Malaysian Crypto Investor Plans New Tech Campus at Forest City

A Second Chance at Forest City

Jeff Yew is exploring a plan to breathe new life into the vacant technology campus at Forest City, the ambitious but troubled development on Malaysia's southern coast. The former Binance Australia executive, now running an Australian-listed Bitcoin ETF, has entered preliminary discussions about establishing his own tech campus on the site abandoned after authorities shut down Balaji Srinivasan's Network School in July.

The proposal carries weight beyond a simple real estate transaction. For nearly two years, the Network School operated at Forest City, drawing hundreds of students, entrepreneurs and young professionals to a curriculum mixing practical skills with Srinivasan's vision of technology-driven social evolution. The former Coinbase chief technology officer positioned the location vaguely as being near Singapore, though it sat squarely in Malaysian territory.

That ambiguity proved costly. After allegations surfaced that Israeli students were living on campus in potential breach of immigration rules, local authorities raided the facility and ultimately ordered its closure over licensing violations. The episode ended abruptly in July, forcing students to leave the country.

Malaysia First, Crypto Second

Yew's vision takes a deliberately different path. Speaking about his plans, he emphasized attracting overseas talent while nurturing local entrepreneurs, floating the idea of Malaysian scholarship programs. The aim is to transform Johor state into a digital hub for artificial intelligence, blockchain and computer science work.

According to Monochrome Asset Management, the firm Yew now heads manages approximately A$128 million in assets through its Bitcoin exchange-traded fund. His motorsport background and Bitcoin-plated Lamborghini Huracan Sterrato signal a comfort with public-facing entrepreneurship, though the Forest City project remains in early stages.

Central to his pitch is what he calls a Malaysia-first approach. That means respecting local authorities and regulations, a pointed contrast to the friction that developed between Network School and Malaysian officials. The collapse of that relationship demonstrated the risks of treating the location as merely a convenient Asian base rather than engaging meaningfully with the host country.

The Forest City Problem

Forest City itself represents one of the region's more spectacular real estate gambles. The US$100 billion development, built on reclaimed land by Chinese developer Country Garden, promised a futuristic metropolis but has struggled with sluggish sales and its developer's financial distress. Network School offered a rare moment of momentum for the project.

The Malaysian government designated Forest City a special financial zone targeting family offices, securing roughly RM670 million in assets under management. That figure falls well short of the RM2 billion target set for the end of 2026. In July, shortly after Network School closed, police arrested 335 people allegedly running online scam operations from Forest City, further damaging the development's reputation.

For Yew, the opportunity lies in reframing what a tech campus at Forest City could mean. Rather than an offshore experiment, he envisions it as part of Malaysia's broader technology ambitions. The country has long aimed to move beyond semiconductor assembly and packaging, pushing toward front-end chip design, expanded digital infrastructure and higher-value manufacturing.

Beyond the Footnote

Malaysia's technology strategy extends well beyond Forest City. The government has set a target to become an inclusive and sustainable AI nation by 2030, developing skilled talent and attracting investment in advanced manufacturing and artificial intelligence. A special economic zone being developed jointly with Singapore in Johor represents another piece of that puzzle.

Adib Zalkapli, who runs geopolitical risk consultancy Viewfinder Global Affairs in Kuala Lumpur, believes the Network School episode will fade into relative obscurity. He expects it to become, at most, a footnote in Malaysia's technology investment history rather than a lasting mark against the country's appeal to tech companies.

Whether Yew's proposal materializes remains uncertain. Discussions with Srinivasan and his team are preliminary, and translating a social media offer into operational reality involves navigating regulatory approvals, financing and the broader question of demand for another tech campus in a location still searching for its identity.

The contrast between the two visions is instructive. Network School attracted participants through ideology and community, building around Srinivasan's ideas about how technology might reshape society. Yew's approach emphasizes local integration, government cooperation and practical skill development for Malaysian and international students alike.

Forest City's fate may hinge on whether it can transition from grand vision to functional reality. The development needs tenants, residents and economic activity that justifies its scale. A technology campus built around Malaysian priorities rather than offshore convenience might offer a more sustainable path forward, assuming Yew can assemble the pieces and convince authorities that this iteration will avoid the missteps of its predecessor.