacorn which started out as courier delivery and two-wheeler ride hailing service, now providing multiple services and digital payment. Merged with Tokopedia to form holding company GoTo in 2021.
DEATH
TEH HONG PIOW, MALAYSIA, 2022
Malaysian financier who was the founder of Public Bank, which is Malaysia’s third largest bank by asset value. Was also among the richest men in the country. Liked to wear togas.
DEATH
KINGFISHER AIRLINES LIMITED, INDIA, 2012
At one point the second largest airline in India by domestic market share, Kingfisher Airlines – which was owned by United Breweries Company, the brewers of Kingfisher beer – shut down its operations in 2012 after years of losses. The beer is still going strong.
BIRTH
PT TOKOPEDIA, INDONESIA, 2010
Indonesian e-commerce company and unicorn with 100 million monthly active users, 9.7 million merchants and 350 million product listings. Merged with GoJek to form holding company GoTo in 2021.
BIRTH
RESORTS WORLD SENTOSA and MARINA BAY SANDS, SINGAPORE, 2010
Two integrated casino resorts in Singapore. Resorts World Sentosa is home to Southeast Asia’s only Universal Studios theme park and the world’s second largest oceanarium. Marina Bay Sands is home to the world’s longest elevated infinity pool.
BIRTH
GRAB HOLDINGS INC., MALAYSIA/SINGAPORE, 2012
Founded as MyTeksi in Malaysia in 2012 as a taxi hailing app, it moved to Singapore in 2016 and changed its name. It is Southeast Asia’s first decacorn and now offers various services including ride hailing, courier, food delivery, digital payments and even banking.
DEATH
THE CHINA EVERGRANDE GROUP, CHINA, 2024
The biggest business collapse in China, Evergrande was a property developer which as of 2018 was the most valuable real-estate company in the world. But financial mismanagement caused it to collapse and spark a crisis in the Chinese property market. In January 2024, it was liquidated by the courts.
BIRTH
TIKTOK, CHINA, 2016
First launched in 2016, the microvideo social media site has boomed in both popularity and notoriety. Parent company Bytedance has had a fair share of accusations levied at its popular app, from corrupting the youth to being spyware for the Chinese government, its influence cannot be understated.
