Analyse Asia With Bernard Leong

"We took a longer time, there was a bit of roundabout, but the fact that we actually made like two or three times on whatever investment amount we did in the beginning - that for me was a very pivotal moment. Just because we didn't give up. The line between success and failure is so thin. So the impact of being a VC space is that you really can influence the technology founders that you back." - Beatrice Lion Fresh out of the studio, Beatrice Lion, the chief executive officer and global partner from True Global Ventures, shares the remarkable story of how she became one of the youngest fund managers and the backstory to secure Singapore's Capital Markets Service license from MAS equivalent to Sequoia & Andreessen Horowitz's RIA licence in the US. Beatrice begins with her unconventional career journey from university straight into venture capital in 2017 and details TGV's investment thesis of backing only tested serial entrepreneurs across AI and blockchain applications. Beatrice offers her perspectives on

Reuniting after more than a decade since their days in This Week in Asia Podcast from 2009, Michael Smith Jr., co-host of The Generalist podcast, and Daniel Cerventus Lim, semi-retired entrepreneur and community builder in Malaysia, join us for a candid assessment of Southeast Asia's tech ecosystem evolution. In this raw conversation, Michael offers his unflinching perspective on what he calls the 'broken windows era' of Southeast Asian tech, arguing that recent alleged fraud cases like E-Fishery and Tanihub require serious consequences to restore investor confidence, while questioning whether the region was ever correctly modelled for Silicon Valley-style outcomes. Daniel shares his pivot from startup founder to search fund advocate, explaining his bullish view on acquiring profitable traditional businesses and reflects on whether the region's potential was genuinely unrealized or simply impossible to achieve. Together, they explore the shift from venture-backed unicorn dreams to bootstrap realities, debate

"The way that institutions emerge and entrench themselves and become a part of the functioning of an economy and society is because they solve some problems. So they're usually a non-market solution toward solving some problem that the economy, that the market system couldn't necessarily solve. Of course the most prominent example of an institution that solves an. Market problem in the non-market way is a firm, as Ronald Coase, of course very early on, taught us that. When a firm realizes that in some cases when transactions costs are high, you want to internalize things within the firm. That the firm is itself an institution. But these other social political institutions, they also exist to resolve some problem. And once they resolve that problem and they're resolving it adequately, then it becomes really hard to bring about change. So the institution solves a problem. So to be clear, it is better than in the absence of the institution, but it also means that without somehow breaking this institution or havi

"APAC represents 40% of global GDP. So you can see that there's huge opportunity in a very, very diverse region. The needs of Japan are different to the needs of China. India is exploding with SaaS, software, AI. Australia one of our larger markets, again, very different. And so Southeast Asia, the complexities of Asia make it a joy to work in." - Paul Harapin Fresh out of the studio, Paul Harapin, Chief Revenue Officer for Asia Pacific and Japan at Stripe, joined us in a conversation discussing Stripe's explosive growth in the region that represents 40% of global GDP. Paul dived deep into how Stripe is revolutionizing commerce through AI and stablecoins, sharing fascinating customer stories in the Asia Pacific and Japan. He delved into Stripe's current innovations specifically on agentic commerce toolkits, virtual card issuing, and adaptive pricing solutions that are transforming how businesses scale across the dynamic Asia Pacific region. Last but not least, Paul shared the key trends in AI-powered payments

"AI is in the minds of a lot of people right now and naturally with such big technological shift, you find that there is a big skill gap. You know, there is companies demanding skills in this area, and yet naturally in the marketplace, they might have difficulty finding that skills that is required for companies. So, you know, job seekers need to be a lot more conscious in terms of how they are equipping themselves. One of the things is that LinkedIn courses are there [to help]. I always talk about the three affirmative actions that you can do. One is making sure that you are fluent in this area. I think what are the things that you can do to actually get your hands on all these tools so that you become fluent in just playing around with the tool and making sure that you feel comfortable. The second area that I advise people is to make sure that you feel that you have the agency to master your destiny. The third thing will be to take action. If you have learned all these skills, find a way to showcase it and

"If you're going to be running a very elite research institution, you have to have the best people. To have the best people, you have to trust them and empower them. You can't hire a world expert in some area and then tell them what to do. They know more than you do. They're smarter than you are in their area. So you've got to trust your people. One of our really foundational commitments to our people is: we trust you. We're going to work to empower you. Go do the thing that you need to do. If somebody in the labs wants to spend 5, 10, 15 years working on something they think is really important, they're empowered to do that." - Doug Burger Fresh out of the studio, Doug Burger, Technical Fellow and Corporate Vice President at Microsoft Research, joins us to explore Microsoft's bold expansion into Southeast Asia with the recent launch of the Microsoft Research Asia lab in Singapore. From there, Doug shares his accidental journey from academia to leading global research operations, reflecting on how Microsoft R

"China's approach is very pragmatic. People have been saying DeepSeek did it out of necessity. There's obviously a GPU constraint and hardware constraint in China, something they're working around. In many ways, the engineering genius and engineering innovation is what set DeepSeek apart. It challenged a global narrative around needing more GPUs and more money to get better AI. It was about throwing capital at the problem. It was a different approach because the capital ecosystem in China itself is very different. People talk about proof of concept - you have to prove your concept first in China to get funding. For many startups, they weren't getting much funding before the DeepSeek moment. To your point, no one really knew it would have a strong ROI, so only the BATs that had money and understood the technology were backing it." - Grace Shao, Founder of AI Proem Newsletter Fresh out of the studio, Grace Shao, founder of AI Proem Newsletter and former CNBC and CGTN journalist, joins us to explore the rise of

"[Question: So what was the biggest misconception for most business leaders usually when it comes to operationalizing AI governance?] Based on my interactions and conversations, now suddenly they think they have to erect a whole set of new committees, that they have to have these new programs. You almost hear a sigh from the room. Like, oh, we have now this whole additional compliance cost because we have to do all these new things. The reason I see that as a bit of a misconception, because building on everything that was just said earlier, you already have compliance, you already have committees, you already have governance. It's an integration of that because otherwise guess what's gonna happen? We all know that this is the next thing around the corner that's gonna pop up, whatever it's gonna be called. Are you gonna have to set up a whole new committee just because of that? Then the next thing, another one." - David Hardoon Fresh out of the studio, David Hardoon, Global Head of AI Enablement at Standard Ch

"You can try to develop self-awareness and take a beginner's mind in all things. This includes being open to feedback and truly listening, even when it might be hard to receive. I think that's been something I've really tried to practice. The other area is recognizing that just like a company or country, as humans we have many stakeholders. You may wear many hats in different ways. So as we think of the totality of your life over time, what's your portfolio of passions? How do you choose—as individuals, as society, as organizations, as humans and families with our loved ones and friends—to not just spend your time and resources, but really invest your time, resources, and spirit into areas, people, and contexts that bring you meaning and where you can build a legacy? So it's not so much advice, but more like a north star." - Sabastian V. Niles Fresh out of the studio, Sabastian Niles, President and Chief Legal Officer at Salesforce Global, joins us to explore how trust and responsibility shape the future of e

"I quote a study that looked at  84 countries in terms of internal migration and India was dead last. That's not a knock against the culture. It's just not part of the culture that young women in particular leave home at 17, go to the other side of the country and work in a factory. You don't have that. So what's the phrase: Culture eats strategy for breakfast. Apple might have a plan, but  like good luck upending 5,000 years of Indian culture to make it happen." - Patrick McGee, author of "Apple in China" Fresh out of the studio, Patrick McGee, San Francisco correspondent for the Financial Times and author of "Apple in China: The Capture of the World's Greatest Company" joined us in a conversation to unravel the extraordinary story of how the world's most valuable company became inextricably entangled with China. Patrick shared the backstory behind Apple's century-defining Faustian bargain and progressed through how he uncovered the untold story of Asia's contract manufacturing history through Apple's supply

"At IBM, we really work on two emerging technologies: hybrid cloud and AI for enterprise. These two are deeply connected. Hybrid cloud for us means that regardless of where the data sits whether the compute is on-premise, off-premise, or across multiple clouds. We believe the client should have the control and flexibility to choose where to run and place their data. If you look at the facts, a very high percentage of client data is still on-premise. It hasn't moved to the cloud for obvious reasons. So, how can you scale AI if you don’t have proper access to that data? AI is all about the data. That’s why we believe in a strategy that redefines and rethinks everything. We call it the Great Technology Reset." - Hans Dekkers Fresh out of the studio, Hans Dekkers, General Manager of IBM Asia Pacific, joins us to explore how enterprise AI is reshaping business across the region. He shares his journey with IBM after business school, reflecting on the evolution of personal computers to AI today. Hans explains IBM's

"If you take a step back and ask, how has the last 10-15 years panned out? The truth of the matter is that Southeast Asia has not done as well as it should have based on the reports and projections that existed earlier. There have been fundamental flaws from a culture standpoint with respect to how the ecosystem has been shaped. I think there has been too much of a mirror of what's happening in Silicon Valley and figuring out how to replicate those concepts in Southeast Asia, whereas there should have been a better, more localized, customized, regional model to suit the culture and concepts in this region. We've mirrored our fundraising, our entire ecosystem to be too much like Silicon Valley - blitzscaling style model, power law style investing which in hindsight, maybe were not the right approaches. There's also been an over-reliance on funding." - Mohan Belani, CEO & Co-founder of E27, Partner at Orvel Ventures Fresh out of the studio, Mohan Belani, CEO and co-founder of E27 and partner at Orvel Ventur

"I think the why is so important, but it's always not really being asked. Most people want to know, 'What's your growth look like?' or 'How is this offering different from another offering?' Those are the questions we get most of the time. But going back to the real why we actually do this in the first place is the most critical question if you ask me. For myself personally, it is all about having a positive impact in society. We have chosen to go down the route of wellness, fitness, and longevity to have that positive impact, which we believe is extremely important and a strong one whereby I'm personally putting a lot of energy, funds, and capital behind it to ensure we educate the community and society to establish and adopt healthy and active lifestyles that will only benefit the entire population." - Allen Law Fresh out of the studio, Allen Law, co-founder of MOVE Repeat, chairman of REVL, and principal of Seveno Capital, joins us to explore the holistic approach to wellness, fitness, and longevity across

"Now, some people are only ever going to want to use WhatsApp to message the people in their life, and they should be able to carry on doing that and have an incredibly simple experience in doing so. But we're increasingly seeing that users want to use WhatsApp for more than messaging close friends and family. It's why we're doing things like business messaging. It's why we built new features like channels and status and updates tab separate from your personal chats. We think that if we carry on getting the core of private messaging right, it also gives us the opportunity to build more of these features that users want." - Alice Newton-Rex Fresh out of the studio, Alice Newton-Rex, Vice President and Head of Product at WhatsApp, joins us to explore how the messaging platform balances innovation with privacy for over 3 billion users worldwide. In the conversation, Alice explained WhatsApp's three guiding principles: simple, reliable, and private. She emphasized that the features they say "no" to are often more

" We did a survey with The Economist globally which obviously included Europe and APAC as well. And we asked the question, 'Does my organization's current architecture supports the unique demands of AI workloads.' Basically 85% said, 'No. We don't have the architecture to support it.' Some partially does, but it needs lots of modifications. So we can still feel a lot of people are still in the early stages and that data point ties back to: 85% of GenAI [proof of concepts] has not gone into production. I think that another interesting point is, 'Does your architecture connect AI application? -your relevant business data.' which is probably nearly even more important for me. Again, it was still about 80%- 'We don't have that.' Because that business data is all over the place. Without the clean data, you cannot get good AI." - Patrick Kelly Fresh out of the studio, Patrick Kelly, Senior Director for Digital Natives, Startups & Enterprise and Commercial Sales in Southeast Asia at Databricks, joins us to discu

"The thing that's most fascinating, we talk a lot about how complex North Korea is here but when you compare it to some of the other illicit groups, particularly those that are sanctioned, say your terrorist organization that's soliciting donations on Telegram or some other social media outlet understanding what that difference in the level of complexity is, I think is really fascinating to actually know about. When we're talking about DPRK, we're talking about laundering of funds through tens of thousands. By the time we're done, it'll be hundreds of thousands of wallets. And then on the other end of it, We have a terrorist organization that was, sanctioned mid last year for facilitating on behalf of Hamas. After they got sanctioned and their addresses that they were using, got seized and disrupted. They got annoyed and they tried to bridge funds with their new Ethereum wallet after they received a few donations and they didn't even have the gas fees to facilitate it. And the transaction,  when we're talking

"When I discuss with senior leaders, interview them, or assess them for senior roles, they often come to me, and I ask them: 'What makes you unique? How do you see yourself?' Eighty percent of them tell me what they can't do. They talk about their development needs, and I say, 'Is that how you pitch yourself? Is that what you really bring to the table? You sit with a headhunter and tell me what you can’t do—why not tell me what you’re really good at?' Your exceptional value-add, your competitive advantage—that’s what makes an impact, not what you cannot do. Development needs require a mitigation strategy, yes, but I believe that focusing on your unique strengths will take you further in your career." - Mark Reinecke Fresh out of the studio, Mark Reinecke, SVP of Top Executive Management and Talent Acquisition at Airbus, shares his approach to the full life cycle of global talent management from acquisition to development and retention. Starting from his career journey, Mark shared his experiences and mental m

"They will judge Masa to have been an extraordinarily consequential investor and historic figure in world investing and tech investing because he has made not just spectacular bets—but he's made so many people rich. I mean, with other people's money. All these founders, he's given them money, he's been an enormous disruptor, and he's built global businesses. He's built a huge business in Japan on the mobile operator. So for all these reasons, I know he sometimes feels dissatisfied with his legacy, and he's now trying to build his greatest legacy in the march to artificial general intelligence. Maybe the legacy will finally be judged by whether this bet pays off. What will his role be in the AI revolution? I would say to him, 'You've done pretty well so far.' " - Lionel Barber, author of "Gambling Man" Fresh out of the studio, Lionel Barber, former editor of the Financial Times and author of "Gambling Man" joined us in a conversation to unravel the enigmatic figure of Masayoshi Son, the CEO of SoftBank Group.

"We're all vulnerable. And I hadn't thought about that previously. I thought, oh, it's only a small group of people who might fall for this. What I've learned is actually [that] these scammers are so sophisticated. They have so much money. Based on my reporting, this industry, you know, is maybe more lucrative than the illicit drug trade, and these criminal syndicates might be making over 500 billion US dollars a year.  So that means they have access to the latest technology, whether it's voice cloning or face changing software. They can buy  the latest in AI tools. they can stay several steps ahead of most law enforcement organizations in most places in the world, and, you know, re-invest in their businesses, because that's how they view what they're doing. They just see this as a business line, and they want to make a profit. That's why we called the podcast Scam Inc, because I think the way to understand what we're seeing is that this is an industry and everyone's driven by profits. So the fact that the cr

"So that was back in 2021. And then after Revolution Precrafted, there was Zilingo in 2022, and then Tanihub and Investree - which were P2P lenders in 2023(24) - and then eFishery. So actually every single year we've been getting pretty big blow ups. But as I was looking at the cases for each of them, one thing I've noticed is the sophistication of the fraud is actually becoming more advanced." - Kristie Neo Fresh out of the studio, Kristie Neo, an independent journalist covering tech and venture capital, joins us to dissect the rise of startup fraud in Southeast Asia and why it’s becoming more sophisticated. She shares her journey from broadcast journalism to investigative reporting, reflecting on the shift from high-growth hype to market corrections and corporate scandals. Kristie unpacks the eFishery scandal, explaining how founders manipulated financials and how investors got misled. She discusses why due diligence often fails, the role of unchecked valuations, and the impact of drying venture capital on