(First row; seated) Anwar (centre), accompanied by Rick (fourth from left), PNB group chairman Tan Sri Arshad Raja Tun Uda (fifth from left) and Abdul Rahman (seventh from left) at PNB Knowledge Forum 2025. — AZHAR MAHFOF/The Star
PERMODALAN Nasional Bhd’s (PNB) Knowledge Forum 2025, which was held last month, called for a radical “re-thinking” of Malaysia’s economic and governance models to secure its future amidst global uncertainty.
Held at St Regis Kuala Lumpur, the forum was officiated by Prime Minister Datuk Seri Anwar Ibrahim, with more than 600 participants.
This year, apart from corporate leaders, PNB has also expanded its audience to include ASNB unitholders and students from the Celik Madani programme. It’s a move that reflects PNB’s belief in inclusivity and in driving meaningful transformation across every level of society.
(From left) Azmir, Rick and Khairussaleh during the panel session at the PNB Knowledge Forum 2025. — AZHAR MAHFOF/The Star
Themed “Transformation”, it delivered a consensus that genuine transformation is non-negotiable and must be built on strong governance and digital agility.
PNB president and group chief executive Datuk Abdul Rahman Ahmad said the theme was specifically chosen as a reflection of the times we live in today.
“The relevance of transformation at every level is clear. Yet, we are mindful that transformation, while powerful, is not automatically positive,” he said during his opening remarks.
“Change can bring progress and improvement, but also adverse effects and negative disruption, and this outcome depends on how it is led and navigated.”
Combatting ‘technofeudalism’
From a humble kiosk in Kuala Lumpur in 2019 to over 820 stores nationwide, Zus Coffee’s growth has been nothing short of remarkable. Tian credited the brand’s digital-first approach as a key driver of its success.
The forum kicked off with a presentation on economic wealth and transformation by Greece’s former finance minister and economist Yanis Varoufakis, titled “The Rise of Technofeudalism”.
Varoufakis presented a stark global outlook, dissecting the “rise of big tech” and creation of a new global ruling class he calls ‘Cloudalists’.
He explained that American tech giants—like Apple, Google, Microsoft and Meta—have accumulated immense cloud capital, allowing them to extract “cloud rent” globally.
This concentration of power could lead to macroeconomic instability with countries using ownership of big tech as a negotiating power.
For Malaysia, he prescribed a path to digital sovereignty by developing its own digital capital, urging the nation to control the digital spaces where cloud rent accumulates.
“When your own state doesn’t own your own data, you’re not a state,” he said.
Starting her venture at just 12, Wijsen was moved by the sight of plastic pollution in her home of Bali. Today, she’s a global voice against plastic waste, inspiring over two million youths across 30 countries.
Navigating disruption
Lego’s former global brands head, Christian Majgaard, delved into “Driving Innovation in a World of Disruption”.
He detailed how Lego navigated challenges over the decades to reach its pinnacle as the world’s leading toy brand today.
Majgaard explained that Lego successfully navigated a threefold disruption—the rise of the Internet, creation of PCs and emergence of video gaming—by pivoting from selling a product to selling “dreams”.
He explained that this shift meant focusing on storytelling and experiences by forming strategic brand alliances, such as those with the Star Wars and Harry Potter franchises, and establishing theme parks like Legoland.
Majgaard also stressed the need for constant learning, advocating for a “department for failure” where companies embrace trial and error, and openly seek and share knowledge.
“The important thing is not to change everything—delete what’s not needed, keep what works and add what is new,” he said.
Developing a niche
On “Transformation in the Geopolitical Landscape and Economy—South Asia and South-East Asia”, CLSA research head Shaun Cochran offered a detailed analysis of the global financial landscape.
Cochran highlighted the artificial intelligence (AI) revolution, noting the sheer volume of investment and new players suggests the current AI boom is being embraced more rapidly than the Dotcom era.
He urged local economies to look where the market is not and exploit spaces in the battle for relevance and productivity, like what major players such as Netflix, Amazon and Meta have done in their domains.
“These companies were expanding into ‘white’ spaces. Entering the right space could result in multi-million dollar, or even trillion dollar growth in the long run,” he said.
He made a strong case for Malaysia’s potential, spotlighting clear opportunities in the semiconductor, oil and gas, and advanced manufacturing industries.
“The important thing is not to change everything—delete what’s not needed, keep what works and add what is new,” said Majgaard.
Sustainable shareholder value
A critical panel session, involving leaders from PNB, Maybank and Sime Darby Property Bhd, focused on the internal mechanisms of transformation to ensure sustainable shareholder value in a disruptive era.
The panellists emphasised the importance of transparent, clear governance to drive value creation for all stakeholders.
PNB deputy president and group chief executive Datuk Rick Ramli urged organisations to understand their “true north” and align corporate culture and values with it.
He noted that government-linked companies, like PNB, also play a critical role in “raising the floor” for local companies, to foster growth and the creation of more Bumiputra enterprises.
Crucially, he argued for a mindset shift that focuses on transparent governance to build trust with shareholders.
“There has to be a shift in thinking, from an ownership mindset to a governance mindset.
“It’s not about doing it for governance’s sake, but for improved performance and transparency,” he said.
Meanwhile, Maybank president and group chief executive officer Datuk Seri Khairussaleh Ramli advocated for corporate cultures that are “learning-centric”, to be adaptable to complex challenges.
He opined that true value is not only reflected in profits, but by impact on local communities.
“Maybank has the largest market share in SME financing. That presents us with a responsibility to work with and protect our stakeholders and communities.
“For example, in the push for net-zero carbon emissions and renewable energy, we must be the ones to champion these initiatives and advise customers on best practices,” he said.
He said that the bank also does this through initiatives such as the Asean-Maybank Scholarship and social impact projects for single mothers.
Meanwhile, Sime Darby Property Bhd group managing director and chief executive officer Datuk Seri Azmir Merican noted the significance of routinely “learning from past mistakes”.
“There are always issues to resolve or improve on, and taking stock of these issues helps you understand the whole situation better,” he said.
He also mentioned that all levels of organisational structures must work in tandem, so that projects and initiatives undertaken create value for stakeholders.
“The board and management teams must work together and be dynamic. It sounds basic, but that is the reality of things,” he said.
The panel concluded that while challenges are great, a unified strategy based on sound governance and aligning corporate action with national socio-economic goals is the only viable path forward for transformation.
The audience also listened to inspiring personal journeys from Zus Coffee group chief operating officer Venon Tian, Bye Bye Plastic Bags founder Melati Wijsen, and actor and comedian Douglas Lim.
Tian spoke about how the brand has grown exponentially from its humble beginnings as a small kiosk in Kuala Lumpur in 2019.
Now, six years later, it is the largest coffee provider in the country with over 820 stores nationwide and a total of 1,100 stores in Asia-Pacific.
He noted the importance of “going digital”, as having digital infrastructure in place via the Zus app—even before a physical store—proved to be instrumental in the company’s success. Now, the Zus app has more than eight million users.
Meanwhile, Wijsen regaled attendees with her story “The Power of Youth to Shape a Sustainable Future”.
Starting her venture as a 12-year-old, Wijsen was inspired to do something after seeing firsthand the effects of plastic pollution in Bali, Indonesia.
She has since gone on to become a champion against plastic pollution, reaching out to two million youths in 30 countries worldwide and speaking on global stages such as the United Nations headquarters in New York.
She left a stark plea to youth to effect change, citing: “If I can do it, you can too”.
Lim, on the other hand, explained how he has used his platform as an entertainer to highlight how humour and storytelling can be powerful tools for connection and inspiring change.
